Money is an essential part of our lives, and sometimes we may need fast access to cash due to certain situations that require immediate attention. Whether it’s a car repair or an unexpected bill, that extra cash can be a lifesaver. If you live in Canada, getting fast loans to cover these costs is possible. However, before you apply for fast loans in Canada, it’s helpful to understand the process and how it all works.
This quick guide will explore the process of obtaining quick loans in Canada, detailing what you need to know and expect. We’ll look closer at who can qualify, what types of loans are available, and how to apply.
What Are Short-Term Loans?
If you’re in Canada and need some extra cash fast, then short-term loans, otherwise known as fast loans or payday loans, may be a good option for you. These types of loans are designed to help you cover unexpected expenses or emergencies that crop up before your next payday. They’re meant to be paid back quickly, usually within a few weeks to a few months.
One of the benefits of short-term loans is that they’re relatively easy to get.
Unlike traditional bank loans, which often require a lot of paperwork and credit checks, fast loans can be approved quickly with minimal paperwork and no need for a strong credit score. This makes them a popular option for people who may not qualify for traditional loans or need money quickly.
However, it’s important to know what you’re applying for. Because they’re meant to be repaid quickly, fast loans often come with higher interest rates and fees, making them more expensive in the long run than other types of loans. Additionally, if you don’t repay your loan on time, you may face penalties and damage to your credit score.
Overall, though, they’re an incredibly helpful resource for those who need fast cash and have the means to repay them quickly.
What Can You Use Fast Loans For?
Whatever you need to! Unlike business loans or car loans, there are typically no restrictions on what you can use short-term loans for.
Need to cover a medical bill? Or maybe you need to pay for some car repairs? Fast loans in Canada can provide quick access to the funds you need. These loans can also help if you need to cover rent or tuition fees.
Applying for a Loan: The Requirements
When it comes to getting a fast loan in Canada, there are certain requirements you need to meet.
Firstly, you must be at least 18 years old and a Canadian citizen. Some lenders may require a steady income and a good credit score, while others may only ask for proof of steady employment.
You will also need to provide documentation such as:
- Proof of income
- Banking information
This is to ensure that you can repay the loan and facilitate the funds transfer.
Overall, it’s important to note that each lender may have their own unique set of requirements, so it’s crucial to do your research and find a lender that best suits your needs.
For example, at Easternloans, we require your bank account to be Canadian and active for at least three months. We also require you to have a monthly income of at least $1,200 that is received by direct deposit from your employer.
When applying for a loan, it’s also important to be honest and transparent about your financial situation. Lying or withholding information may result in your application being denied or even legal consequences.
How to Get Fast Loans in Canada
As you can (hopefully) see, a personal loan might be the answer if you’re looking for a fast way to get some extra cash. And if you live in Canada, Easternloans is a great option. Here’s how to get started.
Enter Your Personal Information
The first step is to fill out the application form with your personal information, such as your name, address, employment status, and income. You must also provide your bank account information, so make sure you have that handy.
The good news is that Easternloans does not require credit checks, so your credit score won’t be affected. Once you’ve completed the form, click submit and await approval.
Wait for Approval
Easternloans processes loan applications quickly, so you won’t have to wait long. Most applications are reviewed and approved within an hour. If your application is approved, you’ll receive an email with the loan details, such as the amount you’re approved for and the interest rate.
You’ll also receive a contract outlining the loan terms and conditions. Take some time to read through the contract carefully before you sign it. It will include repayment terms and interest rates, so pay attention to these to ensure you’re okay with the conditions.
Typically, you can repay short-term loans in 3, 6, or 12 installments. The exact terms depend on your circumstances.
Once you’ve signed the contract, Easternloans will transfer the funds to your provided bank account (remember, it must be a Canadian bank account).
The transfer process can take up to 24 hours but is usually much faster. You can use the money for anything you need, such as paying bills, buying groceries, or covering unexpected expenses.
Repay the Loan
When it’s time to repay the loan, Easternloans will automatically withdraw the first payment from your bank account on the due date. Make sure you have enough money in your account to cover the payment, or you’ll be charged a fee.
You will make all other payments on the scheduled repayment dates. If you’re having trouble making the payment, contact Easternloans right away to discuss your options.
If you need another loan and have already been approved by us, you might be eligible for a loan renewal.
Get a Loan From Easternloans
Looking for the best lenders for fast loans in Canada? Try Easternloans.
Our online application form is simple to fill out, and you can receive approval in as fast as an hour. Start your application now!