Short-term loans in Canada have become an important source of funding, considering that more than 4% of Canadians have taken a payday loan according to the most recent statistics.
A short-term loan such as a payday loan usually has a repayment period of less than 6 weeks and the amount borrowed doesn’t commonly exceed $1,500. In fact, statistics suggest that nearly 60% of Canadians take payday loans of $500 or less.
These loans are frequently used to pay for unexpected expenses such as car repairs, home repairs, or medical bills, or they can also be employed to pay for day-to-day expenses such as utility bills or rent if the person suddenly runs out of cash or cannot wait until the next paycheck arrives.
The most convenient feature of short-term loans is that the application and approval process is usually shorter compared to other types of loans. For example, the approval process for long-term loans such as a mortgage usually takes weeks and the paperwork involved is significantly lengthier.
On the other hand, applying for a personal loan can also be time-consuming as you probably have to visit a bank or a storefront several times. Additionally, these loans often require that you disclose the destination of the funds and your credit situation must be in good shape to be considered eligible for one.
Instead, short-term loans don’t require that you disclose how you intend to use the funds, which means that you can borrow one for nearly any financial need you are experiencing.
Finally, you may think credit cards are a good alternative if you need short-term funding. The thing with credit cards is that they tie you to carry a significant amount of debt for many months as there are usually prepayment penalties involved if you decide to pay for the outstanding balance before the debt is due.
The most common form of short-term loan is a payday loan. Through an online payday loan such as the ones offered by My Canada Payday you can borrow up to $1,500 almost instantly and you can pay the loan back in a considerably flexible period of time, as we provide extended credit terms of up to 60 days.
You don’t need to worry about bad credit, as our payday loans are designed to help individuals going through challenging credit situations, as long as you can show evidence that you have a reliable income source such as a salary or a recurring pension payment.
The application process is very simple and it is 100% online. It will only take you a few minutes to complete it as we value your time and we understand you may have a busy schedule.
After you are approved for one of our payday loans, the funds will be deposited on your bank account usually in a matter of minutes, through our Interac e-transfer platform.
Additionally, we hold licenses to lend in British Columbia, Ontario, Manitoba, Nova Scotia, Saskatchewan, and Alberta and we are also proud members of the Canadian Consumer Finance Association (CCFA).
You can safely apply from the comfort of your home or office, or you can do it from anywhere through your mobile phone.