When you are facing an acute cash crunch – a fact of life that happens to
everyone at one time or another – you will naturally look for a loan that puts
cash as quickly as possible in your hand. But in your hurry to get the funds
you need, you may overlook some crucial factors like interest rates, processing
fees and repayment schedules. So what is the best short term loan option?
To answer this question, let’s take a brief look at the following four types
of short term loans that are available in Canada.
1. Payday
loan: A payday loan is a type of short term loan that is secured by
your next salary. To qualify for the loan you must be a resident of the
province or territory served by the lending agency, at least 18 years old, have
a verifiable bank account with a Canadian bank or credit union, and a source of
income. Also, you must not have any outstanding loans. Our application process
involves filling out and submitting an apply for a payday loan, which
doesn’t take more than 5-10 minutes at Eazy Cash. For this reason it is also
called an online loan. If approved, the money will be deposited in your bank
account in as little as 1 hour. Payday loans have a flat fee for the amount
borrowed, which may differ from one lender to another. The amount you can
borrow is between $100 and $1,500 for a period of 14 days. Therefore, it is suitable
for those who need small amounts of cash immediately. Repayment is easier than
borrowing. The full amount of the loan along with the interest will
automatically be debited from your bank account on the day repayment is due.
2. Check-based
payday loan: Check- based payday loans are similar to payday loans,
but you may be required to send a copy of a check guarantee card along with a
blank check to the lending company. Since it takes time for the check to reach
the lender, the money will be deposited in your account in a day or two.
Check-based payday loans have a lower interest rate than regular payday loans,
but it will take longer for you to get the money you need.
3. Car
title loan: A car title loan is secured by the equity in your car or
any other vehicle registered in your name. The upside is that you can get a
substantially larger amount of money and the interest rate is lower than that
of a payday loan. The downside is that you can lose your car if you fail to
repay the full amount. The processing time is also longer.
4. Loan
from a pawnbroker: This type of loan is given in exchange for your
valuables, such as jewelry, by lenders who are known as pawnbrokers. The
interest rate is high, but you can get the cash immediately. The amount of
money you can get depends on the agreed value of your collateral, but is
usually much less than the actual value of your valuables.
If
you need a loan fast, an online payday loan from Eazy Cashis your best option.
If you are approved for a loan, we will automatically transfer the funds you
requested directly into your bank account. We’ll get you your money when you
need it from the comfort of your own home.
Call 1866-578-4838 or visit www.eazycash.ca
Payday loans are unsecured small-sum short-term loans typically for a
few hundred dollars. The average payday loan is around $280 for a
period of 10 days.
