Short term loans for bad credit
Life is full of surprises and even when you think you’ve managed to clear all your bills, pay for outstanding loans, or buy a new car, money problems always show up. A short-term loan in Canada is a type of loan that is obtained to support temporary personal or business capital. As a type of credit, it involves repayment of the principal amount and interest in a specified date, usually within one year of obtaining the loan.
Ways to get a short-term loan in Canada
Despite banks and other financial institutions offering loans, they may not always be a reliable option when you need a short-term loan in Canada. Short-term loans provide a flexible alternative, especially during times of unexpected expenses or financial downturns. Fortunately, Cash Depot is here to help you determine whether you qualify for a short-term loan in Canada. Read on to find out more.
What is a Credit Report?
Your credit report is used to assess the risk of you not paying your bills or making late payments. There are two main credit bureaus in Canada: Equifax and TransUnion, which collect individuals’ credit information.
The credit score is a numerical value ranging from 300 to 900. The closer your score is to 900, the better your credit report. Conversely, if it’s closer to 300, your credit report is considered worse.
When you use a credit card, you typically have 21 days to pay your expenses. Timely payment from your bank account will improve your credit rating, while failure to pay or making late payments will decrease it.
What Are the Consequences of a Bad Credit Report?
Having a bad credit history categorizes you as a risk, and many financial institutions may reject your loan application.
It’s common for employers, landlords, or dealers to perform credit checks before making decisions. Therefore, a poor credit rating can not only hinder your ability to borrow money but also negatively affect your prospects for finding employment, securing housing, or obtaining a vehicle.
What Can I Do with a Bad Credit Rating?
You can still obtain a short-term loan in Canada, albeit with a higher interest rate, if you meet Cash Depot’s conditions. This type of loan should be used to address urgent financial situations and is not a long-term solution.
Short-term loans for bad credit also offer the advantage of being easy and quick. All you need to do is complete an online application, and if you meet the conditions, approval is swift.
What Are Short-Term Loans?
First off, loans are financial boosts given to a person and expected to be paid back in full with interest after a certain period of time. Short-term loans are usually given for relatively shorter periods of time, from 24 hours to a couple of months. These loans are expected to be paid back in a bi-weekly, monthly, or daily repayments with interest rates.
A significant time saving
A short-term loan in Canada can be a huge saver in times when a bill has suddenly occurred, and you need access to cash to help you for a few days before your pay cheque is out. Remember, bank institutions don’t give out short-term loans, and they are only accessible in online lenders in Canada like Cash Depot.
A very simple process
The approval process for short-term loans is relatively easy and all you need is a few personal details, and you’ll get your loan in a few hours. Once the loan is approved, it is sent directly to your bank account via e-Transfer methods. The online loan company will expect you to make the said repayments within the agreed timeframe. While short-term loans are available to anyone regardless of their credit history, there are several types.
Types Of Short-Term Loans
Canada has several types of short-term loans, each with its own benefits, cons, characteristics and interest rates. Let’s have a look at some of the most popular short-term loans in Canada:
- Installment loans
- Payday Loans
- Credit Card Cash Advances
Installment loans
As the name suggests, these loans are given to Canadians and need to be paid off in regular installments. Rates for installment short-term loans depends on the lender and allow you to access huge amounts of cash from $5,000 to $30,000 and be repaid in a short time (6 months to 2 years).
A type of short-term loan much in demand
Installment loans can be a great way to cover expenses like sorting out a medical emergency, fixing your car, buying home appliances, or repaying mortgage bills. You can even use installment loans to cover expenses in events like birthday parties and honeymoons.
Installment loans are great because:
- The plan accommodates smaller and pocket-friendly payments.
- The plan allows you to adjust your payments to a certain amount in case you are unable to manage the agreed plan.
- Most loans have flexible repayment plans at lower rates
Payday Loans
A payday loan is given to Canadian residents backed by your paycheck. The loans are also set in an automatic credit plan to your deposit bank account such that it automatically debits your bank account after payday.
Payday loans are intended to cover a shortfall until your next paycheck or for a short period of time. Everyone can get a payday loan, it’s very is easy. A payday loan is a short-term financial solution. You must repay the loan when you receive your next paycheque.
Benefits and disadvantages
Payday loans give amounts between $300 and $3000. But the silver lining is that these loans process fast, so you will be able to sort out your emergencies without any issues. Payday loans disburse payments 1 day!
At Cash Depot we don’t ask for you credit score, to determine your eligibility. Payday loans are meant to help people who have low income, debt challenges, or other issues that may affect their financial history.
Credit Card Cash Advances
Getting a cash advance from your credit card is technically a short-term loan in Canada. It has an interest rate (mostly above 20%) and you don’t have to pay back in installments. Since credit card cash advances have high interest rates, we recommend paying up as soon as possible to avoid huge debts. Since the interest rates start accumulating immediately, it is best to only use credit cash advances when you desperately have a financial problem.
