19 January 2022 |
What are online loans? How do they work? Are these types of loans safe?
Here’s an article that demystifies online loans. Find the answers to all these questions and more.
What is an online loan?
The first question to answer is, “What are online loans?”
Many people confuse online loans with payday or pawn loans. But what’s the difference?
A payday loan is a short-term loan that must be repaid in full when your next payday arrives.
With a pawnbroker, you receive a sum of money in exchange for collateral. Once the loan has been repaid, you get your property back. In the event of non-payment, the lender can then sell the property to recover the money.
What about a quick online loan? There’s no need to dispose of your property, and you have from three to six months to repay the loan, depending on the amount borrowed. The application is made entirely online, in the comfort of your own home.
How do quick online loans work?
At Argent Maintenant, getting an online loan is as easy as counting to three!
First, you fill in the online form. It’s quick and easy.
Second, Argent Maintenant evaluates your file and sends you your approval quickly.
And third, the money is in your account within 24 business hours of your approval.
What are the eligibility criteria?
Your credit history is not taken into account when you take out an online loan with Argent Maintenant. There are, however, certain eligibility criteria:
- Be 18 years of age or older
- Be a Canadian resident
- Have been employed for 1 month
- Receive your salary by direct deposit into a Canadian bank account
- Have a net income of at least $1,200 per month
- Not have filed for bankruptcy, or be considering filing for bankruptcy or a consumer proposal
Other accepted sources of income include:
- CNESST
- Employment insurance
- Long-term disability insurance
- Pension plan
If your short-term debt ratio is too high or there are too many NSF payments in your bank account, your application may be declined.
Argent Maintenant believes everyone deserves a second chance, which is why we don’t run credit checks. However, Argent Maintenant cares about your well-being and makes sure that you are able to repay the loan so as not to add to your financial burden.
Why are rates so high?
If you check the interest rates on various loans, you’ll probably notice that online loan rates are higher than traditional ones. Why is this the case?
In the case of Argent Maintenant, the company endorses your loan. Since online loans are often loans of last resort when financial institutions refuse to lend, the risk is higher for the endorser.
That’s why the annual interest rate is 22.5%, plus fees based on the amount of the loan requested.
Are they trustworthy?
Is your information secure? In the case of Argent Maintenant, yes, your information is safe.
According to their privacy policy, Argent Maintenant does not share, rent, or sell any personal information to third parties or companies.
All borrowers have the right to access, modify, correct or delete their personal information.
If you communicate with Argent Maintenant by email, your email address is used to reply to you only. It will never be shared with a third party.
No information is collected without authorization. When a request for information is emailed to Argent Maintenant, personal information is forwarded only to employees who need it to respond to your request and is not shared with third parties without your consent unless required by law.
Data is hosted by a “Tier 3” provider (just below military level), which includes:
- IDS and Firewall
- Encrypted offsite and onsite backup
- Database system on SSD and SAS up to 400,000 iops
- Unique public IP address
- Monitoring and HDCE GUARD
- Dedicated HA hosting (8 hosts for 1 virtual server)
- Redundant firewall
- Internet links up to 10 GB/s
- DDOS protection
- Restricted and supervised physical and IT access
- Authorization levels for authorized persons
- Inability to copy or transcribe information in batches
In short, doing business with Argent Maintenant is secure. Your personal information is safe, and Argent Maintenant is transparent in all its transactions. There are no hidden fees.
When you take out a loan with Argent Maintenant, you’ll have all the information you need to make an informed choice. A loan calculator with repayment examples is also available on the site.
Why take out an online loan?
Since online loans have higher interest rates than traditional loans, why turn to them?
The primary reason is that your credit rating is not a qualifying factor. For many people with bad credit, online loans are the only solution.
Secondly, payments are spread over three to six months, allowing you to repay the loan fairly quickly while leaving you enough money each payday for your usual expenses.
What’s more, when you need money fast, the money from an online loan is deposited into your account no later than 24 business hours after loan approval. At Argent Maintenant, if you return the signed contract by 1:30 p.m., you’ll receive the funds by the end of the day.
Quick online loans are here to help you
The unexpected happens to everyone. A broken car, dental or vet bills, and you’re forced to pay bills you hadn’t budgeted for.
A poor credit rating and a low emergency fund, and you’re in trouble. In such situations, online loans are there to help you get your head above water. They’re not long-term solutions but a temporary helping hand to help you regain control of your financial situation.
So in an emergency, trust Argent Maintenant.