In this day-and-age, costs seem to be rising all of the time and new expenses seem to keep popping up. When you have an emergency or need to pay off a bill urgently, you need cash in an instant. If you need money fast and the bank won’t help you out, instant cash loans in Canada may be your answer.
Instant cash loans are for those temporary yet urgent requirements which cannot be postponed. With them, you can deal with your cash needs in a smooth and swift way. After applying for them, you can rest assured to sort out your vital expenses in a couple of hours.
Tenants, bad credit holders or any other working Canadian can utilize services offered at Instant Loans Online. We help to find you absolutely unsecured loans so you will not need to place security against the borrowed amount. Also, having good credit rating is not an obligation. You can get approval even if you have poor records like defaults, arrears, late payments, bankruptcy, foreclosure etc in your credit history.
Without any second thoughts, you can make application at Instant Loans Online if you fulfill our basic eligibility criteria. To qualify, you must be an adult citizen of Canada. You should be a regular employee earning at least C$1000 per month. You should also have a valid bank account which accepts direct deposit.
To apply, you just need to fill a free of cost application form at our site. We will immediately process your application and bring you suitable loan deals. You are guaranteed to get funds in your bank account in less than 24 hours. Apply at Instant Loans Online and solve your fiscal issues in no time!
We at Instant Loans Online work with a wide number of loan lenders willing to offer you the loan deal that meets your requirement. Once you have applied for a loan through us we will in no time process your application and get back to you with a response in no time. You can rest assured to find loans by lender you trust!
You will neither have to pledge any collateral nor fax any documents when applying for a loan through us. Besides, you can qualify for a loan even if you are tagged with bad credit rating. So, apply and get the cash you need in no time.
What are Instant Cash Loans?
An instant cash loan is where you are able to get money quickly, typically through an online application process. Since you apply online, if approved, the money is sent directly into your bank account. This way there is no waiting and you can use the funds when you need to – now.
Typically instant cash loans in Canada have a fast approval process. Since providers know that you need the funds quickly, they have streamlined the process to offer these instant cash loans. This way you can get the money you need and then use it straight away.
Since they are designed for emergencies, instant cash loans are typically loaned to you for a short period of time. This can range from a few days to 45 days depending on what you arrange with the provider. The goal here is to give you access to the funds and give you enough time to realistically pay it back.
Instant cash loans in Canada usually also have a higher interest. Since the approval process is performed quickly and loans are for people who are in need of a short-term solution, providers require a higher rate of interest to protect them on any defaults. Unfortunately, high levels of defaults do exist with instant cash loans so providers need to implement these rates as a means of balancing out payments.
Types of Instant Cash Loans
There are a variety of instant cash loans that you may want to consider if you are in need. All have a different framework and, depending on your comfort level and length of time you want to pay the loan back in, one may suit you more than the other.
- Payday loans
Whenever you fall short of money or are in need of instant cash, you can apply for same day payday loans. They are short term loans offered for a short-term period and allow you to take up to 30-45 days to pay them back. These loans have become very popular in recent years as many firms – such as Wonga – have invested a lot of money in successful advertising campaigns. These loans can be useful but they have been known to have a high rate of interest, making it tough to pay back within the predetermined period. Make sure that you read the fine print in order to ensure you understand all the terms and conditions of the loan.
- Payday advance loansThese instant cash loans work in a similar way to payday loans but your timeframe for repayment is restricted to the time of your next paycheque. Since most Canadians get paid on a biweekly basis, you would be required to pay back the loan at this time. When you apply, you will be asked to provide proof of salary and you will be required to write a postdated cheque or sign an agreement for the borrowing amount plus interest to be deducted from your bank account. The cheque will be cashed or funds withdrawn on the date of your next paycheque. Although interest for these loans is still high, many firms in Canada – such as MoneyMart – who offer them have a fairly good reputation as a fair financial services provider.
- Other instant cash loansOutside of payday and payday advance loans, there are other firms online that suggest that they provide instant cash but do not use the words “payday” in their title. Over the past few years, payday loan firms have received quite a lot of negative press. Typically, any firm that is offering you instant cash for a short-term and looking for proof of employment is a payday loan firm in disguise. It is legal for a company to loan you money but typically they won’t do this unless they have some form of proof that you can pay them back. If this isn’t a credit check than it has to be some proof of income from employment.
Obtaining instant cash loans in Canada is something many of us across the country are looking into. With the rising costs of living these days, it’s no surprise that many of us can’t wait until we get paid for some extra cash. If you decide to apply for an instant cash loan always remember to read the fine print. Remember the world of payday loans are a big business and you want to ensure that you get the instant cash for the right reasons and you’ll be able to pay it back on time.