Smarter Loans Inc. is not a lender. Smarter.loans is an independent comparison website that provides information on lending and financial companies in Canada. We work hard to give you the information you need to make smarter decisions about a financial company or product that you might be considering. We may receive compensation from companies that we work with for placement of their products or services on our site. While compensation arrangements may affect the order, position or placement of products & companies listed on our website, it does not influence our evaluation of those products. Please do not interpret the order in which products appear on Smarter Loans as an endorsement or recommendation from us. Our website does not feature every loan provider or financial product available in Canada. We try our best to bring you up-to-date, educational information to help you decide the best solution for your individual situation. The information and tools that we provide are free to you and should merely be used as guidance. You should always review the terms, fees, and conditions for any loan or financial product that you are considering.
When unplanned bills force you to exceed your monthly financial budget, you’ll be happy to know you have options that can assist you. Instead of having to withdraw money from your personal savings you can apply for a fast cash loan which can make sure you fall under your monthly budget. Getting a fast income boost sounds ideal however, with long line-ups, complex applications, and high credit requirements, Vancouver residents are reluctant to apply. Luckily, you can now apply for a fast cash loan online without ever having to step foot outside your front door and wait in long lines.
Smarter Loans provides Vancouver residents with an organized list of the best fast online cash loan companies in your city who can get you the money you need. The lenders on our list will work with anyone applying for a loan regardless of any applicant’s low credit scores.
Further, these lenders aspire to get your money sent to you 1 to 2 days after they receive your application so you don’t have to wait weeks to get an answer. All the top Vancouver fast online cash loan companies are viewable on our webpage making it easy for you to compare each lender and decide on the one that’s right for you.
Look at the following list of fast cash lenders in Vancouver and click on “Apply Now” to access their application. Upon completing the online application and submitting it online you will get in touch with a loan executive from that company to confirm final details. You can also pre-apply here at Smarter Loans and we will match you up with a suitable loan company in Vancouver to assist you with your request.
Smarter Loans helps you connect with leading Cash Loan providers in Vancouver for all your financing needs.
Browse through our catalogue of Cash Loan lenders to get current Cash Loan rates in Vancouver
A cash loan is exactly what it sounds like – a loan where the money you borrow comes to you in cash or is deposited directly into your chequing account so you can spend it as you wish, with a minimum of fuss. These loans tend to be for smaller amounts than standard personal loans, up to $15,000 with some providers, and the most common form of cash loan is a payday loan.
The exact amount you can borrow with a cash loan in Vancouver will depend on your personal circumstances at time of borrowing. Factors such as your credit score, income, and other debts will help a lender decide how much to approve you for. Generally, the most qualified borrowers can get up to $15,000 with a general cash loan, and up to $1,500 with a payday loan. Different lenders may have different borrowing limits too, so if you’re hoping for a larger loan, check which companies have the highest limits before applying.
Vancouver’s 675,000 residents have plenty of choice when it comes to cash loans, and a big part of why is the rise in online loan companies. These companies accept applications, perform their admin, and approve their borrowers entirely through their online platforms, meaning your exact physical location is unimportant. And because these companies have low overheads, they often have competitive rates too.
However, not everyone has reliable access to the internet, and some may prefer a physical location to go to in case of issues; luckily there are also plenty of lenders that have both brick and mortar stores and online platforms. This gives you the best of both worlds: you can apply or research your options online, and choose to go into the store to pick up your money or to speak to customer service agents if you encounter a problem. The list above shows just some of the lenders that Vancouverites can go to for a cash loan.
One of the benefits of cash loans is their easy access. This is vital, as many Vancouverites need cash loans to pay for emergency expenses that cannot wait. If you’re using an online platform, applying can take just a few minutes, and processing times can be very short – often within the same day. Payday lenders are known for their speedy turnarounds, so again this is an option if you need same-day cash. Some lenders – especially the more traditional lenders like banks and credit unions – take up to a couple of days to process an application and release funds.
Cash loans are one of the more expensive forms of personal loan, because they are usually short term in nature. This means that lenders charge a higher interest rate than they do on longer term loans. Rates start at around 12% but quickly escalate to over 45% in many cases. The provincial government has capped the interest rate that payday lenders can charge in B.C., so these are not as high as in some other provinces, but they’re still expensive. Always be sure you understand how the interest on your loan is calculated, to fully comprehend how much it will cost you over the life of the loan.
You also need to take into account any fees that your chosen lender charges. Not every lender charges every fee, but there may be loan origination fees, late payment fees, administrative fees, and so on. If you’re only borrowing a small amount, these can quickly overwhelm the loan value. Always ask upfront about a lender’s fee structure, to be sure you are clear on their costs.
Credit is an important factor in many loan decisions, but as cash loans tend to be for small amounts and short periods of time, it isn’t always a consideration here. Payday lenders do not perform a credit check at all; some other cash lenders will, and may have a qualifying threshold of a credit score of 600. However, income is usually more of a deciding factor in cash loans, and as long as you can prove your employment, you’ll be able to get a cash loan, even with a bad credit score.
Most cash loans require the applicant to have some form of income. This is because these loans are for small amounts, for short periods of time; if you do not have income, the lender is likely to think you’ll be unable to repay the loan. This is true even if you have savings, because cash loans are a method of last resort; if you are able to pay for unexpected expenses through savings or some other means, then that’s preferable to getting a cash loan and paying high interest on it. So while credit score and savings don’t really affect your loan application, a lack of income almost certainly will. But remember: you may still qualify for a small cash loan if you have income but not employment – for example, if you are receiving Employment Insurance or other benefits that will help you make your repayments.
Short term and cash loans are notorious for having high interest rates that quickly escalate and can overwhelm the unwary borrower, and because this industry is so competitive, not every lender will be reputable enough to properly inform you of the true cost of their loans. This means it’s vitally important to find a reputable lender who is transparent about their rates and fees, so you can be sure you can afford a loan from them.
To be sure you’re protecting your financial future, research a company before agreeing to their terms. Ask about their interest rates – not just the daily or weekly rate, but the effective APR as well. Ask about their fee structure and penalties. Check out their past customer reviews, and verify their reputation via third party brokers or websites if possible. Just because a company advertises a seemingly low rate, this does not mean they’re the best bet for you.