Sometimes you need money quick- really quick. Whether you’re saving up for the holidays, have an unexpected emergency or are just a tad short on rent this month, fast loans could be a good option to hold you over in tricky times.
Online Loans are the perfect solution to getting quick cash. The traditional means of obtaining a Personal Loan has a few flaws: in-person appointments at the bank, strict approval policies and wait times that could be as long as two weeks! Luckily, there are other options, like Fresh Start Finance’s online loan service. Fresh Start provides no hassle, no fuss personal loans for Canadians. And, with Fresh Start, you can receive the quick cash you need within 24 hours!
What is a fast loan?
If you’ve never applied for one before, you may be asking yourself, what exactly are Fast Loans? It’s just what it sounds like - a method of obtaining a personal lump sum of cash on short notice, without the time-consuming hassle that’s common with the traditional bank loan application process.
These loans come in a few forms, such as payday loans, lines of credit and through online lender services like Fresh Start. Unlike most loans, which require extensive credit checks, these loans typically remove the limitations that could be caused by a customer’s credit score, and are therefore, able to provide a faster turnaround.
So, how fast is “fast”? Traditionally, a loan can take anywhere between five business days to two weeks to land in your bank account after approval has been granted. Fresh Start cuts that time down significantly by placing money in your bank account within just one or two days of approval. The speed at which this type of loan is processed makes them a great option for people who are in dire situations and need money urgently, but don’t want to snowball their debt with a payday loan.
What you spend the loan on is totally up to you. If approved, your fast cash loan can be used to cover any costs you wish, from luxurious vacations to the purchase of your very own pony, if that’s what you really desire! However, some of the most common short-term loans are withdrawn for necessities, such as:
- Medical expenses
- Living expenses
- Education Fees
- Home improvement or renovation costs
- Large purchases, such as cars or home appliances
- Emergencies or unexpected expenses
Despite not requiring a good credit score, there are eligibility terms to being approved for most fast money loans in Canada. These can loan requirements include:
- Being a resident of Canada with proof of identity & residency
- Being over the age of 18
- Owning of a bank account
- Having proof of income
- Having proof of your monthly expenses
- Having some sort of Canadian credit history
Old Methods of Obtaining a Loan
If you’re reluctant to change and consider yourself a fan of “old-school” banking methods, let us explain why some newer lending options provide improved methods of obtaining the quick cash you need.
Traditionally, obtaining a loan requires waiting in line at your local bank branch for an in-person appointment and lengthy approval wait times - that is, if you get approved. Loans issued by banks tend to have much stricter approval policies, taking everything from your credit score to your personal income into account. If you’re unemployed, don’t earn much money or have a low credit score, chances are, you’re not getting approved.
If you are lucky enough to get approved for a loan from the bank, you can expect a wait time of up to two weeks, which of course, is not ideal if you’re crunched for time. Bank loan rates also tend to be higher than online providers, as banks are supporting the cost of a brick-and-mortar establishment as opposed to an internet-based service.
You may have been able to get around the strict approval processes at the bank by applying for a payday loans, or an online payday lender touting their “Instant Payday Loans” and “Guaranteed Approval”. Be careful with these, as their higher interest rates increase your total cost of borrowing, which can be expensive in the long term and can trap you in a cycle of debt that is difficult to break free from.
Although payday centers technically do provide loans quite quickly, they couple them with short repayment terms (around two weeks) and annual percentage rates (APRs) that are upwards of 400%!
In comparison, online lenders like Fresh Start, have flexible repayment terms suited to your needs, with APRs between 29.99% and 46.96%, depending on factors such as your credit history.
Why Choose Fresh Start for a Fast Loan?
Well, for starters, Fresh Start accepts any credit score. So, even if you’ve faced rejection from the bank or other loan providers, you’ll likely qualify for our fast loans, regardless of how low your credit score may be.
As Canada’s leading provider of personal loans and Fresh Start offers a simplified and reliable process for obtaining a loan. With a quick, straightforward application process tailored for customer satisfaction, you don’t have to worry about waiting in long lines at the bank or dealing with a difficult teller over the phone. In fact, in the time that it would take you to walk or drive to the bank alone, you could complete our quick, five-minute application on the Fresh Start website from the comfort of your very own home or mobile device. Or, if you prefer some human interaction, give our live customer support team a ring on the phone - they’re available and happy to help any day of the week!
All you need to do is provide your details and financial requirements and we’ll inform you of your loan options. Once your approved with all necessary documents and have chosen the payment plan best suited for you, your cash loan will be placed into your bank account within a mere 24 hours.
Searching and applying for personal loans can be a stressful task, but it doesn’t have to be. Fresh Start can provide you with a Personal Loan of up to $15,000 with the option of repaying your loan within 9 to 60-months, and match you with a flexible payment plan that’s tailored just for you. Our straightforward application is 100% secure and free with no hidden fees and can be completed in just a few minutes. Try it yourself!