What is The Best Short-Term Loan?
There is no best short-term loan for all, and the ideal one entirely depends on your situation. Our experts will determine the amount of loan and repayment period to give you depending on your income to debt ratio.
If you have favorable financial history and a good credit score, then the better choice would be a short-term installment loan. You’ll be able to access larger loans and repay back in favorable terms.
How to choose your short-term loan in Canada?
However, f you need smaller loan amounts to clear outstanding debts or any other sudden financial constraints, payday loans might be the option. While they are riskier, the loans will process much faster, and you’ll avoid any hassle of getting trapped during an emergency. The only bottleneck with payday loans is missing payments, which attract a lot of fine and interest rates. We usually recommend taking payday loans if the emergency is both urgent and important.
How To Apply For A Short-Term Loan
The process of getting short-term loans is quick and easy for most Canadian residents. We have fewer requirements than banks and other large financial institutions. Cash Depot uses your budget, personal information, and banking information to determine which loan is the best for you. Our application process is straightforward and only takes a couple of minutes to process.
What we need to give you your money
Our main aim is to ensure that you can sort out your financial emergency and at the same time be able to pay us back in time. To register and apply for a short-term loan in Canada at Cash Depot, we will need the following:
- Genuine Government ID
- Six-month bank statements
- Proof of income history to show stability
With the above documents, you can register at Cash Depot and get a loan today. All you have to do is sign up and fill in our application form.
How To Repay Your Loan
At Cash Depot, we guarantee flexible repayment rates for your short-term loans. Please note that the dates and rates may vary slightly, depending on your personal situation, the amount requested and several other criteria that will be evaluated. Here are the average aspects you need to know about for the repayment of your short-term loan in Canada:
- Repayment of installation Loans
- Repayment of payday loans
- Repayment of credit card cash advance loans
Repayment Of Installation Loans
Our installation loans can go all the way to $20,000 depending on your financial situation. We will set repayment terms depending on the same, but generally such a loan is repaid in monthly installments of up to 60 months. If you choose a smaller amount, let’s say $1,000, we arrange for a shorter period of time to repay your loan. Of course, you can decide to pay larger installments if you want to finish paying up your short-term loan sooner. To do so, contact our loan agents or email us.
Repayment Of Payday Loans
Payday loans are set to be paid on your next payday. So, if you borrow $1,000 we will ask you when you are getting paid and if you want the deduction to be automatic from your paycheck account. Remember, we only give payday loans to employees and not self-employed or business persons. You don’t have to wait for your next payday to repay your loan. If you get money sooner, you can repay your loan early to get better credit scores.
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Repayment Of Credit Card Cash Advance Loans
One of the seamless ways to repay loans is repaying cash advances from credit cards. You don’t have to contact anyone or fill out forms. Credit card cash advance loans can be paid to your bank account linked to the credit card. There is no set period to repay your credit card loans, but the longer you stay, the higher the amount of debt owed.
Advantages Of Using a Short-Term Loan in Canada
Short-term loans have many benefits for Canadians. These benefits will help you make a decision about your short-term loan in Canada. Here are some common benefits of getting a short-term loan from Cash Depot:
- Fast approval / Danial
- No Collateral
- Flexible Repayments
- Shorter Repayment Period
- No Credit Score Check
- Apply From Anywhere
Fast Approval/Denial
Loans can be tricky, and we understand the need to have it urgently in emergency situations. Short-term loans have instant approvals, and you will get your money in a few minutes. You will also receive a response fast, even if it is a loan denial.
No Collateral asked
At Cash Depot, we don’t need you to come with collaterals to give you loan access. Our experts will have you approved for any amount of money without backing up with a valuable asset as a guarantee.
Flexible Repayments
Short-term loans are amazing because of the amount of time you’ll have to repay the loan. Unlike most banks, you can adjust your repayment schedule depending on the financial situation you’re in. It is a matter of convenience so that you are able to pay everything on time with minimal stress.
Shorter Repayment Period
While people may think short repayment periods are constraining, it is actually an advantage. Even if the loan rate is a bit higher, repaying in a span of one or two years means that the actual amount you pay is lower than what you’d have spent to repay the same loan in five years.
No Credit Score Check
Some short-term loans, especially payday loans, do not require a credit check to give you loans. They are flexible and will give you a loan even if your credit score is poor. This is an advantage when you need money fast, but still have debt elsewhere.
Something unexpected can happen at any time and this loan short-term loan in Canada can help you get through a difficult situation
Apply From Anywhere
The good thing with Instant online loans is you don’t have to queue for long lines or present pages of documents to get approved. All you need is a stable internet connection and a few minutes to spare. Short-term loans can be applied from anywhere; a commodity most Canadians get to enjoy for free.
