Despite your best efforts, you may have a hard time managing your finances. When you have unexpected bills, payments and dues to be paid and your next payday is considerably far, you can consider the choice of online cash loans. If you live in Canada, services like Captaincash online can offer online cash loans, which are processed online in entirety. You just need to fill up an online form, and if you fulfil the requirements, money will be sent to your account on the same day. Here are some of the aspects worth knowing.
What exactly is an online cash loan?
An online cash loans is a form of short-term advance, which is available to Canadian citizens who are employed and are over 18 years of age. You can borrow anywhere between $500 and $750, which is typically repaid over a period of 90 days. Payments can be made monthly, fortnightly, weekly, or twice a month. It’s called an online loan because everything from the submission of the form to approval and payment, everything is done online. In case you cannot use a particular online service, some may even accept request on phone. Note that online cash loans are not same as payday loans, because the loans can be repaid over a period of time and not always on your next pay day.
What are the requirements?
To avail online cash loans, you must be a Canadian citizen over 18 years of age and must have a stable job for at least 3 months with income of $1200. You must receive your monthly income through a check or direct deposit from the employer and must also have an active bank account for three months. While credit check is not essential, most lenders also seek a low short-term debt ratio.
Other factors to know
While online cash loans may seem like an easy option, do not consider as an alternative to meet your day to day expenses. Always borrow responsibly and ensure that you repay the loan on time. With unsecured and short-term loans, the interest rate is always on the higher side, and it is a good idea to evaluate your needs and whether you can repay the loan in the first place. Used judiciously and as required, online cash loans can be a handy way to manage a financial situation, and you can choose to pay the loan according to the schedule convenient.