How To Cancel An RBC Credit Card Online?
Posted on May 7, 2021
No matter what your reason you need to cancel your RBC credit card, there are steps you should take to do it properly.
Same Day Loans
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There are plenty of different financial situations and emergencies that can come up over the course of your life and, when that happens, it can be a huge relief to have same day access to some extra funds.
Luckily, there are many ways to get approved for a same day loan with decent conditions and rates in Canada.
How Do Same Day Loans Work?
Generally speaking, a loan is when you borrow a specific amount of liquid cash from a physical or online lender and repay it in divided installments over several weeks, months or years. In most cases, the loan amount is deposited as one lump sum, directly into your bank account soon after your application has been approved.
As its title suggests, a same day loan is when the lender deposits said cash within 24-hours, unlike with some larger loans (mortgages, car financing, etc.), which can take days or weeks to be approved and processed. Due to this convenience, same day loans are typically smaller and have shorter repayment terms.
What Can You Use a Same Day Loan For?
As mentioned, a same day loan will be deposited into your bank account as cash, so you can use it to cover all sorts of expenses. That said, any loan is a debt that you must repay at some point, so you should only be spending the money on things that are absolutely necessary or totally unexpected, including but not limited to:
- Emergency expenses
- Unplanned travel
- Car repairs
- Emergency home repairs or expenses
- Medical expenses
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Is a Same Day Loan a Payday Loan?
If you’ve been researching same day loans in your area, chances are you’ve come across the idea of taking out a payday loan, which has a similar approval process and can also be deposited within a single business day. However, payday loans are actually quite different from more traditional same day loans because they:
- Are much easier to qualify for (minimal approval restrictions)
- Generally, come in maximum amounts of $100 – $1,500
- Have average payment terms of only 14 days following deposit
- Have extremely high-interest rates (sometimes over 400% APR)
To qualify for a payday loan, you only need to prove that you’re past the age of majority in your province (18 – 19+) and have a regular source of income (at least $1,000 – $2,000 monthly). Same day loans, on the other hand, can be larger, have longer payment terms and require more personal/financial information to be approved.
Unfortunately, their short repayment terms, combined with their sky high-interest rates can make payday loans very unaffordable, even predatory in nature. For years, many provinces and territories have attempted to impose stricter regulations or even ban payday loans altogether, because of the financial harm they’ve caused to Canadians.
Essentially, while same day loans have their own drawbacks, you should only apply for a payday loan if you have no other choice and can find a legitimate, trustworthy lender.
Check out how payday loans can trap you into a cycle of debt.
What Are the Benefits of a Same Day Loan?
Perhaps the greatest benefit of a same day loan is how quickly you can get your money. Many same day loans are deposited within hours, even minutes of being approved. Here are some of the other major benefits of the average same day loan:
- Easier Approval – Compared to some credit products, same day loans often have fewer requirements and personal/financial documents to fill out. In most cases, the application process can be completed online in a matter of minutes.
- Bad Credit Friendly – If you have a bad credit score (300 – 600), it can be hard to get approved by a bank or other prime lender. However, many same day loan lenders are more lenient and won’t check your credit if your finances are healthy.
- No Security Required – You often need to have collateral or a cosigner to get approved for a larger, more expensive loan, which isn’t usually a requirement for same day loans (although this is sometimes an option).
- Instant Cash – Since a same day loan is fast liquid money that’s deposited directly into your bank account, you can use it to cover almost any common expense or financial emergency that comes your way.
Where Can You Get a Same Day Loan?
Same day loans are also beneficial because you can apply for them outside of your bank or credit union, where approval requirements are more strict and having bad credit or a low income can get you denied. Don’t panic, because there are a ton of alternative same day lenders across Canada that offer easier restrictions and better conditions.
Best Personal Loans Providers in Canada
Amount APR Term
(Months)Type of Loan 
Up to $35,000 26.99% - 39.99% 6 - 60 Secured & unsecured More Info 
Up to $15,000 29.99% - 46.96% 9 - 60 Personal loan More Info 
$5,000 - $35,000 5.9% - 45.9% 12 - 60 Personal loan More
Info 
$1,000 -$35,000 5.99% - 29.19% 36 – 60 Persona loan More Info 
Up to $5,000 19.9% - 45.9% 3 - 36 Personal loan More Info 
Up to $10,000 43% 36 - 60 Guarantor loan More Info
How Can You Choose the Right Same Day Loan Provider?
