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.
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.
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.
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.
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.
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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Vancouver, located in British Columbia, is a large coastal city, flanked by the Pacific Ocean to the west and the Rocky Mountains to the east. It’s one of our country’s most culturally diverse cities and has been rated as being one of the best places to live, not only in Canada but in the entire world. With a population of roughly 2.4 million residents, the Greater Vancouver area is the third most populated city in Canada, next to Toronto and Montreal.
First inducted as a Canadian province in 1886, the city is named after Captain George Vancouver. A large portion of the city is bordered by warm sandy beaches, the majority of which are free to visit. It’s also where the annual Vancouver International Film Festival is held, which one of the largest film festivals in North America. In addition, Vancouver is the birthplace of many notable film and television stars, such as Seth Rogen, Cobie Smulders, Ryan Reynolds, and Michael J. Fox.
For information about loans, credit, mortgages, and financing in Vancouver read this.
Loan Myths
If you’ve never applied for a loan in Vancouver before, then you might not have any idea what the process is like. You may have even heard a few rumors along the way, many of which simply aren’t true. To help demystify the process, here are a few of the most common loan myths:
You have to have perfect credit to get approved for a loan. There are countless lenders in Vancouver and Canada, in general, who offer loan approval for credit-constrained Canadians. However, those with lower credit scores sometimes receive a higher interest rate, which can affect the overall cost of a loan, so keep this in mind before you apply.
Only banks and other traditional financial institutions provide loans. Not anymore. In recent years, more and more companies have come to realize that consumers are fed up with how banks operate and that many are now turning to alternative lending sources for their credit products.
If you need a loan to help cover your day-to-day expenses, it means that you’re irresponsible with money. Life happens, it’s unpredictable and often very expensive. Taking out a loan in order to deal with your regular expenses should not be seen as a negative thing. In fact, using a loan responsibly is actually good for your credit, which in turn is good for your finances.
Click here to learn about bad credit loans in British Columbia.
Preparing to Apply for a Loan in Vancouver
While the loan application process can actually be relatively simple, there are still many steps you should take to prepare yourself and your finances for it.
Determine how large a loan you’ll need to cover whatever expense you’re dealing with.
Consider checking your credit score and credit report before you apply for a new loan. Remember, the better your credit is, the better your chances will be of receiving approval and a good interest rate.
Make sure you can handle the financial responsibility that comes with paying off a loan. Checking your credit and reviewing your finances is the best way of doing that.
Calculate your potential payments, including your interest rate, to get an idea of how long it will take you to become debt-free once your payment schedule has begun. Are you comfortable with the answer?
Finally, make sure all of your personal and financial documentation is in order. It’s best to be organized to make the application process quick and efficient.
Interested in more information about how credit scores are calculated? This article is for you.
Loans and Your Credit Score
Your loans and your credit score each have a direct effect on each other. Generally speaking, it will be easier for you to get a loan if you have a decent credit score. Then, once you get your loan, managing it properly will positively affect your credit score and vice versa. Keep in mind that while not all lenders require a credit check during the approval process, it’s important to make sure your lender is legitimate and reports to one of Canada’s two main credit bureaus, Equifax or TransUnion. The more positive activity your lender reports, the better your credit will become.
Even if your credit is poor, you still have lots of options. Just make sure you’re working with a reputable lender in Vancouver. Often, fraudulent lenders will try to take advantage of consumers in Vancouver who are in a desperate position. If the offer sounds too good to be true, it probably is. Always look up your lender in the Better Business Bureau database before you sign any documents or give away any personal information.
Look here if you need some debt relief from predatory loans.
Credit Card or Personal Loan?
This depends on your financial situation and the reason you’re borrowing money in the first place. If you’re 100% sure you’ll be able to repay the money you borrow within a month, then a credit card could be a better option. However, if you’re not able to pay your credit card balance, you’ll be charged a penalty and a higher interest rate. On the other hand, with an installment loan, you’ll be able to calculate exactly how much you owe and when you’ll need to pay it in full.
Why Do Some Lenders Ask For a Deposit?
When a supposed “lender” asks for a deposit upfront, it’s a sure sign that they are trying to scam you out of your money. Do not provide them with any type of compensation and stop contacting them immediately. A legitimate lender in Vancouver and Canada, in general, will never ask you to pay them for anything before you receive your loan because doing so is illegal.
To learn how you can avoid a loan insurance scam, try reading this.
Being Rejected By The Bank For a Personal Loan
Banks and other traditional lenders in Vancouver judge their applicants based on a variety of criteria, including their credit scores, credit histories, financial standings, debt-to-income ratios, etc. So, if say, your credit score isn’t up to their standards, they may reject your application. If you’ve been rejected by your bank more than once, you may want to consider looking for alternative lenders in Vancouver who work with borrowers in similar financial situations as yours.
Want some tips for how to improve or fix your credit score? Check this out.
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If you’re a Vancouver resident in need of some good financing, you’ve come to the right place! Loans Canada is your go-to source!
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