According to the Government of Canada, 73.2 percent of surveyed Canadians in 2019 were either dealing with outstanding debt or had relied on a payday loan within the previous year. If this is you, or it sounds like it could be you in the near future, you may be wondering what your funding options might look like.
Friends and family can only do so much. The bank may require you to jump through hoops before waiting out the underwriting process. On paper, if you need a few hundred dollars on short notice, online money lenders can keep you afloat until payday.
But should you be looking at online loans? Can you even trust a company that’s lending money online?
Keep reading to find out why online money lending services could be the answer to your cash injection needs.
1. You Don’t Need Tons of Documents to Apply
Remember the last time that you applied for a mortgage or a traditional loan? You more than likely needed to prove your income, bring your tax returns, and generally show up with a ton of documentation. And if you were trying to take out a commercial loan for a startup, the paperwork was probably even more extensive.
If you’re like most people, chances are that it’ll take a bunch of time you don’t have to gather all your documents. Plus, if you’re seeking a relatively small amount, doing all of that legwork can frankly feel like overkill.
And that’s where online loan applications have a chance to really shine. Many of the best online money lenders have a streamlined application process that’s designed to get you the money you need ASAP. What this means in practice is that they typically won’t ask you for tons of paperwork.
This brings us to the next benefit of online loans …
2. Fast Approvals
Speaking of the bank, chances are that even when you were approved for your mortgage or your line of credit, there was more than likely a waiting period. Some people wait a few days. Others had to wait a few weeks.
Regardless of how quickly your application was processed, however, there’s one common experience that everybody has shared:
The money wasn’t available right away.
In the world of online money lending, lenders are known for their lightning-fast approval rates — us included. We understand that when the fridge has called it quits or the furnace needs replacing, you need money now.
With the online process, it’s not unusual for borrowers to make applications and get approved on the same day.
3. You Can Look Before You Leap
Do you ever feel like financial institutions are a black box that you can’t see in or out of? With online lenders, you don’t have to feel like you’re solving a maze while blindfolded.
If you’re not a part of the industry, online money lending can look an awful lot like a scam. From the fast approval rates to the presence of no credit check options, it’s only natural to wonder what the catch is.
By necessity, many online lenders are internet-savvy. As such, you can often find a thorough explanation of the online loan application process directly on their websites.
When you’re sitting in an office and listening to someone explain a new concept to you, it can be difficult to fully grasp what you’re signing up for. And even then, there are a lot of steps within the underwriting process that many Canadians are never privy to.
With online loans, you can take your time and research until you feel confident in your decision. The information is there for you. All you have to do is process it at your own pace.
If your brakes are shot and your bank account is running a little too low for Uber, you could be in for a hard time when it comes to finding a brick-and-mortar lender. And that’s if you can book an appointment on such short notice.
According to CBC, Canadians bought $3.9 billion worth of online goods in May 2020. With those numbers on the docket, it’s safe to say that people are becoming more and more comfortable with the thought of purchasing items through the internet. In many ways, finding money lenders online is a natural extension of the booming online shopping trend.
Online lenders offer maximum convenience.
You don’t have to worry about your schedule or your ability to reach the lender’s physical destination — you can take out a loan while wearing your pajamas if you want to.
This feature of online borrowing is extremely important when you need cash and time is of the essence. Whether you work odd hours or tackle the graveyard shift, online lenders make it easy for you to fill out an application and start receiving funds.
Should Online Money Lenders Be on Your Radar?
When most people hear the words “I’m applying for a loan.”, they immediately start picturing the classy, air-conditioned interior of a bank. But when the car’s broken down or the dishwasher needs replacing, sometimes traditional solutions just don’t move quickly enough.
Online money lenders make it possible for you to get the money you need even on short notice. And at our company, for instance, we don’t even have credit score requirements for our borrowers.
If you’re in need of a cash injection, we can help. Fill out our five-minute form and apply for your funding today.