Best Place To Get Short-Term Loan In Canada
The best place to access short-term loans in Canada is Cash Depot. We are a leader in online loans because our loans are designed to meet your specific needs. No matter what type of emergency you have, we will provide you with a reasonable short-term loan. We cater to almost any type of request.
A very simple process
Our happy customers come back for our services because it is easy to sign up and apply for a loan. The process takes minutes and in less than 30 minutes you should get a response from us. Our processes are fully online, so you can apply for a short-term loan from anywhere. This gives you the convenience of handling financial challenges as they arise.
Fast cash deposit
Who wouldn’t mind getting loans approved at any time of the day or night? We transfer your funds in no time with amazing repayment rates and periods. Cash Depot is the leading online loan lender in Canada and we have been in the business for over a decade. Our top priority is getting you the financial solution you need at your convenience.
How Short-Term Loans Can Help Canadians?
Paying Bills
Bills are always lurking in our lives, and we have to clear them no matter the situation. Phone bill, gas bill, electricity, internet, the list is endless. It is quite stressful to keep track of these bills, and sometimes you may end up missing a few mails. In such cases, you might need extra cash to clear the overdue bills. Short-term loans process in a matter of minutes and can be very beneficial to clearing out such bills on time.
Child Care
Kids are cute and bring joy to your home. But they are also quite expensive to raise. Even if the Canadian government provides you with child care benefits, the amount can be small to the extent you’ll need financial help. Short-term loans can assist you in solving a few child care responsibilities such as dental care, babysitting, medical bills, and other expenses.
Pay Legal Fees
If you have a legal proceeding going on and are a bit constrained on funds, short-term loans can be the rescue you need. The more time your lawyer gets to solve issues, the better your chances at winning the case. So, if you need to pay your attorney, short-term loans can be a huge saver. You can use the money to pay medical bills if settlement is injury related, or other legal fees.
Emergency Funding
You can never be too prepared in life, and we might not be able to save enough money to cater for all the emergencies that occur. In case emergencies arise, the most ideal place to get funds is through short-term loans. These loans come in handy because they are swift and will disburse the loans you need to solve your emergency.
Divorce Funding
Divorce is a devastating time and even more stressful when you are faced with repayment problems. There are many costs that come with this situation. Short-term loans can help you with divorce legal fees, divorce debts, bill payments, alimony, moving house, and other divorce finances. Fast loans are essential in these cases.
Take advantage of our short-term loans in Canada.
Have your past mistakes or life events given you bad credit and no one wants to lend you money? Don’t be afraid. Cash Depot offers short-term loan in Canada for bad credit for amounts between $300 and $3,000. If you meet our conditions, your request will be approved in less than 24 hours.
Contact Cash Depot for your short-term loan in Canada
For over 12 years, our company has been providing short-term loans for bad credit to people in difficult financial situations who are in dire need of money. Our mission is to help people consolidate their debt and rebuild their credit.
We understand the disappointment you must have when all financial institutions refuse to lend you money. That is why we can offer you fast cash without any stress. Sign up today and receive your short-term loan fast.
What are the different types of short-term loans
As you can see, there are various short-term loans, each having a separate interest rate and repayment method. Depending on your urgency, you can access the loans and make repayments over a short period of time. Cash Depot offers short-term loans with flexible rates for Canadian residents.
FREQUENTLY ASKED QUESTIONS…
Will my credit be affected if I apply for a short-term loan?
Every loan disbursed has a significant effect on your credit score, in the form of a hard inquiry. Hard inquiries result in a slight drop in your credit score, but regular repayments will eventually increase it. You can find several techniques on the internet to increase your credit score.
How long does it take to process my short-term loan?
With Cash Depot, short-term loans don’t take long to process and once you submit your relevant information. You will receive your money in as little as 24 hours after being approved by our team. Some processes can take less time and be disbursed in minutes. If you need a short-term loan in Canada, fill out the online form and be approved in minutes.
Can I extend my term if I don’t have funds?
Extending funds is not available for all loan options. So, depending on the type of short-term loans, you may or may noy be able to access extensions. Please reach out to us for extension requests, and we will work something out. Cash Depot understands your needs, and we are willing to help you clear your loans with little to no stress.
Take advantage of our short term loans for bad credit.
Have your past mistakes or life events given you bad credit and no one wants to lend you money? Don’t be afraid. Cash Dépôt offers short term loans for bad credit for amounts between $300 and $3,000. If you meet our conditions, your request will be approved in less than 24 hours.
Main provinces served in Canada | Short Term Loans
About Cash Dépôt
For over 12 years, our company has been providing short term loans for bad credit to people in difficult financial situations who are in dire need of money. Our mission is to help people consolidate their debt and rebuild their credit.
We understand the disappointment you must have when all financial institutions refuse to lend you money. That is why we can offer you fast cash without any stress.