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.
LendDirect is an online lender that provides personal lines of credit for Canadians looking for a more flexible financial solution. Unlike traditional loans, LendDirect offers revolving credit, allowing borrowers to access up to $15,000 on an as-needed basis. The approval process is quick, with funds available within 15 minutes via Interac e-Transfer.
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 Saskatchewan
Although loan conditions and interest rates will vary from lender to lender, there are plenty of different loans you can apply for as a resident of Saskatchewan, including:
Personal Loans In Saskatchewan
A personal loan (a.k.a. installment loan) allows you to borrow a lump sum of money and repay it over time with interest. If you qualify, you can generally borrow around $1,000 to $35,000 over a payment term of 1 to 5 years, but it depends on your lender, finances and credit. The same idea goes for interest rates, which can range from 4% to 46%.
To get the best rates, having a good credit score can help. As such, before applying for a loan, it’s best to check your credit score.
Most lenders can conduct the entire loan funding and payment process via e-Transfer or direct deposit. Once you have the funds, they can be used to cover any expense.
Payday Loans In Saskatchewan
Payday loans are small loans with easy requirements and fast approval times. They make a great option for people with bad credit, no credit history or lower incomes. Loans usually range from $100 to $1,500, with terms of 14 days. After 2 weeks, the entire amount must be repaid, with interest and fees.
Be careful! Payday loans come with very high rates. They also attract predatory lenders and scammers. Only get a payday loan if you have a real emergency and do research.
Note: Payday loans are extremely expensive and can lead to a cycle of debt if you’re unable to repay the full amount borrowed. To Learn about the payday loan laws in your province, click here.
Car Loans In Saskatchewan
Car loans are used to finance new and used vehicles. They’re offered by auto lenders and car dealerships all over Saskatchewan, typically in lump sums of money or in-house financing plans. Similar to a personal loan, you would be borrowing the funds, using them to buy a car, then repaying your debt in fixed installments, with interest and fees.
Car loans are secured against the vehicle, which can reduce the risk for the lender and help you qualify for a lower rate. However, if you default, the lender can repossess your car.
Mortgages In Saskatchewan
A mortgage is a secured loan you can use to finance a home or other piece of real estate. Since they cost thousands of dollars, most mortgages are amortized over 10 to 25 years, with fixed or variable payment terms of 5 years. Once your term is up, you may be able to do multiple things to your mortgage, such as renewing it or refinance it.
Do note, your lender can foreclose on your home if you miss too many payments. A mortgage is a serious loan that may put lots of stress on your finances.
Student Loans In Saskatchewan
If you’re a full-time student, you may qualify for a loan from your bank. Student loans are also available through private lenders and the Government of Saskatchewan:
Bank
A lot of financial institutions offer loans and lines of credit for students. Similar to government student loan programs, these products generally come with flexible rates and terms, so you can pay your debt after your schooling ends.
Private Lender
Many alternative lenders offer student loans too. Rates can be higher, but requirements are often easier than a bank’s. Even though you may need to start repaying your loan immediately, some lenders allow grace periods.
If you’re looking to qualify for any type of loan in SK, there’s a series of steps you should take to prepare yourself for the application, funds transfer and payment processes:
Step 1: Compare Lenders & Choose One To Apply With
Depending on where you live, there could be tons of different lenders in your area and online, so take some time to do research. While interest rates and loan conditions are important, you must be especially sure to pick a legitimate business with good reviews.
Step 2: Fill Out An Application & Provide Documents
To apply, you must be comfortable providing information like your age and identity, bank account numbers, and job details. Most creditors will also ask for permission to check your credit report with Equifax and/or TransUnion. This will lead to a hard inquiry on your credit report which may negatively impact your credit. Although these effects are temporary, it’s best not to apply for too many new credit products at once.
Step 3: Submit The Application & Wait For The Loan Offer
To apply, you may also need to send copies of certain documents to your lender. Once that’s done, every lender has different wait times. Some will reply almost instantly, and others may take a couple of business days (or more if you apply on a weekend or holiday). Make sure to fill in your application properly to avoid any delays.
Documents Required To Apply For A Loan In Saskatchewan
During the application process, you might have to provide the following information:
Personal Identification
1 or more pieces of government photo ID (passport, driver’s license, etc)
Other jobs or incomes (self-employment, government benefits, etc.)
