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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While living in London is still more affordable than many of the other towns and major cities in Ontario and even the rest of Canada, the cost of living has been steadily on the rise. For example, an average home in London, Ontario now costs over $375,000.
It is things like this, as well as various other rising costs, that can often lead consumers living in London to run into financial issues. Soon missing a payment or two can lead to debt piling up, which can eventually have a negative impact on your credit.
While many people in London think bad credit prevents you from gaining access to the credit products you need, that isn’t actually the case. In fact, there are some situations where even borrowing money with bad credit is possible.
Take a look at this infographic to learn how your credit score is calculated.
What is Bad Credit?
But before we look at the borrowing options available in London for people with bad credit, we need to learn a little bit more about what bad credit actually is. In Canada, credit scores can range from 300 on a low end up to 900 on a high end (for more information about your credit score range, click here). Your credit score is impacted by a number of different things, including:
Your payment history
How much debt you owe
The length of your credit history
How often you apply for new credit
The number of different types of credit you use
While every person or lender in London may have a different idea of what bad credit is, generally, it is anything under a score of 600 or so. If your score is below 600, you might have more difficulty getting a high-quality loan and lenders might utilize more strict terms. Each lender in London is different, so be sure to ask a lender about their policy on working with bad credit individuals before applying.
Also, it’s important to note that bad credit to one person might be great credit for another. For example, if you have been struggling with a 375 credit score for years, if you manage to increase it to 550, you will feel like that is a great score. However, if you are used to being around 800, falling to that same 550 likely means you’re struggling.
Did you know you have more than one credit score? Learn more here.
How Do People Get Bad Credit in London?
Now that you know a little about how to classify bad credit, just how do people in London find themselves with bad credit? Well, there are a variety of reasons. Of course, bad financial habits and using credit irresponsibly are among the most common reasons for bad credit. If you simply overspend frequently and cannot control how much you use your credit cards, you might find your credit score dropping if you miss payments. As a result, it is incredibly important to keep track of your credit usage and have a budget to know how much you can afford to spend. Getting yourself out of credit card debt is no easy feat, so try to nip that problem in the bud if you are able to.
However, bad habits and irresponsible spending aren’t the only reasons people can find themselves struggling with bad credit. Unfortunate things like job loss, an emergency and even a major injury can all eventually lead to credit problems. Unfortunately, bad credit is simply unavoidable sometimes.
Did you know that bad credit can affect your daily life? Learn more here.
Types of Loans for Those With Bad Credit in London
Finally, let’s take a look at the borrowing options available in London for those with bad credit. Thankfully, there are many different options for those who have less-than-perfect credit to still borrow the money they need. One of the most popular options in London is to get a loan from lenders that don’t check credit. No-credit check loans are simple to get but often come with a higher interest rate or more fees. The reason for this is because most consumers in London applying for bad credit loan are seen as high-risk borrowers.
Another option is to go with a secured loan. If you have something to put up as collateral, a secured loan can help you get an affordable loan with a suitable interest rate. Unfortunately, these also come with risk as you can lose whatever you put up as collateral.
What Out For Loan Scams
Of course, be sure to keep an eye out for loan scams. Many scammers in London will try and target those with bad credit and promise them a “quick credit fix” for a fee. No legitimate company will ask for fees upfront and if a loan or deal sounds too good to be true, it likely is (for more information about “upfront fee scams”, click here). If you feel uneasy about a loan, lender or program, it is probably best to avoid it.
While some people in London may go with the options we mentioned above, others might prefer to increase their credit first, and then apply for a standard loan. While it won’t happen overnight, increasing your credit score quickly is entirely possible. Ways to improve your credit score include:
Using a secured credit card
Making all of your payments in full and on time
Using credit cards responsibly
Not closing old credit accounts
Not constantly applying for new credit
Whichever option you decide to go with, you can rest assured that no matter how good or bad your credit score is, there are lenders who will be willing to work with you.
Why all Canadians should be monitoring their credit, check this out.
The Best Bad Credit Loans For Your Needs
If you are in need of a bad credit loan, don’t hesitate to reach out to Loans Canada. We are confident we can help.
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