If you need money right away, it’s important to know your options, the qualities of a good lender, and the things that should be on your mind.
There are many reasons why people need quick cash. There are indeed ways to get a same day loan from reputable lenders. However, if you’re not careful, you might find a solution (like credit offered by short-term lenders) that comes with exorbitant hidden fees and a higher cost of borrowing.
Read on to find out how to get funds quickly and responsibly, while avoiding unnecessarily high interest rates and fraudulent lenders.
How to get a personal loan quickly
To obtain an instant loan, one of the safest, fastest and most reasonable options is the personal loan. Many major banks and credit unions (caisses populaires) take several days to approve a loan.
But some lenders, like Fairstone Financial , can offer you personal loans in as little as 24 hours. You can submit your application online, from the comfort of your own home, or visit one of our 240 branches to meet with a loan specialist who will guide
In contrast, short-term lenders, also known as ” Payday lenders ‘ can provide loans faster, but often at a much higher cost. If you don’t repay them within a few weeks, as scheduled, you’ll face much higher interest charges than other lenders.
Find out how much you could get
If you’re thinking about getting a same-day loan, you can get an estimate first . You will quickly know the amount of the loan that could be approved for you and, if applicable, the amount of your payments.
When you are ready to apply, here are the three steps to follow:
1. Gather the documents you will need to submit your loan application
Follow this link for the full list of required documents , but here’s a summary to get you started:
Proof of Canadian identity and citizenship, for example: government-issued identification (such as a Canadian passport, driver’s license, permanent resident or citizenship card, etc.)
A document confirming your employment and income , for example: a recent pay stub, a T4 slip or a CPP contributor statement. Information relating to your accommodation , for example: a current lease, a rent receipt or a statement of your mortgage loan. Your banking information : to be provided if you wish the loan to be deposited in your bank account .If you complete your application online, you must have access to a digital camera, such as a cell phone or webcam, to take pictures of your documents.
2. Ask for an immediate estimate
If you are applying for a loan from Fairstone Financial, you can apply online or in person at a branch near you .
To get the process started quickly, you can request an estimate online and then work with a loan specialist to complete the application.
3. Access your funds
When you have completed your application and it has been approved, you will be able to receive your loan money.
What is the typical time frame for getting the money for a loan?
With a traditional bank or credit union, it takes on average two to five days to obtain the funds. However, with a lender like Fairstone Financial, it is possible to receive approval and your money in as little as 24 hours.
Now that you know how to apply for an instant loan, here are the things to look out for before proceeding. There are reputable lenders offering fast loans, but unfortunately you will also find some offers that are actually scams or attempted fraud. If you have decided to apply for an instant loan, you need to be able to recognize safe offers to protect yourself against fraud.
We invite you to browse the questions and answers below to get a better idea of the points to consider before making your choice.
Are online loans safe?
Yes, it is possible to submit a loan application online safely, provided you do business with a legitimate and reputable lender. Here are features that will help you find a reputable lender for your instant loan:
Even if you opt for an online loan, by doing business with a company that has branches, you will have peace of mind knowing that there is someone to answer your questions about the loan process.
It’s common for scammers to not have a real address or location listed because firstly they don’t actually exist and secondly they don’t want the authorities to be able to find them. .
Remember, reputable companies are transparent. Their rates and fees are openly communicated and you will know them before entering into a loan agreement. Safe lenders will also provide you with resources to understand the loan agreement before signing it.
Some reputable lenders offer optional loan insurance to protect you in the event of loss of income or other unforeseen events that prevent you from making your loan payments.
How do you know if a lender is trying to scam you?
Beware of some warning signs that hint at a potential scam. It could be a lender who promises you guaranteed approval even though you’ve never done business with them, who charges you an upfront fee before you sign a contract, or who doesn’t offer you not even a contract. Learn about ways to protect yourself against fraud before taking out a loan.
Without necessarily being fraudsters, some lenders resort to dubious practices. If you spot any of the items below, caution is advised.