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ONLINE LOANS CANADA
Online Loans: Redefining The Loan Industry
Online loans in Canada, are very easy to come by: they are everywhere. Online loans simplify the process of applying for a loan. You can now apply for loans from your home. You just have to click a website and then wait for your lenders to process your loan application. The advent of technology has made online loans Canada, highly accessible.
Most banks and loan companies have now included online loans in their content in Canada. Both banks and private companies offer online loans but there are companies that offer online loans services solely.
If you neither like going to the bank and talking to someone about getting a loan nor filling endless forms, then online loans are for you. Online loans can be used for emergencies such as home improvement, buying a car, taking a vacation or supporting a project that was started but needs funds to finish. The uses are endless.
With online loans Canada, the process of applying for loans is done online. It is only in certain instances where the company may call to clarify some information. Apart from that, taking one or more trips to the bank just to apply for a loan is totally eliminated.
Also, you will not go through the experience of filling out the forms and joining a queue only to be told that you do not qualify for the loan. Online loans in Canada is here to stay.
Do Lenders Overlook Credit History?
Sometimes when you are refused a loan, it may be due to credit history or a high debt to income ratio. Even with that, some lenders may overlook credit history and you may still get a loan with online lenders.
Rates for online lenders are put on their website for all loans seekers to compare and see which products they want. This has done away with physically walking into the lending institution to pick up brochures wasting the time and the resources of the applicant.
Online loans Canada helps suit perfectly the needs of those who have busy lives and schedules. You can now apply for a loan and be approved within 24hrs.
Online loans Canada
Those living in Canada, need not look far nor travel around provinces to get lenders to give them loans at competitive interest rates. The lending company may be in Toronto and you may locally be in Quebec or Manitoba, or British Columbia for example.
You will still get your loan from where you are. The loan you need is just a click away from you. Online loans Canada is increasingly becoming a popular term people search for.
Once you have a computer, you can apply and receive your online loan. You can apply for a loan round the clock any during the week and any time of the day. Now, online loans in Canada is available to all and thus has extended its reach to more customers.
This proves as more profitable for any lender than if it sticks to only paper-based applications.
The lenders offer different types of loans which you can apply online. To choose an appropriate product that is being offered by online lenders will depend on the purpose for which you want the online loan and the guideline that the lenders will give
Who Can Access Online Loans
Anyone can get access to online loans if you’re above the minimum age. Once technology enables you to reach the website you can easily apply. The ease in application is also attributed to the fact that there are databases that have the details of the citizens so it is easy to crosscheck any information that you want.
So when you apply for online loans Canada, there are quick checks that are done to check your information and then your loan is processed.
To get an online loan also its advised that you check the website of the lender to know if there are any costs that you would incur. Some hidden costs may make online loans expensive.
Information such as office address, email, personal information, ID details, your pay stub, and your checking account will be requested for. The checking account used should be active for at least the last 6 months.
After you have filled all this information you can quickly review it before submitting.
Ensuring that everything filled is correct makes it easy for your loan to be worked on without going to and fro. Your loan can be processed within a short time.
Once your loan application goes through, you will receive an email or phone call from the company. Successful applicants will have the money deposited into the checking account provided.
How to get online loans Canada
1. Search for lenders
You can get lenders in Canada to provide you with online loans when you need them. There are no stringent credit checks. Your loan is just a click away on their website. It’s easy and convenient. All you need is a reliable source of income.
2. Apply for the loan
When applying for loans all the information that will be required should be at hand. Details of your address, email, phone number and other important information should all be available. This makes it easy for lenders to process your loan application.
3. Wait for the lenders to confirm your application
Most lenders nowadays do not spend so much time on approving loans for applicants. In some instances, you either get your funds the same day or the following day.
Because the services are prompt and hassle-free, many borrowers are attracted to online loans and will not hesitate to apply for one.
Online lenders have made themselves readily available to help and easy to reach making it attractive to those looking for online loans.
4. Choose a plan to repay
The importance of paying back the loans you have cannot be overemphasized. It affects your credit score. The more risk you carry as an individual due to the default on loans means fewer lenders will be willing to give to you when you need it.
A person with a good credit score would rather have it easy to access more funds when they request for it because lenders trust them to pay back. It is therefore imperative to choose a plan that you will be comfortable with to repay the loan so that your credit score will not be affected.
