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Short Term Loans in Canada
Short term loans are loans that are pay back over a short time, usually within seven days up to 2 years.
In Canada, short term loans are a flexible and useful option when you need money for costs that have caught you off-guard and which you cannot postpone.
Life can surprise us in many ways, but the financial surprises, especially the negative ones, tend to appear when you least expect it. Despite our plans, many of us don't manage to save enough money to have a decent reserve to fall back on when times are tough.
When your financial situation is on a steep downward path, and you can't find the strength to balance it, short term loans can provide the much-needed solution. You can borrow a small amount to help you overcome the financial obstacle that disrupted your life and pay it back in reasonable installments in less than two years.
Short term loans in Canada are easily accessed, whether online or through a physical loan store. They work similarly to bank loans, except the process is significantly simplified, and the requirements are easier to meet.
All you have to do is fill in and submit your application, and the response will come almost instantly. Once approved, you can access the funds you requested and take care of whatever urgent matter had you cornered.
You will then have a loan balance to pay back within the time frame you and the lender have established. Your payment will consist of part of the principal and the interest rate.
Due to the short term loan period and the fact that you don't have to provide collateral, the interest will be slightly higher than with a traditional loan, but still at a level that will allow you to cover your usual monthly expenses.
These payday loans usually have a repayment term of 7 days to 2 years, but the limits are pretty flexible. The term length can be shorter or longer, depending on the lender and the local regulations.
These unsecured loans can provide you with quick cash of up to $1,500, which is an amount capable of covering most of the unexpected expenses people usually have to deal with.
The best part is that you don't have to justify how you use the money. If you take a loan in Canada from private lenders, you can use the funds the way you consider necessary, no questions asked.
These are some of the most frequent uses of these easy short term loans:
• Outstanding bills
• Car repairs
• Urgent medical expenses
• Replacing home appliances that broke down
• Paying off a debt
• A family vacation that costs more than you had planned
• Car repairs
• Urgent medical expenses
• Replacing home appliances that broke down
• Paying off a debt
• A family vacation that costs more than you had planned
These quick loans are the handy solution that private lenders offer when banks aren't willing to approve your application.
Short Term Loans for Bad Credit
Short term loans for bad credit are designed to provide access to quick cash, even for those who have a limited credit history.
Bad credit is one of the most frequent reasons to have your application denied by a bank. When you try to get a loan, even a small one, your request can still be denied if you have poor credit.
That happens because your credit history is the first thing traditional institutions will check, and if it's below the minimum limit, you are likely to be denied.
You can get short term loans for bad credit if you turn to a private lender instead of a bank. In Canada, you need a credit score of at least 650 to qualify for a bank loan; the higher you are above that limit, the better chances of approval you have.
Short term loans for bad credit in Canada are easier than you think. The reason is we follow different criteria than banks do, and we are more interested in your current financial situation than in your previous bad luck with credit.
People with no credit history can also benefit from loans for poor credit. It's not just bad credit that turns banks reluctant; not having any credit history has the same effect.
For short term loans with a bad credit history or no history, private lenders are the only option. If you are in one of these situations, don't waste time looking for loans with no credit check.
The goal isn't to avoid having your credit score checked, but to find a lender that approves your application despite your credit history.
All serious lenders, take a look at your credit score, but it's only a way of verifying your information. We don't consider it a reason for rejection, and we don't impose a minimum credit score to qualify for our instant loans.
If you are facing unexpected expenses and have a poor credit history, short term loans for bad credit can help you get the funds you need to get back on track financially.
As long as you meet our reasonable requirements, you will receive the news of your approval almost instantly. And since our loans for bad credit history are unsecured, your assets will remain safe.
Short Term Loans Online
Short term loans online are the upgraded version of payday advance loans, in the sense that the entire process is done digitally. You can submit your application online, get approved, and receive the money, all without leaving the comfort of your home.
At iCASH, we have dedicated a lot of time and resources to ensure our digital system is perfectly safe and user-friendly. Our short term loans have an online application process that is straightforward and fast. You will have your answer almost instantly.
People usually need cash advances when the financial problem is urgent and must be addressed immediately, and online loans offer the advantage of rapid processing.
Applying for your short term loans online means you will spend minutes, not hours, with the entire process, from submitting your application to having the money ready to be transferred.
