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A short-term loan is a way for consumers to get the money they need in emergencies without the same hassle that is associated with other forms of consumer credit. Getting money from credit cards or traditional banks can be time consuming and frustrating. Short-term loans are headache-free and relatively easy for most people to obtain—even if they have been denied other forms of credit due to their credit histories. In just a few short minutes, consumers can request and be approved for a short-term loan of up to $10,000.

In most cases, the criteria you must meet in order to be eligible for a short-term loan are the same across all lenders. You must be 18 years of age or older, a legal resident of the Canada, have a steady source of monthly income (e.g. employment, CPP,ODSP, etc.), have a bank account that is not currently overdrawn, and have a working telephone number and email address. Some lenders may provide you with funds even if you are not employed, but you must be able to show proof of steady income from various sources such as CPP,ODSP or unemployment.

Short-term loans certainly have a reputation for being expensive, but they are truthfully no more expensive than getting a credit card loan or overdrawing a checking account. Think of it this way: while the interest rates for short-term loans are indeed higher, these loans are made to be paid off within a very short period of time. As long as consumers are able to stick to the terms of the loan and pay them off according to the original agreement, it can certainly be a very convenient and affordable option.

You would not overdraw your checking account or get a loan from your credit card without good reason, so the same principles should be applied to short-term loans. They are designed to be used during financial crises as a short-term solution and never as a way to dig oneself out of a mountain of debt. We encourage consumers to use their loans responsibly and never request money for frivolous spending. Consumers who have serious financial trouble should consider hiring a professional credit counselor to help them prepare budgets and pay off debt.