Cash Advance Loan

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Cash Advance Loan

One of the certainties of life is, unfortunately, that cash won’t always flow as smoothly as you’d like it to. Even with the most careful planning, emergency expenses can arise at the most inconvenient of times. Unexpected house or car repairs, unplanned medical bills, or necessary family trips can all be a huge drain on your bank account.

In times like this, Canadians are turning to cash advances to keep their head above water. When properly researched and sought, a cash advance loan can be a valuable financial resource to help Canadians stay on top of expenses.

Here are our top tips for how to get a cash advance online, and get back on track to feeling in control of your finances.

What Is A Cash Advance

A cash advance is a type of short-term loan, that is usually an advance on your next paycheck. Upon approval, a cash advance can grant you up to $1500 cash in a matter of minutes. These payday loans are usually unsecured and unrestricted, meaning that you don’t have to put down any collateral, and can spend the funds how you wish.

For many Canadians, having the ability to pay back emergency expenses or urgent repayments is a huge relief during a stressful financial time.

Is An Online Cash Advance Right For Me?

While the concept of a cash advance or payday loan may conjure the image of a dowdy bank teller or a dilapidated store in a strip mall, the good news is that modern lenders have made the process easier, safer, and more streamlined than ever before.

If you are looking for quick cash, an online cash advance on your next paycheck is likely your best option. If it means that you can meet all of your expenses, a cash advance is definitely the right option for you.

A piece of good news that many Canadians don’t realise is that your credit score won’t affect your loan eligibility nearly as much as you may think. While your personal info and credit details will be collected upon application for a cash advance, modern lenders realise there is so much more to a person than just your credit score. Other deciding factors include your salary, government entitlements, or other income streams such as investment properties or child support. So even if you have low or no credit, an online cash advance may still be very much within your reach.

Other advantages of online lenders are that you can apply 24/7, including holidays and weekends, meaning that even at the most inconvenient of times you can have access to quick cash. This also means that your approval will be faster, and the actual money transfer will happen sooner than at an in-person branch.

If you are looking for quick cash from the convenience of your own home, or even by using an app, then an online payday loan is likely the best option for you.

How To Find An Cash Advance Lender

While a quick online search for “payday loan” or “get cash” will likely yield many results, filtering through to find the best online payday lender for you is an important part of the process.

When looking for an online lender, it is important to look for an agency that:

  • Is licensed to practice in Canada
  • Has an advanced privacy policy to keep your personal information safe
  • Has a long trail of positive reviews (remember that no reviews can be just as much of a red flag as bad reviews)
  • Is easy to contact and has a clear website explaining the process

The good news is that finding a reputable online lender is easier than ever before, and the process to get your cash has been streamlined using modern technology.

How To Apply For A Cash Advance Online

These days, applying for a cash advance on your paycheck is as easy as downloading an app or visiting the website of your chosen lender. While the process is generally the same as it would be at a brick and mortar store, you can enjoy not being bound by opening times or waiting in line.

Once you decide that a cash advance payday loan is right for you, the application process will look like:

  • Do your research and decide which online lender is best for you. Remember that different regions of Canada will have different terms and interest rates, so make sure you read the fine print in advance
  • Fill out the loan application from your app or desktop. Make sure to include as much information as possible, even if you aren’t sure if it is necessary. Remember that your credit score is far from the only detail taken into consideration, and in fact the more information you provide the higher your chances of being approved for a loan
  • Upon submitting your application and approval, you will be sent a loan contract (often within a matter of minutes!) There is no obligation to sign, so it’s a great chance to read through the fine print and get acquainted with the terms and conditions on your individual contract
  • If it all looks good, e-sign the contract and return it. This can all be done online, getting rid of any pesky or cumbersome paperwork.
  • Upon receipt, your cash will be instantly transferred to you using an email transfer. This means that you could have the money in your account within minutes! This is much, much faster than traditional bank loans, or even in-person loan agencies. Online makes the process smooth and speedy
  • You will then repay your loan and interest according to the terms in your contract. This is usually done by an auto-debit on your next scheduled payday, meaning you should be able to make the repayments easily and on time.