When you think “quick cash”, your mind may go to traditional bank loans, or intimidating shopfronts in a strip mall. If you find yourself in a tight financial spot, it’s likely that neither of these options feel particularly soothing.
For many Canadians payday loans are a valuable financial resource to help manage cash flow problems, and the good news is that a new era of online lenders are making it easier than ever to access emergency funds.
There are all sorts of reasons you may need fast payday loans, from unplanned house or car expenses, to a family emergency. Whatever your reason, it is important to feel empowered by knowledge before signing any loan contracts.
Here are our top tips to take advantage of online money lenders in Canada, and help you get back on your feet:
What is an online money lender
A quick loan online is a short term, unsecured loan that is essentially an advance on your paycheck (though is not affiliated with your place of work). It allows the borrower to receive up to $1500 within minutes, and there are no restrictions on how it is used.
There is no collateral required to secure a payday loan, though repayments are generally required fairly soon (following your pay cycle). Many lenders now look beyond just your credit score, so quick personal loans are increasingly more accessible (even with a low or no credit score).
Actual payday loan lenders are a new type of loan agent that have pivoted to provide all of their services online. There are many advantages to being online-only, and the biggest one as a consumer is that you can apply from home through an app or website. The process is exactly the same as in a branch, except generally more streamlined. All you need is an internet connection and your general info handy, and you could be approved for bad credit loans in BC, faster than you could have expected.
Advantages Of An Online Payday Loan
Gone are the days of having to wait in line at a bank or branch for that much needed cash. Online lenders have made it easier than ever to research, apply for, and receive a payday loan, getting you back on the path to feeling control. There are many advantages to online loans:
- Apply 24/7 from your phone or laptop - no need to work around a store schedule. The documents can be e-signed, and easily saved for your own safekeeping
- Receive your money faster. With modern bank transfer technologies, you could have the money in your account within the hour!
- Breathe easy. Applying from home and getting a quick decision can ease the stress of a challenging time. Once you know that bill will get paid, you will be able to relax
- Feel in control. Being able to research and review documents in your own home and your own time is a much more empowering experience than feeling the pressure of an in-person application.
How To Apply For An Online Payday Loan
Once you have determined that a money loan is the right choice for you, here are the next steps to getting your cash quickly and smoothly:
- Research online lenders in Canada to find the ones near you. Make sure to read reviews, and be conscious that each region probably has slightly different loan rates. Like New Westminister, BC loan prices may vary from someone in another city. Just make sure you do your research.
- Fill out your application as thoroughly as you can. Certain factors such as credit score or government funds won’t necessarily be the deciding factor, but the more information you provide the more likely you are to be approved
- A loan contract will be electronically provided by the online lender when your application has been approved. Make sure to read this thoroughly to make sure you can fulfill your side of the contract, and remember this is no obligation!
- Electronically sign the contract if the terms and conditions work for you. This can be swiftly done online - much easier than fussing with papers!
- Receive your funds, usually within the hour. Online lenders have speedy and secure ways to transfer your cash to you, so you won’t have to wait for long!
- Repay your loan according to the terms outlined in the contract. This may be through installments or a lump sum payment, but make sure to follow your contract exactly to avoid any expensive penalties
What To Look For In An Online Lender
Anything to do with money comes with risks, and there are people out there who will try and scam you. The good news is that a reputable lender will keep you safe, so it’s worth doing your research to make sure you are comfortable with whatever lender you choose. There are some important things to look for in an online lender:
- Licensed to practice. Canadian law requires that lenders are licensed, so this information should be easily accessible
- Privacy agreement. There should be a guarantee that your sensitive personal and financial information will be kept confidential, and there is no risk of your identity being compromised
- Eligibility requirements. Each mobile lender will have slightly different requirements, including age, employment status, and residency status. Make sure to look up these details in your research
- Positive reviews. A quality online lender will have a trail of successful reviews, both on their own website and on independent forums. No reviews can be just as much a red flag as bad reviews, so be cautious!
- Clear communication. Your chosen online lender should make it easy to understand exactly what contract you are getting into, and all the information should be in writing. A quality customer service team could be the deciding factor on which lender you choose