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.
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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Ontario’s provincial capital, Toronto is home to just over 2.7 million residents, making it the most populated city in Canada. The name “Toronto” is derived from the Iroquois language, meaning “ the place where trees stand in the water”. Following the War of 1812 and the Battle of York, the city was renamed from “York” to “The City of Toronto”, and was officially made the province’s capital in 1867.
Over the last century, Toronto has evolved into a central hub of different cultures and tourist activity. It is one of the most popular cities in Canada for sightseeing, music, art, theatre, and film/television production. Toronto is also known for its vast skyline, which includes the CN Tower, the third tallest building in the world, next to the Burj Khalifa in Dubai and Canton Tower in China. Other popular attractions in the city include the Hockey Hall of Fame, the location of the Stanley Cup, and the scenic Toronto Islands.
Look at this if you’re interested in learning about loans in Ontario.
Loan Myths
If you’re interested in applying for a loan in Toronto, then chances are you’ll have a lot of people telling you different information about the loan process. Unfortunately, many facts about loans have been twisted over time. Some of the more frequent loan myths that you’ll come across include:
All lenders are reputable and are interested in helping their customers. False. There are many illegitimate companies out there posing as lenders in Toronto, trying to steal your money. Always do your research and look at customer reviews before you apply for a loan with any lender in Toronto. It’s also good to look at the Better Business Bureau database to ensure the company’s legitimacy.
All legitimate lenders will charge the same interest rates. Actually, interest rates will vary from company to company and loan product to loan product. That’s why it’s important to do a lot of research and weigh your options before committing to one lender in Toronto.
You can only have one loan at a time. Not necessarily. Many people will have more than one loan to pay, such as a mortgage and a car loan. However, most lenders will not approve you for multiple loans if they see that you are not financially stable enough to handle them all.
You must have perfect credit in order to be approved for a loan. Actually, many lenders in Toronto do not even check your credit score before approving you. What they really want to know is that you’re financially responsible enough to stick to their scheduled payment plan.
All lenders will review your finances before they decide to let you borrow from them. They want to make sure you’re capable of making your payments on time, in full, without the risk of default. Therefore, it’s best that you get your finances in order and take these other steps before you apply:
Check your credit. While not always necessary, it’s a good idea. If you personally request a copy of your credit report, it’s a “soft pull” and your credit score will not be affected.
Come to a conclusion on how much of a loan you’ll need to finance your expense.
Once you’ve done this, calculate how much you’ll be able to afford in repayments and interest fees. Only take out a loan that you’re certain you can pay on time and in full.
Ask yourself, should I apply for an “unsecured” loan (credit cards, student loans, etc.) or “secured” loan (mortgage loan, car loan, etc.)? Remember, while unsecured loans require no collateral (secured loans will), failure to make payments can result in your account being placed into collections.
Do a lot of online research prior to applying. Different lenders mean different payment options and interest rates, so choose the right one to suit your financial needs.
Once you have your credit report, calculate your debt-to-income ratio. If your ratio is more than 30-35%, it could be hazardous to your finances to take on a new loan.
Loans and Your Credit Score
When it comes to loans, it’s important to realize that they will affect your credit score in different ways:
Payments that are made on schedule and in their full amounts will result in your credit score improving.
Payments that are made late, not in full, or not at all will cause your credit score to drop, ruining your credit in the process.
However, as we mentioned above, many lenders in Toronto do not even check your credit score. So, even if you don’t have perfect credit right away, you can still get approved for the loan you need. Just remember that responsible use of a loan is a great way to improve your overall credit, so it’s also important to make sure your lender in Toronto is reporting to Canada’s major credit bureaus (TransUnion and Equifax).
Learn more about the true cost of borrowing, click here.
FAQs
Will my loan application be rejected automatically if I don’t have a high credit score?
Not necessarily. As we said earlier, many lenders in Toronto don’t even pull your credit score. What they really want to know is that you’re in good financial standing before approving you.
Is it better to use a credit card or take out a loan?
This depends on the size of the purchase that you need to finance. Less expensive items like food and other consumer goods are best paid for using a credit card (assuming you can afford to pay off your balance within one or two months). But, if you require a large amount of money, say for a house or car, then a loan is probably your best bet.
How can I increase my chances of getting approved?
There are a number of things you can do to improve your chances of getting a loan in Toronto:
Check your credit report before applying. Not all lenders require a high credit score, but building up your credit score is never a bad idea.
If you have any other debt to pay off, make sure it’s dealt with.
Remember, there are numerous lenders in Toronto that cater to all types of financial needs. Do lots of research before committing to one lender.
Find all your necessary financial documentation. Make sure it’s organized and up to date.
I have no credit history. Can I still apply for a loan?
Having a credit history just means you’ve used credit products in the past (example: credit cards). Don’t worry, you can still apply, as long as your lender can confirm that you’re able to keep up with your loan payments. However, if you’re applying for a larger loan (example: a mortgage), it can be beneficial to have a solid history of responsible credit usage.
Why do some lenders ask for a deposit in advance?
Watch out! Any organization that demands an advanced deposit is trying to scam you. No legitimate lender will ever ask for money before approving you for a loan. In fact, it’s illegal. Do not give them any information and report them to the proper authorities.
Why does my bank keep rejecting my applications?
It’s probably because you don’t match their specifications for lending in Toronto. Banks often require a high credit score, high income, and a record of financial responsibility before letting a client borrow from them. However, banks are not the only lenders in Toronto.
I’ve been approved. How will a loan affect my credit score?
If your payments are properly managed, your credit score will rise. However, failure to make payments will result in your score dropping.
How long will it take before I get my loan?
This depends on your chosen lender and how efficient you’ve been during the loan application process. Having all the required documentation ready and updated, as well as filling out your application properly will speed the process along. You should then receive your loan within a few business days.
I’m in good financial standing. Can I make my payments ahead of schedule?
This also depends on your lender. Advanced payments change the amount of money a lender will make in interest charges. Therefore, some lenders require that you stick to the original agreed upon payment schedule.
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