Sometimes life happens, which results in events that are unfortunate and expensive. It can be challenging to be prepared for the worst at all times, especially in terms of finances. Luckily, you can get an urgent loan with bad credit to help you in times of desperation.
What Is An Urgent Loan For Bad Credit Borrowers?
An urgent cash loan is a loan that is used in emergency situations where you need quick cash to pay an unexpected expense. Generally, application processes and approval times are very rapid to ensure that the applicant gets the cash they need as quickly as possible to deal with the emergency.
If you have bad credit, it can be challenging to get a loan, urgent loan or not. Fortunately, there are loans out there that require little to no documentation such as a no employment verification loan or a no bank verification loan. These loans are ideal for individuals with bad credit or those with non-traditional income streams (basically anything that is not a stable 9 to 5 job).
Can You Get An Urgent Loan In Canada?
Yes, it’s possible to get approved for a cash loan quickly and get access to the funds almost immediately afterwards. There are many lenders that offer fast application processing.
If you need cash urgently, work with an alternative online lender that specifically offers emergency cash loans.
Can You Get An Urgent Loan For Bad Credit BorrowersOnline?
Online lenders are a good option for urgent loans because they can easily be accessed in a short period of time. However, when using online lenders, it’s important to be wary of scams. If an online loan seems too good to be true, it probably is. Be cautious of any lender that promises 100% guaranteed approval or requires a payment from you upfront for any reason.
Where Can You Get An Urgent Loan For Bad Credit Borrowers?
If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Wagepay is an online financial services platform that provides early payday advances, allowing consumers to access some of their upcoming paycheques before payday. The sign-up process takes just a few minutes, with up to $1,500 made available shortly after approval. No credit check is required, making it a great option for bad credit borrowers in need of cash but can't wait for their next paycheque to come in.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
Pay2Day is an online payday lender in Canada that offers small, short-term payday loans for up to $1,500. The company has over 30 locations across Canada, giving borrowers the option to apply either in-person or online. Loan applications and approvals are available 24/7, with funding available in as little as 1 to 2 hours via e-transfer. No credit checks are required, making payday loans from Pay2Day accessible to bad credit borrowers. Pay2Day aims to make financial solutions more accessible, quick, and convenient for Canadians in need of fast cash but who don't have the credentials to secure a traditional loan.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
Types Of Urgent Loans For Bad Credit Borrowers In Canada
There are a couple of loan types that can get you the cash you need with minimal wait, including the following.
Payday Loans
Payday loans are short-term loans that are meant to alleviate urgent financial needs. Loan amounts are usually made for no more than $1,500, and the funds must be repaid in one lump sum by the time you receive your next paycheque.
Payday loans are attractive to bad credit borrowers who may have trouble getting approved for a loan through conventional means. They’re also suitable for those who need cash fast because loan approval and funding typically take place within 24 to 48 hours following application.
If you’re approved, the funds will be deposited into your account or e-transferred to you.
But it’s important to understand that these types of loans are extremely expensive. Depending on where you live in Canada, you’ll be paying anywhere from $15 to $25 per $100 borrowed. The more you borrow, the more you’ll pay in interest.
Credit Card Cash Advances
Perhaps the fastest way to access urgent funds is through a credit card cash advance. If you already have a credit card, you can withdraw the funds you need, up to a percentage of your credit card’s limit.
Keep in mind that the cash advance interest rate is often a little higher than the purchase rate. More specifically, cash advance rates on credit cards can be as much as 24% and interest is accurate daily, not monthly.
Borrow Up To $50,000
How To Get An Urgent LoanFor Bad Credit Borrowers
To get access to a fast cash loan, follow these steps:
1. Compare Loans From Different Lenders
Lenders typically have similar lending requirements, but they may differ slightly from one to the other. Find out exactly what the lender’s eligibility criteria are before applying to avoid any hiccups in the process and ensure that approval isn’t hindered in any way.
Plus, comparing lenders will also give you a chance to weigh each loan product and see where you can snag the lowest rate. You’ll also want to compare loan terms, repayment schedules, and fees. And of course, you’ll want to make sure the lender can approve your loan and fund your account right away, especially if you’re in desperate need of cash.
2. Gather All Necessary Documents
Lenders need some sort of documentation to help them verify your creditworthiness and financial health. Typical documents required include things like a letter of employment, pay stubs, bank statements, and tax receipts. Find out what the lender needs as part of the application process and gather all paperwork.
3. Apply With Your Lender of Choice
Once you’ve decided on a lender, you can apply for an urgent cash loan directly with them, whether in-person at the lender’s branch or online via the lender’s website. Be sure to complete the application in full and review it carefully to ensure 100% accuracy before submitting it.
Pros And Cons Of An Urgent Cash Loan
Getting access to fast money is the most obvious perk of urgent cash loans, but there are also a handful of drawbacks to consider. Let’s weigh the pros and cons of this type of loan to help you decide whether it’s right for you:
Pros
Quick approval and funding. Urgent cash loans are appropriately named, as they’re designed specifically to expedite the application and funding process. You won’t have to wait days to get access to the much-needed funds.
Fee limitations. Lenders in the fash-cash sphere are regulated by the government, which means there are limitations on how much they can charge for these loans. This will help protect you from getting into a vicious cycle of debt.
Cons
Expensive. While the government may place restrictions on the fees lenders can charge, urgent cash loans are still very expensive. Alternative lenders may be easier to access loans from, but they usually charge much higher interest than conventional lenders.
Short repayment terms. Urgent cash loans can come in really handy to cover a last-minute expense, but they usually need to be repaid within a short period of time. Short loan terms can make it more difficult to come up with the money needed to pay back the loan in full by the due date. Plus, shorter terms also mean higher repayments, which may not fit well into your budget.
When Is An Urgent Loan The Right Option?
When an emergency happens, it is important to obtain the right loan at the right time based on the consumer’s situation and finances. Anyone facing an emergency could benefit from an urgent loan, below are various situations where an urgent loan would be a good option to explore.
Medical emergency
Urgent car repairs
Urgent house repairs
Cover living expenses because you need to take time off work
Funeral arrangements for family or a loved one
Unexpected professional fees, such as lawyer fees
Alternatives To Urgent Payday Loans
If you’re concerned about the high cost or tight repayment due dates associated with urgent cash loans, there are other loan types to consider:
Personal Loans
A personal loan is a type of installment loan that is made for loan amounts of anywhere from $1,000 to $50,000, on average. Rather than paying the loan amount in one lump sum, the loan is repaid through regular installments over a set period of time.
Bank Overdrafts
You may be able to overdraw your bank account if you need access to cash quickly and your bank allows the transaction to occur. This will put your account into overdraft which may cost a one-time fee and interest on the outstanding balance.
Government Aid
You may qualify for government assistance programs that can help out financially to cover basic necessities, like food, rent, and utilities. They may also offer free financial advice to help you get out of debt and better manage your finances.
The internet is the best place to look for an urgent cash loan, no matter what time of the day. Many online lenders offer urgent cash loans around the clock, regardless of what your credit score is.
Can I get an urgent cash loan without a bank account in Canada?
Yes, you can immediately access cash via an urgent cash loan even if you don’t have a bank account. Some online lenders offer “no bank verification loans” that do not require an active bank account to get approved. But, it’s important to note that these options are limited and may be more expensive than traditional loans.
What is the easiest loan to get right now?
The easiest loans to access are payday loans, pawn shop loans, car title loans, and personal loans. These short-term financial solutions not only offer fast cash, but they’re also much easier to get approved for compared to more conventional loan options.
Can I get a loan in one day?
Banks may approve you for a loan and give you the money within the same day, but the entire process of applying and getting funding could take several business days. Some credit unions and many alternative lenders offer same-day (or very fast) options.
Bottom Line
While it is impossible to plan for the unexpected, do your best to build savings and emergency funds to mitigate the adverse effects of an urgent situation. When the worst occurs, remain calm so that you can act rationally to make the best of a bad situation. Being prepared for the future should be a top priority for all Canadian consumers.
If you need assistance with applying for an urgent cash loan, Loans Canada can help you today.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
Unexpected expenses can throw a wrench in anyone’s budget. iCash can help you quickly access the cash you need.
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