It’s estimated that over half of all Canadians struggle to pay their bills. It shouldn’t come as a surprise that the vast majority of our country is experiencing significant financial stress.
With food and rent prices at a sky-high record, many individuals are living paycheck to paycheck. If you find yourself in need of money, one option is to take out a loan. But what type of loan is right for your needs?
If you want to discover the answer to this question, you’re in the right place. Read on as we break down some of the different loan options we provide here at Kingcash.ca. That way, you can get on top of your expenses regardless of your current financial situation.
1. Short-Term Loans
The first type of loan we provide is a short-term loan. These loans are also known as payday loans because they’re designed to keep you afloat until you get to your next paycheck.
If you experienced an unexpected expense, like car problems or a vet bill, then you should consider this option. These loans are designed to be paid back in under a year. Most of the time, borrowers can repay it in months or even weeks.
The short-term online loans we offer here at Kingcash are designed to be instant. As such, you don’t need to submit yourself to a credit check. You can receive the cash you need usually within a few hours.
Then, you’ll pay back the loan, along with any interest accrued, over a period that’s defined in your contract.
2. Bad Credit Check Loans
Our bad credit check loans are designed for people who have trouble borrowing because of their credit scores. A low credit score is usually defined as being below 575.
Most lenders won’t cater to individuals in this category. But here at Kingcash, we help people in these unfortunate circumstances who require cash fast. Our no credit check loans are quite similar to our short-term loans.
The only difference is that they come with higher interest rates than normal. Why? This is to account for the fact that we’re lending to a potentially risky borrower.
However, if you manage this type of loan properly, it can be a good way to pay for unexpected costs.
3. Installment Loans
The last type of loan we offer is an installment loan. Here’s how it works: you agree to a fixed amount of financing. The limit we offer here at Kingcash is $750.
Then, you’ll set up a repayment schedule that’s much more manageable to deal with than a single lump sum. The best part is you can choose which type of installment schedule works for your needs. We offer four options to choose from, including:
- Every two weeks
- Twice per month
We recommend this type of loan for people who have a stable income but not enough money to pay the loan back in a single payment. As long as you make your payments on time, an installment loan won’t negatively affect your credit score.
Requirements for a Kingcash Loan
To qualify for one of the cash loans listed, some criteria need to be met. These are the conditions:
- You must be a Canadian citizen
- You must be at least eighteen years old
- You must have a stable job for at least three months with an income of $1,200 per month
- You must have little to no non-sufficient fund transactions
- You can’t be in bankruptcy
- You must have a low short-term debt ratio
Lastly, you need to live in one of the following areas: Nunavut, Northwest Territories, British Columbia, Ontario, Nova Scotia, New Brunswick, Alberta, Prince Edward Island, or Newfoundland.
How Is Kingcash Different From Other Loan Providers?
One thing that separates Kingcash from other loan providers is our willingness to work with you. We understand that everyone goes through hard financial times.
That’s part of the reason why we lend to people with bad credit. If you can’t make a payment, we work with you to arrange for a more accessible loan. If you miss a payment, we give you a five-day grace period to make the payment.
Lastly, we allow you to pay back your loans early. That way, you can get back on your feet financially as soon as possible.
Other providers won’t make these accommodations for you. That’s because all they care about is making money off people in desperate circumstances.
That’s not the case here at Kingcash. We do everything we can to set you up for success with our fast loans.
What Should You Consider Before Taking Out a Kingcash.ca Loan?
Before you take out a loan with Kingcash, it’s important to consider some factors. First off, you need to decide how much you want to borrow. When you’re considering this factor, you also need to weigh how much you can afford to borrow.
Be realistic about how much money you can pay back weekly or monthly. That way, you don’t get deeper into debt. Speaking of debt, remember there’s a big difference between good debt and bad debt.
Good debt goes toward essential things like medical bills, car repairs, or groceries. Bad debt goes toward unnecessary things like a vacation or a fancy restaurant.
Lastly, ask yourself if you need the money now. If you can help it, it’s better to try and save up to avoid high-interest payments. However, if you can’t wait, then you should borrow the money.
We recommend checking out this resource before you borrow money. That way, you’re certain that it’s the right decision for your needs.
Ready for the Money You Need? Contact Kingcash Today
We hope this guide helped you find the right type of loan option for your needs. Here at Kingcash.ca, we want to prioritize transparency throughout the loan process.
That’s why we’re upfront about the high-interest rates associated with any type of personal loan.
However, if you have no other options when it comes to financial assistance, then borrowing responsibly from us can be the answer to your problems. So if you’re ready to get the money you need, then get in touch with us now.