Short term loan in Ontario

What is a short-term loan in Ontario?

Most times we find ourselves in situations where we need instant cash due to emergencies. A short-term loan in Ontario is one of the many credit products out there. They come in small amounts and are meant for those moments when you need quick money with terms you can manage.

A short-term loan in Canada is payable over a short time. These loans are a flexible and useful option when you need money for emergencies that you cannot postpone. A short-term loan enables a borrower to access funds the same day application is done. These loans can be used to cater for unexpected expenses such as medical emergencies and hospital bills, travel opportunities for business, inflated cell phone bills, plumbing, electrical, and other household bills.

What Get Payday Loans’ lenders can do for you

Get Payday Loans is a private lending institution that offers short-term loans in Canada. We have all types of online loans and all submitted requests can be approved immediately. Get Payday Loans has been working in the loaning sector for 12 years, this gives us enough experience when dealing with our clients. We are in order with the consumer protection bureau and take absolute security to all our loans.

Types of short-term loans in Ontario

Short-term loans vary depending on your qualification and your needs. There are two main types of short term loans you can apply for:

Short Term Installments Loans

Most short-term loans are based on installments. This means that the full loan sum will be divided into installments that you will be paying off progressively until you complete your plan. Short-term installment loans can be beneficial for a number of reasons.

• Low-interest rates. Short repayment terms lead to low-interest rates
• Fast approval. Short-term installment loans are easy to qualify and the funding process is fast
• Low monthly payments. Repayment is made more affordable since it is spread across one to two years
• Flexible repayment terms. Personal loan lenders adjust the terms of your repayment installments making it easier to manage

Online Payday Loans

In some provinces, you can find short-term loans called payday loans. It involves getting a small amount of cash relatively. You can apply for it online or at a physical location. Lenders can offer you an online payday loan of up to $1500 with shorter repayment terms of up to 14 days.

Payday short-term loans or cash advances are always paid during your next paycheck and are offered despite a poor credit score and credit history. Payday loans help sort emergencies that occur in the middle of a paycheque and cannot wait until the next time you get paid.

The only document required when applying for a payday loan is your photo identification to prove you are of age, your permanent residence, steady income, and an active bank account.

Benefits of taking a cash advance include:

• Easy approval when you borrow money. They get approved easily compared to other credit products
• No credit checks. Payday loans don’t require a credit check. Almost anyone can qualify for a payday loan even with a bad credit score
• Fast funding. It is among the best solutions for less expensive financial emergencies since funding is done the same day of applying

Which short-term loan option is best for you?

Short term loan option that is best for you is based on your financial situation. The loan that you choose should be based on what you can afford in terms of repayment plans.

A short-term installment loan is more convenient when you have strong finances, a good credit score, and are able to afford all costs associated with it. This type of loan has more favorable terms including more flexibility when you miss a payment.

A payday loan is considered when you need smaller amounts at that very moment. Payday loans are riskier, but you will be debt-free much faster. Payday loans are always efficient when you have an expense that needs immediate coverage. Payday loans are the only right solution when you’ve exhausted more conventional options.

How to get a short-term loan in Ontario

At Get Payday Loans, we have an online platform where you can apply for a short-term loan anywhere at any time. As long as we are contacted during working hours, chances are high for your account to be funded the same day. Applications are made online and it only takes a few minutes. You will also have to provide some important documents for verification before your loan approval. These documents include:

Photo Identification

We usually require some form of identification to confirm clients’ identities. This helps us curb identification theft when applying for a loan. Acceptable identification requirements usually include:

• Drivers license. This provides us with your current residential address and name
• Passport. The borrower may be required to be a permanent resident of Canada. A passport will be used to confirm your status as a Canadian citizen

Acceptable documents could include a Proof of Age Card, a university student card, or your passport. Identification also informs us about the client’s age. Underage people cannot qualify since they are not yet employed, thus not able to pay back the loan with ease.

Proof of current address

Providing evidence of your address helps us know if you have a stable living situation. Evidence to prove your address may include a copy of your lease, rental agreement, a recent utility bill, or any auto insurance that lists your address.

Last two pay stubs

A pay stub is the part of a paycheck or a separate document that lists details about an employee’s pay. Pay stubs show the wages earned for the pay period and the payroll information. The last two pay stubs will confirm you have a source of income that is necessary for the process of application.

The borrower should at least be employed for the last six months. The employed borrower will find it easy to repay the loan. You can also share with us your sources of income in case you are self-employed.

Bank statements for the last three months

Bank statements show that you have an active bank account. An active account is an important part of the application process since that is where your funds will be directly deposited. Statements also show whether or not you are in a bankrupt position. Bankrupt borrowers will find it hard to pay back the loan.

Clients’ bank details are not used to check your credit score. This is because even bad credits score to qualify for a loan with us.

Application process for short-term loans in Ontario

Short-term loans are based on a firm’s and client’s trust. At Get Payday Loans, we don’t pledge any asset from the borrower as security. Our online platform makes applications very easy and fast.

A short loan application involves three crucial steps.

Why choose Get Payday Loans

We focus on ethics and social responsibility within our company. Furthermore, respect for our customers, our employees, and of our partners is part of our top priority.

We make sure our services adapt to any situation. That’s why we provide revolutionary products brought to you using cutting-edge technology.

Get a short-term loan in Ontario with Get Payday Loans

With over 12 years of experience, Get Payday Loans provides quick financial solutions to its Ontario clients. If you need a short-term loan, contact us now. We will be happy to answer all your questions.