The 3 Best Short Term Loan Alternatives For Canadians

The 3 Best Short Term Loan Alternatives For Canadians

Looking for online PayDay Loans?

We all experience times when we are ‘cash-strapped’. For short term, ‘instant loans’, there are many choices open to you for Personal loans. It’s always best to educate yourself before borrowing money, and there is more to consider than simply how much you need to pay back. Think about how much you need, how long you need it for and how much it will cost you to borrow.

You are going to hear a lot about APR (aAnnual Percentage Rate), but if you aren’t borrowing funds for 365 days, or multiple years, then this isn’t too much of a concern for you. Just ensure you know how much your lender will charge for an ‘instant loan’.

1. Credit Union

The very reason federal credit unions came into existence is to help the people who need funds for the short term to meet working capital needs. Nowadays, many community-based credit unions are available to you for personal loans. If you are a member of your credit union, you can get a loan from your credit union at lucrative annual interest rates of 24% to 28%. You can repay the debt in monthly installments. It is just you have to meet certain conditions to become a member of a credit union and borrow money.

2. Short Term Personal Loans

Another option is a short-term personal loan from an independent lender. This choice is for personal loans from banks and traditional financial institutions that take a long time to process, require credit checks and have a long, fixed repayment schedule spread over a fixed term of a few months. You will also need some security to back the loan.

3. Cash Advance

A cash advance is another good option – especially if you are searching for a little extra cash for a few days. Many online lenders will offer Payday Loans (So named, because they are built to ‘fill the gap’ between pay days), with proof of identity and pay schedule, plus a couple of references confirming that you are who you say you are.

Many lenders are now able to offer their services online to help with your privacy. After all, we are living in the 21st Century and these days everyone is banking online, anyway. Its important to know that many of these lenders don’t need to consult your credit rating or any other ‘background documentation’. Simply confirm who you are working for and when payday is, and you will receive your Advance in a matter of moments directly to your account.

Of course, always check on how much these lenders are charging and for how long. Many lenders charge as little as $15 every $100 limit for a short term, so ensure you can pay the Instant loan back the full amount in the day specified or the cost will go up. These lenders should have a loan calculator on their website so that you can see ahead of time how easy it will be to repay.

There are a few choices open to you in times of need, but all have one thing in common- they all will charge you for borrowing. Its up to you to investigate how much and for how long.

Maximum charges permitted in British Columbia for payday loan: 15% of the principal. We charge: 15% of the principal. For a $300 loan for 14 days: Total cost for borrowing = $45 Annual Percentage rate = 391.07%

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