Many Canadians are not financially prepared for an emergency. Short term loans in Canada can help provide the funds you need when life throws a curveball and you can't get by on your own. Whether it's because of a sudden job loss, medical expenses, or even just unexpected bills that keep piling up month after month, short term loans give you access to money quickly without having to go through all the hassle of dealing with banks and credit card companies. Read more about how short-term loans work here!
A short-term loan is a debt that you can repay over time, usually up to two years. However, it will be paid back within just seven days or less in Canada. It's called a "short-term" because the repayment period lasts for such a short length of time - but could still last up to sixty months! Short term loans are typically used for unexpected expenses and not as long-term solutions like mortgages or car payments.
Many Canadians aren't financially prepared when life throws them curveballs: sudden job loss; medical expenses; even unplanned bills piling up month after month. A short term loan gives somebody access to money quickly without having to wait for a payday, making it easier to cover their expenses and get back on track.
If you need money quickly - whether because your car broke down or an emergency arose at work - taking out a short term loan could be just what you need. Short term loans give people access to cash that they can use over a short period of time while allowing them to make monthly payments without any interest charges until the debt is paid in full. In addition:
No credit checks required No collateral needed Fewer restrictions than other types of lending options Easy repayment terms Payday lenders offer more flexible payment plans which means even if one plan doesn't suit your needs, there's a good chance another one will.
Short term loans often come with higher interest rates than other types of borrowing options, so if you can afford to wait and save up for a larger purchase then that's probably your best option. Short term lenders often require borrowers to have an active bank account which means they don't offer any services those without access to banking institutions or who are unbanked. Depending on how much money is borrowed at once, you could wind up in debt cycle - where each new loan becomes necessary just to repay older ones...and this isn't sustainable long-term so it might lead into more serious financial problems down the line.