Financial emergencies can never be judged beforehand. They always come instantly with troubles. At this moment, if you are short of money you can approach a bank for a small loan but can be time-consuming.
To make life easy, online cash loans were introduced by many lenders. This fast cash as it is said has helped many, to come out from difficult situations. Although the amount offered isn’t much but it surely gives relief to many at hardships.
Captain Cash is one such company that provides easy loan to Canadian residents within hours or on the same day. If the documents are submitted within 2pm EST then it only takes one hour approval with Captain Cash. Although the company is strict about their rules but, they understand what hardship is therefore, they ignore credit score of a person while giving a loan. All they are concerned about is the person’s employment and post dated cheques that would be submitted after the payday.
However, the major drawback is that they don’t consider these as income sources –
- Student loans
- Self employment
- Disability income
- Social assistance
- Child tax
Even though some lenders don’t consider these sources of income suitable for loans still, these people are eligible as borrowers at some point of time.
There are different types of loans provided to citizens and we will discuss most of them in the list below –
- Pay day loans is a kind of loan where borrowers can refund the amount after they receive their pay check. Loan amount is small because they are cleared immediately so if you have any urgent medical bill or tuition fees to be paid, you can try pay day loan.
- Cash advance loans are suitable for emergencies that have to be looked after immediately. Although the interest applied on it is quite high but is a big help during financial emergencies.
- Secured loans are given at lower interest rate because the borrower is putting its asset on stake. The asset can be a car, home or any jewellery.
- Unsecured loans are given on trust because the person has good credit history. With good income and stable job, getting this loan is easier but, the interest rate is higher as there is not asset that has been kept as guarantee.
- Student loans are given to students on behalf of their guardian or parent’s credit score. This loan doesn’t need to be cleared immediately but, can be cleared by the student once he or she gets a job after graduation.
- Bad credit loans are given to those who are rejected by banks and institutions due to bad credit history. Emergencies don’t fall on people who have good credit scores, therefore there are lenders and small institutes who provide loan to such people irrespective of their credit score.
You can try any of the loans that you think is the one that suits your needs. Ensure you’ve got good income which can help you next month pay off your debt.