What Are The Same Day Loans, And How Many Types Are There?
As apparent by their name, same day loans Canada are loans where you get money on the same day you apply. Borrowing money instantly from a traditional bank is the next to impossible thing. So, many financing companies make it easy for you by providing you with the money the day you apply for it. Most importantly, online financing organizations can lend you money by sitting at your home. Here are the types of same-day loans you can apply for in Canada.
Installment loan
This same day loan works like a traditional bank loan, but you get the money quickly. After getting money, you have to repay the amount in small monthly installments. It's a pretty flexible repayment method where you have to submit the given amount on fixed dates.
Short-term loan
Short term loans are pretty similar to installment loans, but you have to repay the borrowed money in less than a year. Most of the same day loans are given as a short-term loan, where you get a small amount quickly and repay it to the organization smoothly.
Personal loan
A personal loan is a small amount of money borrowed from a financing institute or online lender. This loan is provided to relieve an immediate financing issue when you don't have enough cash to cover the immediate expenses.
Payday loan
A payday loan is borrowed money against your upcoming paycheck. When you get paid next time, you have to repay the borrowed money. These loans come in a minimal amount that you can repay it quickly with your next pay. If you want to take any of the above same day loans in Canada visit, Flexi Loans.