When money gets tight, your first instinct may be to panic. Next, however, comes the time to make a plan. While seeking a loan may be the obvious choice to meet any pressing expenses, you may be concerned that the loan process is just so slow. Waiting for bank loan approval, or waiting in a queue for a loan shop to open may be the last thing you feel like doing with so many other stressors to worry about.
The good news is that there is another option: online loans. Modern lenders have made it easier and faster than ever before to safely apply for and receive emergency funds online, fast.
Whether you need cash for unplanned auto repairs, home costs, or an emergency trip to see family, these online loans could be the perfect option for you. Often known as a payday loan, this valuable financial resource is helping Canadians get back on their feet.
Perhaps the most common and accessible type of online loan for Canadians to access quick funds is a payday loan. This type of short-term personal loan can essentially be considered an advance on your next paycheck. It is, however, not at all linked to your place of employment. Online lenders take your employment, other income sources, and credit score into consideration when reviewing your application, but it’s important to note that your credit score alone won’t be make-or-break for you access to an online payday loan.
This type of loan is unsecured and unrestricted, meaning that you aren’t required to put down any collateral, and you are free to use the money as you wish. This type of online loan can give you access to up to $1500 within minutes, making it an effective and speedy financial solution for when you find yourself in a stressful situation.
Forget what you know about traditional lenders: these modern online lenders are far more advanced and streamlined than old-fashioned bank loans. The outdated factors that can affect how quickly you receive your money are:
The solution to all of these delays is to opt for a personal loan from an online lender instead. There are many advantages to this option, and in this day and age it is the most sensible choice for when you need money fast. The obvious perks of an online loan include:
If you have decided that an online payday loan is the best option for you, you will be pleased to find out that the process is likely much faster and more simpler than you were imagining. Modern online lenders know that the most important thing is to get your money quickly, and so are committed to making the application process as pain-free as possible.
Here is how you can apply for an online payday loan:
Repay your loan: On the date outlined in your contract, your repayment(s) and fees will be automatically withdrawn from your bank account. This is usually on the same day as your next paycheck, meaning you can be prepared to pay it off. If you in any way worried about not being able to make the payment, make sure to contact your lender before - they are usually willing to work with you to keep you on track to repay your loan in a way that works for you.