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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British Columbia is one of the most popular provinces to call home. As a result, many of its cities and suburban areas, like Surrey, are seeing an increase in general living costs which you, as a resident, may have already noticed. While some people in Surrey can manage that hike in expenses, others may need an outside solution.
Depending on the state of your own financial situation, an installment loan might be the way to go. If you’re curious about these helpful credit products in Surrey and would like to know more, keep reading.
What is an Installment Loan?
If you’re unfamiliar with the product, an installment loan is a lump sum of cash that you can apply for through almost any lender in Surrey, whether it’s a big bank or a smaller alternative company. Typically, the money is deposited directly into your bank account once your application has been approved, although some lenders offer different payment methods, such as an e-transfer or cheque.
Beforehand, you and your lender will negotiate the terms of your loan agreement and come up with a payment plan that correlates to your finances. Depending on the size of the loan, your payment schedule can range anywhere from several months to several years and will be divided into equal segments, otherwise known as installments.
Most lenders in Surrey also offer varying payment frequencies, such as:
Weekly
Bi-weekly
Monthly
Twice monthly
Some lenders in Surrey will even allow you to make advanced payments, meaning you can repay your loan at any time, penalty free, thereby reducing the amount of time you’re in debt for. When applying, be sure to select a payment plan that your income can properly support. For instance, it might not be a good idea to select weekly or bi-weekly payments if your income is based on freelance or contract work.
Click here if you’re looking for an online loan with affordable monthly payments.
At the same time, it’s best to plan accordingly and think about the future. While a longer payment plan can make it easier to afford all your installments (plus interest and fees), it also means you’ll be in debt longer, which could end up costing you more over time. Then again, a shorter payment period might lead to a lender giving you a higher interest rate because they must maintain a profit. Always consult a professional advisor and reevaluate your financial health before applying for an installment loan or any other credit product in Surrey.
Installment Loans vs. Payday Loans
What Does it Take to Apply for an Installment Loan in Surrey?
No matter what kind of lender you choose in Surrey, remember that an installment loan is a serious responsibility. Although some lenders in Surrey, banks, in particular, have more strict approval standards than others, all lenders need to confirm that you’re able to afford the loan before they can approve you. The easier it is for you to make payments as scheduled, the better your approval results and interest rate will be (and vice versa).
Typically, lenders in Surrey will examine elements such as your:
Gross monthly/yearly income
Current outstanding debts
Employment history
Credit report
Assets
So, before applying, it’s essential to have your finances in the best shape you can make them. If your income isn’t large enough, consider asking for a raise or getting a second job. If you have a significant amount of debt, be sure to pay it off accordingly.
It’s also helpful to request a copy of your credit report from both of Canada’s main credit bureaus (Equifax and TransUnion). Doing this at least once per year (you’re entitled to one free copy yearly) is a good way of both monitoring your credit health and checking your report for errors, signs of fraud or identity theft.
Want to know what the 5 most common credit report errors are? Find out here.
Is Bad Credit a Deal Breaker?
In Canada, credit scores generally range from 300 – 900. Many lenders will look at your score before approving you as another way of determining the likelihood that you’ll default on your payments in some way (late, short, missing, etc.).
A higher score of 700 – 900 is generally considered ‘good credit’, meaning you’ve had little problem making payments in the past and will likely continue this behavior. A good credit score should help you earn a larger loan amount, lower interest rate, and more negotiating power when it comes to your payment plan, as the lender is taking less of a risk on you. That said, most lenders in Surrey, prime or subprime will approve you with a score of around 650 or higher.
Do you know what the surprising perks of a good credit score are?
Bad credit, on the other hand, usually means that your score has fallen below 560. Since this is often a sign of previous defaulted payments, financial delinquency, or very little experience handling credit, many prime lenders will not accept your applications. Although you can still get approved with a private, alternative, or bad credit lender in Surrey, a higher interest rate will often apply. In addition, you may only be able to secure a lower loan amount and a less adjustable payment plan.
Check out this infographic to learn even more about how credit scores are calculated.
Increasing Your Approval Chances in Surrey
In the end, the more reassurance you can give your lender that you’ll repay your installment loan responsibly, the better the overall results will be. This is especially true if you have bad credit or you’re applying for a significant amount of unsecured (non-collateral) loan money.
If that’s the case, there are a few measures you can take, such as:
Improve your credit score as much as possible
Update and organize any required personal/financial information
Provide the most recent proof of your income (bank statements, pay stubs, etc.)
Offer collateral as added loan security (house, car, etc.)
Ask a financially stable friend or family member to cosign your application
There are also many lenders in Surrey that don’t even perform a credit check as part of their approval process and will instead focus on factors such as your income, current debts, and employment status. However, it’s once again important to realize these lenders often charge higher interest rates which can cost you more in the long run.
That said, even a bad credit installment loan can be good for your credit score, as long as you work with a lender that reports your progress to Equifax and/or TransUnion. Every timely, full payment you make increases your credit score, thereby improving your approval odds and interest rates in the future.
Interested in more information about credit bureaus? Take a look at this.
How Else Can an Installment Loan Be Used in Surrey?
An installment loan isn’t just for the benefit of your credit score. It can also help you pay for pretty much any expense that comes your way. Nonetheless, remember that any loan, no matter the size, is a serious responsibility, so you should only spend your money on things that are essential, rather than clothes and other consumer goods.
Here are just a few essential costs that an installment loan can help with:
A car accident or other financial emergency
Your tuition or other educational expense
Consolidating a high-interest debt
Unexpected travel costs
Home renovations or other recurring/long-term costs
Groceries and household supplies
Gas, insurance, and other vehicle costs
Ready for an Installment Loan?
If you feel that you’re up to the responsibility that comes with an installment loan in Surrey, there’s only once place to go. That’s right, at Loans Canada, we take pride in finding you the best lending sources in your area. Contact us today for more information or apply below when you’re ready to get started!
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