Dealing with sudden financial emergencies is not always easy. Think of an unexpected medical bill, inflated utility bills, or even a car repair expense – In times like these, you need money, possibly without any delays. If you live in a Canada, you can choose to go for an online cash loan that services like Captaincash offers. For the uninitiated, an online cash loan is a short-term advance that’s technically secured against your income. When you have a cash-flow crunch, this is probably the best way to get money in your account.
When to consider online cash loans?
If you don’t have enough money to stay afloat through the next payday, an online loan can be handy. It is also handy for people who otherwise don’t have a good credit score, or don’t qualify for a standard bank loan for other reasons. As long as you are employed and have a stable job, online cash loans are easy to get and help in covering immediate expenses.
The pros and cons
First and foremost, getting approved for online cash loans is super easy. You just need to fulfill the necessary requirements, fill up a form online, and if your application is approved early in the day, you can expect to get the money on the same day. With online cash loans, you don’t have to be answerable as why you are taking the loan, and you can choose to pay back flexibly as per schedule, even when your credit score isn’t the best. The money can be used for almost any financial emergency, and that’s a huge, huge advantage for salaried people. Also, you can also choose to renew the loan, if required.
On the flip side, the interest rate on online cash loans is high, and if you don’t manage to repay the loan on time, the fines can be huge. Secondly, these loans are not available to people who are self-employed, or don’t have a stable job.
Requirements and more
To get a cash loan, you must be employed for at least 3 months with a salary of $1200 per month or more. Also, this kind of loan is only available to Canadian citizens and those over 18 years of age. A low short-term debt ratio is also helpful. You can always check online to know more on other requirements, although most of it is not complicated.
Check and apply for an online cash loan now!