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.
easyfinancial offers personal loans from $500 – $20,000 ($15,000 - $150,000 for secured personal loans) with interest rates that are affordable and convenient. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country.
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 $25,000. 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.
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.
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.
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 $100,000 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.
LendDirect is an online lender that provides personal lines of credit for Canadians looking for a more flexible financial solution. Unlike traditional loans, LendDirect offers revolving credit, allowing borrowers to access up to $15,000 on an as-needed basis. The approval process is quick, with funds available within 15 minutes via Interac e-Transfer.
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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Types Of Loans In British Columbia
There are plenty of different loan options you can access in British Columbia. Some can be used for any expense, others are for specific purposes. Common loan types include:
Personal Loans In British Columbia
Personal loans are lump sums of money that you borrow over a specific period and pay back in installments. They usually range from $1,000 – $35,000 and have terms of 1 – 5 years. Interest rates vary from 4% – 46%, depending on your lender, creditworthiness, and loan size. For example, having bad credit or a low income can lead to high rates.
Payday Loans In British Columbia
Payday loans are small, high-interest loans for people with bad or no credit. They’re typically more than $100 – $1,500 and, like a personal loan, can be used to cover any cost. However, you must repay a payday loan all at once, plus interest and fees, after 14 usually. Watch out, because interest rates can be as much as 500% APR or more.
Car Loans In British Columbia
While it can also be received as a lump sum of money, a car loan is specifically used to buy a vehicle. Some dealerships offer in-house financing too. Either way, the loan must be repaid in fixed installments with interest. Do note, car loans are secured against the car. This means your lender can seize your car if you default on your payments. Similarly, having collateral means there’s less risk for the lender, so the rates are often lower on car loans.
Mortgages In British Columbia
A mortgage is a large loan you can borrow to finance a piece of real estate, like a home or business building. Since those properties can cost hundreds of thousands of dollars, the amortization periods are normally 10 to 25 years long, with terms of about 5 years. If you fail to make your mortgage payments, the lender can foreclose on the property.
Student Loans In British Columbia
Student loans are meant to cover post-secondary tuition fees. They’re issued as loans or lines of credit by many lenders in British Columbia and Canada, including banks, private companies, and even the provincial and federal governments. Approval and loan conditions vary according to your household income, dependents, and total education costs.
Steps On How To Get A Loan In British Columbia
When applying for a loan, remember that every lender has different approval standards. That said, here are the basic steps you must go through to get a loan in British Columbia:
Step 1. Compare Lenders And Choose One To Apply With
Start by deciding how much money you need and what you can afford to pay back each month. Then, shop around and compare multiple lenders to find out what you might pay for a loan based on your creditworthiness. Keep in mind that having a bad credit score can lead to higher rates and make sure to pick a legitimate company with a good reputation.
Step 2. Fill Out The Application And Provide Documents
Before you apply, it’s a good idea to prequalify for several loans to see what deals you can get. Afterward, different loans require different types of documents to apply for. Car loans and mortgages require far more paperwork, whereas personal loans normally involve a simpler, easier approval process. Either way, be sure to fill out your application correctly. In most cases, you must also agree to a credit check to finish the procedure.
Step 3. Submit And Wait For Loan Offer
If all your information looks good, you can send in your loan application. Depending on where you apply, you may receive a response within the same day. At some point, you should receive an email or call from them with their best loan offer. Look it over carefully prior to accepting and, if you’re really worried, show it to a financial expert.
Step 4. Accept Loan Offer And Receive Funds
If you’re satisfied with the loan offer, the final step is to sign the lender’s agreement and submit it back to them. Then you simply need to wait for your finds to arrive. These days, most lenders send their loans via direct deposit but many will have other options, like e-Transfer, cheque, wire transfer, or even physical cash. Depending on its size, type, and origin, it could take a number of hours or business days to see the funds appear in your bank account.
What Documents Do You Need To Apply For A Loan In British Columbia
As mentioned, every lender has different standards when it comes to their loans and approval process. However, here’s what you’ll typically need to apply for a loan in BC:
Personal Identification – Most lenders require you to be a permanent resident or citizen of Canada to apply for a loan. To verify this, they’ll ask for at least one piece of valid government-issued photo identification (or a copy of it), such as your driver’s license, passport, medical insurance card, or birth certificate.
