An unexpected cash crunch can hit us any moment. Whether it's a car repair, a medical bill or simply an installment is due, at times, we wish that we had some extra cash with us to deal with the situation. In such cases, when the payday is far away, many people opt for the short term loans in Canada from C$50 to $1000 with no credit check which is a fast, easy and reliable way of getting some extra cash and that too directly to your account. Moreover, these loans are designed to cater to your urgent financial requirements, as these offer easy application reviews, quick approvals and easy to pocket repayment plans.
These are small loans which are supposed to be repaid over a short period of time. You can return it from a few weeks to a few months. Where traditional banks take weeks to authorize your loan, the short term loan lenders look for the overall financial profile and your ability to repay.
These loans come handy to manage immediate cash crunch. You can apply for it from your home comfortably and after approval you will get the money in your account within a few hours or maximum on the same day.
The process of getting a short term loan is pretty straightforward and quick. You just need to follow very quick online steps to apply.
Short term loans are designed and ideal for a wide range of people in Canada. You may get it if you:
People who are looking for quick cash for an unexpected need can opt for this. You may have a poor credit score, resulting in no traditional bank agreeing to offer you a loan. You can apply for a short term loan. These are considered as no refusal payday loans in Canada as it requires no physical paperwork. It is easy and can be applied for without visiting a branch.
Many lenders focus on your overall financial profile and behavior and not just on your credit score. If you have a stable income source and a clean and clear strategy to repay the loan within the time limit, you are good to go.
Both are totally different. Traditional bank loans focus on credit score and go through heavy paperwork. On the other hand lenders for short term loans provide more accessible options and look for your ability to repay.
Traditional bank loans
Short term loans
With short term loans, you can borrow between CAD$50 to CAD$1500. However, there are other loans where you can apply for much higher amounts like personal loans or installment loans
Basically it depends on how much you use it. In other words, how much you are relying on them. These loans are quite popular because they are easily accessible, need simple paperwork and pretty fast and flexible and as a result, people often end up getting more than what they actually need. Despite this seems very easy and convenient, it comes with a high interest rate and lender's fee.
You should be considering below things first:
While these loans offer a fast and convenient way to get quick money for those critical times, it is important to make sure you eat what you can chew. Although short term payday loans in Canada are quick and easy, it still comes with hefty fees if not paid in time. These should be your financial solution, not an additional burden to you. So before moving forward, please go through your requirements, understand all the associated charges, compare all your options and then choose the best loan for your needs.