Short term loans permit people like you and me to get enough money immediately. They are great options for people looking for quick cash, but one must remember these loans that come with ones interest level, while some may be steep financially.
There are lenders offering an array of loan types, but it always helps to know that you exactly require as short term loan from loan providers. Making an educated decision is possible by both debtor and lender. Let’s understand some common available short term loan by BC Loans.
Points you must know
The applications for short term loan can be from any Canadian living in British Columbia, Alberta and Ontario. The requirement is that you must have a mobile phone number, an email address and must be an adult.
There are loans straight from $100 and you can apply that you need. On the system determining the amount, you can acknowledge the loan agreement such that the funds are deposited directly in your bank account.
Being employed is one of the important criteria and if otherwise also, all the income sources types is considered during the application process.
The biggest advantage is that this short term loan helps in dealing with rent payments, vehicle repairs, debts of credit card and lots more.
The short term loans are a fascinating option for people seeking fast cash, but you as the borrower must be careful of potential debtors, if you are considering anyone else and not BC Loans. BC Loans are reliable and so you can just get going. However, new borrowers, check these:
- The lenders reliability, are they legitimate?
- The terms and conditions to pay, when to pay the debt off, any hidden charges and late payment penalty.
- The easiest thing is to get a short term loan, but also realize that each potential debtor will be equally realistic about receiving his payments.
Reasons for refusal
Your loan application can receive refusal for:
- Un-discharged bankruptcy.
- No stable occupation.
- Incomplete required documents or incorrect information
- Insufficient funds charges accumulation in your account.
Non-acceptable income forms
The forms of income are mostly acceptable, when required and essential documents of income proof and a state or government issued ID is presented. But, you must know, there are few forms of income that is non-acceptable.
- Retirement income
- Child tax
- Disability income
- Social assistance
- Insurance income
- Student loan