Short-term loans in Canada
When your finances are not going as planned, and you can’t quite catch up, a short-term loan in Canada can help you and your family get back on track. Emergencies are not planned for, which is why if it gets you off-guard and you are trying to get off this month’s bills, short-term loans in Canada will help you spread out the costs making it more affordable.
What are Short-Term Loans in Canada?
Short-term loans are specific amounts of money that you can borrow in person or online. Applying for such loans is more convenient because you do not need to travel, park and fill out papers work in-person.
These loans are usually structured as small amounts under $5000 and are repaid monthly, weekly, or biweekly, depending on your payment plan. Many lending institutions in Canada, such as I Need My Money Today, offer short-term online loans that involve less money than other installment-based loans.
A fast process
Once you are approved for a short-term loan, the money will automatically be deposited into your active bank account. Such loans require you to follow a plan that will allow you to repay the loan through equally divided installments with interests. The amount of installment varies depending on your loan amount and the interest rate.
Practical for emergencies
I Need My Money Today short-term loans in Canada can give you quick access to cash when you urgently need it. They are also a practical option when you are not in a position to qualify for a loan from conventional lenders, when you do not want to borrow against a credit card, or borrow from your family members and friends.
Types of short-term loans in Canada
There are three types of loans you can apply for:
- Installment loans
- Payday Loans
- Credit card short term loans
Installment loans
This type of loan separates the entire sum into installments which you will pay off periodically until your plan is complete. The sum of money is offered upfront, which is to be repaid in installments over a preferred course of an established term.
Borrowers in Canada have different preferences when it comes to budgetary restrictions. However, short-term installment loans are beneficial for several reasons. Most people consider them to be convenient, and with better repayment terms than other types of loans.
Made for longer payment period
Installment loans are also known as term loans. If the repayment term is a short period, for example, a few months, it is considered a short-term loan in most cases, a few months. Most installment loans are for more significant amounts repaid over several months or years. Nevertheless, the more significant the amount borrowed, the longer the payment period.
Payday loans
A payday loan is another type of short-term loan, also known as an unsecured loan or personal loan. For millions of Canadians who rely on their paycheck, running out of money is a constant looming concern before the next payday. It is why a majority of people resort to payday loans.
Unsecured loans are mostly used for emergency purposes and are relatively easy to obtain. Many financial institutions offer such loans. However, the application method and approval time make us stand out in Canada.
The easiest loan
At I Need My Money Today, applying for online payday loans is easy and fast. It takes less than 45 minutes before our professional brokers get back to you. Additionally, conventional lending institutions or other payday lenders might approve your cash advance loan too late, while the problem you have needs urgent financial intervention. Also, without a good credit rating, traditional lenders will not qualify you for a loan.
No credit check
We do not do a background check on your credit score before helping you redeem your financial status. The total amount of payday loans including the fees and interest comes all at once. Therefore, while applying for such loans, you are required to write a postdated check for the total amount that is due. This includes the interest and fees thus permitting us to debit the money from your active bank account on your next payday.
Credit card short term loans
A cash advance is often a short-term loan given to you by your credit card lender. When you receive a cash advance, you borrow money against your card’s line of credit. Cash advance enables you to get a short-term loan at a bank or ATM through your credit card.
Like any other cash withdrawal from banks around Canada, a cash advance must be repaid, like any other money put on a credit card. One way you can get a cash advance is in person, where you visit your bank to request a cash advance with your card.
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How are installment loans repaid?
In Canada, installment loans are primarily repaid in monthly installments. Such payments are generally fixed every month and head towards a portion of the principal borrowed amount, including interests. There are various installment loans, such as:
- Student loans;
- Home improvement loans;
- Mortgage loans;
- And debt consolidation loans.
An installment loan is usually structured to offer a variety of uses and applications.
Faster than traditional lenders
I Need My Money Today offers online installment loans that are considered to be more effective than conventional loans. The eligibility criteria used while applying for installment loans at I Need My Money Today is easy and fast compared to traditional lending institutions. These loans are faster to apply for and receive, whereas banks and most credit unions might take about a week to process your application. We also sort customers who have had difficulty receiving approval from traditional lending institutions.
