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Short Term Loans Ontario
If you say short term loans you are talking about loans that do not go above a certain time limit.
Short term loans (Ontario) in effect are loans that are paid back by the borrower within a month, within a year or two and no more.
Any loan that goes beyond two years is no more a short-term loan but considered a long-term loan.
The term ‘short term’ used for loans is like an umbrella for a lot of loans such as pay day loans, credit card, line of credit etc.
They (short term loans in Ontario) can be used for so many purposes unlike some other loans that have specific purposes attached to them. Loans such as mortgage loans, car loans holiday loans etc.
When you are hit by emergency situations but do not have money available to take care of the emergency, short term loans in Ontario are very handy.
Without short term loans some businesses can be hit by serious financial problems and close because they could not come up with money to help them out.
Short term loans (Ontario) are not only used for business, many individuals also go for it to help them solve financial issues which are urgent.
Such urgent needs such as medical bills, renovation of homes, paying of bills and even paying of credit card debts.
Where can you find short term loans?
Saying short term loans can be found everywhere in Ontario is stating it lightly.
When lenders of short-term loans in Ontario had brick and mortar locations it made it a bit difficult to have many offices all over Ontario.
Fortunately, short term loans in Ontario lenders have migrated their business online.
Being online has made it very easily accessible to anybody who has a computer or phone with internet connectivity.
These lenders are available 24/7 and borrowers can apply online anytime of the day and at the comfort of their homes or where ever they find themselves.
Due to their numbers, you do not have to rush into making a choice of a short-term loans’ lender.
Doing that can put you at risk of choosing a short-term loans provider who does not meet your specific need or even a lender who has very high rates.
The best way is to go through several lenders of short-term loans in Ontario and choose a lender that has a much lower rate and fees as well as good services that meets your specific needs.
Short term loans versus long term loans in Ontario
Basically, the difference between these two types of loans (short term and long-term loans) is the tenure.
Typically, short term loans are loans that have short period before they expire (one month-a year) whiles long term loans last longer before they expire (from 2-20 years).
Another major difference between the short- and long-term loans is that, short terms are usually smaller loans and needed to sort out urgent or emergency needs such as car repairs.
Long term loans on the other hand are much bigger amounts need for major business such as purchasing a home or a vehicle.
With short term loans in Ontario it is very easy to get approval because amounts requested for are small and tenure for the loan is also short so its beneficial to for the lender.
Whiles it’s the opposite for long term loans, borrowers request for huge sums and the loans are spread over a long period.
Interest rates for short term loans in Ontario are on the high side as compared to long term loans because of the risk associated with short term loans.
Benefits of short-term loans in Ontario
• Simple process:
Anything that is simple to do or achieve has many people interested in doing or learning to do it.
It’s the same way borrowers prefer short term loans (Ontario) because its easy to get the loans as compared to other loans where the process is cumbersome.
A typical example is pay day loans which is very easy to get especially for the simple fact that it is applied for online.
• Approval is fast:
There are barely any delays in the process of getting a loan from a lender of short-term loans.
If you meet all the requirements of the lender, you will receive your money within some few hours or within the hour.
Same way if you do not qualify for the loan, the lender will communicate this to you as soon as possible to avoid any time wasting.
• Bad credit history is accepted:
It is very common to be rejected by traditional banks or traditional lenders in general because you have a bad credit history.
Fortunately for you short term loans in Ontario such as pay day loans have lenders who do not mind whether your credit score is high or low.
What they are interested in you being capable of paying back the loan given.
They are more interested in your employment details, your income and if you are a resident of Ontario.
If you are able to give all these proofs, you qualify for the short-term loan.
• Short tenure:
When you hear short term loans, what comes to mind is that the loan is taken for a short period of time. Well you are right about that.
These short-term loans are taken by borrowers who usually need a quick fix before the month ends or are struck with some emergencies.
And need money very quickly to be able to take care of the emergency or solve the financial situation they are in as fast as possible.
Everybody is hit with an urgent need or an emergency at one point in our lives which requires cash to be able to solve it.
Not having that money available readily can cause a lot of unease to you and sometimes to those close you, such as family or friends.
Short term loans in Ontario are available for this exact purpose, so do not hesitate to look for a lender who gives short term loans.
Apply Now at After Loans Canada for your short term loans.
Fortunately for you short term loans do not take long to process so you can have the money you need urgently within a couple of hours of applying.
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. You can borrow up to $20000. 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.