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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Just about everyone in Nova Scotia has some form of debt, whether it’s debt from a car loan, home loan, student loan, or credit cards. Nova Scotia consumers take out debt in an effort to pay for large expenses that their accessible capital is not able to cover. That’s exactly why installment loans in Nova Scotia are made available: to help hard-working Canadians get access to the cash they need to cover some of life’s biggest expenses.
Click here to learn more about loans in Nova Scotia.
What is an Installment Loan?
Any loan that requires repayment in the form of installments (as opposed to a paying back in one lump sum or taking out a revolving line of credit) is considered an installment loan. That means loan products like auto loans, student loans, mortgages, and personal loans all fall under the umbrella of installment loans in Nova Scotia.
Each payment you make will include a principal portion (which goes towards paying off the outstanding loan balance) and an interest portion (based on the interest rate you are offered). While the most common repayment terms involve paying back the loan in monthly installments, arrangements may also be available for payments to be made in semi-monthly, bi-weekly, or weekly installments.
Ever wonder what the true cost of borrowing is? This infographic is for you.
Why Take Out an Installment Loan in Nova Scotia?
There are seemingly endless reasons why borrowers in Nova Scotia may choose to take out an installment loan, including the following:
Covering the cost of home improvements and renovations
Paying for post-secondary education
Consolidating debt
Taking a big family vacation
Covering medical-related expenses
The list can literally go on and on. If you have a pressing expense that you need to cover but your current finances aren’t sufficient enough to handle it, an installment loan in Nova Scotia can be taken out to meet these financial needs.
What is Needed to Take Out an Installment Loan in Nova Scotia?
The specific requirements needed to apply for an installment loan in Nova Scotia may vary from one lender to the next, but there are typical criteria that will usually be required, such as the following:
Have a steady income
Have a valid Social Insurance Number
Be at least 18 years old
Have a valid address
Have valid contact information, such as a phone number or email address
Have government-issued ID
Are Credit Checks Required For Installment Loan Approval in Nova Scotia?
Many installment loans in Nova Scotia require a credit check, so if you are applying for this type of loan, you would be well-advised to pull your credit report to check your score. You can check with either Equifax or TransUnion to get a hold of your report.
For some information about credit checks in Canada, read this.
While your credit score will be a crucial component of your credit report, this document will paint a complete picture of your financial health and history. It will include pertinent pieces of information, such as your payment behavior (missed payments versus on-time payments), defaults, bankruptcies, and so forth.
Check this out if you’d like to know more about the bankruptcy process in Nova Scotia.
Pulling your credit report will also give you a chance to see if there are any errors on your report that could be unfairly lowering your score. If you find an error, report it right away and have it investigated and corrected.
If your credit score is less-than-perfect, it would be best to take steps to improve it before you apply for an installment loan in Nova Scotia. But if you know that you have bad credit and need the money before having a chance to improve it, there are loan products out there that are specifically geared towards bad credit borrowers.
It should be noted that these types of loans come with high-interest rates and even collateral in some cases, so be sure to do your homework first.
If you are responsible with your loan and make your payments on time and in full each month, an installment loan in Nova Scotia can improve your credit score, as long as your lender reports your account to one of the credit bureaus. However, this can take some time and will likely require that you make improvements in all facets of your financial life.
There are a couple of ways in which installment loans can help give your credit score a boost. The biggest way is by your payment history. All payments must be made on or before the due date. Another way that they can help is by diversifying the type of credit you have on the books.
That being said, installment loans can also negatively affect your credit score if you miss payments or are late making payments on a regular basis. In addition, taking out an installment loan will add to your overall debt, which could negatively impact your credit score depending on other financial factors.
Want to know what else bad credit lenders look at when assessing loan eligibility? Check this out.
Frequently Asked Questions
How do installment loans compare to payday loans?
Depending on the terms, installment loans are generally the better option. In Canada, loans are typically capped to a 60% maximum rate. However, payday loans get a special exemption and can charge upwards of 600% depending on the province. Payday lenders can charge such a rate because they are short-term loans of only 2 to 8 weeks. They also expect you to repay the loan in full as one large payment. If you fail to repay them, the additional interest and fees can be insurmountable. Installment loans on the other hand can be much more manageable. A similar amount can instead be repaid over 8 or more weeks in smaller payments. And because they are not considered payday loans, you benefit from a lower interest rate.
Do I have to be employed to get a loan in Nova Scotia?
You may be able to qualify with some lenders even if you are unemployed. However, some form of regular income is required to be approved. Income from government programs, such as CCB, CPP, and EI, can be considered for a loan approval. In order to validate these types of alternative income, you may be required to produce bank statements and government documents. This will prove that you are receiving such funds into your bank account. They should also demonstrate how long you will be receiving the income for. Ultimately, you need to show the lender that you are capable of making repayments over the term of the loan.
What are the benefits of a secured loan?
Securing your loan means you are offering your lender a form of collateral, such as a vehicle or home. If you are unable to repay your loan, the collateral can be forfeited to the lender to settle the debt. Lenders prefer secured loans because of the added security. This can translate to a higher loan approval amount, a better interest rate, or waiving certain fees. It can also mean being approved for loans you wouldn’t qualify for otherwise due to having poor credit.
Get the Installment Loan You Need Today
Being able to secure an installment loan in Nova Scotia can definitely come in handy if there is a major expense that you’re unable to pay for on your own without some assistance. Depending on what you need the money for, you may be able to take out an installment loan in varying amounts. Make sure to take a hard look at your current finances, pull your credit report, and call Loans Canada to find the right installment loan for you in Nova Scotia.
As a senior, getting a loan can be more difficult due to lower income and age restrictions. Thankfully, there are many home equity loans for seniors i...
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