Whether you are facing an unexpected driving ticket, high bills, medical fees, home repairs, or another expense life throws at you, Canadians at times need to borrow money to help cover these costs.
Online lenders provide short-term loans, which you can pay back in one or multiple installments. Your lender may base the approval amount of your loan on your annual income as well as other factors.
Top reasons people use online loans
Most borrowers take on more debt to cover necessary, unexpected expenses. Here’s a breakdown of how Canadians use such loans:
- 45% use the loan to pay for necessary and unexpected costs (like a car repair or broken appliance)
- 41% use it to pay for necessary and expected expenses (such as paying rent, electric bills, or a mortgage)
- 17% use the loan to avoid late charges on their bills
- 7% use the loan to purchase something special
Applying for a loan online can be fast and straightforward, making it an easy way to get the funds you need urgently before your next paycheck arrives.
The average Canadian who borrows money by taking a quick online loan is 25-54 years old, lives in an urban area, and has an annual income of less than $80,000.
If people had to make a purchase of $500 today without warning, this is how they would pay for them:
- 24% would use emergency funds or savings
- 21% would use a credit card
- 16% wouldn’t be able to pay
- 12% would borrow from a family member or friend
- 11% would take out a payday loan
- 6% would use a personal credit line
Trying to get funding from a banking institution may not be the best option as it may take a while to be approved for a loan. Easy loans that you can apply for online can help you get the money almost instantly with fast approvals.
Sometimes, you may be approved for a lower loan amount than what you applied for. Conscientious payday lenders will only approve and lend you the amount of money that they believe you will have no difficulty paying back.
The online loan application process is in real-time, and private online lenders have all the tools to evaluate your loan application without asking for any documents. There’s no waiting in line or faxing in long forms. This means you’ll finish your application quickly and get your money faster.
With iCASH, a private online lender, the money is sent to you via e-transfer. The ease and convenience mean you can get quick access to a credit line 24/7, even on weekends and holidays.
To get more information on how to apply and get approved for a fast, easy online loan, go to icash.ca.