In an emergency, speed is everything, and waiting days or even weeks for financing to come through is sometimes just not an option. Hence the rise in same-day loans; but what are these instruments, and can you get them in Canada? Let’s find out:
What Is a Same-Day Loan?
Here’s the thing: the term ‘same-day loan’ isn’t an official one; it’s actually a generic, catch-all term for any personal loan available very quickly – sometimes within a few hours, usually within a day. This speed is not guaranteed though, even if lenders use the term ‘same-day’; what they really mean is that the majority of their loan applications are processed and funds disbursed on the same day, giving borrowers the highest possible chance of same-day funds. But no lender can guarantee loan approval or same-day turnaround, as multiple factors impact the possibility of this.
Most same-day loans are for small amounts and available on a no-credit-check basis; the bulk are payday loans, although some online lenders offer ‘quick loans’ or ‘next day loans’ with small installment loans as well.
Are Same-Day Loans Available in Canada?
Fast cash loans are available throughout Canada from a variety of lenders. This includes loans advertised as ‘same-day’ or ‘next-day’, although, as mentioned above, no lender can 100% guarantee same-day funds. The likeliest route to same-day cash in Canada is from payday loan companies; these specialist companies require minimal paperwork, do not perform credit checks, and have speedy online systems that can process applications within just a few minutes. And with the use of automatic deposits and E-transfers, funds can be wired directly to you as soon as they are approved. All of this results in payday loans being the fastest form of borrowing in Canada, with most people receiving funds on the same day or the next day.
Who Can Get a Same-Day Loan in Canada?
The requirements for payday loans in Canada are simple. Applicants must:
- Be age of majority in their province (18 years old or 19 years old, depending on where you live)
- Have valid Canadian-issued ID
- Have some form of income (e.g. employment income, EI, or WSIB)
- Hold an active bank account
If all of this is true, a borrower can fill in a payday loan application online, include their supporting documentation, and receive a loan decision in no time at all.
Payday loans are limited in size though; borrowers cannot access more than $1,500 at a time. So if more is needed, a fast online personal loan is the next best option. Different online lenders have different processing times, different eligibility requirements and different possible loan sizes, so you’ll need to search to find one that can offer you what you need, as quickly as possible. Many online lenders work fast enough that you can expect funds in two to three days.
How To Get a Same-Day Loan in Canada
Getting a same-day loan is easy; all you need to do is gather together your paperwork (at a minimum: ID, proof of income, and bank account details) and use it to complete an online application form. Every lender has their own online application system that will walk you through the steps to apply, and that will also lay out exactly how you will receive and need to pay back your loan funds.
The hardest part of getting a same-day loan is actually choosing where to apply to. Canada has many payday lenders, and whilst some may differ in their small print (for example, the minimum amount of monthly income you need to be eligible for a loan from them), most have fairly similar overall terms. This is because payday loans are heavily regulated in Canada, so the maximum amount they can cost, the maximum loan amount, and the length of time you have to pay it back, are all set by the government. This might leave you thinking that all payday lenders are interchangeable, but this isn’t the case. Payday loan scams are common and to keep your money safe, you need to find a lender that is:
- Licensed
- Reputable
- Well-established
- With a history of positive customer reviews
- And a solid customer service team
Magical Cash is just such a lender; find out more about our processes and our security features, or talk to us directly to find out how we can help you access safe, affordable cash fast.
