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Private Loan Shop Payday Loans Review
26 Sep 2018

Private Loan Shop Payday Loans

Need a payday loan but don’t have the time, energy or knowledge to find the best offer out there? Private Loan Shop can help you find the lenders with the fees and terms that make sense in your individual situation.

Use this service to let the best payday lenders come to you.

You are interested if

You’re looking for a payday loan, but you aren’t sure which lender to go with just yet.


Key Points

Brief Description Payday Loan Shop connects you with a variety of payday loan lenders ready to work with customers on the terms that will work best for you.
Limits and Deadlines You can borrow up to $2,000 depending on your financial situation – however, it is much more common for applicants to qualify for less than $1,500 in loans.
Urgency Funds are available in anywhere from one hour to one full business day, depending on the lender you choose to work with.
APR Range Loan APRs range from 200% to 600%, although like any payday loan scheme, it’s unlikely that you’ll carry the debt long enough to see the full impact of that high rate.
Closing/Origination Fees May sometimes apply.
Early Payment Fees May sometimes apply.
How to Contract the Product Just apply online through Payday Loan Shop’s simple web application form. Even though you’re not applying directly to a lender, you won’t need to apply twice.
Main requirements You must be a resident of Canada who is at least 18 years old, work a part- or full-time job, and receive a steady income of at least $1,000 per month. Government transfer payments such as welfare or disability income may also be counted, but only in addition to employment income.

About Private Loan Shop Payday Loans

Main Features

Private Loan Shop is not a direct lender; instead, they connect would-be borrowers in need to lenders who suit those needs, much like we at Bonsai Finance do. However, we can still make some general observations about the kinds of loans they typically present to their customers. These are short-term loans that are easy to get and come with relatively high interest rates, although they are noticeably lower than some other offers on the market. Credit checks may be conducted by certain partner lenders, but applicants who are concerned about this can always choose to take their loans from a different provider in the selection they are given.

How Does It Work?

Private Loan Shop makes shopping around for payday loans easier than it has ever been. All you have to do is fill out an extremely quick 3-minute form that you’ll find online. Once you finish it, you’ll immediately find out if you’ve been approved. From there, you can simply choose the offer from the lender with the interest and terms you prefer. Interest rates vary and repayment periods range from 7 to 30 days depending on how frequently you get paid – your repayment term will always cover one standard pay period for you. Then, just submit the documents you’ll be asked for and you’ll be clear to receive your funds.

Once you have signed a contract with a specific lender, Private Loan Shop no longer has any connection to your agreement – that is between you and the lending institution you chose to use. Nevertheless, certain universal disclaimers do apply in cases of default. Loans which are not fully paid off in the amount of time that was agreed upon during the application process will be considered delinquent and a variable fee will be placed on your account. Past this point, unpaid loans will also incur 60% of their total in interest fees per year and may end up being passed over to collections agencies.


There are a lot of upsides to using Private Loan Shop to find your payday loans. Their alternative structure allows them to offer more variety and choice to their customers than most independent lenders, including in key aspects like repayment period length. Their application turnaround time is hard to beat and there are very few hard restrictions in place to keep you out. Perhaps most notably, they offer more variability in their interest rates than is typical for payday loan sources – because they do not lend directly, they can provide several options to display the best deal for their clients. This means that you stand to save a lot of money borrowing through them instead of going with one of their competitors. You cannot be sure of what you’ll be offered before you apply, of course, but the application process costs nothing and is so simple that it doesn’t hurt to try.

Private Loan Shop: Bringing the Best Small Loans to You

Private Loan Shop is more of a facilitator than a lender per se; they have several years of experience connecting would-be borrowers with short-term lenders offering the types of loans they need. Aside from the payday loans detailed here, they also offer similar services for installment loans for their American market clients only, though that may change in the future. They are available to provide this service 24/7 on every day of the year and can be contacted for help at any time through an internal messaging system available on their website.

What We Think

Interestingly enough, Private Loan Shop has a lot of the same upsides as we do! Both of us work with a community of different lenders to find great deals for our customers, and that shows in the rates and terms we are able to show you. However, also like us, they are unable to provide many specifics about the costs, terms and limits of the loans they connect people with due to the sheer impossibility of accounting for all the variation among their different partner lenders.

These chances to save aren’t as important with a payday loan as they are with a longer-term one, but sometimes any little bit of savings you can get will make a difference to you financially. We recommend looking at this company as an opportunity to seek out more favourable terms if that’s important to you. It may pay off and it may not, but at least there is a chance here to get a better deal than what you’ll find at many direct lenders.