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Emergency Loans

Are you considering emergency loans through Friendly Lender? If you are, this is the place to learn more about them and how they can help. Friendly Lender works with a number of direct lenders that offer many options for individuals looking to borrow cash fast.

The loan process takes place entirely online, is fast and simple to complete. It takes only a few minutes to complete the form and once your request is processed, you’ll receive a decision quickly. Some of the lenders we work with are capable of rendering a decision in minutes so don’t wait to find out if you qualify!

What are Emergency Loans?

Emergency loans are short term loans which are designed to satisfy an urgent financial need. Borrowers are expected to pay this debt back in a very short period of time. This could be very rapidly, such as on or before the next payday or a longer period may be an option.

There are different loan products to meet many different needs and in today’s fast paced digital world, it is possible to request an emergency loan online with Friendly Lender’s innovative online form. It’s important that you do some research to determine which loan product is best for your situation before you apply because there are many options available to you, even if you have bad credit or are unemployed.

Covering personal expenses is the primary purpose of online emergency loans. These loans tend to be for dollar amounts between $100 and $1000 and sometimes come with a higher interest rate than other lending products depending upon which lender you are working with and your credit history.

Types of Emergency Loans in Canada

If you are looking for an emergency loan in Canada, there are several options for you, but what type of loan you may qualify for is dependent on your credit history. Some loans are not right for borrowers with poor credit and other loans are a better choice for borrowers who have great credit. Some of the options are as follows:

Personal loans

Personal loans have many uses and come in many forms. Be sure to research the options available to you to determine what kind of personal loan best suits your needs before you request a loan. These loans are typically paid in a single lump sum with a fixed interest rate and are expected to be repaid in a single lump sum, in a very short period of time, but they can also be repaid in installments over a longer period of time depending upon the lender and the loan you are requesting.

It’s not necessary to borrow a large amount if you only need a small amount of money. You can get a loan of up to $1000 with a personal loan that can help you in a time of financial need, just be sure to take out only what you can afford to pay back within the term of your loan.

Payday loans

Payday Loans are short term, personal loans that are usually repaid on or before your next cheque. Payday loans have higher APRs. Many borrowers consider payday loans when they need a quick injection of cash to pay for small, personal debts before their next payday. It’s important with these types of loans to only borrow what you can afford to pay back in a very short period of time. Also, be sure to read the terms of your contract to avoid any confusion about when your loan matures.

Unsecured Loans

Unsecured loans are offered to borrowers with a great credit history who do not need to use collateral to secure a loan. Most types of emergency loans are secured with a paycheque and are due in a very short period of time, but unsecured loans may be an option for you if you have good credit and are set up to repay the loan within the term easily.

Installment Loans

Installment loans are a type of personal loan that is designed to be paid back over a longer period of time instead of repaying the loan in a single payment, the borrower repays the loan over a longer period on a set payment schedule that is pre-determined when the contract is signed. Ask your lender about installment loans if you think this might be a better fit for your situation.

Bad Credit Loans

Bad Credit Loans can be possible with Friendly Lender and the direct lenders we work with. Because these lenders work in smaller dollar amounts, it is possible to qualify for a bad credit personal loan. Even if you have been turned down before, it takes just three to five minutes to request a loan with our innovative online form. Friendly Lender submits your application to multiple lenders, increasing your odds of receiving a decision.

You should be aware that some lending companies claim to offer “no credit check loans.” These types of loans are not real. Every lender does a credit verification. Even if all they do is look at your paystub, that is actually a credit check. Saying that they do not do any kind of credit verification whatsoever is dishonest. Don’t be fooled by companies that promise you something that sounds too good to be true.

Reasons People Apply for Emergency Loans

These are some common reasons that consumers consider requesting emergency loans through the network of direct lenders that Friendly Lender works with:

  • A car or home repair that needs to be done right away.
  • Avoiding painful late fees on a bill, or on the rent.
  • Covering emergency medical expenses.
  • Debt consolidation.

It doesn’t matter why you are considering requesting an online emergency loan. Friendly Lender and the lenders which issue the loan do not need to know the specifics and purpose of these loans, meaning that you do not have to explain to anyone why you are applying for the loan because they are personal in nature. The money may be used as you deem fit.

However, it is important to use these types of loans wisely, particularly if you have bad credit, because they could cause you more problems down the line if you do not repay them within the term of your loan agreement. The last thing a borrower with bad credit needs is another dark mark on their credit report. So be careful and be sure that you have a good reason for requesting a payday loan before you sign the contract.