The need for money can be felt by anyone and if one does not have the ideal financial stability or due to any unforeseeable circumstances, we could not maintain a good credit score taking a loan in the future can be a huge hassle. Therefore, icash.ca offers us with a smart alternative way of borrowing money online through perfectly safe and reliable channels.
Why do we need to borrow money?
With today’s economy, job market and the number of unexpected expenses that are sprung upon people, there are times when we are in need of some urgent cash and rather than going through the long procedures of banks or having the obligation of borrowing money from friends and family, it is better to borrow some money whether short term or long term at reasonable rates from a financial institution. It can be for a medical emergency, unpaid fines or bills, rent due and so on. The biggest advantage of these payday loans is that they are for a short time period and are usually for small amounts for which banks do not give out loans. These are mostly to help us through a rough patch in our finances.
Save time, especially in cases of emergency
Borrowing money from banks and other sources takes a lot of time and people who need some urgent cash do not really have the time for the long procedures that these methods employ. That is where financial institutes come into play and they offer an instant deposit of cash into our accounts without much delay after a simple background check and your credit score does not matter. The funds can be transferred within a matter of 5 minutes and that too 24/7. Borrowing money does not get easier than that.
How to apply?
The application process is quite simple and one does not need to be a tech wiz for this. You have to simply provide some personal details so that the lenders can verify that you wouldn’t run away with the money, mention the amount that you require and how long would it take for you to pay it back. This is followed by an application that you have to fill out. This application is simply the online contract stating the amount that you have borrowed and the time period and rate of interest, etc. When the above requirements are met, the money is transferred to your account within a matter of minutes and you can go on with your routine without any worries and pay the money as per the set deadline.
Advantages over traditional loans
Although some might contradict saying that the advantage of traditional loans offered by the banks is that they have a lower rate of interests, so why not opt for them? I agree with them on this point; however the banks are reluctant to give loans of very small amounts as they would not generate enough interest even though our requirement is small. Moreover, the process of getting a loan approved by banks takes time and there is a high chance of rejection if your salary is not enough or you have a bad credit score.