Short-term Loan in Ontario
Most people find themselves in situations where they need money urgently but can’t access it in their savings accounts. Banks and other traditional lenders take a lot of time verifying and processing loans, which is not ideal for emergencies. At Cash Depot, we understand your situation and offer short-term loans in Ontario. These type of personal loans will be necessary when it comes to this point since funds are readily accessed, and the loans are unsecured.
What is a Short-term Loan in Ontario?
Loans payable over a short period is called a short-term loan. Short-term loans are the best options when you need money to sort out emergencies that have caught you abruptly and cannot be postponed.
Borrowers don’t have to present an asset as collateral as a traditional lending institution. Short-term loans operate on client lender trust. It is fast and efficient since, upon a successful application, the direct lender will deposit funds to your bank account the same day. A bad credit score is not a problem since credit bureaus are not involved.
Types of Short Term Loan in Ontario
There are two main types of short-term loans you can apply for at Cash Depot. The application will entirely be based on your personal needs and repayment program.
Payday Loans in Ontario
A payday loan is a short-term loan offered by non-traditional financial lenders like banks. Payday loans are designed to bridge a borrower through a severe economic crisis.
However, an online payday loan will be paid in full during the client’s next pay date. So when an emergency occurs between two pay dates and can’t wait until your next payday, online payday loans in Ontario can help out of a tough financial spot.
No Credit Check for your Short Term Loan in Ontario
A credit check is unnecessary when applying for this loan; almost everyone is qualified for a payday loan with Cash Depot. Documents will, however, be required when applying for a loan with us. These documents include:
- Photo identification
- Proof of a permanent residence
- Steady income
- Active bank
What are the benefits of payday loans?
- Credit checks are not necessary: Almost anyone can qualify for a payday loan with us, even when you have a poor credit score.
- Payday loans are easily approved: Compared to other credit loans, payday loans get approved the day you apply.
- Fast funding: In payday loans, allocation is done the same day you apply for a loan as long as the application is made during working hours.
Short-term Installment Loans in Ontario
Installment loans for bad credit are personal loans designed for people with a bad credit score or no credit score at all. Short-term installments loans are not secured loans. Collateral is therefore not required when applying for this type of loan.
Instead, an installment-based loan works so that the entire loan is divided into installments that you pay periodically until you are done with the repayment plan.
What are the benefits of short-term installment loans?
- Fast approval: No collateral is needed since the loans are unsecured. We use multiple verification platforms at Cash Depot, fastening the entire approval process.
- No credit check installment loans: Installment loans don’t require high credit scores. Anyone can apply for the loan and qualify if you are not in a bankrupt position.
- Direct deposit: Short-term installment loans are deposited directly to your bank account not more than 24 hours after loan approval.
- Boost your credit score: The periodic repayment plans boost your credit score due to the continuous payments.
When Should you get a Short-term Loan in Ontario?
People encounter different situations that require additional financial assistance. Therefore, the chosen loans are entirely based on what a borrower can afford in repayment plans.
Urgent financial need
An online payday loan is useful when you have an urgent financial need that you are ready to pay fully at your next pay date. The financial crisis that requires payday loans usually occurs between two pay dates. Therefore, this cash advance is convenient since borrowers will be out of debt as soon as possible.
Consistant repayments for installment loans in Ontario
On the other hand, a short-term installment loan requires consistent repayment plans based on your financial ability to pay the installments according to the loan agreement. Of course, you won’t pay the loan all at once, but you will be entitled to monthly or weekly installments. In addition, installments make repayment easy since they are distributed over a longer loan duration.
How to Get a Short Term Loan in Ontario?
Cash Depot offers online loans to clients in Ontario in the fastest and most efficient way. We have an online platform that enable borrowers to access our services with ease. To borrow money, you won’t have to carry many documents when applying for a loan with us. Everything from application to signing the loan agreement is online.
Application for our short-term loans involves fling out your details on our forms that are readily available on our website. In addition, applications need to be verified before loan approval. Our loans are unsecured, but documents from borrowers are necessary since they help confirm the borrowers’ credentials. These documents include:
Photo Identification
Identification assists lenders in confirming a client’s credentials. Photo identification has the borrower’s name, picture, date of birth, residence, among other details that help lenders curb identity theft when verifying loans. The following can be used for identification purposes.
- Driver’s license.
- Passport.
- State-issued ID.
- Certificate of citizenship.
- Birth certificate.
- Military ID.
- Social Security card.
Current address
For a borrower to qualify for a loan at Cash Depot, you must have lived at the same address for the last three months. This proof informs us that you have a stable home. This evidence that can be used to prove your address include the following:
- Copy of your lease.
- Rental agreement.
- Recent utility bill.
- Auto insurance that lists your address.
Three-month bank statements
The active bank account is necessary for the loan application process, since funds will be directly deposited. Apart from an active account, bank statements show that you can repay the loan since you have a stable income source. Bank statements are not used to check your credit score. Anyone can qualify for a loan with Cash Depot if you are not in a bankrupt position.
Last two pay stubs
A pay stub is part of a paycheck that details an employee’s pay. Pay stubs inform lenders of the wages earned for a certain pay period and payroll information. The last two pay stubs are evidence that you have an income source and can repay the loan applied for.
Borrowers are required to be employed for the previous three months before applying. Other sources of income like self-employment can be considered by communicating with our customer service for further clarification.
Process of Loan Applications
At Cash Depot, application forms are readily available on our website. To borrow or fill out the form with the amount of loan you are applying for, your full name, date of birth, contact and employment details. After filling out the form and submitting it, the verification process will begin. We use several online verification platforms due to online fraud and identity theft cases.
Borrowers are advised to be honest when filling out the form, since any suspicious information will lead to the termination of our application. Once your loan has been verified and approved, a loan agreement is sent to you containing details of the loans, terms applicable and rates. Read carefully, sign and send us the contract.
Get your funds within 24 hours
The funding process will begin upon signing and sending back the loan agreement to us. Applicants who sent their application before 11 am will receive funds the same day. Other applicants who applied past 11 am will be in their accounts later but not past 24 hours.
Why Choose Cash Depot for your Short Term Loans in Ontario?
When dealing with short-term loans, you should be careful when picking the lender. If you are interested in low rates and no application fee, Cash Depot should cross your mind. At Cash Depot, we offer innovative, transparent, and revolutionary money lending services.
Over 17 years of experience
We have over 17 years of experience in the field of personal loans. We provide financial assistance to residents of Ontario. Short term loans in Ontario require no credit check so that anyone can apply even with a bad credit history. There are different types of short-term loans offered by Cash Depot.
Different types of short term loans suited to your needs
Cash Depot offers all types of short-term loans to clients in Ontario. Our compliant applications are instantly approved. At Cash Depot, we only work with providers who meet the standards of Consumer Protection. We don’t charge applications or any upfront fee.
100% secure
Our loans are 100% guaranteed and secured. Details received from the client will never fall to fraudsters. We have multiple verification platforms that help notice any sign of identity theft.
Personal loan and cash advances from cash depot are among the best you will find in the market. Our processes are simple, efficient, and time-saving.
About Cash Depot
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.