Traditionally one could only get a loan from a bank. These loans involved lots of paper work and one has to have collateral before he or she could qualify for the loan. This has been completely changed by instant cash loans. This loaning system was introduced to target the low income individuals who did not have enough collateral to get loans from the banks. It has however been widened to include any person irrespective of their income.
Unlike bank loans, these loans are available from as low as $ 100 to $1500. This loan bracket was previous not catered for by the banks and anyone who needed a loan on that bracket would had no option but go to the shylocks.
The loan can be applied online. You can simple visit an instant payday loan company website and apply for the amount of loan you want from there. Since it is online, you can apply from the comfort of your home or when you are on a road trip. All you need is a computer connected to the internet.
The website also has a calculator that will help you calculate the amount of money you want and how much interest you will accrue by payday. Due to the risk of cyber attack, these sites are maintained by the best developers to avert any attack on them. The information you submit on the site will completely remain confidential.
Any individual who accurately submits his or her details can get the money he or she applied for being forwarded to his or her account as soon as two minutes from the moment he or she completes the application. This characteristic of these loans has made it popular among people. How quick the loan gets approved and is sent to client has made the loan handy in solving emergencies.
The loan can be taken to cover many emergencies. You can take the money to settle rent bills, electric bills, car repair bills or even medical bills. Banks do not consider such emergencies as worth giving loan for. They would rather finance your mortgage or your business.
To apply for the loan, one needs to be at least eighteen yours. He or she must be working with at least three salaried months. The individual must also have a valid ID or passport. Individuals below the age of 18 years cannot apply for the loan even if they are working.
When one is applying for the loan, there are no financial history checks that are carried on him. This means that unlike banks anyone who is of the right age and is employed can apply for the loan whenever he or she needs one. Even those with bad credit history can successfully apply for the loan.
Instant cash loans are repayable on the next payday. The entire amount borrowed plus the interest must be cleared on the next payday. Normally the payday company in Canada will deduct the amount automatically when your salary is paid by your employs. This means that one can only borrow amount that is lesser than his or her monthly salary.