One fine morning you may wake up to an unexpected financial mess. From an unforeseen medical bill, to inflated utility bills, car repairs, or a sudden home expense, things can go awry when you expect the least. A standard bank loan doesn’t really make sense, because you may have to wait for weeks for an approval. If you live in a Canada, you can consider an online cash loan. Services like Captaincash Canada offer cash loans in a day, but before you apply, here are some of the important aspects worth knowing.
Are online cash loans same as payday loans?
While there is some similarity with payday loans, online cash loans are different in many ways. Firstly, the loan is not due on your next pay day. Typically, you can repay the loan within 90 days, and in a flexible schedule, which can be monthly, weekly, or fortnightly. In case repayment seems difficult, you can choose to renew online cash loans as required. However, much like payday loans, online cash loans don’t require a credit check and you can ask for as much as $750.
What are the advantages and disadvantages?
The best advantage of online cash loans is quick approval. You can get the money in your account on the same day as approval. When you are in a financial crisis, this is probably the best way to sort your immediate worries. Secondly, the repayment is pretty flexible, and since there is no credit check required, you can always ask for an online cash loan, as long as you have a job that pays $1200 or more monthly, are a Canadian citizen over 18 years of age, and have an active bank account.
On the other side, online cash loans are not cheap. The interest rate is high, and in case you don’t pay the loan on time, the fine can be considerably high. To be more precise, with any form of lending, you have to be a tad more careful as how you use the option, and online cash loans are no different.
Don’t shy away from asking questions before you apply for an online cash loan. Also, make sure that the repayment terms are known to you. Lenders don’t want to know why you need the money, but do not use such loans as a means to manage daily expenses. Used rightly, this might be the best way to get money in hard times.