The traditionally tight financial regulatory environment in Canada has had plenty of upsides for the country. For one thing, it has meant that Canada has historically steered clear of some of the financial excesses that have plagued its neighbor to the south. Canada suffered far less from problems related to mortgage securitization, credit default swaps, and related financial derivatives during the last worldwide recession, for example, than the United States and a number of other countries did.
On the other hand, the relatively tight rein that the country’s leaders have historically kept on the banking sector has come with some real costs, too. Traditionally, Canadians have enjoyed far less in the way of options to borrow money than have people in the United States, a fact that has sometimes inhibited their ability to exploit opportunities or recover from financial difficulties. In recent years, the Canadian government has taken steps to remedy this, to an extent, with leaders at both the national and provincial levels seeking to make it easier for Canadian companies to lend to individuals.
This means that it is today quite a bit easier for individual Canadians to acquire a quick, short-term cash loan than in the past. Known as “payday loans” in some sectors, the cash loans that Canadians now have increased access to are set up to be as easy as possible to acquire and pay back.
Getting such a cash loan often requires little more than logging onto an website online and entering a few simple details. Typically, those who apply for this kind of financing will need to provide information as to income, employer, credit history, and other pertinent facts, but relatively little else. Often within minutes, the loan will be transferred to a bank account or otherwise made available, with clear, definite terms as to its repayment being provided at the same time.
When it comes to getting access to cash canada has therefore made things much easier than was the norm in even the recent past. While this kind of lending was previously seen as mostly impossible due to the associated requirements and restrictions, precise, targeted loosening of the relevant rules has greatly improved the situation.
That leaves Canadians today with another important option to take advantage of. At the same time, the basic security and resilience of the Canadian financial system has been safeguarded, as well, keeping it less than likely that the country will suffer unnecessary harm. While it might not be as exciting as that in the United States, the Canadian financial industry remains a stable, well maintained asset for the country as a whole.