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Frequently Asked Questions

Everything you need to know about micro loans, our application process, and how we can help you.

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Getting Started

A Micro Loan is a short-term loan designed to help you cover unexpected expenses until your next paycheck. Unlike traditional bank loans that can take weeks to process, micro loans are approved quickly and funds are typically available within hours.

At I Need Money Now, we offer loans from $300 to $3,000 that can be repaid over 6 months with manageable weekly or bi-weekly payments. Our loans are designed for Canadians who need fast access to cash without the hassle of traditional lending.

We offer loans ranging from $300 to $3,000. The exact amount you qualify for depends on:

  • Your monthly income
  • Your employment status
  • Your existing financial obligations
  • Whether you’re a new or returning customer

First-time borrowers typically start with lower amounts and can qualify for higher limits after successfully repaying their first loan.

Application Process

Applying is simple and takes about 2 minutes:

  1. Visit our website and click “Apply Now”
  2. Fill out the form with your personal, employment, and banking information
  3. Submit your application and receive an instant decision
  4. Review and sign your loan agreement digitally
  5. Receive your funds via E-Transfer within 1 hour. The entire process can be completed from your phone, tablet, or computer. No paperwork, no faxing, no store visits required.

You’ll need to provide:

  • Personal Information: Name, date of birth, address, phone number, email
  • Employment Information: Employer name, income, pay frequency, next pay date
  • Banking Information: Bank name, E-Transfer email address
  • Loan Details: Amount you wish to borrow. No pay stubs, no employment letters, no utility bills. Just basic information we need to process your application.

Quick Answer: Yes, 24/7! Yes! Our application and approval system works 24 hours a day, 7 days a week, including weekends and holidays. Apply at 3 AM on a Sunday and still get approved approved in minutes. Our customer service team is available during regular business hours (Monday-Friday 9AM-5PM EST) if you have questions, but you don’t need to speak with anyone to get approved.

Quick Answer: About 2 minutes. The average application takes just 2 minutes to complete. We’ve streamlined the process to collect only the essential information needed to make a lending decision. Compare that to bank loan applications that can take 30-60 minutes and require gathering multiple documents.

Approval & Funding

Quick Answer: No credit check No, we do not perform traditional credit checks. Your credit score will not be affected by applying for a loan with us. We focus on your current ability to repay — your income, employment stability, and banking history — not your past financial mistakes. This means: No hard inquiry on your credit report; No impact to your credit score; Bad credit, no credit, or bankruptcies are OK.

Quick Answer: Within 5 minutes Our automated system reviews your application in real-time. Most applicants receive a decision within 5 minutes of submitting their application, You will receive an email confirmation.

We send all loans via Interac E-Transfer to the email address you provide during your application. Here’s how it works:

  1. Once you sign your loan agreement, we initiate the E-Transfer immediately.
  2. You’ll receive an email notification from Interac.
  3. If you have auto-deposit enabled, the money goes directly to your account.
  4. If not, click the link in the email to deposit the funds Most customers receive their funds within 30-60 minutes of signing. E-Transfers work with all major Canadian banks.

While our approval rate is high, some applications are declined. If you’re not approved: You’ll receive an immediate notification with the decision; There’s no impact to your credit score; You’re welcome to reapply if your situation changes (e.g., new job, higher income). Our customer service team can help explain what factors contributed to the decision. Common reasons for decline include insufficient income, being in active bankruptcy, or not meeting our minimum requirements.

Repayment

Repayment is automatic and hassle-free: Payments are automatically withdrawn from your bank account; Withdrawals happen on your scheduled payment dates (aligned with your pay schedule when possible); You’ll receive email reminders before each payment; Your payment schedule is clearly outlined in your loan agreement. Just make sure you have sufficient funds in your account on payment days, and we handle the rest.

Our standard loan terms:

  • Loan Term: 6 months (26 weeks)
  • Payment Frequency: Weekly or Bi-weekly
  • Interest Rate: 18% APR Example: A $300 loan at 18% APR over 6 months = $46.22 weekly payments.

See our terms and conditions

Quick Answer: Yes, with no penalty! Yes! You can pay off your loan in full at any time with no prepayment penalty. In fact, we encourage it — paying early can save you money on interest. To pay off early, simply contact us to get your current payoff amount, and we’ll process the payment.

If a payment fails due to insufficient funds: An NSF fee may apply as outlined in your loan agreement; We’ll attempt to contact you to arrange payment; Continued missed payments may be reported to credit bureaus; Persistent non-payment may result in collection actions. Important: If you know you’re going to have trouble making a payment, contact us immediately.

Yes, in most cases we can adjust your payment schedule to better align with your pay dates. Contact our customer service team at (888) 632 2713 or info@ineedmoneynow.ca to discuss your options. Please request changes at least 3 business days before your scheduled payment date.

Eligibility Requirements

To qualify for a loan, you must: Be at least 18 years old (or age of majority in your province); Be a Canadian resident with a valid address; Have a steady source of income (job, self-employment, benefits, or pension); Have a Canadian bank account that accepts Interac E-Transfers; Have a valid email address and phone number; Not be currently in active bankruptcy proceedings.

Quick Answer: Yes! Absolutely. We don’t base our lending decisions on your credit score. We focus on your current income and ability to repay. This means people with bad credit, no credit, previous bankruptcies, or past financial difficulties can still qualify.

You need a steady source of income, but that doesn’t necessarily mean traditional employment. We accept: Full-time employment; Part-time employment; Self-employment; Government benefits (EI, disability, social assistance); Pension income; Child tax benefits.

Quick Answer: Yes! Yes, we work with self-employed Canadians. You’ll just need to provide information about your business and typical monthly income.

Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador. 

Security & Privacy

Absolutely. We take your security seriously: 256-bit SSL encryption; Secure data storage with restricted access; 24/7 security monitoring; Regular security audits; Employee training on data protection. Your information is only used to process your loan application and is never sold to third parties.

Yes! Interac E-Transfer is one of the most secure ways to send money in Canada: Used by all major Canadian banks; Protected by bank-level encryption; Funds go directly to your verified bank account.