For many Canadians, emergency expenses can arise despite the most careful budgeting. Maybe it’s an unexpected home repair, car trouble, or emergency travel to see family - whatever the reason, sometimes you just need money, fast.
The good news is that payday loans are a valuable financial resource that can get you cash quickly and help you get back on track. Lenders have harnessed innovative new online processes to make the application smoother than ever, so you can receive your loan ASAP.
Perhaps you are considering whether a payday loan is right for you, or perhaps you are researching the best payday loan for you. Wherever you’re at, here are our top tips to help you feel empowered in your search for a payday loan, and take the next step towards financial freedom:
Quick Cash Through Borrowing Funds
Getting quick cash or a payday loan is a short-term loan that lets you borrow up to $1500. It essentially acts as an advance on your paycheck, meaning that repayments usually are made on your next scheduled payday. These loans are unsecured, meaning you don’t need to put down any collateral, and there are no restrictions on how you use the funds.
Canadians turn to payday loans for all sorts of reasons, because let’s be honest - life is unpredictable! Rest assured that with the advances of modern lenders, you could have emergency funds in your account within the day, and sometimes within the hour.
Gone are the days of waiting in line at a brick-and-mortar store for a loan, or even going through the time and hassle of seeking one from a bank. With new online lenders streamlining the process, you can apply quickly for a payday loan from your phone or laptop anytime and anywhere.
Like with any financial decision, options should be thoroughly researched and carefully considered. If a payday loan is the right option for you, make sure to do your due diligence to make sure you are signing onto a contract with a reputable lender.
How Can You Get It
A quick search for “best payday loan”, “loan agencies near me”, or “quick cash” will be a great start to finding the right loan agency for you. While you may have seen more traditional lenders with shopfronts in your local area, the reality is that it is much easier these days to turn to the internet. The advantages of choosing an online lender are:
- Apply anytime. Without the constraints of opening hours, you can apply for a loan 24/7 (including weekends and holidays). This can only mean that you’ll get your contract and ultimately cash back sooner.
- Peace of mind. Without the hustle and bustle of a store, you can take the time to properly read any paperwork and loan terms, making sure that you have the best possible loan for you.
- Safety. Modern technology has made online loan applications safer than ever. A reputable lender will make sure your sensitive personal information is encrypted and kept confidential, and the transfer of the money will be both fast and safe.
What To Look For
When searching for your payday loan provider, it’s important to choose a lender that is both safe and reliable. Money matters are not to be taken lightly, and the right online lender will make the process smooth and simple.
Some things to look for when considering a loan agent are:
- License to practice. In Canada, loan agencies must be licensed, and this information should be freely available or provided upon request. This keeps you safe, and most importantly protected by the law.
- Positive reviews. Whether you are looking for a loan from a brick-and-mortar store or online, a strong history of positive reviews is crucial. This kind of feedback can help soothe your worries, and help confirm a choice of lender. Low or no reviews can be a sign of a scam - stay away!
- Clear communication. Lenders should have their terms and conditions written out clearly, so you should never be confused about your contract. The good news is that with many lenders now online, it is more simple and more clear than ever before to examine the loan paperwork. No more getting flustered trying to flip through the loose pages of a contract!
- Customer service. Your chosen lender should have all the information available online, but for any queries or support should have an easily-accessible customer support service. Either by phone or email, you should be able to have any questions about your loan terms or repayments answered.
Once you’ve decided on a lender that is right for you, the process to getting your money will look like:
- Fill out the application form. If you have chosen an online lender, this will be done electronically. Make sure to provide as much information as possible. Even if you have low or no credit, make sure to include this! This won’t be the only factor affecting your application, and is often used as an form of identification
- Sign the contract. Upon approval, you will be sent a digital contract from the lender. Make sure to read it carefully - you are not bound by anything just yet. If it is to your satisfaction, you can easily e-sign and return it
- Money transferred. Upon receipt of your signed contract, your funds will automatically be sent using an Interac Email Transfer. You could have the money in your account within 5 minutes!
Repayments. The designated amount plus the borrowing fee will automatically come out of the predetermined bank account on a certain date(s). This is usually your next scheduled payday.