Going through a bad financial time? That’s okay! Every person needs help managing their finances once in a while. You may have a good hold over your money and savings, but difficult situations can come anytime unannounced. These extra expenses can occur for various reasons like medical emergencies, extra expenses, partying or hanging out with friends; therefore, to get help in managing funds, several people take the help of an online loan lender that provides an instant online loan in Canada.
If you are looking for a way to get an instant online loan to meet your extra expenses, this article will help you understand the fundamentals of online loans and guide you on how you can apply for a loan right now.
What are instant online loans?
Instant online loans are quicker compared to traditional loans. They have small forms which help both lender and borrower save time. Several financial institutions have an online process of taking loans. You can apply for these loans by filling the form available on their website. The whole process is streamlined and instant. As a result, you can get a loan on the same day.
Best place to get an instant online loan
When it comes to loans, most people think of banks, but they may not be the best lending partners to get instant loans. So instead, you can choose to apply with a credit insurance company. They are financial institutions that provide insured credits. In addition, they have tie-ups with several private lenders who provide instant loans with minimum documentation.
Benefits of online loans from a credit insurance company
Unlike the traditional way of taking loans, the application process of an online loan is simple and time-saving. You can fill and submit the form within 5 minutes and receive a call back from them within a few hours of submission.
The whole process is online and can be completed without visiting the lender’s office to submit the application form or submitting your identity and bank proofs. You can apply for the loan while sitting on your couch.
- Simple process
The application form contains basic questions that help lenders quickly verify your identity and approve your loan. The whole process is online, easy to understand and direct.
The credit lending companies use the IBV (Instant Bank Verification) facility, which helps them confirm your bank account and identity. With the introduction of IBV, it has helped remove the need for you to send the physical copies of your identity and bank account to the lender, which automatically reduced the risk of identity theft and misplacement of the documents.
- No credit check
Credit insurance companies do not check your credit score. Instead, they check your employment status and spending habits to judge your payback ability.
- Interest rate
The interest on loans provided by credit insurance companies ranges between 25% to 32 %, much lower than payday and other forms of loans.
Often people want to pay back with smaller monthly amounts, which not many lenders offer to the people, but the credit insurance companies provide long-term loans with a payback time ranging from 2 years to 5 years.
- Convenient instalments
With flexibility in payback options, you can choose to make bi-weekly, weekly, bi-monthly or monthly payments.
How to take an instant online loan?
To take an instant online loan in Canada, follow the following steps.
- Application process
Visit the website of an online loan lender and start your application process. The whole process can be completed within a couple of minutes. They ask you questions regarding your address, bank account, employment status and credit amount.
Once you submit the application form, a loan manager will review your loan application and call you for the final verification. They’ll also explain the terms and conditions and answer your doubts.
- Money transfer
Once your loan application form is accepted, the money will be electronically transferred to your bank account.
Conditions to get approved for an instant online loan
You need to be of legal age to get approved for a loan. However, the legal age may vary based on the province you are living in. You can check the legal age by visiting your state’s government website.
- Employment status
To get a loan, you need to be employed and work for at least past 3 months with a stable and consistent income of $1800 or more a month.
- No more than 3 NFTs (Non-Fungible Tokens)
NFTs are a bad sign, and if you have more than 3 NFTs, the chances of getting your loan approved are reduced. Therefore, it is advised to have no or at least less than 3 NFTs.
To get approval on your loan application, you need to be a Canadian citizen with an active bank account.
- Contact details
All the information is shared over call and email. Therefore, it is essential to provide appropriate and accurate contact information.
Advantages of Instant loan over other forms of loans
- Ideal for emergency
Most of the time, people look for an instant online loan during an emergency, and in such times, time is of great importance. With quick documenting and fast processing, these loans are an ideal source during an emergency.
- Minimum documentation
Unlike traditional loans, they have a minimum documentation process which saves time and enables quick approval of the loan application.
- Online portals
Instant online loans are made with the aim to provide the best user experience. Therefore, the whole process can be completed online without the hassle of physically visiting the financial institution, standing in line and submitting documents.
With a quick and easy loan process, many people choose credit insurance companies as an ideal loan partner. To get an instant online loan in Canada 2022, visit Prestocash.ca and start your application process. They have a simple and quick process and can approve the loan application on the same day.