How Do Instant Loans Work
If you are considering an instant loan to solve your money troubles, it’s important to know what to expect. Unlike traditional bank loans, things are a lot more straightforward.
Instant loans are a convenient way to receive up to $1,500 exactly when you need it. For those who meet the requirements (listed above), the fast online application is open 24/7. Once you have received your approval – typically within ten minutes – you will be asked to sign a digital agreement and provide your email address so that the funds can be sent to you via e-Transfer.
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Once you have the funds, you can spend the money on whatever you like. Repair your faulty car, replace your temperamental appliances, or treat yourself to a spree at the mall – it’s entirely up to you! Repaying the loan is just as easy as receiving it. On the agreed-upon date, your loan amount plus interest charges will be automatically taken from your bank account on your next payday. Depending on your pay cycle and province of residence, this could be up to 62 days from the time you receive your initial loan. Some provinces, including Alberta, British Columbia, and Ontario, may require repayment over more than one pay date.When it comes to fees, some lenders can make things a little complicated. Look for a licensed direct lender who makes it easy to understand the costs of borrowing. Trusted lenders specify the terms of borrowing in the agreement and give a clear indication of how much will be withdrawn from your bank account and on which date.
