Let’s face it, there are times when money gets tight. As scary and stressful as it may feel, it is simply a fact of life that cash may not always flow smoothly. No matter how carefully you budget and save, unexpected expenses can leave you feeling financially uncomfortable.
Home or car repairs, emergency medical appointments, or family expenses can pop up at the most inconvenient times (including weekends and holidays). For many Canadians, the financial resource of an online loan can be the difference between staying on top of their finances, or drowning in them.
While the process may seem daunting, the reality is that modern lenders have made it easier and more streamlined than ever before to get access to up to $1500 within minutes. Read on to learn more about how to get an online loan, easily:
What Is Considered An Easy Online Loan
Sometimes known as a payday loan, an online loan is a short-term way to borrow money from an online lender. Essentially, this type of loan can act as an unofficial advance on your next paycheck. They are usually unsecured and unrestricted, meaning you don’t need to put down any of your own collateral, and can spend the money however you want.
When applied for and approved, an online loan could give you up to $1500 within minutes. With advanced modern technology, lenders these days have made the application process more simple than ever.
What Makes An Easy Online Loan Different
When seeking out an online loan, you will be looking for an online lender. This is a new type of loan agent that has revolutionized their services to be able to swiftly provide all the necessary steps online. For the most part, the process is the same as if you were to go to a brick and mortar store, except now you can apply from home or from your phone at any time.
There are many advantages of an online loan, including:
- You can apply 24/7, including on weekends and on holidays. Emergency expenses don’t run around store opening hours, so your source of fast cash shouldn’t either.
- An online application means that you don’t have to carry all of your paperwork to a bank or branch, and all necessary documents can be submitted electronically. An e-signature completes the process, making the admin side of a loan suddenly no-sweat.
- Advanced security measures keep both your personal information and money transfers protected online. Digital security technology has advanced over the years, and modern online lenders have adopted these sophisticated systems.
- Receive your funds faster with the ease of an email transfer. After all, this is really what seeking out an online loan is all about.
- Reduce the stress of a traditional application by using an online loan service. By applying online, you are given the time and freedom to look over any terms and conditions in your own time, and can avoid the social pressure of in-person loan agents.
Getting an Easy Online Loan
Once you’ve decided that an online loan is for you, the good news is that next steps can be incredibly easy:
- Research online lenders in your area of Canada, remembering that different regions may have different terms and rates.
- Fill out the online application, including how much you’re asking to borrow and over what time period. It’s important to include as much information as possible here - even if you have a low or no credit score, there is still a high chance that your application will be accepted! Just make sure to include as many details about your employment or other streams of income as possible.
- Once submitted, reviewed and hopefully accepted, you will be able to electronically sign your loan contract. This should be returned to you very quickly (sometimes instantly!), and this is where you’ll find all the fine details for your specific loan. Remember that this is no obligation, so take your time to get acquainted with the specific repayment terms.
- Once received, your funds will be automatically transferred to you using an email transfer. This process is super speedy and secure, meaning you could have the money in your account faster than you ever thought possible.
- Your loan repayments will then come out of your account on the date(s) agreed upon in your contract, usually in tandem with your pay cycle.
Qualities of an Easy Online Lender
Like with any financial matter, it is important to do your due diligence in finding a reputable online lender. When approached correctly, Canadians are taking advantage of modern loan agents to get money faster than ever. If you’re on the hunt for the right lender for you, here are some things you should look out for:
- All lenders must be licensed to practice in Canada, meaning this certification should be readily available online.
- Reputable lenders will have a thorough and advanced privacy agreement, giving you peace of mind that your important personal and financial information is being kept safe.
- Each online loan agent will have varying eligibility requirements, so make sure you research whether you are a suitable applicant for an online loan. These include residency status, employment history, payment schedule, and age.
- A trustworthy online lender should have a strong history of positive reviews online, both on their own website and on third-party forums. Remember that no reviews are just as much of a red flag as bad reviews - it’s important to take into account the experience of your peers.
Communication should be clear and timely, meaning you have access to all loan details in blatant terms. If you should need it, it is also nice to know whether your chosen agent has a thorough FAQs page or responsive customer service team.