From time to time, most of us will find ourselves in a financial emergency of some sort. The big question is: how do you deal with it?
Not that long ago, the answer was obvious: apply for a personal loan and wait. These days, the waiting part is no longer necessary. With instant loans, you can apply online and receive up to $15,000 within minutes!
Sounds too good to be true? In this case, it isn’t! Here’s all you need to know about how an instant loan works and why you should apply for it.
What Is an Instant Loan?
In essence, instant loans are very similar to payday loans. They share many benefits, from a lack of credit checks to avoidance of paperwork.
As the name implies, though, instant loans work instantly. Instead of waiting for days to get approved, the money will be in your account in minutes. That’s what makes these loans perfect to navigate emergencies.
Most instant loans also allow you to choose a flexible repayment schedule. For instance, you can often pay in multiple installments. With payday loans, you always have to repay the loan by the next payday.
Instant loans also don’t require face-to-face meetings or bank appointments. You can fill out the application from your home, at any time of the day. Think of this as an instant cash source you can access when you need it most.
How Instant Loans Work
On top of being easy to get, applying for instant cash loans is quite straightforward. Here’s what this process involves.
First, select your lender of choice (more on that below) and head to their website. Apply for an instant loan by choosing the amount you want to borrow. You may also need to elaborate on what you need the money for.
At this point, some lenders may allow you to connect your bank account. This step isn’t mandatory, but it does make the process faster. If you don’t provide bank details, an agent will have to approve your application manually.
With most lenders, the approval process takes about 15 minutes. Once you’re approved, you’ll need to sign the loan agreement and provide your email. After that, the money you asked for will be yours in full!
Repaying your loan is just as simple as receiving it. On the date you agreed upon, the lender will take the loan amount plus interest from your paycheck. Depending on your pay cycle, that could take up to 62 days.
Keep in mind that some lenders include complicated fees in their loans. For best results, opt for a lender that makes loan costs easy to understand. You don’t want any surprises when it comes to bank withdrawals.
Who Can Apply?
The main purpose of instant payday loans is to be available to as many Canadians as possible. To apply for it, you need to:
- Be at least 19 years old
- Have an active bank account
- Have a steady source of income
- Not be in collections
- Not be in bankruptcy
Depending on your province, some of these requirements may be a little different. Ensure you’re familiar with your province’s laws before applying for an instant online loan.
Benefits of Instant Loans
Still not convinced that instant loans are the right choice for you? If so, let’s go over the main benefits of these loans.
No Credit Checks
Unlike with traditional loans, poor credit isn’t the be-all-and-end-all of your application. As long as you meet the above requirements, your application with get approved—even if you have bad credit.
Fast and Easy Approval
As mentioned, instant loans tend to get approved within minutes. And since the whole process takes place online, there’s no need for paperwork. There are also no queues, no appointments, and best of all: no hassle.
Peace of Mind
All reputable lenders use secure online platforms to process loans. Some lenders also have dedicated apps designed around keeping your information in a safe place. Either way, there’s nothing to worry about!
Choosing a Reputable Lender
Now that you know how to get loans instantly, it’s time to choose your lender. Here are the two main things you need to look out for.
Avoiding Predatory Practices
Good lenders will always offer loan terms beneficial to both the lender and the borrower. To ensure this is the case, read the terms of your loan carefully.
For instance, take a look at the list of fees that the lender will charge if you take certain actions. Is the list sparse or even outright missing? If so, you’re best off asking the lender about the fees directly.
See, as great as they are, even instant loans come with some fees. If the lender appears to be hiding those fees, that may be a red flag. Some predatory lenders will even charge you a fee for having low credit!
Another thing to watch out for is a practice called equity stripping. This involves convincing you to refinance debts or put up collateral when it’s not required. That’s a common way for bad lenders to squeeze their borrowers.
Optimizing Your Loan
The whole purpose of instant loans is to make life easier for you. The only way to do that is to pick the right loan for your needs. That involves looking into factors like interest rates, add-on services, and so on.
For example, let’s say you want to repay your loan as soon as possible. In this situation, your priority is to choose a loan with no prepayment penalties. This is true even if it comes with an unsuitable term length or high interest.
Apply for an Instant Loan Today!
There you have it: everything you need to know about instant loans! With their quick approval times and simple requirements, these loans are perfect for any Canadian who needs money right now.
If you need a reputable instant loan lender, look no further than Loanz! By using our services, you can loan $1,000-$15,000 in as little as 15 minutes. Contact us here to learn more about what we can do for you.
