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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Unfortunately for those in Saint John and the rest of New Brunswick, the province is among the lowest when it comes to the median household income compared to all provinces.
However, even though their incomes are lower, they are still responsible for purchasing the same sorts of things that everyone else is across the country. They still need a home, likely still need a vehicle and might be interested in getting an education. Thankfully, installment loans exist and can help those with limited cash or low income make large purchases.
An installment loan is simply a loan in which the borrower will pay back the loan, piece by piece, on a predetermined schedule for a predetermined amount of time. There can be a wide variety of different types of installment loans such as mortgages, student loans, auto loans, and personal loans.
Can You Get an Installment Loan If You Have Bad Credit in Saint John?
It would be great if everyone in Saint John that is interested in getting a loan had the best credit to be able to get the best rates, but this isn’t always the case. However, even if you have bad credit, you still have options. While getting the same interest rates as people in Saint John with a 750+ credit score might be tough, that doesn’t mean all installment loans are unattainable.
Want to know how lenders set their interest rates? Find out here.
In order to get an installment loan with bad credit, you may need to work with an alternative lender in Saint John who won’t check your credit to qualify you for a loan. These lenders in Saint John will often use things like bank statements, collateral, or your debt to income ratio when deciding whether to approve you or not. Now, because your score is low and you are risky, don’t expect to get the best rate, but at least you’ll be able to secure a loan.
What Payment Plans Are Available in Saint John?
Other than the interest rate of your installment loan, one of the most important things to consider is the payment plan and schedule. Your payment plan will not only determine when you pay, how often you pay and how much you pay but also how much interest you pay. In general, there are three different payment plans:
Weekly – You will make a payment to your lender every week
Bi-Weekly – You will make a payment to your lender every two weeks
Monthly – You will make a payment to your lender once a month
Of course, certain lenders in Saint John may use other terms or ranges, but in general, these three are the most common that you will see. Also, some lenders in Saint John might only provide a single option, so be sure to examine the options a lender has before agreeing or signing anything.
Well, that all comes down to how comfortable you are with making frequent payments and when/how much money you have coming in. For example, if you would rather keep things simple and are okay with large payments, opting for a monthly payment plan is a good idea.
Whatever option you choose, be sure it works with your lifestyle in Saint John and won’t put you in a bad financial situation.
Make sure you read this before you apply for a loan.
What Can You Use an Installment Loan for in Saint John?
Now that you’re aware of what an installment loan is and the fact that you can likely get one, even with bad credit, what can you use them for? Well, the answer is essentially anything. Installment loans are quite versatile and they can help you in a number of different ways in Saint John. You can use an installment loan for:
An alternative to an expensive and potentially-predatory payday loan
Large purchases such as homes, cars, or RVs
To cover the cost of an emergency, like an accident or injury
To help to rebuild your credit
To cover the cost of unexpected travel that you need to make
Of course, no matter what you use your installment loan for, you should be sure to only take out a loan that you can afford to pay back. Taking out a giant loan can put a real strain on the rest of your finances, so be careful.
Installment Loans vs. Payday Loans
Finding the Best Installment Loan for Your Needs in Saint John
Looking for an installment loan and don’t know where to turn? If so, be sure to reach out to Loans Canada as we are confident we can find you the best installment loan in Saint John for your needs.
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