Unplanned bills pop up all the time, and they can be especially difficult to deal with even if you have money saved up. For example, you may end up in a car accident and have to rent a vehicle while it’s in for repairs. That alone can cost you about $608 per week on average.
When that happens, you’ll need a loan. However, some personal loan providers take time before they issue out money. They may also deny you based on your credit history.
Here’s why you should consider fast loans in Canada if you’re in need of fast money.
1. Where Can I Get a Fast Loan?
Most people know about traditional loans. They’re larger amounts of money given out by a bank or private lender that are meant to be repaid over time. Usually, people take out loans to purchase cars or houses.
If you need to pay off some kind of expense under $500, then fast loans can help with that. This type of loan is normally given out within a day, albeit in smaller amounts than normal loans.
Don’t expect a bank to give out this loan, though. Banks like to go through extensive background checks to protect themselves, and they also like to deal in larger amounts. A quick loan provider manages the risk by offering a lower maximum amount.
Kingcash loans are currently available to Canadian citizens. The areas covered include:
- Prince Edward Island
- British Columbia
- Nova Scotia
- New Brunswick
- Northwest Territories
2. How Can I Get a Fast Loan?
Getting fast loans in Canada is easy. All you need to do is go onto a cash loan provider’s website, fill out an application online, and you should get your money within a few hours to a day.
Although most people are accepted for a fast loan, there are some limitations.
For one, you need to live in the accepted areas within Canada. You must be a Canadian citizen and over 18 years old. You also need to have had a bank account for at least three months where your payroll deposits are placed.
A lender will deny you if you do not make enough money or have a high short-term debt ratio. If you’re on social assistance or receive some kind of retirement savings, then you won’t qualify for a loan. Self-employment is also not accepted, as your income may fluctuate.
3. Bad Credit Is Accepted
Most loan providers will take a look at your credit history before making a decision regarding your approval. Not only does this lower your credit score, but it takes time.
Unfortunately, your repayment history can negatively skew your credit score, even if you currently have a great job with sufficient pay. While it’s possible to raise your credit score more quickly with certain methods, it won’t help if you need money right now.
And what about those who don’t even show up on the radar? There are some people who have never opened up a credit line and as such have no credit score. If a bank goes looking for their information, they won’t find it.
Fast loans in Canada don’t require a credit check at any point in the transaction. As long as your bank account shows that you are capable of repayment in the future, then that’s good enough.
4. Cash Limit
A traditional bank loan can result in you walking away with thousands of dollars. In most cases, that money goes directly into a mortgage payment of some kind.
Fast loans are smaller amounts of money, but they’re given out much faster.
Some payday loans allow you to borrow up to $1,500. However, this type of loan also requires you to pay the loan back from your next paycheque. Some provinces allow up to two months.
First-time clients with a fast loan provider are eligible for up to $500. Once they establish a good repayment history, they can apply for bigger loans.
5. High-Interest Charges
Some fast loan providers charge high-interest rates on repayment. These rates may range from 10% to 47% on average, depending on who you borrow from. Of course, that interest can be managed if you repay the loan sooner rather than later.
A fee is required if you choose to defer your payment at any time. Multiple deferrals increase in cost. However, there must be a minimum of 48 hours notice to put a stop to a payment.
6. How to Pay Off My Loan
The type of loan you get will determine your repayment options.
Normal bank loans allow you to pay them off over longer periods of time. Certain quick cash loans also allow repayment in multiple installments. However, payday loan providers almost always require you to repay them by your next paycheque.
Tracking your spending is the best way to manage your funds and avoid missed payments.
Create a budget and break down all of your expenses and bills. Consider canceling certain services or lower how much you spend on food to save money.
Keep track of your automated bills. Often, people end up going into the negative when they fail to notice an automated payment has gone through.
Plan for emergencies. Most fast loans in Canada are made in times of emergency, but the best way to avoid needing them is to save up in advance.
Get Reliable Fast Loans in Canada
No one likes to depend on a loan provider when they need money, but situations happen in life that you can’t always control. Wouldn’t it be better to get your money as soon as you need it, rather than hoping the bank will approve it at some point?
Kingcash is an easy-to-use money lending service for when you need fast loans in Canada right now. Applying takes less than five minutes, and there’s no credit check. Contact us today to claim your cash and breathe a little easier.