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.
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.
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.
If you’re short on cash, Bree offers cash advances of up to $350 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.
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.
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.
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.
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.
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Borrowing money is a way of life for many people. Some can afford to pay off their debts in a reasonable amount of time, while many others will struggle. While no one carries more debt than Edmonton and the rest of Alberta, people across the country get loans for a variety of reasons.
10 questions you need to ask yourself before taking out a payday loan. Click here.
However, not all loans are created equal. Some loans are affordable and offer decent interest rates, while others offer exorbitant rates and shouldn’t be considered as an option unless absolutely necessary. An example of this type of financing is the payday loan. While not all payday loans are 100% bad, most consumers in Edmonton should be avoiding these type of loans unless they are in a serious situation and it is the only option available to them.
Before taking out a payday loan, it’s important to know your rights.
The Payday Loan Cycle
The main reason why payday loans are generally not the best idea is because of their high-interest rates. These high-interest rates can make it difficult to pay back these loans on time. This means people in Edmonton can often get stuck in what is called a payday loan cycle.
The cycle begins when you have a financial emergency and need money quickly. Because payday loans can get you the money you need very quickly, they are often the preferred choice for those consumers in Edmonton in a tight situation. Furthermore, they are easy to be approved for. However, because of the high-interest rates and fees, many people in Edmonton cannot pay back the loan in full, even after they receive their next paycheque.
As a result, you may need to take out a new payday loan to cover the old one, and this can sometimes continue for months and month causing serious debt problems. Thankfully, if you find yourself in the payday loan cycle, there are a few things you can do to escape it. These include:
Ask friends and family for help
Sell things you do not need anymore
Work extra hours or find odd jobs
Cut down your expenses to save more
Set a hard budget and stick to it
Seek out a debt relief program to help
Check out this infographic for more information about the payday loan cycle.
Payday Loan Alternatives in Edmonton
While there are times where payday loans are the only option for those in Edmonton, there are in fact many other alternative options in Edmonton that should always be considered first.
Installment Loans
One of the best options is to simply go with an installment loan. These will have lower interest rates and have smaller payments spread out over a longer time, and thus are generally easier to manage.
Credit Cards
Another option is to consider using a credit card. While this option isn’t significantly better, a credit card will definitely work fine in an emergency. Just keep in mind that you will be charged interest if you don’t pay off your full balance.
Equity Loans
Also, if you own a home or your vehicle, you could consider a vehicle title loan or a home equity loan. While these are risky, they generally come with lower interest rates and you may even be able to qualify for a larger loan amount.
While this may not be an option for everyone in Edmonton, borrowing from your friends or family can often work as well.
Of course, this doesn’t mean you should always avoid payday loans, it just means that there are generally better alternatives for more people.
The Warning Signs of Predatory Lenders in Edmonton
While we mentioned not all payday loans are bad, it is good to be aware of the warning signs of one that is. Unfortunately, many predatory lenders and scammers will prey on those with limited options for financing (learn more about predatory payday lenders here). Falling victim to a predatory lender can cost you a lot of money and dig you into an even deeper hole than you are already in.
In an effort to help, here are the most common warning signs to look out for to help you spot a predatory lender from a mile away. Some of the warning signs of a loan scam or predatory loan include:
Incredibly high interest
A lot of “hidden” or extra fees
Rushed approval or paperwork
Any sort of a guarantee
The lender asks you to lie
No information about the lender
Being asked to make a prepayment of any kind
If you are ever uneasy about a lender or notice any of the above warning signs, it is best to steer clear of that lender. Trusting your gut is generally the right thing to do in this situation.
Do you know what the true cost of borrowing is? Find out here.
Looking For a Payday Loan Alternative in Edmonton?
If you’ve been thinking about taking out a payday loan to help cover the cost of an unexpected expense, Loans Canada can help match you with a better alternative in Edmonton. Whether that’s an installment loan or a debt management solution, we have the options you need.
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