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📅 Last Updated: October 1, 2021 ✏️ Written By Kale Havervold 🕵️ Fact-Checked by Caitlin Wood
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While it would be nice to live debt-free, those in Charlottetown and much of the rest of Atlantic Canada are finding that incredibly difficult. Not only are incomes in the area among the lowest in the country, but over half of residents in Atlantic Canada feel they would need a significant bump in income to be able to live debt-free.
As a result, taking out loans is incredibly common in the area. While you have your mortgages, car loans, and student loans, those aren’t the only things people need additional funding for. Thankfully, these are the exact types of situations where a short term loan in Charlottetown could be the solution their looking for.
A short term loan is a loan that is generally for a few hundred to a few thousand dollars, with a term of anywhere from a few months to two years. It is often meant for those who need a bit of money quickly, but also don’t want to be burdened with years and years of repayment.
Learn how to use a short term loan to tackle any emergency, click here.
What Can I Use A Short Term Loan For?
Now that you know a little bit about short term loans in Charlottetown, what can you use these loans for? Well, the good news is, your short term loan can essentially be used for anything that you simply don’t have the cash to pay for. This includes:
- To cover the cost of some kind of emergency
- To pay for unexpected travel you need to take
- To make a large purchase for your home
- To go on vacation
- To build your credit by paying it back intelligently
- Car or house repairs
However, it’s important to keep in mind that many short term loans in Charlottetown come with higher interest rates, which means it’s in your best interest to only take out a loan you really need and can afford. If you start taking out short term loans just to have the extra money, it can put a lot of pressure on your finances once you have to repay that money (plus interest).
How to Get Approved for a Short Term Loan in Charlottetown
Before you can take advantage of the many different benefits of a short term loan, you need to be sure you can be approved for one.
Keep an Eye on Your Credit
The first step to giving yourself the best chance of being approved for a short term loan is making sure your credit is in the right place. You should be getting copies of your credit report and making sure everything is accurate, while also working to improve your credit score if at all possible.
To learn some ways of improving your credit score this year, read this.
Shop Around
Once your credit report and score are good, it is time to shop around for the right lender. Not all lenders are created equally and each will have their own rates, terms, and fees. By simply working with the first lender you visit, you may potentially be missing out on a better deal somewhere else. You should look at the lender fees and rates, but also their history, reputation, and how comfortable you are with them.
Start Budgeting
Next, you should create a budget so you are always able to keep up with your payments. Not having a budget can lead to confusion about where your money is going and how much is coming in and leaving each month. Budgeting will ensure you don’t miss or forget any payments on your loan repayment schedule.
Short term loans, the good and the bad. Click here.
Short Term Loans FAQ
Learning about short term loans is incredibly important as most of us may find ourselves in a situation where we need to utilize one. In an effort to help, we have decided to list and go over a few of the most common frequently asked questions surrounding short term loans in Charlottetown.
What Will My Interest Rate Be?
The interest rate that you get for a short term loan will depend on a couple of things. First, it will depend on which lender you go with, as each will have their own rates for different clients. Next, your financial situation and credit score will help determine your rate. The better your credit, the better the interest rate that you will be able to secure.
Wondering if you can beat your lender’s interest rate? Find out here.
How Quick Will I Get My Money?
When securing a short term loan, there is a good chance that you will want your money quickly. While it is normal to get the funding from a short term loan quicker than a larger loan, the actual time will depend on your application and how busy the lender is. If you are overly concerned about when the money will be given to you, be sure to ask the lender beforehand.
Can You Guarantee Approval for a Short Term Loan?
When shopping around for a loan, you might see lenders who claim that they can “guarantee approval” of a loan. However, it is important to know that this isn’t possible. No one can guarantee approval for a loan and if they say they can, there is a good chance that they are a scam of some kind.
Of course, if you have any questions that we haven’t looked at that you would like answered, be sure to reach out!
Decided on a personal loan instead? If so, click this link.
The Right Short Term Loan For You
Short term loans can be a great solution for a variety of different people. If you feel that a short term loan in Charlottetown is the right choice for you, be sure to reach out to Loans Canada. We are confident we can help connect you with the right lender for your needs.
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