Banking Info
Bank account numbers
Pre-authorized debit form or VOID cheque
Other liabilities (existing debts, investments, etc.)
Additional Info
Supplemental documents (birth certificate, Certificate of Citizenship, etc.)
Additional documents if you have a mortgage, car loan or other large debt
Step 4: Accept The Loan Offer & Receive Funds
If you qualify, you’ll get an email or phone call with an offer. Read the contract carefully, then factor the costs into your budget. Legitimate lenders will list the Annual Percentage Rate (APR), associated fees, and payment terms. If you like the offer, just sign and submit the agreement (this could be required electronically or in person). Shortly after, you may receive the loan by direct deposit, e-Transfer or cheque.
Cost Of A Saskatchewan Loan
There are a number of factors you should evaluate to understand which loan is not only the most cost-effective but which loan works best for your situation.
Interest rate – The interest charged by your lender is the most obvious way to judge the cost of your loan. The high the rate the more expensive your loan will be.
Fees – Some lenders that charge a lower interest rate, may charge you an exorbitant amount in fees instead. Be sure to calculate how much your loan will cost with interest and fees, to see which option is cheaper.
Repayment term – While a longer repayment term provides smaller and more affordable payments, the interest that is accumulated during that time is much higher than a shorter loan term. However, depending on your financial capabilities, you should choose a term that is not just short but, one you can afford.
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How To Increase Your Chances of Getting Approved For A Loan
For many people, getting a loan approved is not an easy process, especially if they don’t have favourable credit. If you think you might have trouble getting approved, don’t worry, there are steps that you can take to improve your chances:
Check your credit score before you apply for a loan. That way you’ll know where you stand as a borrower. It can also help you understand which lenders you have a chance of qualifying with.
Get pre-approved before applying. This will help you compare loan offers without any hard credit checks.
If you have any debts, make sure to pay them off as much as you can before applying. Your debt-to-income ratio can play a big part in your approval.
Where Can You Get Financial Assistance In Saskatchewan?
If a loan isn’t the right option for you, the Saskatchewan Government offers assistance programs for residents and newcomers who are struggling financially, including the:
Saskatchewan Assistance Program (SAP) – This program provides assistance to individuals and families who can’t afford basic living costs. You may qualify for the SAP due to valid reasons like unemployment, disability, illness or low income.
Saskatchewan Assured Income For Disability (SAID) – This program offers a similar type of financial support to residents with severe and ongoing disabilities.
Watch Out For Fake Lenders: What Should You Do If You’ve Been A Victim Of Fraud?
There are many scam artists online impersonating lenders. If you’re not careful, they can steal your money and personal information. If you’re a Saskatchewan resident and would like to know more about what can you do if you’ve been scammed, here’s what you can do:
Contact The Consumer Protection Division, Financial and Consumer Affairs Authority of Saskatchewan. Their contact information can be found on their website: http://www.fcaa.gov.sk.ca/.
File a report with your local police department. They should have a sector that deals specifically with fraud and identity theft. If not, ask them to direct you to a department that does.
Freeze your credit report. That way any scammer trying to impersonate you will have a harder time opening any credit accounts in your name as lenders won’t be able to access your credit report.
If you’ve fallen victim to credit fraud, contact your credit reporting agency (TransUnion or Equifax) and have them put a fraud alert on your credit file. Since both agencies have slightly different information, you may want to contact both locations
Yes. You may be eligible for a loan in Saskatchewan, even if you don’t have a job. That said, it depends on where you apply and how strong your financial profile is. You must still be earning a regular income, like payments from self-employment, or government benefits. Otherwise, you’ll have a tough time qualifying. Keep in mind that lenders who approve jobless clients may charge higher interest rates for smaller loans.
What’s the difference between getting a loan from a bank and an alternative lender in Saskatchewan?
Unlike a bank, alternative lenders have much more flexible requirements that make loans more accessible. Moreover, when you apply with an alternative lender, the entire loan application process can be completed online. Due to their structure, they are also able to send you your funds much quicker than a bank. However, the downside to alternative lenders is that they often charge higher rates than banks, making them a more expensive option.
Can I get a loan with no credit checks in Saskatchewan?
Yes, there are many alternative lenders in Saskatchewan that are willing to provide loans with no credit checks. Many payday loans, auto title loans and some personal loans don’t require a credit check. However, these lenders will determine your creditworthiness based on other factors including your income level, debt-to-income ratio, employment stability and your overall financial health.
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