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.
easyfinancial offers personal loans from $500 – $20,000 ($15,000 - $150,000 for secured personal loans) with interest rates that are affordable and convenient. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country.
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 $25,000. 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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Types Of Loans In Calgary
There are several types of loans in Calgary, including mortgages, auto loans, personal loans, and student loans, among others. Loans like these fall under one of two umbrellas: secured and unsecured loans.
Secured Loans In Calgary
A secured loan is backed by an asset of value. For instance, mortgages and car loans are considered secured loans because they are collateralized by a house or vehicle, respectively.
The collateral serves as a form of guarantee that you will repay the loan when it’s due. If you default on the loan, you’ll lose your collateral.
By backing the loan with a valuable asset, you’re more incentivized to keep up with loan payments. Plus, the collateral involved reduces the lender’s risk, as they can repossess the asset if you don’t pay your loan back. Because of this reduced risk, lenders are more willing to offer lower interest rates and bigger loans.
Unsecured Loans In Calgary
An unsecured loan does not involve a valuable asset backing the loan. With no collateral involved, you’re not offering a guarantee of loan repayment. This increases the risk for the lender since there’s no valuable asset for them to repossess and sell to recoup their losses.
Because of this added risk, unsecured loans may be more difficult to qualify for. They may also come with higher interest rates and smaller loan amounts compared to secured loans. However, these loans are less risky for you as the borrower as you won’t lose your house, car, or other high-ticket assets if you fail to keep up with your loan payments.
Steps On How To Apply For Loans In Calgary
If you’re ready to apply for a loan in Calgary, follow these steps:
Step 1. Compare Lenders And Choose One To Apply With
If you’re applying for an online loan, searching for a lender is easy. Simply use an online loan aggregator to search for lenders that offer the type of loan you’re looking for.
The offers populated will be based on your financial and credit profile. You can then compare lenders and their loan products side-by-side for a quick comparison to see which one suits you best.
To get the most accurate rate on your loan, you can get pre-qualified, which involves a simple review of your creditworthiness to help lenders determine your ability to qualify for a loan. It won’t affect your credit score.
Step 2. Fill Out An Application And Provide Documents
Once you’ve narrowed down your options and chosen a specific lender, you can apply for a loan with the lender. Complete the lender’s application form in full and gather all required supporting documents as requested. These documents will help the lender verify the information you’ve provided on your loan application.
You may also be asked to agree to a credit check. Your credit can have a significant impact on the terms of your loan, so be sure to check your credit score before applying.
Documents Required For A Loan In Calgary
Depending on the type of loan you apply for the documents required will vary. Generally, payday loans require very little verification while mortgages require an extensive list of documents.
Personal identification. To verify your identity, your lender may ask to see your driver’s license, passport, or other forms of photo ID.
Income and employment statements. Your lender will want to make sure that you have the financial means to make your loan payments on time. As such, your lender will want to see proof of income and employment, such as a letter from your employer, pay stubs, and/or bank statements.
Additional Documents For A Car Loan
There are a few extra documents you’ll have to show your lender when applying for an auto loan in addition to the standard loan documents, including the following:
Like a car loan, a mortgage requires additional documents, including the following:
Proof of down payment
Proof of property insurance
Purchase agreement
Details of the property
Step 3. Submit Your Application And Wait For A Loan Offer
Once you’ve completed your application and reviewed it for accuracy, submit it to the lender along with all supporting documentation. The lender will assess your application package to determine whether or not to grant you loan approval. If you are approved, the lender will determine the interest rate to offer you and the maximum loan amount you can get.
If you’re applying with an online lender, the application and approval process shouldn’t take any more than a day or two, unless there is a problem with your application.
Step 4. Accept The Loan Offer And Receive Your Funds
Carefully review all the terms and conditions of the loan contract. If all seems well, you can sign the contract, then receive your funds.
Can You Get Loans In Calgary With No Bank Verification?
Among the many criteria typically required to get approved for a loan in Calgary is a bank account. Loan payments are often automatically withdrawn from a borrower’s bank account, so lenders want to ensure a viable account is set up and capable of handling loan payments. Lenders may also want to verify an applicant’s bank account to assess their liquid assets.
