If you are in this situation, you will appreciate this in-depth look at online loans.
Are They Safe?
Are online loans safe? That is the first question you are probably asking yourself. In this world we live in, you do not want your personal information to fall into the wrong hands.
You need to be careful with online loans. Do not answer any e-mail saying that you are approved for a loan for which you did not apply. Check the lender’s website on Whois.com to see when the domain name was created. Scammers often use a website for a few weeks and then disappear. A legitimate lender will not ask for money upfront. They lend you the money; then you repay them.
Be on the alert for scammers, but do not think that all online lenders are scammers. There are some very legitimate lending companies out there.
How Do They Work?
Do not mistake online loans for payday loans. Payday loans require you to repay the amount borrowed plus interest by your next payday. An online loan lets you repay within three to four months.
So how do online loans work? Online lenders like 24Cash.ca are Canadian online credit brokerage corporations. Their goal is to provide you with a loan, regardless of your credit score.
Here are their eligibility criteria:
- 18 years or older
- Canadian citizen
- Steady job—at least three months
- Under no bankruptcy
- Monthly income of $1200 or more
- Low short-term debt ratio
- Canadian bank account
If you fit these criteria, you can call them, text them, or fill out an online loan request. The form takes under 5 minutes to fill, and you can call 24Cash for assistance if needed. Their system uses the highest safety standards to protect your personal information.
There is no paperwork to send. 24Cash only needs to see your bank account information to make their decision.
You will know if you are approved within an hour. Once accepted, if you sign the contract before 11:30 a.m. EST, the money is deposited in your account by the end of the day. Sign the contract later than 11:30 a.m. EST, and you will get your money within 24 business hours.
Keep in mind that borrowing money when your credit score is low does not come cheap. The interest rates are high—between 28% and 32%—and there are broker fees. However, when no one else will lend you money, it can be a lifesaver in case of an emergency.
Online brokers like 24Cash are there to help you, not drag you into more debt. That is the reason for their criteria and your bank account verification. By making sure that you can repay the loan, they can then give you a hand in your time of need.