Credit & Debt

How can you plan for a cash loan to help you financially in Ontario?

Have you ever considered financial help in the form of an online loan?

If you don’t have access to emergency funds when a financial situation requiring your immediate attention arises, it can be difficult to find the necessary resources in a short period of time. You shouldn’t panic, however, as finding financial help in a hurry is possible with a quick online loan.

First-time applicants are often hesitant when considering a quick cash advance from online lenders. This is perfectly normal and there are ways to plan for a cash loan which can help you greatly before moving forward.

Here is everything you need to consider before applying for a loans in Ontario.

Plan a cash loan: define your needs and calculate costs

The first step in planning for a cash loan is to define your financial needs.

This may seem trivial at first but clearly outlining the reasons you need financial help will allow you to determine exactly how much you need to borrow. You don’t want to end up in a situation where you borrow over the amount you are able to pay back and you also don’t want to come up short for your financial needs.

You may need financial help for any number of reasons, including but not limited to:

  • Home renovations
  • Car payments
  • Overdue bills
  • Everyday expenses
  • Finding a loan without a credit check

Take the time to carefully consider how much money you will need for the outlined expenses and you will be ready to move on to the next step.

Will you be able to repay your loan?

Once you’ve calculated how much money you need to borrow, it’s important to make sure that you can realistically pay the amount back when the due date for your loan comes around. Your plan for a cash loan in Ontario should include an estimate of how long it will take you to pay back the money you borrow.

If you find that you won’t be able to afford to pay the loan money back, you will need to adjust your plan according to your financial situation. Regulations in Ontario prevent you from extending the time of repayment for your credit, so it is very important to plan for this in advance.

Understand the terms

When it comes time to make a credit agreement, be sure that you fully understand the terms and conditions of your cash loan. This includes the interest rate and duration of time you have before repaying the loan.

Beware of any upfront charges and don’t hesitate to compare different lenders to find the best offer. You should also make sure you can qualify for an online lending by meeting the following criteria:

  • Over 18 years of age
  • Legal resident of Canada
  • Make at least $800 in monthly pay
  • Have an active bank account
  • Provide a valid email and phone number

Credit score

It is also important to understand that quick online loans don’t require a review of your credit score. Therefore, if you’ve been refused by a bank in Ontario, planning for a fast cash loan is still an option as long as you have a stable income.

Summing up

Having a plan before applying for a cash loan is crucial if you want to avoid unnecessary financial woes down the line. Define your needs, calculate costs, determine your ability to repay the credit and be certain that you understand the terms before making a final decision for a cash advance.

Don’t hesitate to contact the Friendly Lender team if you have any questions about planning for a cash loan!

Applying for an Online Loan is easy as 1-2-3

How it works?

Credit & Debt

4 reasons why people under 25 should consider getting a cash advance with no credit check

Are you a young adult under the age of 25 who is considering getting a payday loan but hesitating because you’re unsure if it’s the right decision for you?

There are many reasons young people might seek a cash advance with no credit check, and these reasons aren’t always connected to financial troubles.

These types of cash advances are often presumed to be sought out by people who have made bad financial decisions. This is certainly not the case, however, as the college-age population can have many varying financial priorities while also not necessarily being in a bad economic position.

Many people, even those with good credit, opt for online loans like those offered by Friendly Lender and feel no shame in doing so. Here are 4 reasons why.

Getting a cash advance online saves you time

Young people often value their time more than anything and getting a fast online cash loan allows them to get the money they need rapidly without having to worry too much about time management.

With online loans, you can fill up a form and apply for a rapid cash advance in a matter of minutes!

Obtaining a loan from a traditional financial institution can take a week or longer while a cash advance only takes 24 hours. This is an enormous timesaver for any young person with a busy schedule.

Less restrictions and no credit check

Another reason people under 25 consider getting an online loan is the convenience of having fewer restrictions in place. Banks often have many hurdles that must be overcome before you can receive your requested loan.

One such obstacle is presented when the bank performs a hard credit inquiry on you. This means the bank will verify your credit rating which can actually have a negative effect on your overall score.

No borrowing minimums with online cash advances

When you go to a bank for a personal loan, they often have a minimum amount that you must borrow which can far exceed the financial needs of someone under 25. This amount can be upwards of $10,000, an absurd amount for a majority of young people.

A loan without a credit check, on the other hand, will allow you to borrow anywhere between $100 to $1,500, which equates to a far more reasonable amount for the needs of many young borrowers.

Get a cash advance with no credit check but keep all the control

Finally, one of the biggest reasons young people should consider a cash advance without a credit check is the amount of control they have over where the money goes. With a traditional bank, the approval of your loan often comes hand-in-hand with an agreement for how your money will be spent.

Online cash advances give you complete freedom in how you spend the money you receive whereas a bank can penalize you for not spending your money in a way which follows your predetermined agreement.

Summing up

As you can see, there are numerous advantages to getting a cash advance with no credit check for people under 25, even when going through a traditional financial institution is an option. You can save time, face fewer restrictions, borrow the amount you want and have total control!

Don’t hesitate to contact the team at Friendly Lender for any questions you may have regarding online loans !

Applying for an Online Loan is easy as 1-2-3

How it works?