Short Term Loans

Short Term Loans in Canada

Getting a short term loan in Canada can help you face financial challenges that can arise when you least expect it in today's fast-paced digital world. Whether it's a sudden medical expense, an unexpected car issue, or a utility bill that can't wait, quick approval short-term loans can offer a fast and efficient solution to address these immediate financial needs. When applying for short-term loans in Canada, it’s important to understand their benefits and the application process involved, ensuring you are equipped to make informed decisions during these times.
Having access to a variety of short term loan options is crucial. In Canada, individuals can choose from several short-term loans, including payday loans, installment loans, and no credit check loans. Each type caters to different needs and circumstances, providing flexibility for borrowers.

Short Term Payday Loans

In the world of short term loans in Canada, payday loans are a popular option for many Canadians. This is because of their swift accessibility and easy-to-understand application process. These loans are designed to provide people with immediate financial relief to cover those unexpected urgent expenses, with the understanding that the borrowed amount will be repaid on their next payday.

Eligibility for short term payday loans usually involves being of legal age, having a stable and verifiable source of income, and holding a valid bank account. Loan companies usually accept multiple forms of income, such as government benefit programs, as acceptable forms of repayment. To qualify for online short term loans in Canada, you simply need to meet the following minimum criteria:

• Be at least 18 years old (19 years old for applicants in British Columbia, New Brunswick, Nova Scotia).

• Be a resident of any of the provinces in which we operate. (AB, ON, BC, MB, NB, NS, PEI)

• Show that you have been receiving the same source of income for the past three months.

• Have a total net income of at least $800/month.

• Have access to an online bank account.

• Have a valid mobile phone number, address, and email address (VoIP numbers are not accepted).

With payday loans, credit score requirements are often less stringent, so they are accessible to those with poor or bad credit history.

An important advantage of payday loans is their expedited approval process. Payday loans are designed to provide a quick solution for urgent financial situations. Borrowers can quickly get the funds they need to address pressing financial issues, thanks to a simple application process, and no paperwork being required.

Regarding trustworthy payday loans in Canada, iCash is recognized and trusted by over 850,000 Canadians who have come to us because of our commitment to customer satisfaction, smooth application process, and incredibly fast fund disbursement via e-Transfer loan. We stand as a preferred choice for payday loans, enabling Canadians to meet their immediate financial needs with ease and confidence.

Short Term Loans for Bad Credit

If you have bad credit and are worried about being able to obtain financial assistance, a lifeline exists in the form of short term loans for bad credit in Canada! Even with bad credit, Canadians across the country can take advantage of them to deal with their urgent financial needs.

If you have poor or bad credit, you might be under the assumption that you’ll never be able to get approved for a loan. However, short-term loan providers will take a more holistic view of a borrower's financial situation. While a low credit score may affect traditional loan approval, short-term loans are designed to consider various factors, including employment status and sources of income, making it easier to get approved.

Our commitment to serving customers with varying credit histories sets us apart. We understand the challenges faced by those with bad credit and understand that sometimes life throws you curveballs, and poor credit isn’t always your fault. That’s why our loans are so easy to qualify for. We look at other things, like your overall financial history and your ability to repay, rather than solely focusing on your credit score.

People with bad credit can take advantage of short-term loans to navigate through financial setbacks. The inclusivity ensures that no one is left behind, offering a lifeline to those seeking timely financial assistance, irrespective of their credit score.

Short-Term Loans with Instant Approval

Short-term loans with instant approval can be a beacon of hope for Canadians during times when financial emergencies pop up unexpectedly. These loans are designed to provide rapid access to funds, allowing borrowers to address their pressing financial needs immediately.

The application process for short-term loans with instant approval is designed for convenience and efficiency. Users can complete the application online and forget about the time-consuming paperwork and hurdles often associated with traditional bank loans.

iCash is proud of our fast approval process. Using an automated process, once a user applies for short term loans in Canada for bad credit with us, they’ll receive an instant decision. No need to wait around for hours, or even days, to find out! Our commitment to efficiency and customer satisfaction sets us apart as a trusted provider of short-term loans with instant approval.

Short Term Loans with No Credit Check

Short term no credit check loans may sound good, but it’s important to note that legitimate lenders Canada will always perform, at the very least, a soft credit check. Either way, these loans offer a unique approach to lending, focusing on the borrower's ability to repay rather than their credit score.

Advantages of Short Term Online Loans with iCash

• Accessibility: These loans open the doors of financial assistance to individuals who might typically be denied access to traditional loans due to poor credit. It also offers an opportunity to people with disabilities, for example, who may be unable to visit a physical location to apply for a loan.

