SHORT TERM LOANS
Instant Solutions For Urgent Needs
6 – 36 months installment option
Money in your bank account in 24 hours
No refusal for low credit scores
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SHORT TERM LOANS: APPLICATION REQUIREMENTS
18 years or older
Be a citizen or permanent resident of Canada
Cannot be in the process of a bankruptcy or consumer proposal
Be employed for at least 3 months
SHORT TERM LOANS – EASY AND HASSLE FREE LOANS
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Short Term Loans
Short term loans allow you to receive money fast to deal with urgent financial needs. The best short term loans are designed in such a way that allows you to repay the loan quickly or within a short amount of time without a repayment penalty. You can simply fix your financial emergency with a quick short term loan.
This type of loan is a form of credit that can be paid back at any time without penalty. You can repay it in a single payment or in multiple installments. For this reason, short term loans are sometimes called installment loans. Short term loans are in the same category as bad credit or cash advance loans. This types of loans can be customized to your exact need. You can borrow more or you can borrow less, depending on your ability to repay back the loan. You can also negotiate the payback period and how much you can pay per month.
Interest rates on short term loans are usually fixed for the period of the loan. It is usually your choice to make a single repayment during the term of the loan to pay off the loan in full or to pay it off in multiple payments of smaller amounts. However, bear in mind that the longer you keep the money, the more interest you will have to pay on the loan. You will save money on interest if you pay back the loan earlier.
Types of Short Term Loans
As mentioned previously, short term loans are a kind of instant loans that can help you to overcome an emergency situation. Usually lenders offer two types of short term loans:
- Payday loans
- Installment loans
Here is a brief summary of what these two types of short term loans are:
Payday Loans
Sometimes payday loans are known as cash advances or cash advance loans. Usually they are granted till the next payday. You have to repay this form of short term loan when you receive your next paycheck. In a way, it is like a cash advance given to you by a friend for a very short time only. The only difference here is that the loan period is tied to your pay periods. These loans are usually only for small amounts of money that you can pay off within one pay check cycle. This is also the reason people get into payday loan debt cycle.
Installment Loans
Unlike payday loans, installment loans are not tied to pay check periods. Rather, you can pay them off in installments over a few months. However, if you prefer to pay it off sooner, you can pay back the loan within a few weeks of receiving it, in much the same way as you would pay back a payday loan when you receive your pay check.
For both payday loans and installment loans, the lender charges a fee that you have to pay along with the loan repayment. Some lenders charge establishment fee or sign on fee in addition to the monthly interest which is calculated on the basis of principal amount borrowed and the length of the loan period.
When To Go For Short Term Loans
Short term loans can be a suitable alternative to taking long-term loans just to meet your emergency financial needs. These types of loans are a better choice to deal with emergency situations. If you don’t have sufficient money at your disposal but suddenly found yourself in need of money to deal with a critical situation in your life, this type of loan can be a perfect choice for you. In fact, in times like that it can be a life saver. Short term loans are usually processed quite quickly and the money deposited in your account quickly, sometimes within 24 hours of applying for the loan.
It’s easier to qualify for short term loans and usually no security is required. You just have to be able to prove that you have a regular source of income and that you can pay back the loan in full.
Short term loans are usually granted by private lenders and private loan companies. Usually banks are not interested in short term loans. Banks consider these type of loans as risky and the interest rate is higher than the bank’s general interest rate. Furthermore, banks generally focus on long term loans to maximize profits.
Private lenders have stepped forward to fill the gap and provide a service to people who need money immediately and who do not qualify for a bank loan or who cannot wait for the long-winded process of getting a loan from a bank. If you need a loan immediately with minimum formalities and documentation required then short term loans are your only option.
Short Term Loans – No Credit Check
Most banks only give loans to people with good credit. If you need money urgently but worried that you might be turned down for a loan, don’t worry. There are many short term loan lenders who do not worry too much about personal credit history. These non-bank and private lenders are more concerned about the ability of the borrower to pay back the loan. All you have to prove to them is that you have a regular source of income from which to make regular monthly loan repayments. So, if you have bad credit you can still get a short term loan.
Don’t feel hesitant to apply for a short term loan if you need one. The lenders are looking to give you money. It is their business. The more loan they give out the more profit they make.
Short Term Loans Repayment Strategy
It is all well and good to know that short term loans are available and you can get one with minimum fuss if you need it. However, there is one caution. Short term loans have a higher interest rate than loans from the banks. Therefore, the smaller the amount of money you borrow the better. Also, the shorter the period of the loan the better, to save money on interest payments.
So as to keep the monthly repayments as low as possible, you may want to borrow the money over the longest time possible with a view of paying off the loan in full in a very short time that is well before the original loan period.
However, bear in mind that because you are only making minimum payments on the loan, the size of the loan does not go down very much. Therefore, if you fail to pay the full amount in the shortest possible time, you will end up paying a lot of money in interests. If you adopt this strategy to keep the repayments low, you must make sure that you truly pay off the loan in a shortest possible time that you perhaps set for yourself.
Short Term Loans Canada
If you need short term loans, Canada has many companies that give short term loans. Many of these short term loan companies are based in Toronto in Ontario, but you can get a short term loan from anywhere you live in Canada.
Loan Away Inc. is one such company. They are based in Mississauga, near Toronto, Ontario, Canada. They provide all sorts of short term loans. If you need a loan click the apply button on this website and it will take you to the loan application form. It only takes about 8 minutes to apply for the loan.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.
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