According to the community group ACORN Canada, money worries are on the rise. And it seems like the pandemic is to blame. We are starting to see the financial hit from those many months of closed businesses and social distancing rules.
So know that you aren’t alone if you worry about waiting for your next paycheck. But if you have an urgent financial demand, you have options.
We’ll use this guide to explain how our Teka loan works and why it might be a smart choice for you.
What Is a Teka Loan?
The Teka loan is a small, short-term loan that will help you with an immediate and short-term financing need. For example, perhaps you have an emergency car repair to pay for but don’t have enough funds in your account until your next payday.
However, you need your car to get to work and drive the kids to school. A short-term Teka loan might be the ideal answer to your problem.
Teka loans are one-off loans, typically for anywhere between $500 to $750. When applying, you agree to payment terms and usually pay these installment loans back in three to five months.
You’ll also get to choose one of four repayment frequencies:
- Every two weeks
- Twice a month
Teka loans offer a competitive rate for short-term financing of 23% APR. Moreover, you’ll get a precise calculation of the interest you pay when you take out the loan. And you can pay it off faster if you want to reduce the overall cost of the loan.
Benefits of a Teka Loan
You might wonder whether Teka loans offer an advantage over other forms of financing, such as long-term loans and credit cards. If so, here are some of the main benefits:
If you apply for a long-term loan or credit card, the process typically involves an application and a wait of several days (sometimes a week) for approval.
If you need money before that, the application process won’t help you. In contrast, a Teka loan was designed to be a quick application. Approvals happen within minutes, and you’ll get the money in your account the same day.
We all get form-fatigued – that feeling of completing hundreds of identical questions on an application. And sometimes it’s even worse – questions that force you to spend two hours reading through old paperwork in search of an answer!
Teka was designed to be as simple as possible. There are minimal form fields, and it’s all done on an easy-to-use online application.
There Is No Credit Check
Perhaps you ran into some problems in the past with your finances. Or maybe you haven’t used credit before, so you don’t have much credit history.
That’s always a hurdle when applying for a loan, as it may be that your credit rating is too low and your application gets rejected.
However, with a Teka loan, there is no credit check. Getting the loan could help improve your credit rating, providing you repay the money on time.
The Financial Consumer Agency of Canada regulates short-term fast loans like Teka. So you can rest assured that everything is safe and above board when you submit your application.
Moreover, we use modern technology to secure your data, making our application process safe.
You’ll also find many positive reviews from happy customers if you go to Trustpilot. So you’ll be getting your loan from a safe, trusted, and properly regulated company.
Is a Teka Loan Right for You?
If all that sounds positive, you might now wonder if a Teka loan is the right choice. So here is what you need to know.
Check Your Repayment Schedule
First, you’ll need to make sure you can commit to the repayment terms. It’s a three-month repayment window so double-check your monthly budget to ensure those repayments are affordable.
If it doesn’t fit, take a look through any luxury spend – could you put any of that on hold until you’ve repaid your loan?
Perhaps you pay monthly subscriptions to TV packages or gym memberships. If that’s so, some companies will allow you to pause temporarily for a few months.
Check Our Loan Terms
Second, make sure you can meet our loan terms.
You’ll need to be able to demonstrate a monthly salary or a regular income. You’ll also need proof of a permanent residential address and be over 18. Though we don’t run credit checks, you can’t apply if you are currently considering bankruptcy.
And when starting the application, make sure you keep your bank details on hand. You’ll need these so we know where to send the money once we approve your loan.
Look at the loan amount and ensure that the loan will cover the money you need. It’s always worth writing a budget first, so you know how you will spend that loan.
The maximum you can borrow is $750. So check that figure is enough to cover your current expenses. You don’t want to borrow and find you need further finance in a month.
Lastly, ensure you aren’t currently in a debt cycle and that the loan is for an expense and not to manage another debt. If in doubt, talk to a financial advisor.
Small online loans are a fantastic way of covering short-term expenses, but you shouldn’t use short-term loans to manage a long-term debt problem. As a responsible lender, we think it’s vital that you know this!
Get a Teka Loan Now
Don’t let small and urgent money worries become a significant and unmanageable problem. A short-term Teka loan will help you cover that cost until your next payday.
Your next step is to start our easy application by choosing your loan amount and repayment option – head here now to begin the process.