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Why are more people turning to quick online loans?

 

 

Traditionally, if you needed to get a cash advance for anything from car payments to home renovations, your only option was to go through your financial institution, and, as a result, you were subjected to their strict requirements.

Today, thanks to alternative services becoming available online, many people are realizing that they aren’t limited in their financial options, and are turning to quick online payday loans in Canada over traditional bank loans.

From debt consolidation to travel financing, private lending services in Ontario and the rest of Canada are transforming the way people borrow money. Never has it been easier to get a loan you need as quickly as possible with little-to-no trouble.

Check out our free loan calculator now!

What makes online loans so much more desirable than traditional ones?

How do people benefit from quick online loans?

When looking to obtain a personal loan in Ontario and the rest of Canada, going through your bank is usually the first option that comes to mind. But if banks are the obvious preference, why do so many people seek out quick online loan services?

Practicality

The most common reason so many people look for quick online loans is due to their practicality. Online loans can be applied for from your computer without ever leaving your home and having to travel to the bank.

Easy approval

Another significant benefit to obtaining a quick loan online is how easy it is to get approved. Banks tend to be very choosy when approving loans and often refuse loan applicants in Ontario for numerous reasons, such as a bad credit rating.

Time

One of the most discouraging things about needing a loan is the amount of time it can take to complete the process. With quick online loan services, people can generally obtain their loan within 24 hours of applying, making it a rapid solution to save time.

Low risk

Another deciding factor for many people is the low risk associated with online loans. For one thing, interest rates on short-term loans are fixed, so there is no risk of changing rates.

Because they are usually unsecured, loans of this type also don’t require the borrower to offer collateral as a backup. This means there is no risk of losing your possessions should any complications arise.

What are quick online loans used for?

People often think that quick online loans are for absolute emergencies only. This is certainly not the case, as there exists a variety of reasons people borrow money online in Ontario.

You may be surprised to discover just how many different uses a quick online loan can have:

  • Car financing
  • Home renovations
  • One-time purchases
  • Vacation expenses
  • Wedding costs

As you can see, people have diverse needs when it comes to applying for a loan.

Summing up

Services such as Friendly Lender that offer quick online loans provide a convenient solution for those looking to obtain a rapid cash advance. They are also suitable for anyone with bad credit that is unable to apply for a traditional bank loan.

Don’t hesitate to contact us with any questions you may have!

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

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How to get a quick loan when the bank refuses you in Ontario?

Has your bank refused to give you a loan after performing a credit check?

When your financial institution turns you down because of poor credit or for any number of reasons, you may find yourself wondering how to get a quick online payday loan in Ontario. Luckily, there are private entities such as Friendly Lender that offer services specifically for cases like these.

If you have a bad credit score, the last thing you want to do is make it worse. Private lending services often don’t require credit checks and therefore their quick loans won’t harm your credit score any further.

This article will explore the reason banks often refuse loan applications and why going through a private lender may be a better choice for you.

 

 

Why do banks refuse quick loans in Ontario?

Being denied for a quick loan in Ontario from your bank can be a discouraging experience. It’s important in the case of this happening to understand why you may have been refused.

Bad credit refusal

The most common reason banks in Ontario will deny a loan application is if you fail to pass their credit check. Obtaining a quick loan with bad credit is an exercise in futility at most financial institutions.

Credit report errors

Another possibility is an error on your credit report. These can happen more often than you might imagine and can be worth looking into if you are refused.

Excessive debt

When applying for a quick loan, the bank will often determine your amount of debt in relation to your income. If they find this ratio to be undesirable, they will often reject your application for a loan.

Banks in Ontario have strict requirements for loan applicants and it is always wise to look these over before applying. It is also worth noting that credit checks from a bank can result in your credit rating taking a negative hit.

Quick loans from private lenders in Ontario

Once you’ve been refused a loan from the bank, using the services of a private lender could be the easiest way to get a quick loan in Ontario. Services such as Friendly Lender can provide you with your short-term loan within 24 hours and don’t require any credit check.

The only requirements are that you are a legal resident of Canada over 18 years of age and have a minimum monthly income. Applying for a quick loan online is very simple and will allow you to avoid having to put your credit score at risk unnecessarily.

Here are some advantages of a private loan service over a bank:

  • Personal service
  • Receive loans quicker
  • Flexibility
  • Easy approval
  • No credit check

Summing up

If you’ve encountered difficulty with your bank when looking for a quick loan in Ontario, it may be time to consider using the services of a private lender. Asking family and friends for money or to co-sign a loan isn’t always an option and services such as Friendly Lender offer many advantages over traditional financial institutions.

Don’t hesitate to contact us with any questions you may have!

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

How it works?

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How To Get A Cash Advance Quickly In Quebec

Have you ever found yourself with unexpected expenses popping up seemingly out of nowhere?

When you have bills to pay or unplanned emergencies that need to be taken care of, having access to fast cash is important. However, without an emergency fund in place or if you have a bad credit score, quickly obtaining a cash advance in Quebec can be difficult.

Most banks won’t give you the time of day if your credit score is too low and you will be forced to seek alternative options. Asking friends and family for money is an option but it can often make you feel uncomfortable and generally isn’t the ideal solution.

With this in mind, how exactly can you get a fast cash advance in Quebec?

Reasons for a cash advance in Quebec

Many reasons exist for needing extra money in a hurry and you may be surprised to find that many of the reasons have nothing to do with being in financial trouble. While emergencies can certainly drive someone to seek a cash advance, many have simple reasons to look for a payday loan.

Here are some common ones:

  • Taking an impromptu vacation
  • Helping to cover a new car
  • Mending home repairs
  • Funding a small business venture
  • Purchasing new equipment

As you can see, not everyone who needs a cash advance in Quebec is necessarily drowning in debt or unable to obtain one from their bank due to bad credit. However, no the matter reason, it’s always important to consider some factors before getting a loan such as the conditions and your ability to pay the loan back.

What are your options?

As a resident of Quebec, you basically have two main options to quickly receive a cash advance. You can either go through the traditional banking system or use the services of a trusted private lender such as Friendly Lender.

Bank

Depending on your financial situation, the bank can be a suitable option for obtaining a loan relatively quickly. However, if you should happen to have a bad credit rating, your chances of approval aren’t very good.

There also tends to be a fair amount of paperwork involved with financial institutions which can increase the waiting period. In addition to a longer time spent waiting for your loan, there tends to be much less flexibility in terms of your options.

Private lender

If you have a poor credit score, going through a private lender is likely your best and only choice. Additionally, if you need your cash advance as quickly as possible, a private lender can often accommodate you within a day or less.

Even without a bad credit rating, the bank often has strict criteria that needs to be met in order to make a cash advance in Quebec. This can be frustrating if you’re only seeking a small amount to borrow for the short-term.

Friendly Lender is part of the private lenders that can make you a quick money saving, and helps many borrowers in Quebec.

Summing up

If you have bad credit or find yourself in a situation where you need money quickly, going through a traditional financial institution can be a burden. For those in need of rapid cash advances, it is worth considering a private lender such as Friendly Lender.

Don’t hesitate to contact us with any questions you may have about the lending process!

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

How it works?