According to the Canadian Bankers Association, there are almost 6,000 bank branches scattered throughout the country. If you’re in need of a loan right now, you can walk into any of them and see if they would be willing to give you one.
But that isn’t the only option that you’ll have. You can also try applying for online loans through lenders like EasternLoans. These lenders are capable of providing people with fast loans in Canada that won’t force them to set foot in a bank.
Think this might be the right option for you? We’ve assembled a list of the biggest pros and cons of applying for online loans. It should make it easy for you to decide if taking out these types of short-term loans would be your best choice.
Continue reading to learn about the pros and cons of applying for online loans.
The Pros of Applying for Online Loans
It wasn’t all that long ago that people didn’t have the option to apply for online loans. The idea of filling out an application for a loan online and getting approved for it was laughable.
But many lenders have been popping up online in recent years and offering no credit check loans to Canadians. And people have really come around to the idea thanks to how convenient it can be. Here are the pros of applying for online loans.
It’ll Take You Less Than 5 Minutes
When you apply for a loan at a bank, you’re usually going to have to set aside at least an hour or two to do it. But when you apply for online loans, you can finish up in about 5 minutes.
A lender will ask you to provide them with basic information about yourself, your employment status, and your loan request. It’ll only take you a few minutes to work your way through an application so that you can see if you’re approved for a loan.
It’ll Let You Know If You’re Approved Almost Immediately
After applying for a loan at a bank, you will need to wait at least a few days in many cases to see if you’ve been approved. It’s going to prevent you from getting your hands on cash as quickly as you might like.
With online loans, you won’t have to worry about waiting. Most lenders will let you know if you’ve been approved for a loan pretty much on the spot.
It’ll Make It Possible for You to Get Cash Fast
If you need to borrow money in a hurry, going through a bank is going to take too long for you. Since the application process is so much faster online, an online lender will be able to deposit money right into your account within just a day or two.
Fast loans really are fast loans. If you can’t afford to sit around and wait for a bank to make a decision, applying for online loans will be your best bet.
The Cons of Applying for Online Loans
As you can see, you can benefit from applying for online loans in a bunch of big ways. It’s why it has become such a popular option for so many Canadians.
But we should point out that there will be a few downsides to applying for online loans. Here they are.
It’ll Force You to Work to Find the Right Lender
Since applying for online loans is so convenient, there are so many lenders that are starting to provide them to people. It can make it confusing for those who would like to take out short-term loans.
You will need to do your homework on all the different lenders that will be options for you. You’ll have to search for one that has a lot of experience and an excellent reputation within the financial industry.
It’ll Subject You to Certain Requirements
You are going to have to check a few key boxes before you get approved for a loan through an online lender. For example, you’ll need to be at least 18 years old. You’ll also need to have an existing Canadian bank account as well as a job that pays you $1,200 a month or more in most cases.
These are reasonable requests. But you will need to keep these things in mind when you’re applying for online loans.
It’ll Put You in a Position Where You’ll Have to Repay a Loan Quickly
There are some online lenders that will set you up with fast loans so quickly that you’ll be put in a position where you’ll need to figure out how to repay a loan without having a chance to give it much thought. It’s amazing how speedy these lenders can be.
This isn’t necessarily bad since it’ll mean you’re getting the money you need in a hurry. But it will mean that you’ll need to begin thinking about a repayment plan sooner rather than later so that you don’t fall behind on your payments.
Get More Information on Online Loans by Contacting Us Today
After reading through the pros and cons of applying for online loans, it should be pretty evident that the pros outweigh the cons. There are just so many benefits of taking out online loans and using them to your advantage.
If you’re interested in applying for one, EasternLoans can lend a hand to you. We can tell you more about our loans and help you work your way through the application process fast.
Call us to speak with a representative about applying for a loan.