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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Newfoundland and Labrador is Canada’s easternmost province, home to just over 500,000 citizens. Situated on the coast of the Atlantic Ocean, the province is made up of the island of Newfoundland and the mainland of Labrador, which are divided by The Strait of Belle Isle. With over 97% of its population being English-speaking, Newfoundland and Labrador is reported as the country’s most homogeneous population in terms of its linguistics.
Since the start of the 21st Century, Newfoundland and Labrador has experienced an economic boom due to its production of natural resources like oil and minerals. In fact, an estimated 55% of Canada’s iron ore is known to come from the province. When travelling by boat up the eastern coast, Newfoundland and Labrador is a great place to see spectacular icebergs. Recently, evidence of a Norse Viking settlement was discovered at L’Anse Aux Meadows, situated at the northern tip of Newfoundland. The city of St. John’s, Newfoundland is also the birthplace of the famous Canadian folk band, Great Big Sea.
Looking to apply for an installment loan in Newfoundland and Labrador? Read this.
Loan Tips
There are lots of things that can make life complicated. However, getting a loan doesn’t need to be one of them. Follow these loan tips to make the process easier:
Always read the fine print before you sign any contracts. Most lenders aren’t trying to scam you out of your hard earned money, but there might be some hidden fees or stipulations that you should know about.
Be proactive if you’re having difficulty with repayment. Making a late payment or missing one entirely has a direct, negative affect your credit score. If you know you won’t be able to make an upcoming payment, inform your lender, chances are they’ll be able to adjust your payment amounts and/or repayment schedule.
Consider finding a cosigner for your loan. If you can’t seem to get approved for a loan by yourself because of your low credit score or income, you could always ask a trusted friend or family member to cosign your application.
Ask about making extra payments. Not all lenders will allow borrowers to pay off their loans sooner than expected, but it’s always in your best interest to ask anyway, it could end up saving you a lot of money down the line.
Remember that taking out a loan, even it’s for something you need, means you’ll be putting yourself in debt. A loan can be a useful tool when handled responsibly. However, carrying around too much unpaid debt is never a good idea. Before you take out a new loan, always make sure you’re financially secure enough to handle it.
We never know what life is going to throw our way, which is why it’s so important to know what your options are. From financial emergencies to common expenses, rest assured that there is a loan for your situation. Here are some of the more common loan types that Newfoundland and Labrador residents use:
Debt consolidation loans
Business loans
Personal loans
Emergency loans
Home renovation loans
Medical loans
Wedding loans
Student loans
Tax debt loans
Car loans
Bridge loans
Vacation loans
Repair loans
Did you debt consolidation loan application get denied? Here’s what to do.
Ever wonder how much it truly costs to be a borrower? Check out this infographic.
Increasing Your Chances of Getting Approved
Unfortunately, if it’s obvious to a potential lender that you’ll have trouble handling any more debt, you may not get approved. This is, of course, refers to banks and other traditional financial institutions, where lending policies are quite strict. However, most consumers can get approved if they can prove that they’ll be able to keep up with their payments. Better yet, there are steps you can take increase your chances of gaining access to the financing you need:
Choose the right lender for your unique financial situation. Applying with a lender who doesn’t offer the loan, interest rate, or payment terms you’re looking for won’t increase your chances of getting approved. Instead, find a lender that offers terms that will adhere to the money you’re already earning.
Pay off any other outstanding debts! Don’t take on any more debt than you can handle. Before applying, it’s important to take care of any other debts you might have. Not only will this reduce your future debt load, it also shows your lenders that you can be financially responsible.
Request a copy of your credit report. Another important step to take before applying for any credit product is to examine your credit report. This way, you’ll have a better idea of how you’ll handle your loan debt.
Dispute any errors you find on your report. Any errors on your credit report can cause serious, lasting financial problems, including preventing you from getting approved in the future. If you do spot an error, you can dispute it with your credit bureau and have them correct it.
Read this to learn how you can dispute an item on your credit report.
Protecting Your Personal Information
Privacy and fraud are serious issues that everyone needs to stay informed about. It can only take one small mistake on your part and your personal information could be compromised. Here are a few tips that you can follow to protect your personal information.
Always inform your bank and lenders when your address changes. Any mail you receive from these organizations typically contains your personal information. A fraudster can use this information to access your finances.
If you lose your debit or credit card, or you feel that it may have been stolen, inform your bank/credit card company. A thief can do quick damage to your finances with your debit or credit card. So, if you think you’ve lost or had your cards stolen, get your bank/card company to cancel them immediately, even if it’s just a precaution.
Never allow anyone to access to your bank account. Even your friends and family might unintentionally make a mistake that leaves you vulnerable to fraud or identity theft.
When you use an ATM, never leave your receipt behind. Your receipts also contain some sensitive financial information. When completing an ATM transaction, never leave your receipt anywhere nearby, even in the trash. If you don’t need your receipt, at least take it with you and destroy it properly.
Always hide your PIN. When using an ATM or Interac/credit card machine, make sure no one is behind you looking over your shoulder. Also, never write your pin down or choose numbers that are easy to figure out (birth dates, etc.)
For more information about debt card fraud and how to avoid it, click here.
Dealing With Fraud
Unfortunately, identity theft or consumer fraud can happen to anyone. These criminals do not discriminate and will not hesitate to steal from you or apply for credit products using your personal information. Here are some of the most common types of fraud:
If you’re currently dealing with fraud or know someone that is, get in contact with the following organizations.
The Canadian Anti-Fraud Centre to inform them of the fraudulent activity.
Your local police to create a report and request that an investigation is opened up.
Both of Canada’s major credit bureaus (Equifax and TransUnion) to review your credit report and place a fraud alert on your file.
The government of Newfoundland and Labrador provides information for its citizens concerning consumer protection on their Service NL website. If you’ve become a victim of fraud or identity theft, or if you want to learn ways of preventing it, visit:
How do I ensure I qualify for a loan in Newfoundland and Labrador?
There are many ways you can improve your chances of being approved for a loan in Newfoundland and Labrador. For one, you can increase your credit score by making full on-time payments and reducing your level of debt. If you need a loan now and don’t have the time to increase your credit score, you can secure your loan with an asset or get a co-signer. This will provide your lender with additional security in case you default on your payments.
How do I know I’m getting the best loan offer?
The interest rate and fees charged are some of the most important factors to consider when choosing a loan offer. The lower the rate and fees, the less it will cost you. In addition to that, you should evaluate the repayment terms and fees. Flexible repayment terms can provide you with payment options that are affordable and in line with your financial situation.
How do I apply for a bad credit loan in Newfoundland and Labrador?
There are many alternative lenders in Newfoundland and Labrador who provide bad credit loans. These lenders can mostly be found online. To apply, most simply require you to fill out an online application form with your personal, financial and banking details. Once submitted and approved, you can expect your funds within a few days.
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Are you looking for the right financing in Newfoundland and Labrador? Good news! You’ve come to the right place! Loans Canada is here to help!
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