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.
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.
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.
If you’re short on cash, Bree offers cash advances of up to $350 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.
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.
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.
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 $10,000 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.
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.
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With Calgary being one of the most expensive places in Canada to buy a home and live in general, taking out loans and having debt is the norm. Whether you want a new truck or SUV to traverse the cold, icy, and snowy winters or an upgraded home, a loan is a necessity for most. One of the most common types of loan in Calgary is an installment loan.
Everyone looking to apply for a loan should read this first.
What Are Installment Loans?
So what exactly is an installment loan? Well, an installment loan is a loan that is repaid over time with a set and predetermined number of payments. The term can range from only a few months up to many decades, in the case of a mortgage. The size of the payments will also vary a ton depending on what the loan is for.
This means that most loans such as mortgages, car loans, and student loans would all be classified as installment loans. So installment loans are something most of us have taken out multiple times and may continue to do so in the future.
Applying for and being approved for an installment loan in Calgary will depend on a variety of factors such as your employment and how much debt you currently have. However, one of the most important factors that go into lenders deciding if they want to approve you for an installment loan or not, is your credit.
Check out this infographic for everything you need to know about your credit score.
Can You Get an Installment Loan in Calgary When You Have Bad Credit?
Your credit is what will allow a lender in Calgary and Canada, in general, to see how you have handled debt in the past. If you have a high credit score and a spotless history, you are less risky and thus will get better terms and interest rates on installment loans. On the other hand, if your credit is bad, you might appear riskier to lenders in Calgary.
This might lead you to believe that getting an installment loan with bad credit is impossible, but that is not the case. While your terms will likely be stricter, there are many borrowing options for those with bad credit.
What are bad credit lenders looking for? Click here.
While some lenders in Calgary will not work with you if your credit is bad, there are plenty of local or alternative lenders that will. They will also often use different methods to qualify a person for a loan, such as:
Bank statements
Debt to income ratio (how much debt you have vs. how much you make)
Collateral (such as putting your car, home or savings account on the line to lower your risk as a borrower)
If you want to try and improve your credit before applying for an installment loan to get a better interest rate, there are a few things you can do to help:
Always making sure you make your payments on time
Pay off any outstanding debt that you are overdue on
Reduce the amount that you use your credit card
Get a secured loan or secured credit card
Installment Loans vs. Payday Loans
What Should You Use an Installment Loan For in Calgary?
Now that you know all about installment loans, what should they be used for? In general, these installment loans can be used for a variety of different things in Calgary. Here are a few of our recommendations:
Acting as an alternative to a potentially expensive payday loan
To pay for an emergency or another unexpected expense like travel, medical issues, or car problems
To make a large purchase that you cannot pay off immediately such as a home, a car, or your education.
Rebuilding your credit (as long as you use the loan effectively and intelligently)
So as you can see, there are a variety of different situations in Calgary that can call for the use of an installment loan. Of course, you want to make sure to only get an installment loan that you can afford and that makes sense for you. While it might be enticing to get a larger loan, doing so will leave you on the hook for a lot of money in the future.
The Right Installment Loans For Your Needs
If you have decided that going with an installment loan is the right choice for you, feel free to reach out to Loans Canada for assistance.
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