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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Red Deer, like most large cities, can be an expensive place to live. Although there are many different financial tools to help you combat your daily expenses, it’s not always the best idea to rely solely on your savings and credit cards. It can also be beneficial to throw a loan into the mix.
One of the more common loan types you can find in Red Deer is the installment loan. If you’d like to learn more about this helpful credit product, keep reading.
Installment Loans Defined
An installment loan is a specific amount of money that you can borrow from a lender in Red Deer and that will be deposited directly into your bank account.
Before you receive the money, you and your lender in Red Deer will work out a plan for you to repay your borrowings through installments. Although plans are often adjustable, the frequency at which you’ll make installments will depend largely on how much you requested and what your finances look like.
Most lenders in Red Deer offer installment plans that are:
Monthly (12 payments/year)
Semi-monthly (24 payments/year)
Weekly (52 payments/year)
Bi-weekly (26 payments/year)
Accelerated (optional extra payments)
It’s very important to reevaluate your income, savings, and current debts before you take on the responsibility of an installment loan. Consider how your upcoming installments, fees, and interest rate would affect your finances and only make your decision once you can comfortably afford all those costs.
For instance, many borrowers in Red Deer pick monthly installments because making one payment a month works better for their budget. Then again, some borrowers prefer making multiple smaller payments a month or even accelerated payments to get out of debt quicker.
Here’s how to get a loan online with affordable monthly payments.
The Best Ways to Use an Installment Loan in Red Deer
Since an installment loan is liquid cash, you can technically use it for all the same expenses as you would normally cover with your income. That said, remember that an installment loan should not be applied for on a whim. Any payments you make late, come up short on, or miss entirely would damage your credit and cost you even more.
So, if you are going to take on the possible risks associated with an installment loan, it’s better if you only plan to spend it on expenses that are truly necessary.
It’s also important to understand that an installment loan will impact on your credit report and credit score. Actually, this is one of the main benefits (or drawbacks) of any credit product in Red Deer.
Following your approval, your lender will report your payment activity to Canada’s credit bureaus (Equifax and TransUnion). That activity can remain on your credit report for several years. Any payments that you complete as agreed will elevate your credit score, while missed ones will decrease it. Whenever you apply for new credit in Red Deer, lenders may use both of these elements to calculate how risky you would be as a client.
The healthier your credit is, the more loan money you can secure and the lower your interest rate will be. A simple way of knowing whether your credit is healthy is by requesting your credit score from either bureau. Typically, if your score is anywhere above 650, you have healthy credit and a good shot at favorable loan results.
Check out this infographic for more information about credit scores in Canada.
Bad Credit Installment Loans in Red Deer
On the other hand, if your credit score falls within the 300 – 600 range, you have what most lenders in Red Deer consider bad credit (for more details on what constitutes bad credit, click here). Unfortunately, this will have the opposite effect when you apply, meaning you’ll be eligible for a smaller loan at a higher rate.
If your credit is bad but you need an installment loan, don’t worry. As every timely and full payment will increase your credit score over time, the higher cost of the loan may be worth the effort. Having said that, it’s still important to end up with the best results possible, which you can do by strengthening your creditworthiness.
Take the following precautions before you apply:
Create a budget and cut out all non-essential costs
Increase your income and savings as much as possible
Gather bank statements, pay stubs, and other proof of your ability to pay on time
Pay off any debts you have outstanding
Check your credit report for signs of error, fraud, or identity theft
Offer good collateral
Find a stronger borrower to cosign your application
Be Cautious When Using Security
If you have bad credit, offering up loan security in the form of collateral or a cosigner is a good way of reducing risk for your lender and gaining better loan results when you apply. Nonetheless, both forms of security also present risk on your part.
For example, you can always secure your loan with an asset, otherwise known as collateral. This can be your car, house, or another valuable piece of property.. Although your installment loan would end up being larger and more affordable, defaulting on too many payments could lead to your asset being seized.
In the case of a cosigner, they would become responsible for your payments under similar circumstances. While this poses less risk for the lender, your cosigner could wind up under serious financial strain if you default. Both of your financial profiles might be damaged if neither of you can’t pay the lender back.
Installment Loans vs. Payday Loans
Having bad credit can make it tough to find the right lender in Red Deer. Prime lenders like banks often have strict regulations for who they can approve. So, you may have to apply with an alternative source in Red Deer, such as a private company or bad credit lender. There are also some lenders in Red Deer that don’t check credit at all, such as payday lenders.
Payday loans are typically issued for around $100 to $1,500 and are much easier to get approved for than most credit products. You only need to be the age of majority in your province, have a steady job, an active bank account, and a home address. If all goes well, you should receive your loan within 24 hours.
The biggest difference between a traditional installment loan and a payday loan is the payment term. Payday loans have extremely short terms of 14 days following approval. Most lenders in Red Deer are not open to negotiation and all costs are withdrawn automatically from your account on the due date. If you don’t have the adequate funds, you can end up in a dangerous cycle of debt and penalties.
Essentially, a payday loan is only a better option if you have terrible credit and can’t get approved elsewhere, or if you have a serious financial emergency to deal with.
Check out this infographic for more information about the payday loan cycle.
Apply With Loans Canada Today
If you’re in the market for an affordable loan option in Red Deer, there’s no better place to apply than at Loans Canada. Contact us today for more information about the loan process or click “apply” below!
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