Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $18,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $100,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.
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Need a loan to cover a pressing expense? There are plenty of borrowing options available to you in Vancouver, including installment loans.
Having funds made available to you when your bank account isn’t quite as full as you’d like can help with any number of life’s financial predicaments. This is when an installment loan can become a priceless tool.
What is an Installment Loan?
An installment loan is basically any type of loan that is repaid in installments. You will be given a specific loan term, which is the time frame within which you will be obligated to repay the loan in full. During that time, you will have to make installment payments towards the loan amount until the entire balance is paid off in full.
The actual installment schedule can vary. For instance, you can make monthly, bi-weekly, or even weekly payments. The schedule you choose will come down to both your preferences and what your lender offers. Many times lenders will only provide one option, so your choice will be limited to that.
Take a look at this infographic to learn all about the true cost of borrowing.
What Credit Score Do You Need to Get Approved For an Installment Loan in Vancouver?
The exact credit score that would be required to secure an installment loan will depend on the loan amount you need and your lender in Vancouver. Larger loan amounts will usually require a slightly higher credit score as the risk factor is higher. Different lenders might also have their own specific criteria about the credit scores they require before extending an installment loan in Vancouver.
Furthermore, an unsecured installment loan may also warrant a higher credit score because there is no collateral to back up the loan. Unsecured loans are usually riskier for lenders because they have no valuable asset to recoup if the borrower defaults on the loan.
Having said all that, installment loans from conventional lenders in Vancouver typically require a minimum credit score of 650. Any lower than that will most likely result in a rejected loan application. Further, a lower score will also mean a higher interest rate if the loan application is actually approved.
Can You Get an Installment Loan in Vancouver When You Have Bad Credit?
The short answer to this question is yes. It is possible to get an installment loan if you have bad credit, but it will be more difficult to do so. Lenders typically prefer to deal with borrowers in Vancouver who have good credit because they pose less of a risk of defaulting on their loans. As such, bad credit borrowers are usually turned down for loans from conventional lenders.
That’s where alternative lenders come into the picture. There are lenders in Vancouver and Canada, in general, available to deal specifically with bad credit borrowers who would otherwise have a tough time getting approved for a loan from a traditional lender.
These lenders in Vancouver don’t place any weight on credit scores (click here for more information about credit scores), and instead look at other factors in order to determine whether or not to approve a person for an installment loan, including the following:
Income – You’ll have a better chance of getting approved for a loan with bad credit if you can show that you make enough money to support the payments.
Debt – The amount of debt you carry matters. Lenders will calculate your debt-to-income ratio when deciding whether or not to approve your loan application. This ratio tells lenders how much of your income is dedicated to paying off your current debt. A low debt-to-income ratio will make you more likely to get approved, while a high ratio will do the opposite.
Assets – If you have any valuable assets that you can use as collateral to back up your loan, the lender will also take this into consideration.
What’s the Difference Between a Payday Loan and Installment Loan?
There are significant differences between a payday loan and an installment loan, including the following:
Interest rate. Payday loans come with extremely high-interest rates that can be as high as 500% in many cases. Installment loan interest rates are usually much lower than this, particularly if you have a very good credit score.
Term. Payday loans come with very short repayment terms. The loan amount (plus interest) will need to be paid back within two weeks, or when the next paycheck comes in. Installment loans can come with terms that are varied, from short to long terms. That said, the repayment terms are much longer than two weeks and are usually anywhere from one to three years.
Payments. While installment loans allow borrowers to repay their loans in installments, payday loans need to be repaid in one lump sum.
Interested in more information about payday loans? Click here.
Installment Loan For Debt Consolidation
If you have high-interest debt – such as credit card debt – as well as many other debt payments, you may be able to simplify things by consolidating your debt.
Debt consolidation is a debt relief solution in Vancouver that works by taking out one loan to pay off all other debt that you may have. This can not only make things much easier to manage, but it can also help you save money if you are able to secure a loan at a much lower interest rate compared to the debt you currently have.
In order to qualify for a debt consolidation loan in Vancouver, you’ll typically require good credit. You’ll also need to show that your total debt does not exceed any more than 50% of your income and that you have enough cash flow to consistently cover the payments toward your new debt consolidation loan.
What Can You Use an Installment Loan For in Vancouver?
There are seemingly endless ways you can use the money from an installment loan, though some expenditures may not necessarily be recommended. At Loans Canada, we recommend an installment loan for any one of the following:
As an alternative to a payday loan
To cover the cost of an emergency
To make a large purchase that you need time to pay off in full
To cover the cost of unexpected travel expenses
To rebuild your credit
For instance, perhaps your car has been involved in an accident and needs immediate repair, or maybe you want to improve your home and require a lump sum of money to pay for the project. Or maybe a loved one overseas has fallen ill and you need to cover the cost of airfare to make a last-minute visit. These are all valid reasons to take out an installment loan in Vancouver.
Get the Installment Loan You Need Today
If you’ve carefully reviewed your finances and have determined that an installment loan is the right choice for you, call Loans Canada to help you find the right lender and loan product in Vancouver that best suits your needs.
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