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.
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.
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.
If you’re short on cash, Bree offers cash advances of up to $350 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.
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.
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.
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.
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.
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For those living in Quebec who find themselves struggling to cover a pressing expense every now and then, a short term loan might be the option you’ve been looking for. Regardless of what expense has suddenly fallen on your lap, a short term loan in Quebec may be just what you need to bail you out of your financial situation.
Looking for a regular loan in Quebec, take a look at this other article.
What is a Short Term Loan?
Short term loans are basically loan products that require full repayment within a relatively short period of time. Typically, these loan terms are for anywhere between one and two years.
During this time, the loan balance must be repaid in installments over regular pay periods. Each payment includes a principal portion as well as an interest rate portion. The payments are made until the full balance is repaid.
The interest rate charged will depend on several factors, including your credit score, income, debt load, and the lender supplying you with the loan.
Are Short Term Loans the Same as Payday Loans?
It’s not uncommon for short term loans to be confused with payday loans, mainly because of their short repayment periods. But they are completely different loan products and here are the main ways in which they differ:
Repayment – As mentioned earlier, short term loans are repaid in installments until full repayment is due. Payday loans, on the other hand, are repaid in one lump sum, usually by the time borrowers receive their next paycheck.
Interest rate – Short term loans in Quebec typically come with higher interest rates than conventional long-term loans, but they pale in comparison to the interest rates that come with payday loans. Lenders in the payday loan sphere charge borrowers upwards of 500% or more in interest, making payday loans a much more expensive loan product.
Approval requirements – Short term loans are relatively easy to get approved for in comparison to conventional loans, but payday loans are usually approved with far fewer requirements needed. Payday lenders don’t usually ask for anything more than a person’s income, age, and contact information.
Need to break free of the payday loan cycle? Check this out.
What is the Approval Process For Short Term Loans?
Generally speaking, lenders will want to assess the following factors before approving you for a short term loan in Quebec:
Income – Obviously, lenders will want to make sure that you will be able to afford your loan repayments. As such, they will want to see what your income is like and compare it to the amount of money you wish to borrow.
Making a low income? Here’s how you can get out of debt fast.
Debt – The amount of debt that you have on the books can make it more difficult for you to repay your loan. Even if your income is high, your outstanding debt obligations could be taking up much of what you bring in every month. Ideally, your debt amounts should not be too much relative to your income in order to get approved for a short term loan in Quebec.
Credit Score – Lenders prefer to work with borrowers with good credit scores. The higher the credit score, the better. This shows lenders that borrowers are responsible with their debt and have a history of making timely payments in full every billing period.
On the other hand, a low credit score is usually reflective of a bad payment history whereby payments have been late or missed. Low credit borrowers are considered riskier in the eyes of lenders, making it more likely that a loan application would be denied.
Can I Get Approved For a Short Term Loan With Bad Credit?
Getting approved for a short term loan in Quebec will prove to be more difficult with bad credit. That said, it’s still possible. If you have bad credit and are looking for a short term loan, you may have more success by working with a lender who deals specifically with bad credit borrowers.
Rather than focusing on credit scores, these lenders will place more emphasis on income and debt. If you can show bad credit lenders that you have a healthy income and a relatively low debt load, you may be able to qualify for a bad credit loan.
However, it should be noted that borrowers with bad credit are sometimes charged a higher interest rate than borrowers with good credit.
In addition, it’s important to be on the lookout for lenders who claim to guarantee approval for short term loans. Legitimate lenders cannot guarantee loan approval without looking into the credentials of borrowers. Any lenders who promise loan approval up front are likely involved in scams and should be avoided.
If time is on your side, you’d be well advised to take steps to improve your credit score before applying for a loan. A higher score will afford you with more options when it comes time to apply for a short term loan, and you’ll have a much better chance of getting approved with more favourable loan terms.
There are several things you can do right now to give your credit score a boost over the next few months:
Make all payments on time every month
Make payments in full
Utilize no more than 30% of your credit card limit
Don’t close out any old credit accounts that still have outstanding balances on them
Pay down your debt
Do you know what the true cost of borrowing is? Find out here.
What Can I Use a Short Term Loan For?
There are seemingly endless ways to use the funds from a short term loan in Quebec, including any one of the following:
Car repairs
Home improvements
Last minute emergencies
Travel expenses
Building credit
Whatever pressing expense you need to cover, the funds from a short term loan can help.
For more information about the expenses, you can tackle with a short term loan, click here.
Frequently Asked Questions
How large can a short-term loan be?
Short-term loans come in a variety of forms. $1500, or less, is the typical loan amount. The terms of these types of loans are usually 2 to 8 weeks, although up to 3 months is not uncommon. Short-term loans can take the form of a payday loan, a credit card, or a personal loan. Shorter terms mean higher interest rates. Credit cards and personal loans usually clock in between 10% and 36% APR, not exceeding the max allowable rate of 60%. Rates of 500% or more are typical of payday loans since they have the shortest terms in this category. Quebec is one of the only provinces that doesn’t designate special interest rates for payday loans, effectively making them unavailable in the province.
I have poor credit. Can I still qualify for a short-term loan in Quebec?
In many cases, you can still qualify for a short-term loan even if you have a bad credit history. Some providers don’t use a credit check to approve your short-term loan. They’re more concerned with short-term financial health to see if you can afford the payments. This typically means you’ll need to do additional verifications for your identity, banking details, address, and source of income. Another way to get approved is by securing your short-term loan with collateral, such as a vehicle. Likewise, backing a secured credit card with a security deposit is another way to get short-term credit while also rebuilding your credit history.
What happens if I pay off my short-term loan early?
Paying off a short-term loan early can save you money. Most credit cards, for example, have a grace period during which you pay no interest so long as you pay in full before the next due date. However, keep in mind that cash advances on credit cards accrue interest immediately. Personal or installment loans shouldn’t have a penalty if the contract states they are open-end agreements. However, closed-end or fixed-term loans may have a penalty for paying them off early. Consult with your provider to determine this.
Apply Today For a Short Term Loan In Quebec
Not every loan type is right for everyone, which is why you should do your due diligence to apply for the one that suits your specific financial situation. If you’re ready to apply for a short term loan, be sure to get in contact with the professionals at Loans Canada today to find the best short term loan product for you.
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