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Mobile Loans

Despite your best efforts to stay in control of your cash flow, sometimes money gets tight. This is a normal situation that many Canadians are faced with every year. If you’re scraping for cash, there are many quick and effective ways to secure emergency funds. Even from your phone! Hence the name, mobile loans.

While loans should always be properly considered and taken seriously, mobile apps have created an easy and efficient resource for personal loans. Some even offer built-in info on credit counselling.

What is a mobile loan?

Mobile loans are personal money loans that you can apply for through the internet, an app or a website.

They are usually loan agencies that have streamlined their application process to be web-accessible, meaning all you need is an internet connection to apply. Plus they have their own mobile app that you can use. Like we do.


Advantages of a mobile loan

Unlike traditional bank loans or even in-person loan agencies, mobile loans have many advantages:

  • You can apply any time of the day or night right from your cell phone or web browser. You could be sitting in a rural area in Kamloops and get a loan online. Most of the documents and details of loan conditions will be easily accessible when you need them most.
  • With everything being online, you can receive your emergency funds faster. You may be shocked at how quickly mobile loan companies are able to fulfill your loan application and put the money in your account
  • An instant loan decision takes away the stress of being unsure about your finances. Being in a tight financial situation can be scary, so a mobile loan can create instant relief
  • Without having to go to a loan office, you may feel more in control of your situation. Being able to review documents and financial contracts in your own time can make sure you feel empowered


How to apply

Once you decide to seek out a mobile loan, here is how to secure your cash quickly and safely:

  • Research the best apps and online loan services available to you in your province of Canada. Each region may have slightly different interest rates, so make sure to keep your search narrow and specific
  • Once you decide which mobile loan service to use, take the time to properly fill out the application and submit it
  • Once your application has been submitted and approved, the lender will present you with a loan contract. This contract is no obligation, so make sure to read it carefully (including the fine details)
  • If you approve of the terms of the contract and repayment schedule, you can electronically sign it and return it. This whole process is done online
  • Once the lender has received your signed contract they will transfer the funds to your account. They may show up instantly or take a day or two, depending on your bank’s specific processes
  • You will then have to repay your loan in accordance with the signed contract. This can either be all at once or through instalments. Before signing it is worth checking if the loan is able to be paid off all at once - this can be a great way to pay off the debt if you are suddenly able to


What to look for in a mobile loan

When searching for a mobile loan that meets your needs, it is crucial to do your due diligence. Like with any financial matters, there can be scammers out to steal your financial information or money. To avoid this, here are some important factors to look for:

  • Mobile loan agencies must be licensed to practice in Canada, and their licensing information should be freely available (or presented upon request). Example: Let's say you are looking for a lender in Scarborough, before you deal with them, just ask them if they are licensed or not. Proof must be seen here.
  • There should be a guarantee between the lender and borrower that any sensitive financial information is kept securely to prevent your identity from being sold or stolen
  • A reliable lender should have a strong history of positive reviews online. If there are bad reviews or no reviews it can be a sign of a scam or a dodgy loan agency. A loan is not the place to take a chance on a new business
  • All communication from the lender should be clear and in writing. There should be no confusion about terms of repayment or loan conditions. Remember that even if you are only borrowing a small amount, you will still be entering a legal contract and all documentation should reflect this
  • As well as this, the mobile loan agency should also be easy to contact with effective customer service. It is important to trust that any questions or concerns you may have regarding your loan will be quickly and thoroughly addressed


Best apps

If you have decided that a mobile loan is right for you, you are probably in the research stage of finding your preferred lender. Here is a round up of some of our favorite online loan services and apps:

iCash

  • Loans up to $1500 in as little as 2 minutes with INTERAC e-Transfer if approved
  • Available in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, PEI
  • Interest rate varies by province
  • Get up to 20% in cash back once your iCASH Payday Loan is fully repaid

GoDay Payday Loan

  • Loans up to $1500 in as little as 2 minutes with INTERAC e-Transfer if approved
  • Available in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, PEI, Saskatchewan
  • Interest rate varies by province
  • To apply for a GoDay payday loan, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union

Cash Money

  • Loans up to $1500 in as little as 2 minutes with INTERAC e-Transfer if approved
  • Available in British Columbia, Nova Scotia, Ontario, Saskatchewan
  • Residents of Manitoba and New Brunswick cannot apply for a loan online (must apply in-store)
  • Interest rate varies by province
  • Apply for your first $300 payday loan at a $20 borrowing cost (excludes Saskatchewan applicants)