To make sure you have chosen the best short term loans online, you check if certain elements are included. These are the benefits that you have when borrowing from a legit and dedicated lender:
• Instant approval – our AI-based system will verify your application and offer you a response almost immediately. And because we have reasonable requirements, the answer is nearly always positive.
• You can apply from anywhere; this is a matter of comfort and saving time. When you have an urgent problem to take care of, not having to go to submit your application personally is quite handy. You don't have to leave your home or office to apply and find out if you have been approved.
• If approved, the funds will be available that very same day; once you sign the loan agreement, we will have the money ready for transfer in no time.
• Safety is our primary concern, so everything from the application to the short term loans online approval, funds transfer, and repayment is entirely safe.
• Our payday loans online are available 24/7, which means you can apply at any time of day or night and instantly receive your answer.
• No paperwork is another considerable advantage when accessing our short term loans online; the last thing you need when you are in a challenging situation and time is an issue is to fill in and prepare tons of paperwork.
• Our customer support is always available for any question you may have to help you apply as smoothly as possible.
• You can apply from anywhere; this is a matter of comfort and saving time. When you have an urgent problem to take care of, not having to go to submit your application personally is quite handy. You don't have to leave your home or office to apply and find out if you have been approved.
• If approved, the funds will be available that very same day; once you sign the loan agreement, we will have the money ready for transfer in no time.
• Safety is our primary concern, so everything from the application to the short term loans online approval, funds transfer, and repayment is entirely safe.
• Our payday loans online are available 24/7, which means you can apply at any time of day or night and instantly receive your answer.
• No paperwork is another considerable advantage when accessing our short term loans online; the last thing you need when you are in a challenging situation and time is an issue is to fill in and prepare tons of paperwork.
• Our customer support is always available for any question you may have to help you apply as smoothly as possible.
Advantages of Short Term Loans
There are many advantages of short term loans. To help you with that, here are the main benefits of these loans, especially if you opt for an online lender:
Instant Decision
Your loan will be approved instantly, and when you need your cash available as soon as possible, this is a huge advantage. Not only will you receive the response on the spot, but the money will also be available more shortly than you think.
No collateral
That means that you can get approved without having to use any of your assets as a guarantee. Whether you don't have any valuable assets or don't want to place them at risk, your chances of approval won't be affected.
Short Period
The period of short term loans is also in your favor; when the loan only stretches over one or two years, the interest you have to pay is much lower than with a long term loan. Even if the percentage is slightly higher than with longer loans, the short period means the actual amount you pay is significantly lower.
Fast Funding
This small loan type allows you to access the funds immediately via email money transfer 24/7; on the other hand, with long-term loans, the whole process is more time-consuming, and it takes longer to receive the money.
Flexible Repayment
These installment loans offer a high level of flexibility regarding the repayment term, which can be adjusted to your particular situation and convenience. Being able to apply from anywhere and not having the burden of paying installments for years and years will significantly reduce your stress level.
Overall, short term loans are easier to obtain because the requirements are not hard to meet, and the entire process is designed to be as fast and straightforward as possible.
On the downside, the amount you can receive with such quick loans is usually not very high. However, it's sufficient to help you handle any unexpected situations that disrupt your budget.
Best Place to Get a Short Term Loan
The best place to get a short term loan in Canada is iCASH. What makes us stand out is our dedication to tailoring our loans to fit any situation that you may encounter.
Whatever type of financial emergency you may have, we have a handy solution waiting. We are one of Canada's best short term loan lenders, with more than 300k happy customers.
One of the main reasons you choose iCASH as your provider of short term loans is the comfort and efficiency that come with handling the entire process digitally.
Not only have we taken everything online, but we invested a lot to make sure it will be done without any discomfort, and all the data will be entirely safe.
Not only do we save you the hassle of providing any paperwork, but we also offer complete transparency.
Getting instant approval at any time of day or night, having your funds transferred in no time these are essential advantages that our system and our customer support team can provide.
We provide short term loans in these provinces of Canada
in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, Prince Edward Island.
Quick Short Term Loans
Get up to $1,500!Try our mobile application!
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How Do I Apply for a Short Term Loan?
Online Application
Instant Approval
As soon as you submit your complete loan application, you’ll get instant approval. We use advanced algorithms to provide an automated decision, 24/7.