Types of online loans in Canada
Online loans in Canada is becoming common. They can be found everywhere and in different types. Below are some of the common types that are available.
• Online payday loans
• Online personal loans
• Online debt consolidation loans
• Online home improvement loans
• Online business loans
Online payday loans
Traditional banks do not easily give payday loans but there are online lenders who give payday loans. If you are employed or have a regular income monthly, you qualify for payday loans.
If you need to meet unforeseen emergencies or you have a financial need to take care of. Online payday loans are available to tide you over until your next payday. You can borrow from as low as $100 – $2,000.
The only thing needed is your regular income from employment. Generally, it is sometimes argued that online payday loan is expensive. It sometimes makes borrowers think to get online loans in Canada is difficult.
Companies which are willing to give payday loans in Canada are easily allowed to do so. Even with smartphones nowadays, you can get the urgent money that you need. Once the applicant has an ID or proof of income, there is instant approval.
Online payday loans are one of the shortest to process. Some places may boast of 30 minutes processing – time if all your details are correct.
Online payday loans have become a household name. In Ontario and other provinces, you can have different lenders that are ready to give you a payday loan.
This is gradually shaping the online loans Canada industry.
Online personal loans
Another type of online loan that is available for individuals to apply for online is personal loans. Personal loans are mostly unsecured and take less to process. Peer-to-peer loans, for example, do not require any collateral before the loan is granted.
With online personal loans, the repayment period is longer than that of payday loans. How long you will have to repay depends on the size of your loan and credit rating. If your credit score is high you can make smaller installment payments over a longer period.
A lower credit score will mean you have a shorter repayment period because lenders fear you are likely to default on the loan. Lenders normally give a duration of between 2 -5 years to pay back what was borrowed. This is different from payday loans which are between 1 and 3 months
To access online personal loans it will depend on your credit rating and debt to income ratio. Lenders will only give more money to those whose credit ratings are good, pay their loans regularly and have a lower debt to income ratio.
There are no restrictions on what online personal loans can be used for. Once you have fulfilled the necessary requirements, your loan can be given to you in the shortest possible time.
Online debt consolidation loans
You can also apply for online debt consolidation loans in Canada. If you have a lot of financial debt but little disposable income, you can apply for a loan to consolidate your debt. Online debt consolidation loans help you to make one single payment towards loans that you owe at the end of the month.
This gives you more control over your debts as compared to making individual payments to different companies each month which you would not be able to keep up.
This helps free your disposable income for other purposes and allows you to get more funds in the future when you need it. Your credit will be gradually built as you make payments towards the loans you owe.
Online home improvement loans
Getting a “facelift” for the house is one of the common needs of daily life. When you don’t have the resources to do so, you can turn to home improvement loans.
A lot of online companies have services that you can choose from to improve your home without mortgages. There is a fixed interest rate on home improvement loans.
The repayment period is usually within 60 months.
There are both secured and unsecured home improvement loans. If your credit is not too good, a collateral will be requested so as to help reduce the Annual Percentage Rate that you have to pay on the loan.
Online business loans
There are now online loans available for businesses in Canada. A lot of small businesses are looking for loans to support their operations. The requirements may be too stringent with the mainstream banks so they resort to online lenders.
The internet has made life easier in different respects. You can apply for loans on websites at any time. Businesses only have to submit one credit score to the online lending agency in their application for a loan and it will be processed.
This was not so in the past, as they were subject to hard credit checks which reduced their credit score and made them unsuitable for a loan.
Now, businesses who are looking for loans can get the best interest rates online.
There are different types of lenders now available online and it is no more difficult for them to get the financing that they need. Gradually, business who want online loans Canada is catching on.
Much more business want to subscribe to online lenders than the commercial banks. Even if you do not qualify for a bank loan, online lenders are available to meet you at the point of your need.
After all efforts to get money from mainstream lenders fail, sometimes, you will have to choose this online loan option in order to fund your business idea or just to borrow for personal use. Crowdfunding constitutes a group of people who hardly know each other coming together and then contributing to a need.
There are a lot of crowdfunding sites seeking to connect those in need of funds to those who can provide these funds.
