Magical Credit Blog

Subscribe and get the latest news, promotions and updates from Magical Credit.


6 Advantages to Getting a Short-Term Cash Loan

by

When bills are piling up and you need money quickly, your options can seem limited. The major banks are less than willing to help you out. That leaves options such as cash advances, payday loans, and short-term loans as your alternatives. So why should you choose a short-term loan?


short term cash loan Toronto

Here are some of the most compelling reasons:

  1. You Pay Less Interest Than a Cash Advance.The interest and fees that you pay on a cash advance or a payday loan can be astronomical. The interest on a short-term loan is a little less grueling. Short-term loans are intended to get you through a pinch when money is tight, and meant to be paid back quickly (hence the name short-term). The faster you pay back your loan, the less it will cost you.
  2. You Get Processed Quickly.The application process for short-term loans are typically uncomplicated and meant to be processed swiftly, often within a single business day. Short-term lenders are aware that their customers typically need their cash loan to pay off urgent bills, or for other emergency situations, so their focus is on swift processing so their customers will have access to their funds as soon as possible.
  3. They Have a High Approval Rate.Short-term loans are one of the more flexible cash loan options available to you. Even if you have bad credit or a lack of credit history, short-term lenders can still award you a cash loan. At Magical Credit, many of our clients have a history of bad credit. If we verify that you have a steady source of income directly deposited into your account, you can still be approved for a cash loan.
  4. They are Convenient and Flexible.Applications for many short-term loans are available directly online.Online applications take only minutes to fill out and are sent directly to the credit lenders for immediate processing when completed. Once approved, your cash loan can be spent on anything you want. There are no limits on what you can or cannot use your loan money on.
  5. No Collateral Required Against Your Cash Loan.Most short-term lenders do not require collateral (i.e. your home or car). This means you aren’t in danger of losing valuable possessions if you are unable to pay off your loan immediately.
  6. Minimal Credit Checking Required.As long as you have the means to pay your loan back, most short-term lenders are willing to provide you with a cash loan. Though they may do a cursory credit check, short-term lenders are typically much more flexible and willing to offer you a cash loan than banks and other major financial institutions, even if your credit history is less than squeaky clean.

Do you need a short-term cash loan now? Magical Credit provides Ontarians with quick and easy Toronto loan solutions. We lend between $2,000 and $10,000. To qualify, fill out an application now.

For more information about our Toronto loan application process, call us at 1-877-213-2088.