By Megan Martin ©2019 Postmedia Network Inc.
With costs on the rise for everything from groceries to housing, it's no wonder many Canadians feel financially overwhelmed. In fact, the Canadian Payroll Association reports that almost half of the country is living paycheque to paycheque, and many are burdened by difficulties related to low credit scores and bad credit history. Consequently, a significant portion of the population cannot get help from major banks, who only offer their products to individuals with a good credit history.
People who find themselves in this situation are known as being “unbankable.” Divorce, illness, or a general sense of confusion about how the credit system works are all potential causes for becoming unbankable.
In the past, help for these individuals has been few and far between, and many would have to turn to alternative lenders as an emergency solution. Thankfully, the options have expanded in recent years for Canadians who need to borrow money online; they can now get reliable assistance to fulfil immediate needs, putting them on the path toward financial wellness and becoming bankable again.
When it comes to taking out a instant same day loan, it’s essential that borrowers choose a reputable lender and affirm that the repayments are structured in a way that helps avoid a debt trap. This can occur when a person borrows more than they need, takes on more than one loan at a time, or borrows a second loan to repay the initial amount. Debt traps create a vicious cycle in which a borrower must continuously take on new loans to repay previous ones.
A responsible lender will help their clients avoid such a scenario again; that’s why it’s critical for borrowers to advocate for themselves by working with a licensed and transparent lender with a solid track record and excellent client reviews.
iCASH is a direct online lender that is redefining the way consumers access loans — regardless of their credit score. The company’s policies and analysis methods ensure that clients are never lent more than their repayment capacity. iCASH only provides the optimal loan amount, which makes it easy to repay and helps guide their customers to a bankable status.
“As a mother of two kids, I needed some extra money to help pay for bills and groceries when I decided to go back to school, but the banks denied my request for a loan since a recent divorce badly affected my credit history,” said Jessica G. “iCASH provided the money I needed to support my family while I completed my degree. Thanks to their flexible repayment plans, I am in a position where I no longer need to rely on short term loans.”
The company discovered that a substantial number of clients were struggling to repay their loan in a single payment term. So, iCASH decided to offer a multiple instalment solution, which allows customers to pay back their loan in two or three equal payments with no additional interest. This significantly reduces the need to take on a new loan before the current loan is repaid.
These features are all part of iCASH’s mission to help clients become bankable again by providing reliable loans online, educational tools, and customer support to achieve and maintain financial health. The educational component of their services is key, as it helps prevent clients from repeating mistakes of the past.
For instance, a recent survey of iCASH’s customers showed that 22 per cent have never checked their own credit score. That’s why it’s part of the company’s mission to empower their clients with information. This type of assistance is critical for people who find themselves struggling financially due to a major setback, or those who simply lack the necessary knowledge to get back on the road to bankability.
By making lending more accessible and offering financial literacy education, iCASH is helping many Canadians overcome their credit adversities. Their reliable short term loans and educational resources are second to none, enabling their clients to create financial sustainability for themselves and for their families.
iCASH is an established direct lender offering up to $1,500 for each loan and has over 300,000 members throughout Canada. See how you can get an e-transfer in two minutes by visiting www.icash.ca today.
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