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Online loans are a fast and easy method of getting financing in Canada.
Whether you are looking to pay for unexpected bills, fix up your car, make an investment into your business, or just go on vacation, online loans in Canada are quickly becoming a popular financing solution.
It’s easy to get approved. You don’t need to wait in long lines or fill out stacks of paperwork. After you complete a simple application online, you can usually get the cash you are looking for within just a few days, deposited directly into your bank account.
At Smarter Loans, we’ve done the heavy lifting for you. Below you’ll find a list of reputable companies that offer online loans in Canada. Take a look and compare your options, including products offered, interest rates, terms, qualifications and even reviews from other customers. When you’ve found the loan you’re looking for, hit “Apply Now” next to the lender you want to try. You’ll be redirected to their website where you complete the online loan application.
You can also pre-apply right here on Smarter Loans, and we will find a suitable lender for your situation. They will reach out to you to process your loan request within 24-48 hours.
We can help connect you with the top online loan providers in Canada.
Applying for a loan online is safe, so long as you choose the right lender.
If you choose a good online lender, you can often get a personal loan in about one business day. Because of how fast they are, online lenders are often a good alternative to a payday loan.
In some ways, you can compare personal online loans to payday loans. You can acquire either of these kinds of loans quickly. They are both short-term loans. In fact, you can find payday loans online as well.
There are, however, some differences between the two.
Payday Loan
A payday loan is a short-term loan that is also often called a “cash advance” or a “check loan”. Payday loans, whether they’re online or not, typically carry small maximum amounts and higher APRs than other loans. They’re called payday loans for a reason; they are meant to be taken out quickly for immediate expenses while you’re still waiting for your next paycheck. For that reason, most payday loans are due in one month, with interest and all the other fees.
Online Personal Loan
Online personal loans are different for the large variety they offer. You can get a small personal loan quickly, with a shorter term. You can also take out a larger personal loan to finance a large purchase, like a new car.
In the end, both kinds of loans are still short term and meant for one individual. The lender will want to see your credit score and possibly some other financial information. They will write up your terms accordingly.
According to StatsCanada:
“With interest rates remaining at record lows throughout 2020, interest expenses on existing non-mortgage debt fell along with obligated payments of principal. Those borrowers with variable rate products or those able to refinance or consolidate their debt at lower rates were able to reduce their interest costs and potentially direct a larger share of their overall debt servicing to reducing their outstanding principal.”
Yes, some online lenders will give you a personal loan without so much as a credit check.
You can expect worse terms if you don’t get a credit check. If you’re not sharing your credit history with a lender, it will be assumed that your credit score is bad or that you have a limited credit history. Neither of these situations will look attractive to either a payday lender or an online lender.
Several factors go into calculating the cost of an online loan. Your credit score will often play a large part in determining your total cost.
Online loans aren’t always so simple to calculate yourself. This is why we created an online personal loan calculator.
You should look at multiple online lenders and compare rates before making a decision for which lender to borrow from. Here are some factors to consider before you apply for a loan online:
Your credit score is the first thing that most lenders will look at. Your score will determine your interest rate, APR, and whether that particular lender will want to do business with you in the first place.
Not all costs associated with a loan are immediately visible. Make sure you account for administration fees, early repayment fees, and any other extra fees.
A lender will typically pre-qualify you as a first step before giving you a loan. This generally involves you filling out a form asking you for information on your:
A lender will perform a hard pull on your credit score to see your credit history. This, along with the information listed above, will determine how risky they perceive you as a potential borrower.
If you pass the lender’s pre-qualification, you will be invited to apply for a loan. Here, they may ask for more information. If approved, they will send you the loan’s terms.
Most online lenders are typically quite fast. They can replace payday lenders in many cases. Should you pre-qualify for a loan, you should be able to apply for one and receive it quickly.
The online loan application process has become very streamlined and efficient. So, when you’ve found a fast, reputable lender, all you have to do is apply. As always, the higher your credit score is, the more options you will have.
Getting online loans is simple in Canada. Once you’ve chosen your lender, you just need to submit an online application. Online loan applications are typically very fast to apply for and take 3-5 minutes to fill out. You will usually need to provide:
– Your personal information
– Info about your income & employment
– Once submitted. You will get assessed and an offer will be sent
– Accept the offer and sign the full application
– Receive the funds shortly after
Yes, you will always need to provide at least a few personal documents. When applying for a loan online, you will need to provide a government ID and proof of your income. This might include bank account statements or pay stubs. You will also have to give them permission for a credit pull or provide a credit report.
Some online lenders will require more paperwork than this. If they do, they will make it clear when you click through to their online application. Some online lenders can approve you for a loan without a credit check.
Getting a loan is hard if you’re unemployed. Even newly hired employees represent more risk that makes lenders think harder about whether to loan them money.
In any case, a lender is looking for proof that you will be able to pay them back. If you don’t have a regular job, you may have to apply for a lower sum. Self-employed individuals and those with temporary incomes or government subsidies can still apply for loans, but they must show evidence that they will be able to come up with enough money for their repayments.
The amount of money you can borrow online is based on a lender’s assessment of your finances. as well as the type of loan you are looking for. If you have a strong, stable income, you can qualify for a personal loan of up to $40,000. If you are looking for a business loan online, it can be as high as $500,000.
If you have bad credit, you can still borrow money. However, lenders will usually loan you money only in the hundreds or low thousands, and the interest rates will be much higher.
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