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.
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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While it still costs significantly less than other places like Vancouver and Toronto, the cost of living in Victoria is on the rise. Many individuals in Victoria may make enough to be able to afford these high costs, but others will struggle to make ends meet every month. For these people in Victoria, one of the most readily available options for additional cash is payday loans.
Payday loans are small short term loans that can often be applied for approval incredibly quickly. Because they are so easy to get and quick to approve, they often come with high-interest rates fees.
What is the Payday Loan Cycle?
If you utilize payday loans, it’s a good idea to be aware of the payday loan cycle. The payday loan cycle is a cycle of debt that you can easily get trapped in by using payday loans and not being careful. The payday loan cycle follows a very clear path.
The cycle begins when you find yourself short on cash due to something like an emergency, surprise bill, or other expense.
You need money quickly, and a payday loan is the only option quick enough for you.
Because payday loans are easy to be approved for, you get one and have the money you need.
While you have reached the date of your next payday from work, you are still recovering from that initial emergency or expense, or have to use the money on things like rent or food.
As a result, you have very little money left and cannot afford to pay the high fees and the interest rate on your initial payday loan.
You take out a second payday loan to cover the cost of the first one.
As you can see, getting stuck in this cycle for months and sometimes years is definitely possible and unfortunately quite common. This can make it incredibly hard to make any progress or reach any financial-related goals.
Need some debt relief for payday loans? Read this.
Is a Payday Loan Ever a Good Option in Victoria?
While the payday loan cycle should definitely be avoided, it is unfair to say that payday loans are always a bad idea. While we wouldn’t suggest that everyone in need of some extra cash take out a payday loan. If you can 100% guarantee that you’ll be able to repay the loan in full on your next payday, this type of loan could work for you and is often less expensive than using a credit card, but of course this is only if you repay you the loan on time.
You should never use a payday loan for the following reasons:
When your bills already take up most of your income, as you won’t have much left to pay back the money you borrowed
When you need cash for something that lacks importance such as a new video game or that new pair of expensive shoes
When your income is unstable
If you use a payday loan for these reasons, it simply doesn’t make financial sense and could do much more harm than good. If you are concerned about whether a payday loan makes sense in your situation or not, typically it’s better to steer clear of them.
Payday Loan Alternatives in Victoria
So as you can see, there are both good and bad times to use payday loans. If you feel that payday loans might not be for you, don’t worry. There are several other options that you can utilize to get the cash you need. These include:
Getting a standard installment loan. Sure, it may take longer to be approved for and you won’t get your money as quickly, but it will be much cheaper for you.
Borrow money from friends or family members if you are able to.
Use credit cards. But be aware, that these aren’t much better and could be expensive if you miss payments.
You could get a vehicle title loan if you own your vehicle.
In a similar vein, you could get a HELOC if you have equity in your home.
Wondering how you can build home equity in Canada? Find out here.
Is a Payday Loan Really Right for You?
Considering a payday loan to get yourself out of trouble? If so, be sure to weigh all your options before moving forward. Loans Canada can help match you with an alternative option to meet your needs.
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If you've been rejected a loan from easyfinancial, you'll be happy to know that there are plenty of easyfinancial loan alternatives in Canada.
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