Debt is a growing problem all over the world, even in an idyllic country like Canada. Canadians have an accumulated $722 billion worth of personal debt. This figure doesn’t even include a further $2 trillion in mortgage-based debt.
Unexpected expenses can arise at any time. This can take even the most hardworking individuals by surprise. In fact, Canadian households now owe $1.83 for every dollar of disposable income made.
If you’re in need of some fast cash, instant cash loans may be the way to go. If you’re interested in learning more about the benefits of fast cash loans, then keep reading below.
Easy Qualification Process
One of the biggest benefits of fast loans is their easy qualification process. You don’t need to fill out mountains of paperwork as you would with a traditional loan. You also don’t need to provide multiple pages of proof for verification.
Simply input your personal, residential, and job or revenue information. You must be at least 18 years of age, have a stable job with at least $1,200 per month, and have a Canadian bank account active for 3 months to qualify.
You are required to be a Canadian citizen residing in the following provinces or territories:
- Ontario
- Prince Edward Island
- British Columbia
- New Brunswick
- Nova Scotia
- Newfoundland
- Alberta
- Manitoba
- Saskatchewan
- Nunavut
- Northwest Territories
You must also have a low short-term debt ratio, a minimal non-sufficient funds transaction record, and no current bankruptcies to be eligible for a fast cash loan.
Simple Online Application
Applying online for your fast cash loan is also easy. With fast cash loans, you can fill out paperless loan documents online. You don’t need to go into a bank or loan office in person.
The simple online application guides you through the process step by step. Just fill in your information in the provided boxes. When you’re ready, click on the “Apply Now!” button to submit your application and start the fast cash loan process.
The whole process can take less than 5 minutes. This means you can be on your way to getting the fast cash you need even sooner.
No Credit Checks
If you struggle with no credit or with bad credit, it can be tough to get the money you need to pay for unexpected expenses through traditional loan methods. That’s the beauty of fast cash loans. There are no credit checks.
Lenders work to provide loans to those with no credit or bad credit. You won’t be denied based on credit alone and your existing credit score won’t be impacted. Your approval is based on your steady monthly income and your ability to pay your loan back on time.
This makes them ideal quick loans for individuals who need money but don’t have stellar credit scores. You can use these loans to pay off debts and build up your credit over time.
Flexible Personal Cash Loans
When you get a fast cash loan, you can use that money however you wish. For example, you can put it towards medical expenses and other debts. There is no stipulation on how you can use your money.
If you’re facing overdue bills, a fast cash loan can help you avoid having services shut off. Need money for school expenses? An instant cash loan can give you the money you need right now.
You can even put it towards repair costs. If you need money for unexpected issues like emergency car repairs, a fast cash loan can help save the day.
This can give you peace of mind to face life’s challenges with a renewed confidence.
No Collateral Involved
In traditional loans, you are required to provide collateral. Collateral is any asset or personal property of value, such as a house or a car, that can be used to guarantee repayment of the loan. If you default on your loan, the loan lender can take all or part of this collateral as a form of payment towards the loan.
With fast cash loans, you receive a short-term loan known as unsecured debt that doesn’t require collateral to back it up. These quick loans have higher interest rates associated with them if the borrower defaults, which makes them more likely to be paid back to avoid accruing hefty interest.
However, there is no risk of losing your personal property through any collateral tied to these cash loans. Always check the terms and conditions prior to applying to ensure your ability to repay your loan back on time.
Affordable Repayment Options
Although fast cash loans can have interest rates associated with them, there are more ways for you to pay your loan back. You can choose from multiple repayment plans to pay off your loan on the terms that work best for you.
Choose from 3, 6, or 12 loan repayment installments. The more loan repayment installments you choose, the less your loan repayment amount will be each month. It gives you the flexibility you need to take control of your finances and pay off your loan debts on time.
If you do need to defer an upcoming payment for any reason, there is a small fee you will need to pay, usually between $25-$28, to move your next payment date further.
Qualify with Bad Credit
In Canada, a good credit score is considered anything 660 and above. If you fall below this number, it can make it difficult to qualify for credit cards, home loans, and other high credit score-based loans.
Having debt hurts your credit score. But this creates a bit of a complicated issue since if you can’t pay off your debts, how will you ever be able to build up your credit score?
Luckily, a fast cash loan doesn’t take into account your credit. So, even with a bad credit score, you may still be able to qualify.
This is great news for cash-strapped individuals who can’t qualify for credit cards and other loan options. You can still get fast cash and pay off your debts regardless of credit.
Get Your Fast Cash Loan Today with Teka Loans Canada
Unexpected expenses can pop up at any time. That’s why it is so important to have a backup plan to help you navigate these challenges. Fast cash loans from Teka Loans can help you ease the burden of financial debt.
Teka Loans in Canada makes it easy to get the fast cash you need quickly and simply. First-time loan borrowers can get up to $500 with the possibility to borrow more later on with a good repayment track record. There are no credit checks and even those with bad credit can apply.
Start your online loan application on our website today.