Do you find yourself in a corner, shouting out “I need money now?”

Even with a regular job, you can still find yourself in a financial hole. Your payday might be a week away but your deadline for the rising electric bill or rent is due tomorrow. What options do you have?

Fortunately, you have lots of choices for loans. In this guide, you’ll learn how online and cash loans help you get financing on time. Read on and find out more today.

How Do I Take an Online Loan?

Applying for online loans need you to choose the right lender and start submitting your application. With the right documents on hand, this process will only take a few minutes to complete. This will include your personal and financial information.

Most online lenders will let you know the status of the application after applying. Take note, if you’re looking to get a same-day loan, your options aren’t as plentiful. In most cases, applying for online loans will take at least one business day to complete.

That means your lender will most likely give the money the following day. They usually transfer the money into your bank account. That means not all online lenders will allow you to collect your borrowed funds in-store.

What are the Features of Online Cash Loans?

Did you know that a recent survey concluded that only 29% of Canadians went with traditional funding methods? Yes, a majority take out unconventional choices such as payday loans. You can discover more about these loans here, like discovering if they affect your credit score.

With that, more than half of the respondents went with a non-traditional lender within the last three years. After all, when someone says, “I need money now!”, these cash loans have the following features:

1. A Simple Online Process

Good lenders will always have an easy-to-understand online loan application form. It only takes about 5-10 minutes to complete. The best part is that lots of lenders accept digital signatures to complete their loan contracts, making the process even simpler than it is.

With this, you no longer need to print or mail anything. As soon as you get approved, your funds will arrive within the next business day.

2. Various Store Locations

Do you need lenders that offer same-day loans? If so, you can always find a lender that lets you pick up the funds in-store. Some lenders will have a wide network of stores across Canada, which means you can have online applications while getting the funds in cash.

3. Province and Territory-specific Fees

You must remember that laws in different Provinces and Territories will affect the fees you need to pay. That means lenders will have varying amounts of loan fees. Choose a lender with fees that you can pay without trouble.

4. Bad Credit Lenders

A conventional loan is almost out of the question if you have a bad credit score. But most online lenders will have a looser set of criteria compared to banks and credit unions. If you want to rebuild your credit score, try this loan, as long as you make prompt payments.

I Need Money Now! Why Get Online and Cash Loans?

Not sure what the benefits of online cash loans are compared to traditional loans? Let’s dissect them below. Here are the advantages of getting online loans:

1. Apply for Loans from Anywhere

This is one of the most desirable advantages of getting loans online. You can submit your loan application from anywhere, whether it’s from home or while drinking your coffee at a café. As long as you have a stable internet connection, you can apply for this loan.

2. Quick Access to Funding

Depending on your specific lender, you will get funding within the next business day. It also depends on the time you apply. It’s a great benefit if you need immediate financial aid for emergencies like accidents or illnesses.

3. Funds Usable for Any Purpose

Online lenders will allow you to use the approved funds for any purpose. Their only concern is whether you’re using it for legitimate purposes. Take note, traditional lenders only let you borrow money for important matters like business startups or mortgages.

What to Avoid When Getting an Online Loans

These are the most common mistakes you’ll make when getting an online loan. If you do these, you’ll end up paying more and put even more financial stress on you.

1. Getting Loans You Can’t Repay

This is one of the most obvious yet most common mistakes most borrowers make. If you don’t think you can repay your loan on time, don’t do it. You’ll get extra charges for late or missed payments, which can throw you into a vicious debt cycle.

2. Skimming Through Your Loan Offers

Before accepting the loan, always attempt to study it thoroughly. Read all the terms and conditions since it paints a clearer picture of your fees. Learn the circumstances where these charges apply so you can avoid them.

3. Accepting Bad Terms

This often comes because of desperation and lack of understanding. If your loan offer has a lot of fees and costs, you aren’t obligated to accept them. You can use lender-matching services and let them help you find better lenders with reasonable terms.

4. Avoiding Research

It’s unavoidable for you to encounter untrustworthy lenders out there. Some lenders won’t follow the laws, resulting in predatory loan behaviors aimed to trap you in debt. If you don’t do your research, you might end up getting a lender with a bad reputation for its hyper-inflated interest fees.

Get the Best Online Lender Today!

If you’re saying, “I need money now!”, online lenders are some of your best bets to get quick funding. It’s fast, simple, and you’ll get approval most of the time. But to get the most out of it, get a reputable online lender.

Do you need fast financial aid? If so, you can contact us today and we’ll help you out. We’re dedicated to offering cash loans regardless of your credit situation.