Once in a while, you may end up spending more in a month. From pending bills and dues, to extra shopping or even a sudden weekend getaway, there can be endless reasons for a rough financial patch. Like any other person, you would want some extra cash, but probably you don’t want to ask around. That’s the point when you can consider online cash loans.
What’s an online cash loan?
As the name suggests, an online cash loan is a form of personal loan, where approval is instant. This is the precise reason why such loans are also called instant loans. You don’t need to rush to bank anymore – the application can be sent online, and if approved, you can expect the money in your account in just one or two business days.
What about the eligibility criteria?
Well, online cash loans are unsecured loans, so the lender is actually more interested in your salary. If you check for loans from BC-Loans, which offers cash loans in Canada, you will find that their requirements are very basic. You must be a Canadian citizen aged 18 or above, must have a stable job, employer with salary of $1200. BC-Loans also mentions a few other requirements, but these are easy to fulfill. The website offers incredible support, and you can get more details on their FAQ page.
Why is the interest rate high?
Instant cash loans don’t require a collateral and approvals are instant, so yes, the interest rate is higher than traditional loans. With that said, it must be noted that this is a highly regularized industry, and therefore, there is no scope for hidden charges. Some instant loans are repaid next month, while others can be paid in easy installments in a period of 90 to 120 days. If you delay or default in payments, there are additional charges, as well. With cash loans, there’s one suggestion that works for everyone – take the loan and repay on time as per schedule. Lending options are flexible, which is also a big advantage.
To get online cash loans, you must check the interest rate and other aspects in detail. Make sure that the website has a good network of lenders and is safe for transactions. As for repayment, you can schedule direct deductions from your bank account or can choose to pay manually – the choice is yours. Take a look online to know more on options.