Get Funded
Digitally sign the loan agreement and send it back to us. With the e-Transfer option, you can get your funds in as little as 2 minutes! Fast, short term loans online.
Maximum repayment period 62 days. APR is 109.50%. On a $500 loan of 14 days, the total cost of borrowing is $75, with a total payback amount of $575 and an APR of 391.07%. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $17 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.
20%
CASHBACK
Borrow and Save!
Get up to 20% in Cashback!*
Get up to 20% in Cashback!*
iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your short term loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real money!*
Short Term Loans FAQs
What is a short term loan?
A short term loan is a simple way of borrowing money over a short time to cover an unpredicted expense that you cannot postpone.
When the crisis you need to handle isn't on a large scale, it makes no sense to involve your income into a long-term commitment that means paying a lot of interest until the end.
Short term loans have relatively straightforward terms, meaning they need to be paid back until a specific deadline (up to two years, usually); they require no collateral and easy access.
When the crisis you need to handle isn't on a large scale, it makes no sense to involve your income into a long-term commitment that means paying a lot of interest until the end.
Short term loans have relatively straightforward terms, meaning they need to be paid back until a specific deadline (up to two years, usually); they require no collateral and easy access.
How do I qualify for a short term loan in Canada?
To be eligible for a short term loan in Canada with iCASH, you must meet the following requirements:
• Be at least 19 years old
• Be a Canadian citizen and a resident of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island
• Be employed with the same employer for the past three months
• Have a net income of at least $800/month
• Receive your pay by direct deposit
• Have a Canadian bank account that has been open for at least three months
• Have a valid mobile phone, email address, and home address
• Be at least 19 years old
• Be a Canadian citizen and a resident of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island
• Be employed with the same employer for the past three months
• Have a net income of at least $800/month
• Receive your pay by direct deposit
• Have a Canadian bank account that has been open for at least three months
• Have a valid mobile phone, email address, and home address
What are the most popular types of short term loans?
The most popular types of short term loans are:
• Payday loans: offering an amount that you can pay back when your next paycheck arrives.
• Online loans: reduce the effort you need to make to access the funds to the minimum by handling every step of the process online.
• Personal loans: you can use them to cover anything from an unexpected event to an individual project like renovating a room.
• Lines of credit: are the equivalent of a credit card for your small business.
• Payday loans: offering an amount that you can pay back when your next paycheck arrives.
• Online loans: reduce the effort you need to make to access the funds to the minimum by handling every step of the process online.
• Personal loans: you can use them to cover anything from an unexpected event to an individual project like renovating a room.
• Lines of credit: are the equivalent of a credit card for your small business.
What is the difference between short term and long term loans?
The difference between a short term loan and a long term loan is the period set to reimburse them.
Short term loans can be paid back in as little as two weeks to a couple of months, and can usually be extended until two years. What goes beyond two years is considered a middle term. As for long term loans, the repayment period is usually significantly longer and can go over 20 years.
Another difference is the amount you can receive; while long-term loans can help you with large projects like buying a house, short term loans give you up to $1,500 that you can use for whatever urgent or essential expense you have.
Short term loans can be paid back in as little as two weeks to a couple of months, and can usually be extended until two years. What goes beyond two years is considered a middle term. As for long term loans, the repayment period is usually significantly longer and can go over 20 years.
Another difference is the amount you can receive; while long-term loans can help you with large projects like buying a house, short term loans give you up to $1,500 that you can use for whatever urgent or essential expense you have.
Where can I get a short term loan with bad credit?
You can get a short term loan with bad credit with a direct lender. Banks will not consider you for a loan if your credit history is bad, so private lenders are your only option.
If you choose a private lender online, you have the advantage that the deciding factor in approving your application isn't your credit score, but your current financial capacity.
If you choose a private lender online, you have the advantage that the deciding factor in approving your application isn't your credit score, but your current financial capacity.
Can I get a short term loan for the unemployed?
It is possible to qualify for an EI loans online.. We know that many Canadians live off social benefits or disability, and we understand that they too can face unexpected expenses for various reasons.
We accept multiple income sources, including government benefits, and some of them may even be combined.
As long as your net income adds up to $800, you can apply for short term loans.
We accept multiple income sources, including government benefits, and some of them may even be combined.
As long as your net income adds up to $800, you can apply for short term loans.
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