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 Montreal is one of the largest and most beautiful cities in Canada, they have among the lowest median incomes in the country. This is largely due to lower economic growth in the region, but whatever the reason, many people in Montreal struggle financially due to these low incomes.
While many are able to secure standard loans to get the money they need, others in Montreal often need to rely on payday loans. Payday loans are smaller loans that are used to help people make it to their next payday. Approval is extremely fast and these loans are usually around a few hundred dollars up to a thousand.
There is normally a 14-day limit to pay back the loan. Now, all of this might not seem so bad, but because interest rates are always very high and the loan must be repaid in such a short amount of time, it’s incredibly easy for consumers to get stuck in the payday loan cycle of debt.
What is the Payday Loan Cycle?
The payday loan cycle is a scary place to be, but it is unfortunately all too common in Montreal and many other cities across the country. The payday loan cycle occurs when you take out a payday loan, but then you don’t have enough left on your next paycheck to pay off the loan, so then you have to take out another to cover the first.
This can continue and continue, making it hard to ever fully recover. This cycle can cost you thousands of dollars and could potentially take you months to escape from depending on your income and expenses you have. In order to break out of the payday loan cycle, you will have to make some lifestyle sacrifices at certain times to keep your head above water and not take out another loan.
To learn how to break the payday loan cycle, click here.
The Warning Signs of Predatory Lenders
While not every single payday lender in Montreal is predatory, many of them do indeed prey on those with no other options who really need the money. Unfortunately, if you aren’t super knowledgeable in the space it can be tough to know for sure whether a lender is predatory or not. Thankfully, there are a few things that we would classify as “warning signs” that a lender may be predatory.
Sky High-Interest Rates
If a lender in Montreal offers incredibly high-interest rates, it is usually a good sign that they are predatory. With rates this high, these lenders are simply trying to make money and not help anyone out or provide a service.
Wondering how you can beat your lender’s interest rate? Find out here.
Added Fees and Costs
Oftentimes, predatory lenders in Montreal will try to roll in a variety of different fees and costs into their loans, in order to make more money. This can be anything from credit insurance for loans to a variety of other things. The lender might pressure you into accepting these, but they are often just a way to get more money from you.
Read this for some facts about loan insurance scams.
Rushing You Through the Process
When getting any sort of loan, it is incredibly important to do your due diligence and make sure to always read the fine print. You need to truly understand and know what you’re getting into. If the lender rushes you through this process or tells you that you can skip certain sections, you should always be wary that they might be trying to take advantage of you.
Not Being Honest or Asking You to Lie
If you feel the lender is giving you misinformation or not giving you the whole truth, the lender is likely predatory. Also, if they tell you to include misleading or wrong information on your application, that is a massive red flag.
The Credit Score Required for a Payday Loan in Montreal
In Montreal or any other city in the country for that manner, there is generally no credit score required to get a payday loan. So whether your credit is great or you are really struggling, you should be able to secure a payday loan.
Instead of using your credit score to determine whether to loan you money or not, many payday lenders in Montreal will look at your income, the fact that you are employed, your address, and whether or not you have a bank account.
It’s important to keep in mind that while good credit isn’t required to get approved for a payday loan, this doesn’t mean it’s a good option for you.
Check out this infographic to learn more about how credit scores are calculated.
Payday Loan Alternatives in Montreal
If you are curious about other options you have as opposed to expensive payday loans, be sure to reach out to Loans Canada and we are confident we can match you with the right loan and the best lender in Montreal.
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