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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The smallest of the Canadian provinces, Prince Edward Island is home to just under 143,000 residents and did not become part of the Canadian Federation until 1873. Its capital city, Charlottetown, is also its largest. One major portion of PEI’s economy is its farming community, which supplies 25% of the potatoes that are sold throughout the rest of the country. The province’s rich landscape is mostly made up of hills, sandy beaches, and spectacular ocean views. Not to mention the famous reddish earth that covers much of the island. The island was also the inspiration for the setting of Lucy Maud Montgomery’s classic novel, Anne of Green Gables, written in 1908. Situated in the Gulf of St. Lawrence, Prince Edward Island is known for its fresh seafood and tourist activities, such as swimming, golf, and outdoor festivals.
Do you have bad credit but need a loan on Prince Edward Island? Look at this.
Loans Tips
If you’re thinking about applying for a loan, there are a few things that need to be kept in mind before you choose a lender:
When you’re looking for a loan, the first reasonable sounding offer that comes along can be tempting. However, it’s best to do research and look around properly before making a decision.
It’s not a good idea to apply for too many loans at once. If a lender checks your credit, a “hard inquiry” is performed, causing your credit score to drop a few points.
If your bank doesn’t approve you because of your poor credit, don’t worry, there are other lenders out there that will.
Once you’ve been approved, if you’re having payment issues, do not wait until the last minute to inform your lender. Be proactive and let them know immediately so that you can work things out efficiently.
If you’re having trouble getting approved on your own, it can be a good idea to get a reliable friend or family member to co-sign a loan with you.
Remember, if an offer sounds too good to be true, it probably is. Therefore, it’s important to make sure your chosen lender is a legitimate organization.
Want to know what bad credit lenders look at when assessing your loan eligibility? Find out here.
Loans For All Your Needs
There is any number of reasons why the average citizen of Prince Edward Island would apply for a loan. It might be to finance their small business, their house, or maybe to pay for a new car. Whatever the reason is, there’s sure to be a loan that will suit their needs. Some of the more frequently used loans are listed below:
More interested in a short term loan on Prince Edward Island? Click here.
Increasing Your Chances of Getting Approved
Depending on the type of loan you’re applying for, the application process can seem like a long and difficult task, especially if your credit isn’t as favorable as a lot of lenders want it to be. However, there are steps that you can take that will help you along the road to getting approved, such as:
Checking your own credit before you apply
Dealing with any other outstanding debts you might need to pay
Making sure you’ve chosen a lender that will cater to your financial needs
Doing as much research as possible before you apply
Seeing that all your relevant documentation and personal information is up to date
Remembering that there are other lenders you can choose besides banks
Finding a legitimate online lender (if it’s more convenient for you)
Read this if you’ve been trying to compare lenders in Canada.
Curious about how much it costs to raise a child in Canada? Take a look at this infographic.
Protecting Your Personal Information
The harsh reality? It can be very easy for someone to steal your personal information and use it to access your bank and credit accounts, causing devastation to your credit report, and your financial future in the process. Because of this, it’s always a smart idea to be responsible with your personal information and take the necessary steps to protect it properly. With the internet at their fingertips, a clever thief can commit fraud using your name. It’s not always a simple task to protect yourself from fraud, but it will pay off in the end.
Is there a way you can tell if you’re the victim of identity theft? Find out here.
However, if you have become a fraud victim or have had your personal information stolen and used against you, there is an organization located on Prince Edward Island that can help you:
Consumer Services, Office of the Attorney General
Shaw Building, 4th Floor
95 Rochford Street
PO Box 2000
Charlottetown, Prince Edward Island C1A 7N8
Telephone: 902-368-4580
Telephone: 902-368-4550
Toll-Free: 1-800-658-1799
Fax: 902-368-5283
Dealing With Fraud
Prince Edward Island is not the only province where residents have had to deal with cases of fraud and identity theft. Unfortunately, fraud happens all across Canada, all over the world for that matter. It’s a devastating crime and it’s just as difficult to catch the culprits as it is to rebuild your finances once they’ve been affected. So, the best thing you can do is be cautious about where and when you’re giving out your personal information. Identity thieves have made entire careers based on being good liars and manipulators. Everything is online these days. A fraudster can learn all about you just by looking at your Facebook profile, so be careful what information you include about yourself.
In fact, consumer fraud comes in many different forms. No matter who you are or what your finances look like, there are fraudsters and thieves out there who will try to prey on you if you’re not being safe with your information. Some of the more common types of fraud are:
True, learning about fraud can be a stressful notion. Just remember, if you’re worried about having your identity stolen or falling victim to some form of fraud, it means you take your finances seriously. Below are some of the ways you can avoid fraud:
Do not carry around your passport or Social Insurance Card unless you absolutely have to. If you do need to have them on you, never leave them unattended in a public place. Even having them next to you on a table could lead to someone stealing them.
Remember, your mail contains a lot of personal information. Make sure you’re receiving your mail in a secure mailbox with a lock.
If you’re moving to a new address, always let your banks and lenders know about it, so they don’t send your mail to your old address where someone could steal it.
When using an ATM, never leave your receipts in the trash where someone can pick them up.
Never leave your wallet or purse unattended in a public place. If your wallet or purse has been stolen, cancel all your cards immediately.
Never give any information away over the phone. This includes your SIN, credit card number or bank account information. For that matter, be wary of any offers that require any of this information via phone or internet.
Destroy any credit card or utility bills properly before putting them in the trash or recycling.
Don’t leave your wallet, purse, or mail exposed in your car. Even if the doors are locked, a thief could look through the windows and see important information.
Never give anyone your bank account information, not even family or friends.
You should also always be on the lookout for loan scams.
Frequently Asked Questions
What should I look for when getting a loan in Prince Edward Island?
When choosing a loan there are a number of factors you should consider before signing the contract. To understand which loan suits you best you should consider the rate and fees for costs, repayment terms for affordability, and lender reputation for a good borrowing experience.
How do I choose the best lender in P.E.I?
Choosing a lender can be a daunting process, especially when there are so many options available. To choose a lender that best meets your needs you must evaluate a number of factors including interest rate, repayment terms, fees, lender reputation and more. While you could do the research yourself, there are loan comparison websites like Loans Canada, which provides a detailed overview of hundreds of lenders in a single table. With a simple touch of a button, you’ll be able to compare rates, terms, funding time, repayment options, reviews and more.
Can I get a no credit check loan in P.E.I?
While banks and credit unions require a credit check when you apply for a loan or credit product, not all alternative lenders do. In fact, many alternative lenders evaluate other aspects of your financial profile when determining your creditworthiness. Income level, employment stability, and debt-to-income ratio are usually assessed instead of your credit score.
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If you live in Prince Edward Island and are trying to find good financing, you’ve found your go-to source! Loans Canada is here to help!
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