If you’re like 53% percent of families in Canada, you’re stretched a bit thin. You’re living paycheque to paycheque, which means you don’t always have a ready supply of cash at hand when an emergency shows up.
When you find yourself looking at a hefty bill for car issues, home repair, expensive tickets or the like, online loans can help you easily bridge the gap.
When you struggle with access to funds, it’s easy to feel overwhelmed. Bills are due, an emergency has arisen, or perhaps you have realized that you’re spending a tremendous amount in minimum credit card payments every month and interest rates are about to go up.
When it comes to online loans, Ontario residents have options. You don’t have to fill out a stack of forms at your local credit union or beg your bank to lend you funds when you’re already feeling tremendous pressure. With online loans, you can arrange a discreet personal loan through an online lender. You complete a simple application, get approved, and then the funds appear in your bank account, ready for you to use however you need.
Applying for a loan is a straightforward process when you’re working with online lenders. As a borrower you can expect the following steps:
A traditional installment loan requires several steps if you were to apply at your bank or credit union. You would need a satisfactory FICO score, banking history and possibly proof of assets if your loan is to be secured.
But with online payday loans, Ontario residents can apply for funds using far less. Your paycheck or your bank statement showing a history of steady paychecks is all that you might need to secure an online payday loan.
No stack of forms. No extra hassles.
When it comes to borrowing smaller sums of money, what matters most of the lenders is your ability to repay the funds you borrow. While a FICO or credit score might be tied to your repayment history for previous years, a short-term installment loan can be assured through your ability to repay now – with your current, reliable paychecks.
But what – you may be asking – if you don’t have a steady job? What if you aren’t working to a disability, but you still have steady income? Ontario Disability Support Program, or ODSP, is a reliable source of income for many Canadians. Online lenders recognize this and many offer ODSP payday loans for those with this form of income.
Not all lenders offer ODSP payday loans to borrowers, so you’ll need to choose carefully when selecting a potential lender. With an ODSP loan, you are limited to the same $1500 limit as traditional payday loans. The application process is virtually the same, with the exception of your income source. Instead of showing that you have steady paychecks coming into your bank account every month, you’ll be showing that you have steady disability payments arriving that the lender can rely on as the company considers your application.
While some payday loans and other small online loans are set up to be repaid in a single payment cycle, most are installment loans. Through online installment loans without credit check, Ontario borrowers can take out a set amount of money and then repay it over a set period.
For most loans this looks like a routine schedule of payments. You borrow $1000, perhaps to help cover the cost of auto repair. Then you repay the loan in four scheduled payments over the next four months. Your payment will be a portion of the original loan plus interest.
There are a few things every borrower should consider when it comes to online installment loans: