online loans

Online Loans for Emergency Situations


A survey from August 2022 showed that 56% of Canadians were struggling with the increased cost of living. If you find yourself in a similar situation, you might wonder how you’ll cover any future emergencies. One of the best ways is to consider online loans to get quick cash.

These emergency loans are easier to apply for and can help cover financial debt at the last minute.

Here’s what you need to know about getting these fast loans:

How Much Money Do You Need?

We’ve published a more detailed guide on how to qualify for a loan from us. But let’s recap some of the main factors you’ll need to improve your chances of receiving a loan.

Your first step should be to decide how much money you’ll need to cover your emergency. Let’s say you need $1,000 to cover the cost of your emergency.

You might want to apply for the exact amount. Or you might want to apply for a few hundred dollars more.

You might have to pay interest rates, late fees, convenience fees, etc., which increases the price.

What happens if you have some savings to cover the cost of your emergency?

Let’s say you have $600 in savings. It’s often easier to use these savings and then apply for a loan of $400.

Next, let’s look at what makes a great loan provider.

Why Consider Online Loans From Us

Most loan providers have lengthy processes for applying. But if you need fast loans, you must also complete an application as fast as possible.

Let’s look at the basic requirements you’ll need from us to qualify for a loan. You’ll need to be a Canadian citizen and at least 18 years old.

You should have received a total of at least $1,200 per month for a period of at least three months. This should be from your employer via check or direct deposit.

Other types of income, such as welfare payments, insurance, self-employment, pensions, disability payments, etc., aren’t eligible for proof of income.

However, employment insurance can be used for renewing an existing loan.

You must have an active Canadian bank account which should have been active for at least three months.

You shouldn’t be in the process of becoming bankrupt, entering a consumer proposal, or having many insufficient funds transactions. 

You should have a low short-term debt ratio. This means that you only have a few other active short-term loans.

How Fast You’ll Receive a Loan

If your loan is supposed to cover an emergency, you’ll want to receive your cash shortly after you apply.

If your application is approved by 14:00 EST, you’ll receive your loan to your bank account by the end of the day. Otherwise, you’ll have to wait up to 24 hours to receive your money.

What We Offer

We work with different loan providers to help find the perfect loan option for each client.

We only work with the most trusted providers that meet the following criteria:

  • 23% APR
  • 23% annual interest rates or 1.92% monthly rate
  • $48 in Non-sufficient fund fees (NFS)
  • Three months minimum to pay back the loan
  • Option for delaying $28 administrative fee
  • Brokerage fees included in the loan

We’ve vetted Canada’s best loan providers. We know many Canadians apply for loans and want to ensure you’ll always be matched with the best option for your needs.

How Our Online Loans Work

What happens if you receive a loan through us? How does the process work, and what are your obligations?

Your first loan payment must be paid back by the scheduled date. Afterward, you can always make payments before the deadline.

You can cancel a regular payment within a maximum of 48 hours after making the payment. Currently, insurance isn’t available for any of our loan options.

Loan payments can be made through automatic withdrawal or money transfer via email. If you’d like to pay via credit card, call our number: 1-866-214-0079.

If this is your first loan with us, the maximum you can receive is $500. Once you’ve finished paying off your first loan, you can apply for a new one. These new loans can be for a much higher price if needed.

Before You Apply

Let’s look at what you should know before applying for emergency loans with us.

Let’s say you lose your job and lack sufficient income to repay your loan. You can request a suspension of payments for a maximum of six weeks.

You can provide a variety of supporting documents ranging from a doctor’s note to an employment insurance claim.

You can call us to learn more and to let us know if you’ll need more than six weeks to suspend your payments.

You’ll pay a $48 NSF fee each time you miss a payment. For each missed payment, your loan will be extended by two payments.

If you miss a payment but make it within a five-day grace period, you won’t be charged an NSF fee.

You can also defer a payment within 48 hours’ notice. The first and last payments can’t be deferred. You also can’t have two consecutive deferred payments.

Generally, it’ll take a maximum of 24 hours for us to approve or disqualify you for a loan. The application is short and shouldn’t take longer than five to ten minutes to complete.

Our customer service line is available 24/7, so please don’t hesitate to call us should you have any further questions.

You can also contact us via email if you want to learn more about the application process.

Our blog also provides a wealth of information regarding our loan process and becoming financially stable.

Get Your Emergency Loans

Now you know how to secure online loans with Tekaloan and how we can help you wriggle free from an emergency.

You must first decide how much money you’ll need to cover your emergency. Next, make sure you meet our basic requirements to qualify for a loan.

Before you apply, you also want to understand your obligations regarding paying back your loan. We offer flexibility where possible, and you can always call us if you need further support.

Don’t get stuck when an emergency springs up. Apply for a fast loan with us today!

Get money today with our instant loans