Overview
Need an online loan? First, consider these five signs that may indicate whether you are, in fact, ready to take out an online loan, whether you opt for a payday loan or an installment loan.
Sign #1: You’re Committed to Responsible Borrowing
Responsible borrowing is associated with several core principles, including understanding your loan’s terms and conditions, managing your budget and making timely payments, and reaching out to your lender as needed. If you commit to responsible borrowing from the outset, you are more likely to experience a positive outcome.
Sign #2: You Can Afford the Monthly Payments
Review your budget carefully to ensure that you can afford the monthly payments. Take into consideration your fixed expenses and any variable expenses you are likely to incur in the corresponding time period. Installment loans offer longer repayment periods and more flexibility than payday loans, so they may be a better alternative for those who are seeking to cover a longer period of expenses.
Sign #3: You’ve Researched the Lender
Before you choose a lender, it might be worthwhile to check your lender. Here are five red flags, followed by five green flags.
Red flags of a less-than-reliable lender may include the following:
- Lack of licensing to provide services in your province or region
- Lack of transparency in terms and conditions
- No contact information
- No accessible customer service
- Many negative online reviews
Conversely, green flags of a reputable and reliable lender may include the following:
- The lender has clear and transparent terms and conditions
- The lender is licensed to provide services in a given province or region
- Positive customer reviews
- Accessible customer service
- A secure and professionally designed website
Prior to choosing a lender, consider whether they exhibit green flags or red flags.
Sign #4: You Have a Steady Source of Income
Almost all lenders will require that a borrower has a steady source of income. Lacking a stable income, a borrower is unlikely to be able to meet their loan repayment obligations. Therefore, before you apply, make sure you adhere to the basic requirements, including having a consistent income.
Sign #5: You Need to Cover an Immediate Expense
If you have immediate and urgent expenses and no alternative options to cover them, it may be time to borrow funds online. While it is never ideal to have to borrow funds online, particularly to cover everyday expenses, it may be an option for those with a lacking credit history or those with less-than-perfect credit scores.
Conclusion
If you need to cover urgent expenses in Ontario, consider applying for a personal loan online via OntarioCASH. We don’t check your credit score or credit report during our quick and simple online application process. OntarioCASH will only connect you with reputable and dependable lenders in Ontario.
To monitor your credit score and catch errors on your credit report, register for Credit Verify! It only takes a few minutes and may help you improve your credit score.