After you receive the loan, you can flexibly negotiate the repayment term as well as the interest rate of the funds you’ve received. If it’s a business that went in for the funding, the owner may ask for a share in the business.
Crowdfunding is one of the easiest online loan application you may come by. It’s also worthy to note that you may not always get the full amount of what you requested if the reason why you’re requesting for the funds is not too convincing to investors.
How to keep safe when applying for online loans
When applying for loans online, there are little signs that we have to adhere to in order avoid falling into difficulty or being scammed.
1. Look out for the physical address and contact information of the company you’re applying to before you enter your details on the site.
2. When the website is legitimate you would see “https” and not “http”. The “s” shows that the website is secure. You would also see a closed lock which shows the page is secured and encrypted.
3. If you’re applying from a public location ensure that people don’t read what is on your screen. Information can easily be stolen if someone should see it.
4. The password for creating your account should be strong with uppercase and a mixture of numbers and the password shouldn’t be one that you use on other websites. This is to prevent your account from being compromised in any way.
5. In case you print out a copy of the online loan application, keep it locked away in a cabinet out of the reach of people. In case you decide to dispose of it, shred it so that your personal information does come into the possession of someone and is safely guarded.
Advantages of online loans Canada
There is quick approval
When you apply for online loans, the lenders can instantly inform you whether you’ll be approved or not.
You would also know the amount you can borrow and how your payments will be. This is a quicker process where you need to fill the forms physically and you might need some working days before it is read and processed.
Online lenders do not have high overhead costs as the banks and credit unions do. The regulatory costs as compared to traditional banks also differ.
It is advised that you shop around for lenders to compare their charges but ultimately you pay less lending rates with online lenders than with the mainstream lenders.
It is easy to be approved with online loans Canada. Traditional lenders are becoming increasingly jittery and having second thoughts when it comes to giving out loans.
When your credit scores are low, you may not get loans from them. But online lenders will easily approve your loans by using other mean to approve your creditworthiness.
This makes going in for loans with online lenders very easy as more borrowers are inclining towards it.
Requires no security
It can cost an arm and a leg to sometimes get loans from banks. Collateral will be required, plus several other documents before the loan is approved.
But since online loans are mostly unsecured in nature, you don’t have put an asset on it before you get the loan.
In the event that there is a default on the loan, you will not lose your house nor your car or any valuable asset for that matter. This makes online loans a preferred channel of borrowing.
Drawbacks of online loans Canada
Applying for online loans has risks. In Canada, and around the world internet-based activities are a target from hackers. All they want is to take peoples personal information and use it maliciously.
Theft identity issues are on the rise. That being said, it is not supposed to cause fear and panic among online lenders. Online loan providers are beefing up their security so that borrowers do not have their information compromised in any way. This includes encrypting the information that is shared.
Online loans may also be faced with trust and reliability issues. This is a legitimate concern of many applicants but once again, there is no need to panic about it.
Many borrowers want to know if they are dealing with a genuine company or not. This is to safeguard themselves from scams.
In spite of this, online lenders are still going to great lengths to provide support to all customers. Customers can now call into the call centers of the loan companies just to double check if they are credible.
That being said, the lenders take a greater portion of the risk to offer loans to people online because they sometimes do not really know whom they are giving the loans to and if the person doesn’t pay back it becomes a non-performing debt for them.
One of the ways to mitigate this is to ask for government issued ID’s (passport, driver’s license) as part of the application process. This helps them have a reference as to who the borrower is.
Wind – up on online loans
In conclusion, online loans in Canada are easy to get. You only have to take some precaution to check the legitimacy of the lenders’ website. If the information is encrypted, you do not have to worry about safety.
This is so because encryption is just like personally filling out details over the counter or in the office of lenders: it doesn’t go out. The convenience of online loans cannot be belaboured. It has come to reduce the hassle that comes with applying through traditional lenders.
You can choose the type of online loan that best suits your needs. Online payday loans though have been not to wreak havoc among many Canadian borrowers. This has caused government to intervene limiting how much lenders can charge for their loans. Online loans in Canada is becoming a household name when people are now looking for loans.
Disclaimer: All loans offered through this website are subject to credit and underwriting approval. AfterLoans.ca is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations. Our lenders lend from $500-$5,000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.