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 a variety of loan products, including secured and unsecured personal loans. easyfinancial offers unsecured personal loans from $500 to $20,000 and secured loans between $15,000 to $150,000. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country. Moreover, online applications only take a few minutes to fill out and are normally accepted 24/7.
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.
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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Ontario is home to Canada’s national capital, Ottawa, as well the country’s most populated city, Toronto. Roughly 40% of Canada’s population lives in Ontario. Located to the south of the province is Lake Ontario, one of the Great Lakes, five bodies of water which, when combined, makeup 21% of the world’s freshwater supply. Right between the border of Ontario and New York State are the famous Niagara Falls, some of the most impressive waterfalls on the planet. In fact, collectively, Ontario’s abundance of freshwater rivers make it a major spot for hydroelectric power.
The Ontario province is also the origin place of numerous Canadian-born celebrities, such as Drake (Toronto), Alanis Morissette (Ottawa), Deadmau5 (Niagara Falls) and the beloved rock band, The Tragically Hip (Kingston). Unfortunately, it’s cities like Toronto that make the province one of Canada’s most expensive places to live, which is where loans can come in handy.
Loan Tips
Taking out a loan in Ontario is a serious financial decision, one that must be carefully considered before you sign on the dotted line. To help you through the process and make your decision a little bit easier, here are our top loan tips.
Work to improve your credit score before you apply for a loan. Depending on the loan product you’re interested in, your potential lender in Ontario may check your credit. Having good credit can increase your chances of getting approved.
Keep an eye on your debt-to-income ratio. Taking on too much debt is never a good idea. Always make sure your debt-to-income ratio is less than 35%. To calculate your ratio, figure out how much your debt is costing you per month, divide that number by your monthly income, then multiply by 100.
Ask a friend or family member to cosign for your loan. If you’ve been declined for the loan you need, consider asking a trusted friend or family member to cosign your application, someone with a better income/financial standing. A good cosigner can help those who are unable to get approved because of financial issues.
If the loan you’re being offered sounds too good to be true, it is. There are countless fraudulent lenders in Ontario looking to scam you out of your money. If you’re being offered a large loan with a very low interest rate, even though you weren’t even expecting to get approved, the deal is probably too good to be true.
How Can You Use Your Loan in Ontario?
Here are several different loan types that may fit your financial situation:
Read this for some information about short term loans in Ontario.
Increasing Your Chances of Getting Approved
While getting approved for a loan in Ontario isn’t always guaranteed, there are lots of things you can do to increase your chances of getting approved.
Choose the right lender for your financial situation. There are many lenders in Ontario that will work with anyone, regardless of their credit or financial standing, and there are many lenders that have stricter lending guidelines. It’s important that you choose the lender that is right for your unique needs.
Make sure your documentation is in order. More often than not, a lender will need you to provide them with certain personal and financial documents. To make sure you don’t hold up the process, ask what they need in advance, then, have all required documents organized and ready for inspection.
Pay down any other debt you might have. Carrying too much debt can be detrimental to anyone’s finances. If you have too many maxed out credit cards or can’t afford to make the payments on any loans you already have, you should consider waiting before you apply for a new loan.
Take a look at this infographic to learn all about the true cost of borrowing.
Protecting Your Personal Information
Whether you have good credit or bad credit, whether you’re looking for a small loan or a large loan, it should always be your number one priority to protect your personal and financial information. It’s up to you to take the necessary steps to make sure your private information stays private. Here are a few steps everyone should take to protect their personal information:
Never share your PINs or your passwords
Never give your debit card or credit card to anyone else, even a friend
Remember that no major bank or legitimate financial institution will ask for your personal information over the phone, by mail, or online (unless you initiate the process by contacting their services)
Check your credit report at least once a year to make sure that all the information within is correct
Dealing With Fraud in Ontario
Even those who are careful with their personal information can fall victim to identity thieves and loan scammers in Ontario. These types of criminals will do anything to gain access to your personal and financial information. They certainly don’t discriminate. If you’re currently dealing with loan fraud or personal identity fraud, please contact all of the following institutions:
With hundreds of lenders in Ontario vying for your attention, it may seem a little hard to pick out the one that best meets your needs. While meticulous research is one way of comparing lenders, you can cut out the groundwork and save yourself time by using a loan comparison website like Loans Canada, to do the research for you. You’ll be able to compare rates, terms, funding time, repayment options, reviews and more. With information at your fingertips, you’ll be able to see which lender is best for you.
Can I still qualify for a loan in Ontario with bad credit?
While it is unlikely you’ll qualify for a loan with a bank or credit union when you have bad credit, there are many alternative lenders who provide bad credit loans in Ontario. These lenders’ requirements are based on factors that involve your overall financial health such as your income, employment stability, debt-to-income ratio and more. As such, you can still qualify for a loan in Ontario with bad credit.
Can I get a loan in Ontario if I just lost my job?
Yes, fortunately, there are many alternative lenders in Ontario who will still provide borrowers with loans despite being unemployed. However, you will need to have some sort of income coming in such as Canada Child Benefit (CCB), Canada Pension Plan (CCP), Employment Insurance (EI) or any other non-traditional source of income.
Loan Canada Is By Your Side!
If you’re an Ontario resident in need of a solid loan, then you’ve come to the right place! Loans Canada is always here to lend a helping hand!
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