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Online Loans Canada

Online loans Canada is a very popular form of borrowing amongst Canadians. They are quick and simple to apply for and are all processed fully online. This means that unlike normal traditional methods of borrowing, obtaining a loan can now be done in the comfort of your own home. FatCatLoans is a leading Canadian loan service provider and can provide a full online service to help you secure an online loan today.

Why Apply Through Us?

  • No paperwork required
  • Same day payout possible
  • Quick application with instant decision
  • We can even help with loans for bad credit

Make it Simple to Borrow

When extra cash is needed in an emergency, obtaining installment loans through a Canadian bank is not only a lengthy process, but would also require you to make an application in person. In most scenarios, it would also take days to obtain a lending decision from your bank in Canada. For most people, this is not ideal. This is when finding a reliable online lender that can make an instant decision becomes the best option.

Through our website you can complete application within minutes without the need for paperwork or lengthy waiting periods. This is a great option if cash is needed before your next pay date. Instant financing is straightforward and quick compared to banks and other traditional lenders.

If you're looking for online loans in Canada, as opposed to a traditional loan, consider using our service to compare different quick loans and lenders in an instant. Using our service allows you to compare a wide range of creditors and financial products in Canada, quickly and easily.

Is it Safe to Borrow Money Online?

Technology has advanced rapidly in recent years which has enabled extremely safe processes to transact business online. Unlike the process of a normal traditional loan, we use the most secure, encrypted application methods which means that all personal information that is provided online is safe. This brings comfort to those who are looking for legit online loans. Millions of people worldwide successfully apply for cash loans online each day to get an instant response.

The Advantages of Online Borrowing

There are many advantages of applying for quick cash through the internet. However, the most favourable are that it allows you to compare loan options from hundreds of Canadian lenders in seconds. This makes the borrowing process very convenient. Other beneficial reasons are listed below:

Competitive interest rates

People don't realise it, but online lenders have a competitive advantage in the lending market due to their low overhead costs. Unlike Canadian banks and credit unions, lenders do not need to pay for a physical branch. As a result, lenders do not need to charge as much interest and fees as other lenders in the market.

Quick approval time

The online loan approval process is almost instantaneous. You'll find out quickly whether the lender has approved your application, how much you may borrow, and the cost of your monthly payments. While banks in Canada typically provide online applications, it can take a long time to hear back because someone within the institution must review the application.

No collateral is needed

One advantage of easy instant online loans is that you rarely need collateral to secure them. To put it simply, you do not need to pledge assets such as your home or car to obtain financing. Without collateral, the borrowing process is much safer for the person seeking credit because they do not risk losing their valuable assets if they default. Of course, there will be other consequences if you default on payment, such as a significant drop in your credit score, but at least you won't lose your assets.

It's simple to get approved in an instant

Banks and other traditional lenders in Canada are wary of lending money to strangers. This isn't an issue for those with good credit, but what about the rest of us? Those with poor credit or seeking to find credit will struggle to get instant personal loans. The good news is that Canadian online lenders are more willing to help those with bad credit. Your income and bank statements will determine an online lender's creditworthiness.

Benefits online lenders provide that banks do not

Over the last decade, there have been numerous positive changes in the lending and borrowing industry. The biggest benefit is that you can apply 24/7 whereas traditional banks are only able to assist you during limited working hours. In some circumstances, lenders will even pay funds into your bank account in Canada on the same day.

No credit checks

A hard credit check can harm your credit score. Canadian banks and other traditional lenders perform a hard credit check on every loan candidate as part of their due diligence. However, internet lenders typically do not always conduct a hard credit check; instead, they may rely on other information to determine your creditworthiness, preserving your credit score.