If you need emergency cash to cover an unexpected expense, you’re not alone. Nearly 40% of Canadians can’t afford to pay for emergencies such as home repairs or vet bills out of pocket. Luckily, there are lots of online loan options available to you when you’re in a financial bind, including payday loans and cash advances. Here are five online loans you can apply for today to get money fast. 

Payday Loan

If you have bad credit and need some cash to hold you over until you get your next paycheck, look into payday loans. 

A payday loan is a short-term loan that’s usually repaid after two weeks, the length of a typical pay period. Some lenders may allow you to extend or roll over your loan depending on local laws. However, keep in mind that you may incur additional fees when rolling over a payday loan.  

You can usually borrow up to $1,000 depending on your income level. Since payday loans are unsecured, you won’t need to put down any collateral.

If you have bad credit and don’t qualify for other types of financing like personal loans and credit cards, you may still be able to get a payday loan. Payday lenders are usually willing to work with borrowers who have low credit scores, but you’ll be charged a relatively high interest rate. 

Still, it may be worth paying a premium to get the cash you need quickly. Online lenders like Crediteck can process your online application in minutes and deposit funds into your bank account as soon as the next business day. The whole process is simple, fast, and paperless. 

Crediteck also has a high approval rate, responsive support, and no hidden fees, so they’re a good place to go for help when you’re in a financial bind. 

Personal Loan

Personal loans are online loans with longer repayment periods. Instead of repaying your debt within two weeks, you’ll usually pay off your loan in installments over a period of one year or more. This allows you to borrow bigger sums of money than you could with a payday loan. 

Depending on your income and credit score, you may be able to borrow between $2,000 and $50,000. So personal loans are ideal for covering large, unexpected expenses like a major home repair or extended hospital stay. 

Just like payday loans, personal loans are unsecured, which means you don’t need any collateral. But personal loans usually have stricter requirements, so you may not qualify if you have a low credit score. 

Personal loans can take up to seven business days to fund. However, if you don’t mind waiting, you may be able to get a lower interest rate and borrow more money by going with a personal loan. 

Car Title Loan 

A car title loan could be a good option for you if you have a paid off vehicle. You can apply for this type of loan online and borrow up to 75% of the resale value of your car. 

However, it’s important to keep in mind that your vehicle will be used as collateral to secure the loan. So if you can’t repay your debt, your lender will take possession of your car, leaving you without a way to get around. 

Another potential downside of car title loans is that they usually have high interest rates. But on the upside, they can be funded in as little as one business day depending on the lender you choose. 

Because car title loans are secured by collateral, lenders may not need to check your credit. This helps speed up the application process and makes it easier to get approved if you have a low credit score. 

Car title loans are usually repaid in installments over a period of a few months, but some lenders offer longer loan terms ranging from one to three years. You’ll still be able to drive your car while you’re paying off the loan, which is a plus. 

Paycheck Cash Advance

Another option when you need money fast is to get a cash advance on your paycheck. Apps like Branch and PayActiv allow you to borrow up to 50% of your next paycheck before you receive it. 

When your paycheck clears, the amount you borrowed will be deducted from your bank account. You may also be charged a small fee for the cash advance service, similar to an ATM fee.  

You usually don’t have to pay any interest on the money you borrow, which can make cash advance apps a cheaper option than payday or car title loans. But some apps may charge you a monthly membership fee even if you don’t get cash advances often, which adds to the cost of borrowing. 

Home Equity Loan 

Home equity loans allow you to cash out some of the equity in your home as a lump sum payment. You’ll be able to borrow up to 80% of the value of your home minus what you still owe on your mortgage. So if you have a lot of equity built up, you may be able to take out a sizable loan to cover major home repairs or other large, unexpected expenses. 

Home equity loans usually have interest rates between 3% and 12%, making them a relatively affordable option. However, keep in mind that some lenders may charge you closing costs ranging from 2% to 5% of your loan amount. 

Home equity loans have long terms ranging from 5 to 30 years, which gives you more time to pay back your debt. But they’re not the fastest option compared to other online loans. 

It can take two weeks or more for an online lender to process your application and fund your home equity loan. So if you need money as soon as possible, other online financing options like personal or payday loans may work better for you. 

Wrapping Up 

Whether you need to borrow $500 or $5,000, these online loan options can help you get the cash you need to cover an unexpected expense. Have you ever taken out an emergency loan? Let us know in the comments section below.