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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How To Get A Bad Credit Loan
Here are some steps you can take to get a bad credit loan:
Step 1. Compare Lenders And Get Pre-Approved
Online loan aggregator sites can help you quickly find and compare lenders and their loan products. Simply input a few pieces of information about yourself and the loan you need, and the lending platform will populate a list of lenders and products, along with their rates based on your profile. This will start the process of pre-approval, which will give you an idea of how much you can qualify for and the rate you will be charged. You can then compare offers side-by-side and choose the one that best suits your needs. It's very helpful to start the loan process by getting pre-approved first, especially if you have bad credit, as your credit score can affect the interest rates and loan amount you can qualify for.
Step 2. Apply For A Loan
Depending on the lender you choose to work with, you may apply in person or online. To accurately assess your financial situation and verify your identity, lenders usually require certain documents for review, which may include a government ID, pay stubs and bank account statements. In some cases, you won’t require any physical documents as the whole verification process can be done via instant bank verification services like Flinx, Plaid and Yodlee. During your application process, you’ll be asked to sign into your bank account through a secure portal. This process allows lenders to receive a read-only bank statement and have your bank account verified instantly.
Step 3. Get Funded
Traditional loans can take a few days for funding to come through. But with alternative lenders, you can receive the funds from your bad credit loan in a matter of hours, as long as the approval is made by a certain time. Otherwise, you can expect your funds the next business day.
What Do You Need To Get Bad Credit Loans In Saskatchewan?
Name, date of birth, contact information
1 or 2 government-issued IDs (1 photo)
Social Insurance Number (SIN)
Proof of employment (income, employers name, job title)
Loan purpose
3 months' worth of bank statements
Bank account details (for direct deposit and withdrawal of payments)
Where Can I Find Bad Credit Loans In Saskatchewan Near Me?
If your credit score isn’t strong enough to get approved for a loan with a conventional lender, you may have better luck with an alternative lender.
Fairstone
– 2176 Victoria Ave E, Regina, Saskatchewan S4N 7B9 – 3130 8th St. E, Unit 6, Saskatoon, Saskatchewan S7H 0W2 – 48 Hochelaga St. W, Moose Jaw, Saskatchewan S6H 2G1 – 135 15th St. E, Prince Albert, Saskatchewan S6V 1G1 – 249 Hamilton Rd., Unit B, Yorkton, Saskatchewan S3N 4C6
– 2921 8th St. E, Saskatoon, Saskatchewan S7H 3E6 – 622 Circle Dr. E, Saskatoon, Saskatchewan S7K 0T9 – 2410 22nd St. W, Saskatoon, Saskatchewan S7M 5S6
Fairstone offers a variety of loan types, including quick personal loans. Even if you’ve missed a few bill payments or had late payments in the past that have negatively affected your credit score, you may still be able to qualify. In addition to getting a loan quote online, you can also visit a physical Fairstone branch.
easyfinancial: Bad Credit Loans In Saskatchewan
easyfinancial offers personal loans for up to $20,000 to bad credit borrowers as an alternative to payday loans. You can apply online, or you can visit a physical branch to get the loan process started.
Spring Financial: Bad Credit Loans In Saskatchewan
Spring Financial is an online-only lender that offers personal loans to borrowers in all provinces and territories, including bad credit borrowers. Loan amounts range from $500 to $35,000, and terms range between 9 months and 5 years. You must apply for a loan with Spring Financial online, as there are no physical branches.
LoanMeNow: Bad Credit Loans In Saskatchewan
LoanMeNow is an online-only loan brokerage that offers short-term loans for up to $1,000 with funding in less than 24 hours. No credit checks are performed, so bad credit borrowers are encouraged to apply.
Yes, you can get a car loan with bad credit. A car loan is a type of secured loan, which means a valuable asset backs the loan. This reduces the risk for the lender.
However, traditional lenders, like banks and credit unions, typically require good credit for a car loan. If you have poor credit, you may find it nearly impossible to get approved for car financing with these types of lenders.
Instead, you will have better luck with an alternative lender. These lenders look at other factors besides a person’s credit score when assessing a loan application.