However, you may still be able to qualify for a loan in Calgary even if you don’t have a bank account. A “no bank verification” loan is a unique type of loan that doesn’t require bank account information to be verified by the lender. However, you’ll still have to prove your income when you apply to show the lender that you have the financial means to pay back your loan.
Can You Get Loans In Calgary With No Refusal?
A “no refusal” loan means you won’t be turned down for a loan due to poor credit. These short-term loans are ideal for bad credit borrowers who may be turned down for a conventional loan because of their low credit scores.
There is no credit check required for a no refusal loan, so there’s no need to prove your credit strength to get approved. Instead, your ability to get approved for the loan will be based on your income, assets and debt level.
Can You Get Loans In Calgary With Instant Approval?
If you need money immediately, then an instant approval loan in Calgary may be something to consider. Lenders who offer these loans provide instant approval following loan application. These loans are typically payday loans, which are short-term loans made for smaller loan amounts and tend to come with very high-interest rates.
These loans are meant to help borrowers cover urgent expenses. The application, approval, and funding process is extremely fast, providing borrowers with the funds they need right away.
Many personal lenders offer instant pre-approval on personal loans outside of the payday loan realm and provide same-day final approval. The exact timeline varies by lender.
What’s The Cost Of A Calgary Loan
The cost of a loan in Calgary will depend on a number of factors including the interest rate, term, payment frequency and loan amount. Here’s a simple example of how just your interest rate can affect the cost of your loan:
APR
Monthly Payment
Total Interest
Total Cost
10%
$87.92
$54.99
$1,054.99
20%
$92.63
$111.61
$1,111.61
30%
$97.49
$169.85
$1,169.85
*$1,000 personal loan with a 1-year term.
Tips On Applying For A Loan In Calgary
The loan application process can seem long and complicated, but it doesn’t have to be. If you’re prepared with all the necessary documentation. Applying for a loan, no matter what you need it for, can be quick and stress-free.
Consider Checking Your Credit Score
If you’re applying with a lender who requires an examination of your credit, checking your credit is a good idea. This way, you’ll have a better idea of where your finances are.
Determine How Much Debt You Can Handle
When you take out a loan, you’re putting yourself in debt. So, before you apply, carefully consider how much debt you can afford to handle.
Compare Lenders Before You Settle On One
There are countless lenders in Calgary, some are great and some aren’t. A responsible borrower should always research and compare lenders before they sign on the dotted line.
Beware Of Fraudulent Lenders
While comparing lenders, make sure to look each one up in the Better Business Bureau database to confirm that they’re legitimate. Also, if a lender asks you to pay a deposit before they approve you, it means they are trying to scam you. No real lender or service provider will ever ask you for an upfront deposit.
Whether you have great credit or poor credit. Whether you’re looking to cover an emergency expense or a large purchase. There are a wide variety of loan options and lenders in Calgary. The most important step you can take when applying for a loan is to choose the right lender and a loan you can afford. While loans can be helpful financial tools, taking on debt your can’t afford is never a good idea. Borrow wisely and make sure your loan works for you.
Calgary Loans FAQs
Do I need a high credit score to get approved for a loan?
Absolutely not. There are so many options when it comes to today’s lending institutions. Some lenders in Calgary won’t even pull your credit. Keep in mind, however, that all legitimate lenders will perform some kind of financial risk assessment before they can approve you.
How will taking out a loan affect my credit score?
Having your credit checked may affect the calculation of your credit scores. Furthermore, if you properly manage your loan and always make your payments on time. Your credit scores may be positively affected. On the other hand, if you mismanage your loan. Your credit scores may be negatively affected.
How can I get approved for a loan?
This greatly depends on the type of loan you’re interested in and the lender you’re applying with. All lenders in Calgary, even those who lend to borrowers with low credit or none at all. Are looking for clients who can afford to make their monthly payments on time and in full.
Can I get a loan in Calgary with bad credit?
Some lenders in Calgary do use credit scores to assess the risk associated with potential borrows. However, that’s definitely not the only element they consider. Your financial standing, employment record, and other such details will also be examined. There are lots of lenders in Calgary that do not even perform credit checks when considering their applicants.
Can I use my house to secure a personal loan?
A home equity loan or a HELOC are types of financing where a house is used as collateral. However, a house isn’t the only asset that you can use as collateral. Vehicles, land, and other types of valuable property can be used to secure a loan.
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