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.
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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Relying on loans to help cover the cost of unexpected expenses and large purchases is a part of life for most Canadians, especially those living in large metropolitan areas like Kitchener. Taking on a loan for any reason is an important financial decision, this is why we’ve compiled all the information you need to make the best and most informed decision possible and choose the right loan for your needs. Keep reading for everything you need to know about loans in Kitchener Ontario.
Does applying for a loan affect your credit score? Find out here.
Where to Find The Right Loan For Your Needs?
Simply put, a loan is a certain amount of money that you can borrow by applying with various financial institutions in Kitchener, better known as lenders.
If you’re prepared for the application process and are qualified to handle the responsibility of said money, the loan should be transferred into your bank account soon after. While direct deposit is standard practice, some institutions offer several payment options, such as cheque and e-Transfer.
Prior to being approved, you and your lender will formulate a plan that splits the loan funds into equal segments that you can repay over time. Each of these installments will include an interest rate, which is what your lender charges as their cost of borrowing.
Most lenders can adjust your repayment plan to allow for:
Monthly payments (12 a year)
Semi-monthly payments (24 a year)
Weekly payments (52 a year)
Bi-weekly payments (26 a year)
Although some lenders will offer more restrictive plans, there are those that will permit you to make larger or more frequent payments without charge.
The type of loan you apply for (there are many types) and how much money you’re approved for, will affect how long your repayment schedule.. As for the lender, you will typically have two choices:
Prime Lenders
The vast majority of Kitchener residents will apply with their local bank or credit union, otherwise known as a prime lender. Here, having positive financial strengths such as a decent income and good credit will help you secure a larger sum of money, a more affordable interest rate, and more flexible repayment schedule.
Alternative Lenders
If you have a lower income and/or worse credit, it may be easier to get approved by a private or alternative institution. Because of the greater risk they are taking by accepting clients with lesser financial strengths, alternative lenders will usually offer less money, higher rates, and repayment plans with stricter conditions.
Do you know what the true cost of borrowing is? Check out this infographic to find out.
How is Loan Approval Achieved?
While different lenders do present different standards for which clients they can and cannot accept, getting approved for a favorable loan is all about how responsible you will be with the money you’re potentially borrowing. As long as you can prove that you’ll make all your loan payments as scheduled, including interest and fees, you shouldn’t have much trouble getting your application approved.
That said, it’s important to keep in mind that good financial health is also key when it comes to how much money you’ll be approved for, how adjustable your repayment plan is, and how affordable your interest rate will be. The less risk you present for each of these factors, the more positive the results will be when you apply for a loan in Kitchener.
No matter what type of lender you apply with, achieving favorable loan approval will be easier if you take the following steps before and when you apply:
Find a good source of employment and keep at it for at least a few months to show that you will have a steady income throughout your repayment plan.
Pay off as much of your outstanding debt as possible and be sure to have enough savings leftover to cover all costs associated with the loan.
Request a copy of your credit report from Canada’s two credit bureaus (TransUnion and Equifax), then review both versions for errors, signs of fraud and identity theft (file a dispute if you discover any).
Request your credit score (for an extra fee) which, for the best outcome, should be within the ‘good range’ of 660 – 900.
Fill out your application honestly and avoid applying for a loan amount that clearly overshadows your monthly income/bank account balance.
How does a secured loan work? Check out this article to learn more.
Applying for a Secured Loan
If you don’t currently have a great income or healthy credit, or if you would simply like better odds at obtaining a large loan with a reasonable rate, another tactic you can try is to offer your lender some form of security. Traditionally speaking, this is known as securing your loan and can be done in two ways:
If you know someone trustworthy and financially stable that will agree to take over your installments in the event that you cannot afford them, they may be able to cosign your application. Be careful, as becoming responsible for the loan means that they will acquire your debt, which could endanger their finances.
If you don’t have a cosigner but do have an asset, such as a house, vehicle, or other valuable property that you fully own, you can offer it up as collateral. You must also be cautious here, as this would give the lender temporary ownership over the asset and the right to sell it if you default on your loan.
Essentially, either of these forms of security will act as an insurance policy for the lender, reducing the risk they would be taking by allowing you to borrow from them. If you are planning to go this route, just be sure that you and/or your cosigner are comfortable taking some risks of your own. Although a normal unsecured loan may be more expensive and have somewhat less appealing conditions, it may be safer than endangering your cosigner or assets.
Want to know who loans can affect your credit score? Find out here.
What is a Loan Scam and How Can it Be Avoided?
If you’re about to apply for a loan in Kitchener, it’s also extremely important to compare numerous lenders in your area. Not only will this help you find the best rates and conditions available, it will also make you good at spotting loan scams, which can be particularly hazardous to your finances when you don’t know the warning signs.
No matter how official a lender’s website or business may look, always avoid them and report their suspicious activity to the authorities when they:
Don’t have a business address
Don’t display all their loan costs upfront through advertising and contracts
Have bad or obviously fake customer reviews on social media.
Aren’t listed with the Better Business Bureau
Charge unreasonably high interest rates and fees
Demand “loan insurance” or any other up-front payment before your money is deposited
Offer an approval guarantee rate of 100% in exchange for a fee
Use aggressive or disrespectful language to get you to apply or pay
If you have recently been scammed when applying for a loan, have discovered suspicious/fraudulent activity on either your bank statements or credit report, contact the Canadian Anti-Fraud Centre immediately.
Afterward, be sure to inform your bank so that they can take the proper measures to modify your accounts. Once your finances are protected, speak to both credit bureaus and allow them to put a fraud alert on your report, as well as deal with any fraudulent accounts that have been opened in your name.
For more information about dealing with loan scams in Canada, check out this article.
Applying for a Loan? Talk to the Experts First!
If you’re in need of the right loan in Kitchener, you’ve come to the right place! Loans Canada is committed to helping you find the best lenders, credit products, and rates in your area.
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