Loans

Five Benefits of Emergency Loans

It’s been over four months since the first case of COVID-19 made news in Canada. Although the country is slowly taking steps towards recovery, many Canadians still struggle with negative financial impacts. When you need cash, and you need it fast, you don’t necessarily have time to wait for a payday or approval from traditional bank loans. Emergency loans are an immediate option preferred by many.

When seeking out payday loans in Canada, you may be wary of the stereotypes. Same day loans don’t always have the best reputation, but a lot has changed since the days of fee-filled cash advances. Emergency loans work much like traditional loans, without any hidden fees or sky-high interest rates. There are many benefits to emergency loans.

Get Fast Cash with an Easy Application Process

When you need money now, the last thing you want to do is sift through piles of paperwork and wait days or weeks for approval. Growing in popularity, many lenders like iCASH offer quick, accessible online applications for emergency loans. Many borrowers secure loan approval within just 30 minutes, while others receive decisions in about 1-2 hours. At iCASH, you can request up to $1,500 and get it in less than 24 hours.

Emergency Loans with Low Interest

Many assume that same day loans always come with high-interest rates. At iCASH, interest is flat across each province. Although some areas have slightly higher prices, most Canadians won’t pay more than 15%. Only those with high credit scores receive such low interest if you compare that to traditional bank loans! And with credit card interest hovering around 20%, payday loans in Canada are an excellent option for those looking for quick cash.

No Punishment for Low Credit

What happens if you have bad credit? Can you still get a loan? These questions often fill the minds of worried Canadians as they start the process of same day loans. But even borrowers with bad credit can secure loans, without punishment.

Lenders like iCASH understand that loan history is just one piece of the borrowing puzzle. It’s not the entire story. Just because you have low credit doesn’t mean you shouldn’t be able to get a loan or be punished with higher interest rates and hidden fees. Your interest stays the same as everyone else.

You Choose the Repayment Terms

With emergency loans, you get to determine the terms of your repayment. It’s always good to pay back your loan as soon as possible, as you want to settle any debts quickly for your credit history. However, some borrowers can’t pay it off in one swoop, especially if they opt for a larger principal balance.

At iCASH, you can pay off your same day loan in one, two, or three installments. You get to choose what works best for your financial situation. And as a bonus, your interest rate doesn’t change. You still get the same terms but with more wiggle room to complement your needs.

Receive Some Great Perks

When choosing payday loans in Canada, find a lender that offers you perks for on-time payments. At iCASH, you can receive rewards like cashback and faster acceptances for future applications. You won’t have to wait to receive decisions if you’re a preferred borrower.

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