Canadians across the country are searching for ways to secure loans to fund unexpected or extra expenses. With COVID-19 looming in the background of our daily lives, financial help is more relevant than ever before. So why are so many people turning to money lenders instead of traditional bank loans? It’s because there are several advantages to using these unsecured loans. Let’s take a look at some of them.
Money Lenders and Low Risk
To start, money lenders are the less risky route for borrowers seeking financial assistance. Compared to traditional bank loans, they don’t require vulnerable collateral, like houses or cars. These items are things that people rely on, so the risk of losing them is too high for many Canadians. Banks use collateral because they, also, don’t like risk.
Money lenders, on the other hand, look at risk a little differently. A borrower’s financial history is just one piece of a much larger puzzle. Just because you’ve made financial mistakes in the past doesn’t mean you must suffer punishment now. And these lenders know that those who need money now, tend to be people who can’t afford high-interest rates or risk collateral.
Bad Credit Loans
Canadians with bad credit often have a difficult time qualifying for traditional bank loans. Banks don’t tend to be very flexible or focused on a customer’s unique needs. Instead, they apply the same rules for everyone on a sliding scale. And if you have bad credit, you might not qualify for a loan.
Money lenders see customers differently. Each borrower has a unique set of circumstances that the lender carefully considers before approving a loan application. Again, your credit score is just one aspect that they consider. Many online lenders offer payday loans for bad credit without the consequences associated with bank loans.
And if you do qualify, you won’t suffer because of those past financial mistakes. Instead, money lenders like iCash apply the same interest rate to everyone living in the same province. Just because you have bad credit doesn’t mean you have to pay more. Remember, traditional banks don’t like to take risks, so bad credit loans come at a high price. That’s not the case with money lenders.
Likewise, credit cards also apply distinctly high-interest rates. Many Canadians who don’t qualify for bank loans think the only other option is to put a purchase on a credit card. But if you can’t pay your entire balance before the next cycle, you could owe upwards of 20-25% in interest. Money lenders that offer standard rates are a better option.
Quick and Easy Online Applications
Another perk of money lenders is the easy and convenient application process. Online lenders like iCash are open 24/7 and accept online and mobile applications. You can qualify for a loan in under 30 minutes, all from the convenience of your home. And once you receive approval, you can count on your money within 24 hours.
Bank loans, in comparison, can take days or even weeks and come with a hefty pile of paperwork. In the time of coronavirus, it’s not convenient to sit with a bank lender and spend hours applying. It’s faster, safer and more convenient to apply online.
Head to our website today and fill out an easy online application and get funded up to $1,500! Get all the perks, without the stress.