Emergency Loans Canada
A recent study showed that approximately 45% of Canadians use short-term loans, such as payday loans, for unexpected expenses. No matter how well you plan things out, life is always full of surprises. Life doesn’t care about your plans or your budget, and sometimes when life happens, you need a bit of extra cash.
Unexpected situations, such as a medical emergency, can often leave you wondering how you’re going to settle your bills. Although it is recommended to have an emergency fund available for these situations, that’s not always possible for everyone.
Applying for a loan at your bank is also not always an option, as the process may take too long and the restrictions can be challenging to overcome. This is where emergency loans in Canada from Cash Depot come into place.
How Can Emergency Loans Help You?
Emergency loans in Canada are short-term loans between $300 and $3,000 that are used to cover an unforeseen immediate financial expense. Personal emergency loans in Canada usually have flexible restrictions and a fast application process, making them ideal for individuals who need small amounts of money quickly.
Cash Depot’s emergency funds are also unrestricted, so you can use them for whatever you need, such as sudden medical expenses, emergency travel, or even if you have a once-in-lifetime investment opportunity.
There is a wide range of short-term personal loans available at Cash Depot, so you will want to make sure to choose the one that works best for your situation. Payday loans, for example, are a great option if you need a small amount of money that you’ll be able to pay back by your next payday.
When to use an Emergency Loan in Canada?
Loans for Car Repair
For most of us, our car is an essential part of everyday living. We need our cars to drive to work, pick up the kids, go to the store, and do so much more. However, accidents happen fast, and replacing a punctured tire or problem battery can be expensive. An emergency loan in Canada from Cash Depot can help you cover these costs without additional stress.
Appliance Repairs & Replacements
We’ve come to rely on so many household appliances, such as our refrigerators and furnaces. However, if your fridge suddenly stops working, that can be a considerable unexpected expense. Applying for an emergency loan in Canada with us can help you get the appliance fixed without interrupting your life too much.
Dental and Medical Emergencies
Accidents can happen very quickly, and most of us aren’t always prepared. A sudden fall could cause damage to your teeth, broken bones or other injuries that need dental or medical care. These emergencies can be pretty costly, but with a short-term loan from Cash Depot, you can focus on recovering without worrying about the expenses.
Home Repairs & Replacements
Our homes are supposed to be our safe-havens. However, an emergency may occur, and if you don’t have it in your budget, an emergency loan in Canada can get you through any situation.
Emergency Loans for Rent or Bills
Sometimes we face unforeseen situations that require us to spend money. Maybe you spend more money on your credit cards than you planned to? Spending money we don’t have may mean that when it comes time to pay rent or utility bills, we no longer have enough to cover them. Consider an emergency loan to help bridge the gap and give you space to breathe.
Emergency Pet Care Loans
Our pets are important members of our families. Just as we are susceptible to accidents, so are they. A dog choking on a chew toy or cat taking a nasty fall can incur substantial vet bills. A short-term loan can help cover the costs.
The Advantages of Cash Loans
An emergency loan in Canada can be very beneficial when you need a small amount of money to cover unexpected expenses. Cash Depot’s application for a cash loan is swift, and you could end up with the money within 24 hours once your application has been approved.
These short-term loans aren’t approved based on your credit record, so you won’t be negatively impacted by needing a short-term financial solution.
However, to remain financially healthy, we do not recommend applying for consecutive loans, as this could indicate that you have too many expenses for your income. In this situation, as a short-term loan responsible lender, we recommend talking with a financial advisor to help manage your personal finances better.
Emergency Loans for Bad Credit
During the application for an emergency loan in Canada, we do not need your credit score to see if you qualify for a loan. Therefore, individuals with poor credit can still apply for one of Cash Depot’s bad credit emergency loans.
The loans are also not logged with the credit bureau, so they will not affect your score in any way and can provide you with a chance to improve your credit score.
How to Apply for an Emergency Loan Online?
Applying for an emergency loan online at Cash Depot is very simple. All you need to do is click on the “Apply for Loan” button and complete the online loan application form. Fill in all the fields as thoroughly as possible and submit all requested documents to ensure that your application is processed as quickly as possible.
Loan approvals happen quickly, and once approved, you will receive your funds within 24 hours or one business day. The loan is then repayable in monthly payments according to the loan agreement.
FAQ about Emergency Loans in Canada
Let’s take a look at a few of the most frequently asked questions about emergency loans in Canada.
Can I Get Emergency Money in My Province?
Yes, Cash Depot is a private lender offering services to all provinces within Canada.
Is it Guaranteed Approval?
No, our application process is not as strict as the process at a bank, but you still need to meet the following minimum requirements for an emergency loan in Canada, which are:
- 3 months of statements from a valid checking account
- Full-time job for at least six months
- Proof of residence where you have lived for more than six months
- Get paid by cheque or direct deposit
- Not be in bankruptcy or have any garnishes against your income
Your application, along with these requirements are assessed to determine approval
Do You Help People With Bad Credit?
Yes, Cash Depot is a bad credit loan lender. As such, your credit score is not a consideration during the application process, and we don’t log the loans with any credit bureaus.