Sadly, one of the most major advantages to a same day loan can also be one of its biggest flaws. Since same day loans may only be found with private lending companies, they can be harder to regulate than traditional bank loans. If you’re not careful, this can lead to scamming, identity fraud, and predatory interest rates.
Thankfully, there are a few precautionary measures you can take to make sure you apply with the best same day loan provider possible, including but not limited to:
- Research and compare several lenders in your area
- Make sure they specify their rates and fees (on website, contract, etc.)
- Check their customer reviews, ratings, and complaints
- Look up their company name in the Better Business Bureau database
- Confirm that they have a legitimate address and credentials
- Speak with their customer support and get a price/rate quote
Here are some red flags that can tell you if a same day loan provider is fake or predatory:
- Their website lacks vital information (fees, rates, terms, etc.)
- Their salespeople are pushy, rude, or they refuse to answer your questions
- You cannot find any legitimate details about their company
- They charge interest rates that are higher than the legal limit in your area
- They have a 100% approval rate, regardless of who you are
- They charge a “security” or “approval” fee before your loan is deposited
How Do You Qualify For a Same Day Loan?
As mentioned, the minimum approval requirements for same day loans are more lenient than with a lot of other credit products, particularly from banks and credit unions. Nonetheless, you will need a few different documents to apply, such as:
- Government photo identification (driver’s license, passport etc.)
- Proof of your permanent Canadian address (utility bill, phone bill, etc.)
- Proof of your income and employment source (paystub, job history, etc.)
- Your latest bank statements (you need an account with direct deposit)
- A preauthorized debit form or VOID cheque (for automatic payments)
- Your cosigner’s personal and financial information (if you are using a cosigner)
Increase your odds of approval and check out what lenders look at when assessing loan eligibility.
What Else Should Be Considered When Applying For a Same Day Loan?
Despite the many benefits that same day loans offer, it’s essential to consider all factors and think carefully before you give away any of your personal or financial information. For instance, here are some of the associated costs you’ll have to budget for:
- Interest Rate – While interest rates can vary according to several factors (income, current debts, etc.), the general rule is that the more risk you present as a potential client, the higher and less affordable your rate will be overall.
- Penalties – No matter how responsible of a client you are, you can still be charged a penalty for any late, short or missing payments. Not only can defaulting damage your credit, but it can also lead to serious financial problems, like uncontrollable debt.
- Hidden Fees – Every lender charges different fees for their services. However, there are many that won’t inform you about their fees until your payments start or your term ends. This can include loan origination, document processing, etc.
- The Final Cost – Although your same day loan might be affordable at first, you never know what can happen in the future. Only apply for a loan if you can easily cover all payments, interest, and fees.
Frequently Asked Questions
How much money can I get from a same day loan?
While every lender offers different amounts, the average same day loan is between a few hundred and a few thousand dollars. Some well-established lenders can even provide you with a same day loan of $10,000 – $20,000. Overall, the better your financial health and debt-to-income ratio are, the more money you’ll qualify for. What happens if I can’t make my loan payment on time?
As stated earlier, every late, short, or missed payment will not only result in a penalty, it can decrease your credit score and stay on your credit report for years. If you miss too many payments and go into default, you could eventually be subject to debt collection penalties, not to mention a harder time qualifying for future credit. If you think you won’t be able to afford your upcoming payments, contact your lender immediately to discuss your situation and show you’re not avoiding them purposely. Can I get a same day loan if I have bad credit?
Yes,you can get approved for a same day loan if you have a bad credit score or prior problems with unpaid debts. There are even many subprime lenders that don’t check credit, as long as your income would sufficiently cover your loan payments. However, keep in mind that if your lender does check credit, a bad credit score can lead to less financing, a higher interest rate, and a more restrictive payment plan. Do I need to be employed to get a same day loan?
Despite their easier approval requirements, most lenders will want you to be employed before they approve you for a same day loan. At the very least, you must have a regular source of income from a part-time job or contract position in order to qualify for decent conditions. This is especially true if you’re looking to borrow a large amount.
Looking For the Right Same Day Loan?
