Many people turn to payday loans when they need quick cash. Although this is one way they can get the money they need, it’s not always the best option. A payday loan must be repaid in full when the person receives their next check, which could mean they are short on their next paycheck and could have to borrow again just to make it through. This can be a never-ending cycle, depending on how much the person needs to borrow. Instead of payday loans, many people are now looking into short-term cash loans.
What is a Short-Term Loan?
These loans are longer than payday loans, but don’t take years to repay. In fact, the person can borrow money today and have it fully repaid in 90 days. Since it’s not due in full with their next paycheck, they can easily spread the payments out until the 90 days is over to ensure they still have enough money from each check for bills, food, gas, and other expenses.
How to Apply
Typically, a person can get one of these loans online and get the money within 24 business hours. If the person is approved for the loan before 2:00 pm EST, they should be able to have the money deposited in the bank the same day. All the person will need to do is fill out a short application online, provide any requested documentation, and wait for the application to be approved.
Requirements for a Short-Term Loan
The requirements for short-term cash loans are a little bit different from payday loans. The person must meet the following requirements and there may be more stringent requirements depending on the loan company.
Must be 18 years or older.
Have a steady job for more than three months and a monthly income of at least $1200.
Be a Canadian citizen and have a Canadian bank account.
Not be close to bankruptcy, not have other active short-term or payday loans, and have few to no non-sufficient funds transactions.
Those who are in need of a little bit of extra cash may want to look into getting a short-term cash loan instead of a payday loan. It’s much easier to repay the short-term loan, as it doesn’t need to be paid in full with the next check. For an additional fee, the person can even postpone a payment or renew the loan for more flexible re-payment options. To find out more about how this works or to apply for a loan now, contact captaincash.