Online Cash Loans: Requirements, Pros, Cons And More!
Managing a sudden financial crunch isn’t always easy. You may not want to borrow from others, but it is probably impossible to wait until your next payday. If you live in Canada and have a stable job, you can consider the choice of online cash loans. An online cash loan is a short-term advance, which allows one to avail as much as $750 for immediate needs and without a credit check. Services like Captaincash Canada offer online cash loans on the same day, and you can expect to use the money as required, no questions asked. Here are some of the other aspects that you need know.
How to avail an online cash loan?
Most services have their website, where you apply for the loan. You can get an amount between $500 and $750, with payments that can be made weekly, fortnightly, twice a month, or monthly, as required. While lenders do have requirements, these are pretty standard compared to traditional bank loans. These online cash loans are available to anyone who is employed, is a Canadian citizen over 18 years of age, and has a monthly income of $1200 or more. Also, the applicant must get the salary in an active account through check or direct deposit. Lenders may also ask for a low short-term debt ratio, and the applicant should have an active bank account for at least 3 months.
Pros at a glance
First and foremost, online cash loans are easy to get, and you can use the money for paying any bill or expense. It also comes with a more flexible plan compared to payday loans. Secondly, there is no credit check required, and if required, you can always choose to renew the loan. The entire process is online, so no one needs to know that you needed a loan in the first place. It takes just a day to get the money in your account, which is a big plus in a financial situation.
On the flip side
There is no denying that online cash loans are expensive and should not be used as a means to handle daily expenses. It should be used as a more responsible means of lending and should be repaid on time. Also, such loans have higher fines if not paid in time and even a higher interest rate.
If you use online cash loans in terms of emergencies, this can be the best way to manage financial emergencies.