It should be noted that car financing with bad credit will be more expensive since the lender’s risk is higher. To balance out this added risk, lenders will charge bad credit borrowers a higher interest rate. Make sure you can comfortably handle expensive car loan payments before adding car financing to your debt.
Watch Out For Bad Credit Loan Scams In Saskatchewan
Most lenders are honest, but some are not. Unfortunately, some scammers lurk in the lending field looking for unsuspecting borrowers, especially those with bad credit who are more desperate for extra cash.
Legitimate lenders have a list of requirements that borrowers must check off before a loan is offered. If a lender tells you that you’ll be guaranteed a loan even before looking at your profile, this is a sign that they’re a potential scammer.
No Reviews Or Online Presence
Ideally, you should scope out a lender’s reviews online before applying for a loan. But if you can’t find any reviews, this may be a sign that the lender isn’t actually in business.
Similarly, it should be easy to find a physical address or website of a lender. If the lender doesn’t have an online or physical presence, it’s highly possible that they’re not legitimately in business.
Upfront Payment Required
A lender that requires upfront payment should be avoided. No legitimate lender will make such demands. Instead, payments should only begin once a loan agreement has been signed.
Alternatives To Bad Credit Loans In Saskatchewan: Financial Assistance Programs
If money is tight for you, a loan might be helpful, especially if you’re at risk of falling behind on other bill payments. But if you don’t want to add more debt to the pile, there may be other options to consider as an alternative to a bad credit loan.
Income Assistance In Saskatchewan
The Saskatchewan Income Support (SIS) program helps support residents of the province who are having difficulty covering the cost of basic necessities. The program pays out a monthly benefit based on the recipient’s circumstances. If you’re having trouble covering your day-to-day expenses, you may qualify for SIS.
Utility Assistance in Saskatchewan
The Energy Assistance Program is available to low-income Saskatchewan residents who are having trouble accessing other energy efficiency programs. The program involves upgrading homes with free energy-efficient items that can help cut down on energy use and save renters and homeowners up to $230 per year in energy bills.
Rent Assistance In Saskatchewan
Rent is one of the biggest expenses to cover and can often take 30% to 50% of your income. This can leave you with little leftover to save, pay bills and purchase groceries. The Saskatchewan Housing Benefit is available to renters who are struggling to pay their rent. The program pays out a monthly benefit of anywhere from $175 to $325 per month, depending on household size and the share of income spent on housing costs.
If you’ve been evicted due to late rent payments, you can find refuge in one of the many emergency shelters across the province, including the Saskatoon Interval House, Isabel Johnson Shelter and Moose Jaw Transition House.
Food Banks In Saskatchewan
Food is another major cost for most Canadians. If you’re struggling to keep up with the rising cost of groceries, you may find the resources from a food bank extremely helpful. If you qualify, you can get a few days to a few weeks worth of food. Food banks are located all over Saskatchewan. Each food bank services residents of each community.
FAQs On Bad Credit Loans SK
Can you get a loan with bad credit?
Yes, while it may be difficult to get a loan from a bank, it is still possible to get one from an alternative lender. Alternative lenders provide personal loans, lines of credit, mortgages and other credit products to borrowers in Saskatchewan regardless of bad credit. So long as you have a stable income and a low debt-to-income ratio, you will still be able to get a loan with bad credit.
Would a payday loan be a better option than a personal loan if I have bad credit?
In most cases, it is better to opt for a personal loan rather than a payday loan. Payday loans are known to be very expensive and have a short repayment period. This makes it hard to pay off and often leads borrowers into a cycle of debt. A personal loan, on the other hand, has a longer repayment term and comes with a lower interest rate, making it more affordable. Moreover, with the presence of alternative lenders, you don’t have to worry about your bad credit, they base their approval on your overall financial health rather than focusing on your credit score.
What can I do to increase my chances of being accepted for a loan if I have bad credit?
Many Canadians struggle to get a loan with banks due to bad credit. However, it does not mean you have no other options. Many alternative lenders in Saskatchewan accept individuals with a low credit score. To increase your likelihood of being approved for a loan an alternative lender, you’ll need to have a regular income, a steady job, a reasonable debt-to-income ratio and overall good financial health. You can also increase your approval chances by securing your loan with an asset or by getting someone with good credit to co-sign your loan.
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