Short Term Loans Canada
Short Term Loans Canada
Short-term loans in Canada have become an important source of funding for most people. Did you know that more than 4% of Canadians have taken a payday loan out? According to the most recent statistics.
So what is a short term loan? A short-term loan, also known as a payday loan, usually has a repayment period of less than 6 weeks. The amount borrowed doesn’t commonly exceed $1,500. In fact, statistics suggest that nearly 60% of Canadians take bad credit payday loans of $500 or less.
These loans are frequently used to pay for unexpected expenses such as car repairs, home repairs, or medical bills. They can also be employed to pay for day-to-day expenses such as utility bills, or rent, if the person suddenly runs out of cash, or cannot wait until the next paycheck arrives.
Convenience of a Short Term Loan
The most convenient feature of short-term loans is that the application and approval process is usually shorter compared to other types of loans. For example, the approval process for long-term loans such as a mortgage usually takes weeks, and the paperwork involved is significantly lengthier.
On the other hand, applying for easy online loans can also be time-consuming. As you probably have to visit a bank, or a storefront several times. Additionally, these loans often require that you disclose the destination of the funds, and your credit situation must be in good shape to be considered eligible for one.
Instead, e transfer payday loans don’t require that you disclose how you intend to use the funds, which means that you can borrow one for nearly any financial need you are experiencing.
Are Credit Cards Better Than Short Term Loans?
Finally, you may think credit cards are a good alternative if you need short-term funding. The thing with credit cards is that they tie you to carry a significant amount of debt for many months, as there are usually prepayment penalties involved. Unless you decide to pay for the outstanding balance before the debt is due.
Short-term loans, are very common. They are basically like payday loans. Through an online payday loan such as the ones offered by My Canada Payday, you can borrow up to $1,500 almost instantly, and you can pay these no credit payday loans back back in a considerably flexible period of time. As we provide extended credit terms of up to 60 days.
You don’t need to worry about bad credit, as our online payday loans are designed to help individuals going through challenging credit situations, as long as you can show evidence that you have a reliable income source, such as a salary, or a recurring pension payment. That's how our loan agency works.
The application process is very simple, and it is 100% online. It will only take you a few minutes to complete it as we value your time, and we understand that you may have a busy schedule.
After you are approved for one of our payday loans, the funds will be deposited in your bank account. Usually in a matter of minutes through our Interac e-transfer platform.
Additionally, we hold licenses to lend in British Columbia, Ontario, Manitoba, Nova Scotia, Saskatchewan, and Alberta. We are also proud members of the Canadian Consumer Finance Association (CCFA).
You can safely apply from the comfort of your home or office, or you can do it from anywhere through your mobile phone.