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What are the Benefits of Same Day Loans

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What are the Benefits of Same Day Loans

Same day loans are an excellent option for those looking for fast cash, regardless of income or credit score. Each day across Canada, people are confronted with unexpected expenses, emergencies, or urgent situations that require quick access to funds.

As a solution, many opt for same day loans. If you’re considering a loan but aren’t sure if it’s the right fit for you, here are some benefits of same day loans.

They’re Quick

Same day loans are a fast way to get money in your pocket. Many lenders can distribute cash, accommodate wire or bank transfers, or credit your debit card with funds in less than an hour. Many are available every day of the week, meaning that even if your emergency falls on a weekend, you’re still covered. And for those facing the pressure of urgent circumstances, the speed of payday loans can make or break the situation.


Applying is Easy

When you need to boost your short-term financial situation—especially if it’s due to a circumstance that’s out of your control—an easy application process can make all the difference. Same day loans in Canada are open to those with a range of credit scores and occupations. Some lenders, such as iCASH, even allow you to apply online. And with iCASH, you can receive approval for your payday loan in just 30 minutes.

They’re Less Risky

Unlike same day loans, many traditional loans distributed by banks are attached to something specific. So if you default on your payday loan, you aren’t risking your house or car in the process. Of course, you’ll want to repay your loan on time to protect your credit score (and iCASH makes it easy to schedule your payments). But if worse comes to worst, you know you’ll still have a roof over your head.

You Help Control the Terms

When determining your same day loan, you’re involved in the conversation. At iCASH, for example, you can choose the repayment plan that’s right for you. Some lenders even have multiple options with the same interest rate, so your personal situation or the schedule of your payday won’t negatively affect your finances. Your plan can include the length of your repayment as well as the number of payments you’d like to make.


You Can Earn Perks

Lenders want to incentivize you to repay your same day loans and continue to use their services. Because of this, you can earn perks such as cashback, as well as lower interest rates or higher loan amounts in the future. Just don’t forget to make your on-time payments!

So there you have it. Although there are many options for loans and quick ways to obtain funds, same day loans in Canada have their benefits and could be the right option for you. They’re quick, easy, less risky, and allow you to help determine the repayment plan while earning perks for on-time payments and loyalty.

Trisha Smith

Trisha has been writing for over 30 + years and has no plans on stopping. She has a natural knack and passion for writing content for Canadian families professionally.