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📅 Last Updated: October 4, 2021 ✏️ Written By Kale Havervold 🕵️ Fact-Checked by Caitlin Wood
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While Toronto is the cultural and financial epicenter of the country, and the average income there is quite high, that doesn’t mean people still don’t experience financial issues. Toronto not only has a high cost of living but we’ve all experienced an emergency or unexpected expense and struggled to make it to the next paycheck.
Well, instead of worrying and depleting the last of your savings account, why not secure a short term loan? A short term loan is a loan that is generally paid off sometime between a few months up to two years and can be for as little as $100 up to around $2000.
What Can I Use a Short Term Loan For in Toronto?
Now that you know a little basic info about what a short term loan is, what can you use them for? Well, the great thing about these types of loans is that you can essentially use them for anything in Toronto. This includes:
- Using them as a relatively quick and easy way to build up your credit
- To cover the cost of an emergency that you have experienced. This could be anything from a medical emergency to a car accident
- To make large purchases that you can’t afford to make in cash
- To go on a vacation
So while these loans can be used for nearly anything, it is important to remember that you are still responsible for paying back your loan plus interest. It might be tempting to take out a larger loan than you need or get one when you don’t need it, keep in mind that taking on debt can be useful but only if it managed responsibly.
Check out this infographic to learn about the true cost of borrowing.
How to get Approved for a Short Term Loan in Toronto?
If you are in the market for a short term loan in Toronto, what should you do to give yourself the best chance of being approved?
Check Your Credit
The first thing that you should look to do is get a copy of your credit report. You want to ensure that there are no errors and that your overall credit is in a good place.
Click here to see the 5 most common errors found on credit reports in Canada.
Shop Around
Next, you need to shop around Toronto for the best short term lender for your needs. There are likely many lenders in Toronto able to loan you money, but each will have their own unique offerings and interest rates, so be sure to visit many lenders to ensure you don’t miss any great deals.
Tackle Any Debt
If you’re currently carrying any credit card debt, it is a good idea to pay that down beforehand as well. This is not only a good idea because it will keep your utilization low, but it will also make it easier to handle your new loan payment. Dealing with multiple payments every month is not only stressful and it can be easy to forget.
Check this out to see some more debt management products for credit users.
Short Term Loans FAQ
Knowledge is your number one defense against repayment confusion, scams, and excessive debt, this is why the more questions you ask, the better. With this in mind, here are some of the most commonly asked question surrounding short term loans, questions you might want to consider asking your next lender in Toronto.
What Will My Interest Rate Be?
In addition to how much you borrow and the length of your loan term, one of the most important factors surrounding how much money you will spend repaying a debt is the interest rate. The interest rate you get will be determined by the lender you work with in Toronto, as well as how good your credit score is. Always make sure you understand the consequences of the interest rate you’re accepting before signing any contract.
Can Approval be Guaranteed?
No lender in Toronto or anywhere in Canada can guarantee your approval before you apply and submit all the necessary documentation. Loan approval is decided on a case by case basis. If your lender in Toronto says that they can guarantee that you’ll be approved, it is likely a scam and you could potentially be victimized.
However, you can always try applying for a guarantor loan.
Do Short Term Lenders in Toronto Check Credit Scores?
Most do, but this isn’t always the case. If a lender in Toronto doesn’t check your credit score, they will often use other factors like income and how much other debt you have when deciding whether to approve you or not.
Interested in more information about credit scores? Click here.
Short Term Loans That Meet Your Needs
In need of a short term loan in Toronto? If so, don’t hesitate to reach out to Loans Canada. We are confident that we can find a loan that meets your needs.
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