There are a lot of financial services available in this day and age. Some are being offered online, while others are found in traditional brick-and-mortar financial institutions. In Canada, one of the most reliable lenders is iCASH.
What iCASH offers are online loans that are convenient even for those with busy schedules. Gone are those days when you have to apply for the loan you want at local storefronts of lenders or branches of a bank. Online lenders, like iCASH, can help you obtain the financing you need easily and quickly.
Here’s how to get iCASH loans in Canda:
- Select The Right iCASH Loan Type For You
There are several iCASH loans available. The most common are personal loans, business loans, and student loans.
At iCASH, different types of loans are available to meet different needs of Canadians. Personal loans are, basically, a type of advance loan. When you apply for a personal loan, the lender will release the amount you need, plus a small interest rate. This is a popular type of loan because it has many benefits, including being easy and convenient, with no prepayment penalties.
Business loans have their own set of advantages and are great for those who are looking to expand a business or just borrow money for something. Typically, business loans are obtained on a short-term basis, like six months. Business loans can be used for equipment, office space, equipment upgrades, or other expenses.
Most of these loans will require some type of collateral, like land, car, or real estate. You can take out as much or as little money as you want, and the interest rates will be low, depending on the agreement you have with iCASH and the terms of the loan you’re obtaining.
Finally, there are student loans that are given to college students by iCASH. These loans may be short-term, such as six months, and they also usually require collateral. Student loans have one of the highest interest rates in the country, but they’re the most widely used by college students.
Aside from deciding whether to get a personal loan, business loan, or student loan, you also have to decide between a fixed-rate loan and a variable rate one. Here’s a closer look at these two loan types:
- Fixed-Rate Loan – A fixed-rate loan works the same way as other loans, except the interest rate is fixed. In other words, if the interest rate goes up, it doesn’t mean that you’ll have to pay more money. The same goes if the interest rate drops—you don’t have to pay less when repaying the loan. You have to pay the exact amount indicated in the loan terms.
- Variable Rate Loan – With a variable rate loan, the rate can go up or down over time. For instance, when you’re buying a property, the rate at which the interest rates can change is based on what the current federal funds rate is. This means that if the Federal Reserve raises the money supply, your mortgage rate will increase as well. In addition, if the Federal Reserve lowers the money supply, your mortgage rate will decrease, too.
- Review Your Credit Report
To understand how a credit score is determined, you should first know that your credit score is based on three things: how much debt you currently have, how many debts you currently have, and the length of time that it has been since you’ve paid off any of them.
When you’re looking into getting a loan with iCASH, you may want to check your credit score first. This can help you make a decision as to the terms that are right for you based on your current situation. Many lenders will look at your credit score before they’ll let you apply for one.
iCASH is one of the few lenders in Canada that don’t base their decision solely on the applicant’s credit history. However, as you’d expect, if your credit score is low, then, you may find that applying for a loan may entail higher interest rates. It’s still important to be aware of how low your credit score is. Remember, iCASH use your credit standing when they’re determining the suitable terms for you.
- Check The Eligibility Requirements
The eligibility criteria and the loan process vary from company to company. However, there are some basic criteria that are common for all loan companies. They also apply for iCASH. They’ll look for a person’s age, their employment, their monthly income, the number of credit accounts, the number of loans that have already been taken, whether or not the person has been a defaulter, their repayment capability, credit report, whether or not the applicant has a good credit score, whether or not the loan amount has been previously approved, and many more.
Once all the factors are considered, iCASH can verify the borrower’s eligibility requirements. If the necessary documentation is provided, they’ll grant the loan to the borrower. There are times when the applicant may be turned down. It’s important to note that the applicant has to follow the terms and conditions of the lender, and the borrower is required to repay the loan amount as agreed in advance.
- Complete And Submit The Requirements
Requirements when getting a loan are extremely important, and you should always ensure that you have all the necessary information at your disposal. You should always remember to fill out your application completely in order to ensure that all the required items have been provided. Make sure that you don’t leave any piece of information out of your application because you could find yourself being rejected or getting a much higher interest rate on the loan than you expected. This is why it’s so important to make sure that you have everything gathered before you apply for a loan.
Conclusion
These are the important steps that you should take when getting a loan with iCASH in Canada. The most important thing is to be prepared with every essential information before going through the application process. With iCASH, the process is mostly done online, so gather the requirements in advance.
Prepare yourself by deciding which type of loan you need, reviewing your credit score, checking the eligibility requirements, as well as completing and submitting the requirements to iCASH as soon as possible. Once your loan application is approved, just wait for iCASH to transfer the money to your bank account.
