5 Reasons Online Payday Loans Are in Demand

If you’ve ever received a Payday Loan, online or in a branch, you know how quick and convenient the process can be. Lenders offer these small, short-term loans1 to the underbanked to help with cash emergencies. Check out why online Payday Loans are useful.

1. Convenient access

Have you had a time when your washer stopped draining, the car AC stopped cooling, or the kids’ school fees were owed, and you just didn’t have the money to pay? That’s when you need cash in a hurry. You can securely and easily apply for Payday Loans online from any mobile device or computer. You don’t even have to leave home! But if applying in-person is more your style, an office location is usually available to visit. You just need some basic info to apply in minutes.

What do I need to apply?

• Age 18 or older
• Valid ID
• Steady source of income
• Open chequing account
• Phone number

2. Fast lending decisions

The last thing you need in a money emergency is to be stuck in financial limbo. After you apply for your online Payday Loan, you’ll receive a lending decision in 10 minutes or less. Talk about quick! If you’re approved for a loan, you’ll get the loan documents to carefully read over and sign.

Loan documents include:

• Amount of loan
• Any fees or interest
• Length of the loan

3. Less complicated than traditional banking

No need to set up an appointment, fill out complex paperwork, or wait days or even weeks for an approval decision like with a traditional bank loan.2 Just basic personal and banking information are required. And if your credit isn’t the best, that’s okay, too. Several factors are considered when approving a loan, not just credit history.

Benefits over traditional banks:

• Get a loan decision in minutes
• Receive your money fast
• Credit scores are important, but don’t need to be perfect

4. Loan funds released quickly

Have I mentioned you can get your money fast? Because it’s a big deal! When you’re stuck in the middle of a money hiccup, the quicker you get your loan funds the better. There are a few ways to get the money you need.

Loan funding options:

• Direct deposit to your chequing account
• Interac e-Transfer^® - you could receive your loan in as little as 15 minutes
• Pick up at a cash participating Cash Money branch

5. Transparent loan info

Clear, useful loan details are given to make a proper loan decision. No pressure, no tricks. Feel free to contact Customer Service or look at the frequently asked questions online.

Non-negotiables:

• Upfront info on loan, term, cost and more
• Proudly abide by provincial laws and regulations

Bridging the gap

When money is tight, a financial hurdle arises, or a costly accident happens, the timing in which you can pay for it is important. With an easy application, a quick lending decision, an uncomplicated process, fast cash, and transparent loan information, you can understand that a Payday Loan online can be a good option.