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.
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 $18,000. 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.
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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Your credit score might just be a number, but it represents a crucial part of your overall financial health. Your credit score will dictate how likely you’ll be to get approved for a loan. Generally speaking, a high credit score will improve your odds of securing a loan, but a low score will do the opposite.
Read this to see why all Canadians should be monitoring their credit scores.
Is your credit score suffering? If so, you may have some recourse with bad credit loans in Ottawa. You may be eligible for these types of loans in Ottawa even though your credit score could use some improvement.
Read on to find out what a bad credit loan is and whether it’s a viable option for you.
Bad Credit – Defined
If your credit score is low, then you’ve got bad credit. Any number of things could have put you in this position, including missing payments. Regardless, having bad credit while living in Ottawa can make things more difficult for you financially.
Credit scores range from anywhere between 300 to 900. The closer you get to 900, the better your score is considered to be. Generally speaking, the average score needed to secure a loan or a credit account is around 650 to 680, depending on the lender in Ottawa. Anything less than this threshold is considered low and will make securing a loan more difficult.
Want to know the minimum credit score for mortgage approval in 2019? Find out here.
Not only that, but bad credit may also negatively affect other aspects of your life in Ottawa, including getting a cell phone contract, securing an apartment rental, and even getting a job. As such, it would be in your best interest to do what’s needed to improve your credit score.
What Factors Impact Your Credit Score?
Certain situations and habits can negatively impact your credit score, including the following:
History of payments – Any late or missed payments will drag your credit score, as 35% of your credit score is comprised of your history of payments.
Credit utilization ratio – The more you used your credit card in Ottawa, the closer you get to your credit limit in expenditures,the worse off your credit score may be. That’s because maxing out your credit cards will increase your credit utilization ratio, which is not a good thing for your credit score.
Length of credit – If you’re just starting out your financial life and have just begun to build a credit profile, your credit score may reflect poorly until you’ve established a lengthy credit history. That’s because lenders will have little to go on with a short credit history and would rather see a long period of good habits when deciding whether to approve a loan application.
Loan applications – Applying for too many loans within a short time frame won’t fare well for your credit score because your report will have “hard inquiries” noted on it. These hard inquiries represent lenders and creditors accessing your credit report every time you apply for a new loan.
Debt diversity – Not diversifying your financial portfolio won’t give lenders in Ottawa much of an idea of how disciplined you can be at making timely payments for different types of loan accounts.
Can You Get a Loan in Ottawa With a Bad Credit Score?
Having a bad credit score will make it a major challenge to get approved for a traditional loan from a conventional lender in Ottawa. Having a low credit score paints you as a risky borrower in Ottawa. That’s because a low score is usually indicative of a history of missing loan payments, which is something that lenders prefer to avoid having to deal with.
That said, there are bad credit loans in Ottawa that are available to those who may not meet the requirements needed to get approved for a conventional loan. Bad credit lenders in Ottawa focus more on other factors, including your income, assets, and your recent financial behavior rather than placing too much weight on your credit score.
It should be noted that the interest rate that these lenders charge will be much higher than the rates conventional lenders charge good credit borrowers in Ottawa.
Looking to conquer your high-interest debt? Be sure to check this out.
What Types of Loans Are Available to Bad Credit Borrowers in Ottawa?
No-credit check loans. Ottawa lenders in this sphere don’t check credit scores, but instead, place more weight on income and more recent financial activity. This is a great option if your score falls under the “bad credit” category.
Secured loans. Getting approved for an unsecured loan may be more difficult with a bad credit score, as we’ve already mentioned. That’s because there’s no collateral backing the loan and therefore nothing of value for the lender to repossess if you default on your loan payments. But secured loans require collateral, which means your lender in Ottawa will have something to recoup if you fall short on your payments.
Wondering if you can get a car loan if your credit is bad? Click here to know.
Watch Out For Loan Scams in Ottawa
Although there are several reliable and trustworthy bad credit lenders in Ottawa, predatory lenders also exist. Be wary of these lenders. Red flags usually include:
Guaranteeing loan approval
Requiring upfront fees
Loan insurance
Increasing Your Odds of Securing a Loan By Improving Your Credit Score
Bad credit loans in Ottawa may be an option for you if you have a low score, but you might be better off taking some time to boost your score in order to make things easier for you when it comes time to apply for a conventional loan. Things you can do to increase your credit score include the following:
Pay your bills on time and in full
Don’t max out your credit cards (spend less than 30% of your credit limit)
Pay down your debt
Don’t apply for too many loans
Don’t close out old credit accounts
Click this link to learn how you can buy a house with bad credit in Canada.
Need a Bad Credit Loan in Ottawa?
If your credit score is suffering but you still need a loan to cover big expenses, bad credit loans in Ottawa may be something to consider. To find a trustworthy lender in Ottawa, consider working with Loans Canada. We’ll help put you in touch with the right lender who will provide you with the much-needed funds required.
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