As with the nation's economy in general, the Canadian lending industry continues to evolve. Even fifteen years ago, individual borrowers often had relatively little in the way of options when seeking financing from banks and other lenders. Since then, a loosening of regulations and other developments have contributed to an impressive growth in diversity in the consumer lending sector.

This is probably most obvious with regard to the short-term, cash loans often referred to as "payday loans." Loans of this sort were more or less illegal in Canada up until a decade ago, with strict national regulations making it almost impossible for lenders to offer them to borrowers of average means. That left most Canadians forced to look into personal loans or secured ones if they needed financing of any kind, an arrangement that many felt was overly restrictive.

In 2006, though, the Canadian government relented. In that year, it put into force a new law that handed over to provinces the responsibility for the regulation of cash loans and other short-term, unsecured lending. Since that time, almost every province in the country has taken on the responsibility, with only a couple still leaving things in the hands of the national government.

This means that Canadians now have much greater access to loans of this basic kind, and many today take advantage of the option. Surveys conducted on behalf of the Pay Day Lenders Association have established that nearly 98% of borrowers either always or almost always pay back their loans on time, too, a result that would seem to argue against certain common perceptions.

Arranging for a cash loan is also much easier than in the past. Taking advantage of the freedom afforded to them and the healthy demand for their services, lenders like captaincash make a point of making it as simple as possible for clients to work with them. Instead of needing to spend an afternoon away from the office haggling with a banker, someone seeking short-term lending today can frequently just head to a secure website for a few minutes.

Of course, not everyone will qualify for a loan. Just about every lender will expect borrowers to be steadily, gainfully employed, with income from other sources typically not being counted. Beyond that and a lack of overly deleterious credit events in the recent past, though, most borrowers will find it relatively easy to qualify for such loans. That is a big part of the reason why they have become so popular and why the industry is doing so well.