Handling financial emergencies in Canada can be easy with same day loans. Quick financing with minimal documentation is what you can expect to get from these loans, which make them so popular among Canadians. The online availability of same day loans has reduced application approval times as many lenders can now process personal loan applications within 24 hours.
These kinds of loans are unsecured in nature and thus no collateral is required. This makes these loans come up with comparatively higher rate of interest. They can be a good solution to cover your urgent needs or unexpected expenses like utility bills, medical expense, sudden car breakdown charges and more. Whenever you encounter a financial emergency, derive the cash you badly need with a quick loan in Canada.
At Payday Tree we have compiled a list of all reputable and trusted Canadian lenders who offer same day loans. The lenders connected with us rank highly in terms of offering good services to the customers with complete fairness and reliability. Most of these lenders offer an online application process and you can expect approval in few hours to next business day.
Same day loans provide quick financing without much paperwork and other formalities. At our loan comparison website you can research the best loan deal, suiting your requirements. Once you have compared same day loan providers, click “Apply Now” and you will be redirected to lender’s website where you need to complete the loan application process.
Getting the short-term loan on the same day-
Emergencies can pop up at any point of time in anyone’s and everyone’s life. At such point of time in life you may need liquid cash urgently. As the name suggests, same day loans get quickly approved by lenders in few hours to next business day, depending on lender to lender and bank to bank. However, there are many things that you will need to keep in mind before deciding if this is the appropriate financial solution for your needs.
Know how same day loans work-
The applying procedure of these loans is pretty easy to understand. Most cash loans are readily available on the Internet, wherein the application process is completed online in few minutes. Unlike personal loans from a retail bank, the same day loans are easily to qualify for, even though they cost quite much in terms of high interest rate.
Such small loans are popular for varied number of reasons and that includes fast online process, relaxed eligibility requirements, quick disbursement of funds and easy accessibility. They are most often used to cover urgent expenses and helping to cover the gaps between your paychecks.
Key things that you need to know ahead of applying for same day loans in Canada-1. Fastest method of get the money
Same day loans make it easy for you to get the additional money quickly. Most same day loan lenders offer application process online with disbursement of funds in few hours to next business day. Plus, you can avoid the hassle of lengthy applications and lengthy paperwork while applying for these loans2. Same day loans have flexible eligibility requirements and acceptance of bad credit score
Of course good credit scores can help you get a same day loan at a better rate, but people having less than perfect credit score can still able to handle financial emergencies by getting approved for these loans. But you will likely to be charged with much higher interest rate when you apply for a same day loan with bad credit.
Same day loan lenders in Canada provide easy eligibility requirements which typically include proof of regular income, a bank account, Canadian residency and a minimum age of eighteen years or older.3. Online application process and availability of loan 24/7
One can apply for a cash loan at any hour of the day. Face to face appointment with a representative can be totally avoided with online application process. Online applying for loans is easy, safe and comfortable and it also helps in saving your time, energy, money and efforts. Get started online at any given point of time.Benefits of same day loans-
All those borrowers who are struggling with cash deficit and need immediate cash help to handle small unexpected expenditure would find same day loan a great solution.
Some of the primary advantages of same day loans are:1. Easy approval
Small cash loans are easier to approve than other traditional loans that one get from a bank. This gives people with fixed income or with below average credit scores to get necessary funding during emergency, which they may not get through traditional banking institutions.2. Quick cash
Same day loans are easy to apply online with simple and quick application process. The approved cash will be directly deposited to borrower’s checking account quickly. The quick approval and direct fund transfer are the most appealing things about same day loans.3. Versatility
Unlike personal loans which are required to be used towards a purpose of fulfilling personal requirements, the same day loans are not restricted in such regard. Under same day loans the borrowed funds can be used to meet any sort of unexpected financial emergency.4. Online process
The entire process of same day loans can be completed right from your home comfort, in just few mouse clicks. The loan can be easily tracked online by simply filling up two-minute application form.
Downsides of same day loans are:
When making a final decision, it is important to know the downsides of these loans-1. Interest rates
It is important to understand the cost of the loan and just make sure that the repayment amounts can comfortable to fit into your budget. Interest rates on same day loans are on a higher side, so it is essential to have clear understanding of the terms of the loan.2. Risk of endless cycle
When borrowers cannot able to repay their loan, they are forced to extend them for getting more time to clear the debt. However, if responsible lending is not adhered to, this can become a never-ending cycle where more money is borrowed in order to pay off the outstanding loan amount and this can continue for a longer time. So, makes sure to have a suitable repayment plan that pays down the principal amount of the loan, and not just the interest.3. Responsible lending practices
Same day loans are not governed by same set of regulations and thus some lenders may impose unfair business practices, which ultimately harm the borrowers. Therefore, it is really vital to read the policies and loan deal offer documents carefully and just borrow an amount that you really need and save yourself from becoming the victim of wrong lending practices.
Same Day Loan Uses
Individuals who often apply for a same day loan can use it for paying any small unexpected financial emergencies like-
- Medical bills
- Utility bills
- Home repairs
- Pending home rent payment etc.
What should I look for in a same day loan lender?
There are plenty of same day loan options in Canada from different lenders. When evaluating the right lenders just make sure the lender has proper licensing from the Canadian Consumer Finance Association. Check out customer’s review on lender’s website when evaluating same day loans in Canada. A good lender should have a solid history of good relationships with their customers. Also, just make sure that the lender should provide good access to customer support team that will be available for you when you need them.
How one can repay same day loans?
Different lenders have different repayment methods. Some of which includes post-dated paycheck, automatic payments credited directly from the bank account or cash settlement on a pre-defined date.
How much one can borrow with cash loans?
The loan amount varies from lender to lender. But typically same day loans will let you borrow funds in between $500 to $5,000. Each lender takes own decision regarding amount to be lent out. The higher the income level, the higher the lender will be willing to go in terms of the offered principal amounts.
What things to watch out for regarding same day loans?
Same day loans come with certain fees regarding certain aspects such as early repayment penalties, administrative fees, missed payment fees and more. Ahead of finalizing the loan deal, it is important to read the related documents to make sure that you clearly understand all fees that you could be charged for.
What happens if I miss a payment?
When the agreed repayment date comes, the representative of the lender will contact you and ask for the payment to be made. If you cannot manage to repay the loan amount, then there is the option of loan extension. Failing that will hamper your credit score badly for up to 5 years and the lender may choose to take additional legal action.
Can I use same day loans to pay off the existing debt?
Yes, you can use a same day loan to consolidate other debt. However, just make sure that your final outstanding debt amount is less expensive than the debts you are pay off with the new loan.
I have bad credit rating. Can I still apply for a loan?
Yes, of course. However, there is no assurance of being approved for a loan. It all depends on lender to lender and how badly your credit score is affected. But you can still qualify for a loan despite having poor credit.