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The Best Way To Get an Online Cash Advance in Canada

Written by Jessica Steer
Cash advances, also known as short-term loans, can help get you out of a tight financial spot that you didn’t see coming. Though these loans are readily available online, it’s not something you should dive into without a little bit of research. 
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    Sure, getting a cash advance can be as easy as going to the corner store. In fact, there may be a short-term lender at the corner of your block, called a payday loan lender, but you should avoid this like an expired carton of milk. 

    You need to know what you’re getting into, what your options are, and how cash advance offerings differ depending on who you work with. Making a bad cash advance decision could cost you significantly. We’re going to show you the best way to get a cash advance when time is of the essence.

    What is an online cash advance?

    A cash advance is another name for a short-term loan, a specific amount of money you can borrow from an institution like a bank or alternative lender. These loans are designed to help you in times of emergency with fast cash when you need it. Unfortunately, getting a fast cash advance from a bank can be difficult, especially if you have low credit. But even if you’re credit is good, there are so many checks and assessments that banks do, it can take days before the funds get released.

    Thankfully, trusted alternative lenders are starting to emerge that can deliver fast cash without the wait thanks to advancements in banking and internet technology.

    Can I get a payday advance?

    Cash advances and payday loans are sometimes synonymous terms but a payday loan is just one type of cash advance. 

    The problem with a payday loan is, you only get little more than a few weeks to pay it back before punitive interest rates kick in; sinking you deeper in debt.

    Payday loans are meant to get you to the next paycheque. Then, you are expected to pay it back or it could be taken directly from your paycheque. Many payday loan lenders will bank on the probability you can’t pay it back in such a tight timeframe. This is why the interest rates are so high and the business is often considered “predatory”. In fact, most provinces have enacted legislation to regulate payday lenders while protecting borrows from unfair business practices.

    On the other hand, a short-term personal installment loan from a reputable lender (like Spring Financial) is a cash advance with a set repayment plan and no hidden costs. The repayment timeframe is usually shorter than other installment loans but longer than a payday loan, giving you plenty of time (if you need it) to pay it back. The right lender will also offer an open-ended agreement, so you can pay the loan back early and avoid monthly interest charges. 

    Avoid the sky-high cost and hidden service fees that are so common with payday lenders! Apply for your short-term personal installment loan today!

    What about credit card cash advances? 

    Another form of a cash advance is when you take out a withdrawal on your credit card. This is easy to do, as long as your credit card offers this service (most do), and of course you have the required credit limit availability to make the withdraw. Simply go to an ATM and use your credit card like a bank account to withdraw the cash.

    Now here’s the bad news: taking out a cash advance on a credit card is way more expensive than making a regular purchase. Credit card companies charge a much higher interest rate on cash advances. Plus, you don’t even get a grace period. Most issuers charge elevated interest as soon as you withdraw the money, rather than giving a 30-day grace period to pay it back. Also, there is usually a charge for the service – either a percentage of your cash advance or a flat fee.

    Can I get a cash advance online?

    Whether you choose a payday loan or a personal installment loan, cash advances can usually be obtained in short order because the lender understands you need funds quickly. You can apply for a cash advance online and the approval process is much quicker than most other loan products. Once you get approved, the cash advance will be deposited directly into your bank account. 

    Applicants looking for a cash advance don’t require a sterling credit rating to be successful. This type of loan can be helpful to deal with financial emergencies between paycheques or to cover unforeseen expenses, like a vehicle repair or a ballooning wedding budget. Plus, you have much more time to pay back a cash advance loan, with more favourable interest rates, compared to a payday loan.

    Things to look for in a good online cash advance service

    If you’re looking for a short-term cash advance, you should do some research and find the best provider with a proven track record. Here’s a list of what you should look for:

    • Online reviews: Scan reviews of financial lenders to gauge other borrowers’ experiences. Take note of the customer service ratings and record of responsiveness. Seek out which lender actually cares about their clients; versus those just looking to make money off your debt. 
    • Approval speed: Anyone who needs a cash advance is going to be concerned about speed of delivery. Find a lender with the ability to deliver the funds quickly after approval, and straight into your bank account. Optimally, the whole process should take hours, not days. 
    • Interest rates: Avoid payday loans because you will pay sky-high interest rates versus a personal installment loan from the right lender. Get a competitive rate; not one that will punish you for needing money quickly. 
    • Repayment schedule: Give yourself some breathing room for paying back a short-term cash advance loan. You’re likely going to need more than a couple weeks to pay this back. Find a schedule that will set you up for success. 
    • Option for early repayment: A short-term cash advance loan can be paid off in full at any time and hence save you on monthly interest payments.
    • Credit background: Find a lender who will work with applicants of all credit backgrounds. Even if your credit rating isn’t positive, you can still be successful at obtaining a cash advance.

    Get a cash advance online

    Spring Financial checks all the boxes listed above with a customer-first approach that emphasizes finding the right financial solution for your needs.

    Spring works with all credit situations and, unlike payday loans, gives applicants the time necessary to repay the cash advance, or you can pay it back as soon as you like. Our online application process is very convenient; it takes just three minutes to apply!

    If you’re in need of a short-term cash advance loan to get through an unexpected expense, sudden loss of income or any other situation, consider Spring to help you reduce that financial stress. Cash advance loans of up to $10,000 can be approved and transferred to your bank account within 24 hours.

    Apply today! It only takes 3 minutes! To get started, all you have to do is select how much you want and let us take care of the rest.

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