Income/Employment – Unless you’re applying for a payday loan or other bad credit loan, you’ll often need an acceptable form of employment and income to qualify for a loan in BC. In this case, your lender may request documents like your recent pay stubs, job history, tax records, or proof of government benefits.
Additional Documents – If you’re applying for a larger loan, like a car loan or mortgage, your lender may also require more extensive forms of documentation, including details about your existing assets, debts, and other liabilities. This is especially true when you apply with a bank, credit union, or other prime lenders.
How To Calculate Your Loan Costs?
Find out what your monthly payments will be by using this loan calculator.
Loan Calculator
How To Increase Your Chances Of Getting Approved For A Loan In British Columbia?
Applying for a loan can seem like a long and difficult process, especially when you need it to help you with a particular financial problem you’re having. Thankfully, there are some ways to help increase your odds of qualifying for a loan:
Be Prepared
Make sure to check your credit score before you apply. You can use this information to see if you meet the lender’s minimum requirements before applying. This can prevent you from applying to too many lenders and undergoing unnecessary hard credit checks.
Similarly, update and gather all necessary documentation and personal information. Missing or inaccurate information can cause delays and even loan rejections.
Reduce Your Debt-to-Income Ratio
Before applying for a loan, take a few months to clean up your finances, that is if your borrowing needs are not urgent. Paying off debts can lower your debt-to-income ratio, which is a common factor used by lenders to determine creditworthiness. The less debt you have, the more money you’ll have to pay off another loan, thus increasing your borrowing power.
Consider Alternative Lenders
Remember, banks are no longer the only places to get a loan. If you can’t qualify with a bank due to poor credit or finances, you may still have a chance with alternative/online lenders. Online lenders are a great option to get the loan you need, especially if you have bad credit.
Risks Of Getting A Loan In British Columbia
Loan scams are not unique to BC. In fact, it exists all around Canada and throughout the world. As such, it’s important to be careful when applying for a loan. Here are some of the most common warning signs of fraud that everyone should be on the lookout for whether you live in British Columbia or anywhere else in Canada.
If a lender contacts you to inform you that they’ve successfully received a loan application in your name, one that you never applied for.
If you receive confirmation from a credit card company or bank that you’ve been approved or declined for a card that you never applied for.
When your credit card (or other credit product) statements stop arriving by mail.
When you start seeing purchases and/or transactions on your statements that you don’t remember making.
If you’re contacted by a collection agency that informs you of an outstanding debt that you haven’t paid, or an account in default that you never opened.
What Should You Do If You’ve Been A Victim Of Fraud In BC?
If you’re a British Columbia resident and you’ve fallen victim to fraud, or if you want to know more about some ways of protecting your personal information, visit Consumer Protection BC at:
Consumer Protection British Columbia
#307-3450 Uptown Blvd PO Box 9244 Victoria, British Columbia V8W 9J2
A loan can help you finance many different expenses, from small items like groceries to big-ticket items like a house. Getting a loan in British Columbia is possible no matter what your credit is. Just be sure to check your lender’s requirements before applying. Similarly, make sure to check your lender’s reputation as there are scammers always looking to take advantage.
British Columbia Loans: FAQs
Can I get a loan in British Columbia with non-traditional income?
Yes, many lenders in British Columbia will accept other sources of income including Old Age Security (OAS), Canada Child Benefit (CCB), Canada Pension Plan (CPP), Employment Income (EI) and other government income sources.
Am I eligible for a loan in British Columbia?
To apply for a basic loan in British Columbia, you will need to be at least 18 years old and have a source of income. However, depending on the lender you choose, some may have additional standards you must meet to be eligible for a loan such as your income level, employment stability, level of debt and more.
Can I get a loan in British Columbia if I have bad credit?
Yes, unlike banks, many alternative lenders base your approval for a loan on your overall financial health rather than just your credit score. Though alternative lenders do take your credit score into consideration, other factors like your income level, employment stability, and debt level take precedence over your credit score. So even if you have bad credit, they are plenty of lenders in British Columbia who’d be willing to lend to you.
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