• Speed: If you need a same day loan, taking the route of a short term online loan is the way to go. From the digital application to getting your funds via e-Transfer, everything can be done incredibly quickly, meaning any financial emergencies can be dealt with in a flash!

• Flexibility: Borrowers can choose from various repayment* options, making it easier to align the loan with their financial situation. Note that conditions may apply, depending on the province you reside in.

• Reduced Stress: With credit score not being a factor when it comes to approval, the entire process is less stressful, and borrowers can focus on their immediate financial needs.

Short term loans are an innovative way of lending that ensures anyone facing financial challenges can secure an online short-term loan without the obstacles and headaches of a traditional loan. Whatever financial stress you’re dealing with, online short-term loans are there to provide a practical solution without the added stress of a credit evaluation. 

Short Term Installment Loans

Short-term installment loans provide a flexible approach to borrowing money in Canada. These loans are designed for borrowers who prefer a more manageable repayment process*. Installment loans are a form of short-term borrowing where the total loan amount is divided into equal payments over the duration of the actual loan. 

This sets them apart from payday loans, which require a lump-sum repayment on the borrower's next payday. The periodic installments make it easier for borrowers to budget and meet their financial obligations. Statistically, the benefits of installment loans are evident. According to a recent survey conducted by the Financial Consumer Agency of Canada (FCAC), the proportion of Canadians who used online lenders or payday loans more than tripled from August 2020 to September 2022 (from 1.42% to 4.52%). This preference can be attributed to the ease of budgeting provided by installment payments and the ability to manage financial obligations with less stress.

Suitability for Certain Borrowers

Borrowers seeking the comfort of fixed and predictable installment amounts can benefit from short-term installment loans. It empowers Canadians to be able to budget and plan their finances effectively and know what their repayment responsibilities are at each installment.

One of the standout advantages of installment loans, for example, is the extended repayment terms they offer. The flexibility of longer terms, typically spanning weeks or even months, is a great advantage for many people. It’s particularly beneficial for Canadians who require more time to comfortably repay their loans without the immediate financial strain.

The short-term installment loan caters to borrowers who want predictability and manageability. Short-term loans provide the peace of mind and flexibility needed to navigate financial obligations with confidence and ease.

iCash's Installment Loan Options

If you reside in Alberta, your loan will automatically range between 42 to 62 days and will have 2 to 7 payments, depending on your income frequency. If you reside in Ontario, you can only access a loan with one repayment, except if it is your third loan within 63 days. If you reside in Nova Scotia, you can only access a loan with one repayment, due to provincial regulations. Our offers vary depending on the laws of each province.

Online Short Term Loans in Canada

One of the best short term loans in Canada is with iCash. We offer rapid approval, cater to diverse credit histories, provide terms that are easy to understand, and ensure everything can be done online for convenience. 

Whether you're facing immediate financial challenges or planning for unforeseen expenses, our efficient services are here to help. We are your trusted source for short-term lending solutions, offering not only quick approval and flexible terms but also a strong commitment to customer satisfaction. 

Visit our website today to apply for payday loans and experience the ease of obtaining the financial relief you require.  Your financial well-being is just a click away!

Frequently Asked Questions About Short Term Loans

How Can I Get a Short Term Loan?

All you need to do is follow this simple process to get an online short term loan Canada:

1. Apply Online

Getting a loan with us is easy and fast, select your loan amount, repayment plan* and provide some personal details.

2. Instant Decision

Our online application will provide you with an instant decision. Once approved, all you have to do is electronically sign your contract!

3. Get Your Loan

Once your contract is signed, your funds will be sent by e-transfer in the next 5 minutes! Fast, convenient, and hassle-free. Funds are sent 24/7.

How Do Short Term Loans Work?

Short term loans work by providing borrowers with quick access to a specific amount of money, which is typically repaid within a short period, often a few weeks or months. You simply need to follow the easy application process, and once completed, you’ll find out right away if you’ve been approved.

Repayment terms vary depending on the loan type and the province you reside in, and borrowers are responsible for repaying the loan, including any applicable interest, within the agreed-upon timeframe.

Is Line of Credit a Short Term Loan?

A line of credit credit facility offers borrowers ongoing access to a predetermined credit limit. Borrowers can withdraw and repay funds as needed, paying interest only on the amount used. 

A short term loan is different, as it provides borrowers with a one-time lump sum amount that must be repaid within an agreed-upon timeframe, depending on the loan terms.

Can You Get a Loan While on Short Term Disability?

Yes, whether you're relying on government benefit programs or province-specific support like ODSP and AISH, you can apply and get approved for a short term loan while on disability.  Apply now to experience the ease of securing funds with iCash – your trusted partner for short-term lending solutions.