When life throws you a curve ball, you may not always feel fully prepared. Whether it’s car repairs, unexpected medicine, or bills piling up, we all need a little extra financial help gofrom time to time. You may find yourself in a position where you need to get a cash loan.
However, you may be wondering how long it takes to get a cash loan from the moment you know you need one? There are many options available when it comes to deciding where to get a cash loan, but the type of company you choose will determine how fast you get approved and receive your money.
Why Do People Look for Fast Loans?
In general, this will be because an emergency has come up, and you have to pay a bill right away. That means finding fast cash close to home. In the past, getting an emergency loan in Canada was much harder than it is today. They have not always been available to everyone or you had to visit a payday loan store situated in a bad part of town.
It's important to remember that cash loans are for emergencies like medical bills, car bills, and other unexpected expenses. While they can be used for things like groceries, bills, and gifts, this is generally not advised as it could lead you into a loan trap. It's best to approach getting a fast cash loan as responsibly as possible, and with a clear understanding of how you are expected to pay back the amount.
What is a Cash Loan?
Think of a cash loan as like getting your paycheck early at a fee. It would be similar to walking up to your boss and asking for your paycheck a week in advance.
If he said yes, he would also pay you ten or fifteen percent less as a fee for getting money in advance. This, in short, is what a loan agency does with cash loans. When something urgent happens and you need your paycheck immediately, short-term lenders can help.
How Quickly Can You Get a Cash Loan?
With the explanation out of the way, it's time to get down to business. If you need a cash loan, you also want it done fast. However, the time it takes will vary depending on the lender that you've chosen.
Each lender varies in how quick they are to deliver your funds; you could see the cash in less than one day or over seven days. This is because each company has rules and a time frame about applications, approval, and money distribution. This is especially the case with lenders who operate out of brick-and-mortar loan stores.
In the worst cases, it could take a bit over a week for money to show up in your account. However, a rise in new methods for receiving fast loans has helped speed up the borrowing process. Keep in mind, many companies who are unlicensed or unqualified to give out loans will advertise that they offer fast cash - always make sure the company you want to borrow from is properly licensed to do so! It's up to you to make sure that the business you've chosen is trustworthy and has reasonable interest rates.
How Online Loans are Different
These days, so many aspects of our lives are managed online. Banking, grocery shopping, and file management make things more convenient, efficient, and faster. Why not expect the same from where we borrow money? Traditional loan stores were originally the only way those with a poor credit history could borrow cash; they paved the way for modernized lending methods.
Nowadays, brick-and-mortar short term lenders aren't necessarily the fastest way to get a cash loan. Online payday lenders are revolutionizing the way we borrow money today. iCash is one such online lender - we offer a straightforward application, a quick approval response, and an e-transfer in under 5 minutes once the loan agreement has been signed.
The other added benefit of using an online lender is the ability to get cash loans at a reasonable interest rate. Since the whole business is online, they often don't have the upkeep that an average business requires. This means lower interest rates and a focus on the customer, not the money. If you're looking for a cash loan in less than a day, consider borrowing money with iCash.