Getting a Short-Term Loan is Simpler and Quicker Than Many Canadians Assume
Although short-term lenders tend to try to be as accommodating as possible, many Canadians still find their services hard to understand. A big reason for this is simply that most Canadians are not personally familiar with this style of lending, being much less likely, in general, to make use of it than people in many other countries are. Another is simply that the lenders themselves have not always done a good job of explaining how their services work. In reality, though, short-term lending is easy to understand, as a quick look at one popular service, captain cash, will show.
To begin with, anyone who wishes to borrow from a service like captain cash must be at least 18 years of age. This, of course, is a requirement for any kind of lending, as those who are younger are not able to enter into legally enforceable contracts. In some cases, the lender will require that the hopeful borrower produce documentation attesting to legal majority, but this is generally not required.
Virtually every lender of this kind, though, will insist upon documentation of regular, recurring income. In most cases, a lender like captaincash will want to see that monthly income meets some minimum level, with gaps or income of a more sporadic nature being looked down upon. In reality, most lenders will be somewhat flexible in this respect, but deficits of this kind are the most common reason for failing to quality for a given 750$ loan.
A borrower must also normally demonstrate that they are not on the edge of real financial disaster. Because every kind of debt is dischargeable through a bankruptcy in Canada, for example, a short-term lender will normally require borrowers to sign a form verifying that they have not yet filed for bankruptcy and do not plan to do so in the immediate future. In fact, taking out a short-term loan and then immediately seeking bankruptcy protection would likely be considered fraud by the courts, but it generally makes little sense for lenders to risk dealing with people who might try to do so.
Beyond that, though, all that it normally takes to work with a lender of this kind is filling out a short application of the sort at captaincash.ca. Many borrowers, in fact, find that the process can be completed in minutes, with few taking more than an hour so, all told, to provide the necessary information and documentation.
