Are you caught up in a situation where you need to pay for expenses you didn’t expect? Saving up money is the ideal way to finance a sudden essential large purchase or cover any emergency expenses. But in reality, it’s not always the case for many people.
Based on some notable findings, around 40% of Canadians reported that their bank accounts couldn’t survive a financial emergency. Meanwhile, 37% said they seldom or don’t set aside money in an emergency account. If you are in the same set of circumstances, you can borrow money or get a loan online in Canada.
Obtaining a loan from traditional banks usually involves a lengthy process and strict credit requirements. That’s why many people now find online loans as a better alternative when facing immediate financial constraints. However, you’ll need to understand what online loans to shop for. First, check out the best loan options you can acquire online by reading below.
Payday Loans
Getting a payday loan is a fast and convenient way to tackle expenses that your monthly budget can’t cover. It’s a short-term loan you can repay on your next paycheck, typically within two weeks.
Unlike conventional banks, payday loan lenders don’t often require a credit check, so it’s easier to apply and get approval. The online application process for this type of loan usually takes a few minutes. You can have the money deposited in your bank account within the same day if approved.
Personal Line of Credit
Another flexible way to get fast cash is through a personal line of credit. It’s a prearranged fund you can tap whenever you need extra cash or have a sudden financial difficulty. Unlike traditional loans, you can borrow money from the line of credit in increments or the amount you only need.
Provided that you don’t exceed the maximum limit and the line of credit stays open, you can borrow the money again. Note that you only need to pay the interest for the amount you withdraw. However, you might be required to pay an annual fee, so ensure to read the fine print.
Installment Loans
Acquiring an installment loan might be the more appropriate option if you need a larger amount. It’s a lump sum of money you can take out online and have to repay in monthly installments over a predetermined period, typically within 12 to 60 months or longer.
Installment loans come in a variety of forms. But personal loans are the most beneficial during financial emergencies. This installment loan is often unsecured, so you don’t need to pledge your assets as collateral to get approved. Plus, you can use a personal installment loan for almost anything.
Peer-to-Peer Loans
You can also take a loan through a peer-to-peer (P2P) lending site. Rather than borrowing from a traditional financial institution, the P2P online platform matches you with investors keen to lend you the money you need. You can obtain a P2P loan within days due to their flexible credit requirements and streamlined processes.
Find a Reliable Lender Online
With various loan options available online, having access to fast cash nowadays is undoubtedly more straightforward and convenient. However, not everything you find online is suitable for your financial situation. The right type of loan must help you cover an emergency expense without hurting your finances. Find a reliable online lender with reasonable credit requirements and interest rates.
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