During the early days of the mortgage business, brokers would require a lot of paperwork…
Now you can listen to our blog, “Same Day Loans in Canada – Personal Same Day Loans” while on the go.
No matter how strong you are financially and how well you have managed your personal finance, there are times when you need access to funds fast. If that time has come for you too, then keep your worries calm as same day loans are there to help you.
Today, in the presence of technology, online lending options are vast and ready to grant loans even on the same day. Now you can get personal loans on the same day you apply, without any extra hassle or fee.
However, know that not all online lenders are the same. So, we have compiled a list for you so you can pick the best option for yourself. The list is prepared on the online lender’s previous customer reviews, reliability, and convenience.
With our list, you will learn whether you are approved or not for the loan in a few minutes. As for smaller same day loans, there is no need to worry about the collateral as well because the amount is too small to ask you for the collateral. Before we move on to the list of lenders that provide same day loans, let’s find out how the same day loans work exactly.
How Same Day Loans Work?
A loan is when you borrow a specified amount of cash and repay it in instalments in a specified time. When you get approval, a lump sum of cash is deposited into your account, and you pay it in instalments.
The case is not different in same day loans as well. In this, after approval, the lender deposits the said cash within 24 hours. The repayments are generally short and small and that too without any risk of collateral.
Where Can You Use These Loans?
When you get the same day loan, there is no obligation of where you should spend it. You are free to use it wherever you want. The online lender will not be able to even know it.
However, since these loans are small and used for an emergency, it is advised to use them only in the case of an emergency. You should spend these funds on necessary things – without which it’s been difficult for you to move. Below are some of the expenses which can best be covered with personal same day loans.
- emergency expenses
- unplanned travel
- car repairs
- home repairs
- medical emergency
Once you know what the same day loan is, how it works, and where can you use it, it’s time to move to our main topic which is the list of same day loan lenders.
Best Personal Same Day Loans Lenders in Canada
If you are looking for a higher amount that is up to $35,000, Fairstone might be a good lending option for you. It comes with an annual percentage rate (APR) that ranges from 26.99% to 39.99% for a 6 to 60 months term. With Fairstone, the loan can be in the form of both secured and unsecured loans.
Want to learn more about Fairstone Loans? Read a detailed Fairstone guide here.
For borrowers looking for personal loans up to $15,000 and with a more repayment period, EasyFinancial is best. You can get a minimum of 9 and a maximum of 60 months to repay the amount. Since the repayment period is long the interest rate can be as high as 46.99% as well. However, it starts from 29.99%. The loan type is a personal loan.
Want to learn more about EasyFinancial Loans? Read a detailed EasyFinancial guide here.
For the borrowers looking for a loan with a minimum interest rate, MOGO is the ideal option. Here the interest rate starts from 5.9%, and the term of loan repayment is 12 to 60 months. MOGO provides loans ranging from $5000 to $35000 to all the borrowers. This type of loan is also a personal loan that can be transferred on the same day.
Want to learn more about Mogo Loans? Read a detailed Mogo guide here.
With Borrowell, the loan starts from $1,000 and go up to $35,000. Depending on the loan term you pick, which is usually 36 to 60 days, the interest rate falls between 5.99% to 29.19%. The loan type in Borrowel is also a personal loan and funds are transferred on the same day.
Want to learn more about Borrowell Loans? Read a detailed Borrowell guide here.
LendingMate provides guarantor loans that are deposited into borrowers account on the same day. The loan can be up to $10,000 and the interest rate revolves around 43%. The repayment term can be in between 36 months to 60 months.
Want to learn more about LendingMate Loans? Read a detailed LendingMate guide here.
How to Qualify for a Same Day Loan?
One advantage which you get in same day loans is that the approval requirements are lenient than other credit products. However, you will have to go through a process to get approved for the same day loans. Below are the documents which you need to produce when asked:
- Photo identification from the government (driver’s licence, passport, etc.)
- You must provide proof of your permanent Canadian address (utility bill, phone bill, etc.)
- Proof of your earnings and employment (paystub, job history, etc.)
- The most recent bank statements (you need an account with direct deposit)
- VOID cheque or a pre-authorized debit form (for automatic payments)
- Personal and financial details about your cosigner (if you are using a cosigner)
Benefits of a Same Day Loan
As the name suggests, the great benefit of the same day loan is getting funds on the same. Most same day loans are deposited within hours, and some even take a few minutes to transfer your funds once you are approved. Below are the major benefits of same day loans that you can get with same day loans.
Easier Approval: When compared to other credit products, same-day loans typically have fewer prerequisites and personal/financial information to complete. The application process may usually be finished in a couple of minutes online.
Instant Cash: Because a same-day loan is a quick cash transferred right into your bank account, you can utilise it to meet practically any unexpected bill or financial emergency.
Unchecked Credit Rating: It can be difficult to obtain authorised loans by a bank or other prime lender if you have a weak credit score (300 – 600). Many same-day loan lenders, on the other hand, are more tolerant and won’t examine your credit if your finances are in good shape.
No Collateral or Cosigner Required: Getting authorised for a larger, more expensive loan sometimes requires collateral or a cosigner, which isn’t usually required for same-day loans (although this is sometimes an option).
The Bottom Line
At Lionsgate, we specialize in helping people get the extra cash they need, obtain funding for private mortgages, as well as for other real estate transactions. If you are looking to buy land in Canada, get a mortgage or apply for a loan, fill out the form below. Or, You can leave us a message and we will try to connect you with local lenders and sources that best meet your needs.
If you found this article helpful, please share it on your timeline and with someone you care about. Also, visit our blog to read similar helpful articles on finance, real estate, and getting mortgages.