Searching for any credit product can often be time-consuming and stressful. If you’re having trouble finding the right lender or loan for your needs, we can help. Our online loan comparison platform can help you compare offers and find the best options.
Interest that is earned by an individual, but not yet received. Or, interest that is owed, but not yet paid. Interest is typically earned or payable after a certain period of time, such as a month or a year, which is why it can accrue. The interest rate you pay over a full year in exchange for borrowing. An APR is expressed annually but is typically charged monthly. You can determine the total monthly interest you’ll pay on debt by multiplying the borrowed amount by the APR and then dividing by 12. Anything that has financial value is considered an asset. In order to reap the benefits of an asset, you must also own it as an individual or business. When it comes to debt, usually only real estate, jewellry, vehicles, and investments are considered assets. An individual or entity that takes something (for example money or equipment) with the intention of returning it to the original owner. When the borrower it taking out a loan, there is usually an agreement involved and applicable interest. A cash withdrawal from a credit card. Cash advances are a very expensive form of financing as the interest rate on the borrowed amount is higher and there is often a flat fee. In addition, interest becomes effective immediately after you withdraw the cash, instead of after the balance due date. An individual who shares an obligation of something that was borrowed with one or more people. All co-borrowers listed on an agreement are fully responsible for repaying the obligation. Any asset that is used to secure debt. In the event that the borrower defaults on the loan, the lender has the right to seize the asset and sell it to cover the owed amount. Collateral is also commonly referred to as security. An individual who agrees to make your loan payments and otherwise be responsible for your debt in the event that you default on the loan. Using a cosigner is a popular option for individuals who have trouble securing debt on their own. All of the costs a borrower incurs when borrowing an asset or money. Examples of borrowing costs include legal fees, interest, loan origination fees and penalties. An individual or entity that owes a sum of money to a creditor. Failure to pay the minimum payment on a loan or account on or before the agreed-upon payment date. Delinquency is typically categorized in 30, 60, 90 or 120 days since lenders typically have monthly payment cycles. Delinquent accounts may eventually turn into defaulted accounts. An individual who relies on another individual for financial support. Usually, this refers to a family member, common-law partner or spouse who is unable to financially support themselves. The market value of an asset you own less the amount still owed (including any additional fees to sell or repay debts) on the loan used to purchase the asset if any. Equity increases when you pay down the debt as well as when the value of the asset increases. Equity can be calculated at any point in time and is also referred to as lendable value or net value. A payment schedule that breaks up an owed amount of money into several equal amounts, otherwise known as installments, which are paid over an agreed period of time. An amount of money that is borrowed by one entity from another with the expectation that the amount will be paid back. Interest is typically applied on the owed amount. The ratio of what amount was borrowed to purchase an asset in relation to the market value of that asset. The formula would be: the total amount borrowed for the purchase divided by the total selling price of the asset. The borrowed amount can differ from the selling price if the individual makes a down payment, for example. In general, the lower the LTV, the more favourable the terms of the financing will be. A short term, small loan that a borrower promises to repay on their next pay day. Payday loans are known to be an expensive and risky form of financing that makes it challenging for the borrower to repay and manage. The period of time over which a borrower is obligated to make a payment. Payment periods could be weekly, bi-weekly or monthly, sometimes even longer. The prime rate advertised by a lender is typically based on the Bank of Canada’s interest rate that is set each night, which may change at any time. The total remaining balance of a loan, without considering interest and other fees. A loan that is secured by an asset known as collateral or security. In the event that the borrower defaults on the loan, the lender has the right to seize the asset securing the loan and sell it to repay the owed amount. This type of loan bears less risk for the lender, but more risk for the borrower. A loan that is not secured by an asset known as collateral or security. In the event that the borrower defaults on the loan, the lender will not have the opportunity to seize the collateral or security to repay the owed amount. This type of loan bears more risk for the lender, but less risk for the borrower. Loan Glossary
Terms
Accrued Interest Annual Percentage Rate (APR) Assets Borrower Cash Advance Co-Borrower Collateral Cosigner Cost of Borrowing Debtor Delinquency Dependent Equity Installments Loan Loan-to-Value Ratio (LTV) Payday Loans Payment Period Prime Rate Principal Balance Secured Loan Unsecured Loan
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