Canada same day loans range from as little as $50 to a maximum of $1000. The interest rates on these loans vary depending on the amount you are borrowing and the repayment period.
What are same day loans?
In your day to day life some things which are out of your control happen and in that case, unbudgeted money is required. Things like urgent repairs, road accidents, an emergency visit to a hospital, and unexpected bills will see you use some extra cash, which you might not have at that time of the incidence. At such a time, same day loan can give you an amazing relief. These loans can be delivered to your account on the same day after approval and help cover your emergency expenses.
Getting same day loan Canada
When the emergencies happen, it can be very difficult to get short loans from friends. This is when short-term loan providers come in handy. These lenders are available 24/7 and enable you to apply for unsecured loans online. The loans are customized to suit every client’s financial need.
Application of these loans is also straightforward, and when your application is approved, the money will be deposited into your account within a short while. In order for you to get the same day loan in Canada, you must meet the following requirements
- You must verify that you have a reliable source of income as this shows that you will be able to repay the loan.
- You must have a bank account where your money will be deposited.
- You must be an adult, at least 18 years old.
- You should not have filed for bankruptcy.
Canada same-day loans range from as little as $50 to a maximum of $1000. The interest rates on these loans vary depending on the amount you are borrowing and the repayment period. On average, annual percentage rate (APR) for a short loan is 400%. For loans with a repayment period of 2 weeks and above, the APR ranges from 300% to 700%.
This interest goes higher for loan repayment period of fewer than two weeks. Same day loan Canada regulations are applied when determined a Same-day loan in Canada
What to consider before taking a same-day loan
Same day loan can be very tempting and can make you fall into a trap. It is good therefore to first review the loan terms and conditions before applying for it. This will help you determine whether the loan is fit for you and if you will be able to repay it back on time.
Defaulting loans affects your credit status negatively and might prevent other lenders from extending their services to you. In addition, short-term loans should not be taken to clear an existing debt.