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If you are in need of fast cash, you are likely considering seeking out a loan. While unplanned expenses and emergency costs are an unfortunate inevitability of life, the loan industry is ever in flux. You will be pleased to learn that the process of seeking out a personal loan is easier than ever before, and the old-fashioned route of begging the bank for money is no longer your only option.
If you are dealing with cash flow problems, emergency car or home repairs, or a family emergency, a payday loan could be the best option for you to get back on top of your finances. With a personal payday loan from a direct private lender, you could access up to $1500 cash within minutes, making it a great solution for Canadians dealing with a stressful money situation.
A payday loan is a type of short-term personal loan that essentially acts as an advance on your next paycheck. This type of loan, however, is separate from your employer, and is generally much easier to obtain than a traditional bank loan.
A payday loan from a direct private lender is unsecured and unrestricted, meaning you don’t need to put down any collateral, and you are able to spend the secured funds on anything that you like. This valuable financial resource has helped countless Canadians get on top of those stressful, last minute expenses that just can’t wait until payday.
A direct private lender is a non-bank creditor that is licensed in Canada to extend credit to an individual. A borrower can apply to these lenders directly, bypassing the traditional bank loan borrowing route. You likely know direct private lenders as a “loan shop” or “loan agency,” and these days reputable lenders can be found both in person and online.
Gone are the days of having to set a meeting with your local banker, only to have to beg for a line of credit. Hard to obtain and with generally tight loan terms, bank loans can be a slow and difficult process in an already stressful financial situation.
With modern technology and more sophisticated, inclusive ways of deciding if a borrower is a good candidate for a loan, direct private lenders have revolutionized the short-term personal loan industry. These days, instead of having to wait for days for approval from a bank, you could have access to emergency funds within minutes.
To make the process even easier, most of this new wave of reputable lenders have moved their processes online, making the admin side of seeking a loan easier than ever before. No more paperwork, no more bank queues!
When comparing these modern online lenders to a traditional bank creditor, there are many differences that make the former the best option:
If you’ve decided that an online payday loan from one of these new, modern online lenders is the right choice for you, the application process is luckily very easy: