Deciding on the best online loans depends on many variables. Of course, each person has specific needs and also very specific borrowing and repayment conditions and capacities.
Therefore, the first thing you need to do if you are considering applying for online loans is to be clear about your financial situation. For example, you can ask yourself the following questions:
- Do you have other credits that you have not paid off?
- Do you owe more money to independent lenders?
- Do you currently have a stable job and a good salary?
Once you have this defined and have made the decision to apply for a loan online, some more general things to consider when choosing the best option have to do with the lender’s reputation, interest rate percentages, eligibility requirements, facilities offered and repayment terms.
Good Life Loan
Of course, Good Life Loan is the first online lender we recommend. There are many reasons for this, in addition to the good experience, security, ease of communication and the speed and simplicity we provide.
Contrary to many other entities, our business has online loans available for people located in any province or territory in Canada. So this is not a reason to worry.
The minimum age you must be to access our loans is 18. Are you 18 years old? Thanks to our no-survey process, it is very likely that you will meet all the other requirements without any hassle. For example, you must have a stable income and employment and be Canadian.
On the other hand, you can apply for amounts from $250 to $1500. And the best part is that you don’t have to justify what kind of uses you are going to put the money to, you are free to do so.
In addition, we are flexible in terms of the amount of installments for repayment. The repayment periods of our online loans can be as short as 84 days or even longer for larger amounts of money.
Thanks to our high approval rate, we are able to offer lower interest rates than other conventional and fast lending institutions. To give you an idea, keep in mind that we do business with financial institutions that offer an annual interest rate between 19% and 24%.
iCash is a Canadian company that offers online loans ranging from $100 to $1500. One of the best benefits offered by this company is that customers can receive a percentage back with each loan they apply for (this program is not available in all provinces, so you should check well in advance).
On the other hand, the minimum salary you must prove to access their online loans is $800 and you must have been receiving it from the same source for at least 3 months. This covers a less demanding range than many other online lenders and with no verifications or protocols, so it’s a plus.
You must also be 19 years of age or older. iCash is currently operating in the following territories, pay attention to see if you belong to any of the regions included for their online loans:
- British Columbia
- Alberta, Manitoba
- New Brunswick
- Nova Scotia
- Prince Edward Island
Their maximum repayment term is 62 days and their APR is 109.50%.
Need more than $1500 quickly for an emergency? Cash Money may be an option. They do online loans up to $10,000 and with a repayment period of up to 6 months. Although they do a credit check, this is not the only detail they take into account. In fact, they offer help to people with bad credit ratings and who have not been approved by other banks.
Their services are available in BC, NL, NS, ON and SK and have an interest rate of 46.93%, so be cautious when applying and calculate well how much you will have to pay them back.
If you need to apply for a smaller online loan (up to $1500), with Cash Money you can pay it off in up to 40 days.
Credit is another means of making loans online and without a credit check. It has the advantage that they deliver the money the same day if the application and approval are ready before 1:30 p.m. EST.
However, credit interest rates can be as high as 26% and their loans, although disbursed very quickly, can range from $250 to $800. You can repay your loan in 90 to 120 days, which is a good amount of time, so if you think this fits your needs, you may want to consider it.
Finally, remember to always be careful and compare lender alternatives with each factor in mind.