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How To Get Quick Personal Loans

If you are strapped for cash, you may be considering a personal loan. It’s just one of the unfortunate realities of life that cash won’t always flow smoothly. Even with careful budgeting and planning, unexpected expenses can arise from out of the blue. A car breakdown, home repair, or unforeseen medical emergency can throw a spanner into your monthly finances, leaving you feeling stressed and worried about making those payments.

If this is the case, your consideration of a personal loan is a great option. Many Canadians are taking advantage of this valuable financial resource to help them get their money back on track.

If you are after a personal loan, here is how to speed up the process to get you your money fast.

What are Quick Personal Loans?

A personal loan is an agreement between a creditor and a non-business borrower to lend a certain amount of money over a specified period of time, often with a flat fee or interest rate. There are many different types of personal loans, with one of the most common and popular being a payday loan.

A payday loan is a short term personal loan that essentially acts as an advance on your next paycheck. This type of loan can give you access to up to $1500 within minutes, making it the perfect personal loan for many Canadians looking to get ahead of an emergency, fast.

Who can offer you Personal Loans regularly?

Once you decide that you want to seek out a payday loan, the next step is to find a reputable lender. When speed is of the essence and your valuable financial information is required, it is important to do your due diligence.

In Canada, lenders are required to be licensed, so this information should be freely available. You should also be able to find a long history of positive reviews, as well as a clear customer service protocol should you need it.

You can start your research by searching “loans near me,” “quick cash” or “payday loans”. You will likely be inundated with results, but it should be clear which lenders are more legitimate.

An important factor is whether you are going to seek out a personal loan from a brick and mortar branch, or whether an online loan is better for you. Both are essentially the same process, but an online loan is definitely easier and more streamlined. It is also important to note that different regions of Canada will have different borrowing rate and fees, so make sure you are factoring this cost into your research.

Getting Personal Loans Faster Than Usual

We get it: you want your money ASAP. The key is to seek out an online loan. The good news is that modern lenders are taking advantage of sophisticated technology to make applying for and securing a personal loan online faster and easier than ever.

When speed is of the essence, online lenders allow you to apply 24/7, including on weekends and holidays. No more waiting for your local branch to open or waiting in a queue - online lenders have streamlined the service so you can apply from your laptop or phone. This also means that once approved, your funds can be electronically sent within minutes, giving you the freedom to sort out those emergency expenses sooner.

Qualifying for Personal Loans

If an online payday loan sounds like the right option for you, here is the streamlined process to give you access to your borrowed money as soon as possible:

  • Apply: Once you’ve chosen your lender, fill out the application form from your computer or phone. Make sure to include as much information as possible, even if you don’t think it will help. Remember that these modern lenders look at much more than your credit score, for example, so the more details you provide, the higher your chances of being approved
  • Contract: Once approved, a personalised contract will be sent to you with your specific borrowing terms, repayment schedule and fees. Make sure to read this thoroughly (now is not the time to rush!), and remember that at this stage you are under zero obligation to sign. You should feel empowered to make financial decisions in your own time from your own home, which is an advantage of an online loan rather than in-store.
  • Get your money: Once you e-sign the contract in a few simple clicks, your money will automatically be transferred to you via email. This process is faster and safer than any other loan, meaning you could have the money in your account within minutes! As this type of personal loan is unsecured, enjoy the freedom of being able to spend the money on whatever you want.
  • Repayments: Your scheduled repayments and predetermined fees will automatically be withdrawn from your account on the dates outlined in your contract. This is usually in parallel with your next paycheck, meaning you can be prepared. Make sure to contact your lender if you are expecting any repayment issues - a reputable lender would rather that you are communicative, and can work together to find a repayment plan that suits both of you.