Approval is simple
Getting approved for a loan if you have a bad credit score is difficult. I Need My Money Today offers anyone, whether you have a poor credit score or not, a chance to apply and get approved within minutes. Our loans cater to people with less-than-perfect credit.
Eligibility of acquiring a short-term loan
Short-term personal loans in Canada are meant for temporary or urgent financial situations. Short-term loans are an effective financial tool when you know you have money that comes in regularly, but you need instant cash at the moment. However, if you are in a situation where you borrow money to repay small loans regularly, it means you are living beyond your means. Therefore, it is advisable that you change your spending habits.
What you can use it for
Some of the scenes where short term loans can come in handy include;
- Emergency repairs
- Purchasing new equipment for your business
- Payday falls later than the bills you need to pay
- Need cash to help a friend who is in need of urgent financial help
You may have other personal reasons that need instant financial intervention. However, these loans are not meant for vacations, buying expensive items or spending a big night out in another town.
Our criteria to get an installment loan in Canada
The eligibility of short-term loans in I Need My Money Today differs significantly from most lending institutions. Traditional loans have tight regulations that not all borrowers can beat. However, the case is different when you apply for a short-term loan in Canada at I Need My Money Today. The eligibility requirements include:
Proof of income
At I Need My Money Today, we require all borrowers to at least have a source of income. Proof of income helps us know that you can repay the loan on the agreed date. You will need your bank statements and pay stubs to verify your income during the application. We will also need your bank statements for us to determine the debt-to-income ratio.
Employment stability
This helps us determine how effective you will be regarding loan repayment. Having a stable job that pays you every month automatically qualifies you for a loan. For you to qualify, we must ensure that you have been employed for at least three months.
An active bank account
When applying for a payday loan in I Need My Money Today, you must have an active bank account. In addition, your bank must have been in operation for the past three months or show recent transactions. Once you have qualified for the loan and approved it, the money will be deposited straight into your active Canadian bank account in less than 24 hours, if more.
You should be over 18 years
Finally, you must be 18 years and above to qualify for any loan in Canada. You will be required to show or submit a government-issued identification card and a photo ID with a valid address for not less than three months.
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Importance and benefits of short-term loans
Short-term loans are resourceful to both businesses and individuals. If you are running a business, short-term loans offer an effective way to resolve sudden cash flow issues. They are also an effective source of funds to help in personal emergencies.
There are many advantages of borrowing short-term loans from I Need My Money Today, compared to traditional lending institutions. They include:
Quick funding time
Short-term loans are less risky than long-term loans because of their short maturity date. You can often access the money quickly after a successful application.
Your ability to repay the short-term loan is less likely to change significantly over a short time. At I Need My Money Today, the loan processing time is really short. A conventional lender might take up a week or more to get back to you after the application process but we understand how important the emergency loan is to you.
No collateral
Traditional lending institutions require you to offer collateral as part of the requirements during application. However, this is not the case when you apply for a short term loan from I Need My Money Today.
Option for bad credit
At I Need My Money Today, we consider lending you even if you have a bad credit history. It is because we offer small loans and workable interest rates. As long as you have a regular income that can repay your loan, we are willing to grant you the short-term loan you need.
Plenty of choices
Years ago, you were required to rely on the traditional lending institution to provide you with loans in your time of need. I Need My Money Today has now made it easier for anyone in need of urgent financial assistance to acquire the funds needed comfortably. Online borrowing has since become the norm, and all our customers are always confident when dealing with us. In addition, we offer more flexible terms and rates than traditional lending institutions.
Easy to acquire
I Need My Money Today offers short-term loans, which come in handy for smaller businesses or individuals who have less than stellar credit scores. The requirements are generally easy to meet because short-term loans are usually small, unlike money borrowed for the long term.
In addition, we have a much quicker underwriting process and flexible requirements compared to traditional loans. Such flexibility makes our loan approval fast and effective.
Contact us now and sort out your financial issues
If you are looking to solve your financial issues through short-term loans in Canada without a credit check, do not hesitate to contact I Need My Money Today. Our team of professional brokers will offer you the best rates in Canada compared to any traditional lending institution. Call us today at +1 844-882-7338 or email us at info@ineedmymoneytoday.ca for additional information.
Main provinces served in Canada | Short-Term Loans
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