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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In need of a loan to cover an unexpected expense that your current finances can’t handle in Halifax? Have you considered applying for an installment loan to help? Installment loans in Halifax are available from various lenders and can provide you with a lump sum of money to help bail you out of whatever financial predicament you may find yourself in.
Read on to find out all about installment loans in Halifax.
What Is An Installment Loan?
Basically, almost all loans are considered installment loans. If your repayment structure involves making installment payments over the course of a specified term until the entire loan amount is repaid, then that’s considered a form of an installment loan.
Read this to see some other loan types for credit users.
Payment Plans Available in Halifax
The frequency of the installment payments that you make in order to fully repay the loan can vary, and typically include:
Monthly
Weekly
Bi-weekly
Accelerated bi-weekly
Monthly is most common and is usually the option that comes with the lowest payment amount. That said, you’ll be paying more in interest over the term of the loan. The other three options usually come with payments that are slightly higher than monthly payments, but usually allow the loan to be paid off faster and with less money paid toward interest.
The payment plan that you get will depend on what you want, what you’re able to qualify for, and what your lender in Halifax is willing to provide you with.
Do you know what the true cost of borrowing is? Click here to find out.
Can You Get an Installment Loan With Bad Credit in Halifax?
In order to get approved for an installment loan, you’ll need to have good credit, just like with any other conventional loan. A higher credit score means the lender is taking on less risk and will usually afford you with a lower interest rate. A lower score, on the other hand, means you’ll be a bigger risk for the lender and could mean you won’t be able to secure a loan.
But what if you have bad credit? Can you still get approved for an installment loan in Halifax? Yes, you can, but you’ll usually have to obtain your loan from other sources in Halifax aside from a conventional lender or bank.
There are alternative lenders in Halifax who deal specifically with bad credit borrowers. Instead of focusing on your credit score, they’ll place more emphasis on your income, bank account, collateral, debt-to-income ratio, and up-to-date financial behaviour.
Many of these loans are also known as ‘no credit check loans‘ because some alternative lenders don’t check your credit score at all. If you have a really bad score, these types of loans might be attractive to you.
It should be noted, though, that bad credit loans usually come with higher interest rates, so you’ll need to factor that into your decision about whether or not a bad credit loan is worth the extra expense.
Read this to learn what bad credit lenders look at when assessing loan eligibility.
Long- Vs. Short-Term Installment Loans
You have the option to choose a long-term or a short-term installment loan. There are pros and cons to each.
Long-term loans usually come with smaller loan payments because you have more time to repay the full loan amount. This makes long-term loan payments more affordable and therefore more attractive to many borrowers. That said, a longer term means that more interest will be paid by the end of the term, which makes the loan more expensive. Plus, they’ll take longer to pay off.
Short-term loans come with slightly higher payments, which can make this a more unattainable option for those who can’t afford higher payments. However, they don’t take as long to pay off and less interest will be paid by the time the loan amount is fully repaid.
The Difference Between a Payday Loan and an Installment Loan
There are a few differences between payday loans and installment loans in Halifax:
Payment term. Installment loans are usually repaid within months or even a few years. Payday loans, on the other hand, come with extremely short repayment terms. Usually, these loans must be paid back within two weeks, or when the borrower receives their next paycheck.
Payment frequency. Whereas installment loans are repaid in installments, payday loans are repaid in one lump sum once the next paycheck comes in.
Interest rate. Payday loans are known for their exorbitant interest rates, making them difficult to repay after interest is tacked on. Installment loans come with rates that are much lower, though the rates can be quite high for borrowers in Halifax with bad credit scores.
Loan amount. Payday loan amounts are usually for no more than $800 to $1,000, while installment loan amounts can be much higher than that, depending on the borrower’s credentials.
For more information about payday loans in Halifax, click here.
Installment Loans For Debt Consolidation
There are several reasons why consumers in Halifax choose to take out installment loans. Paying for home improvements, medical expenses, car repairs, or even big family vacations are only some of the reasons why a loan might be required.
But installment loans can also be taken out for the purpose of consolidating debt. If you have several outstanding loans, some of which come with very high-interest rates, you may be able to secure an installment loan at a low rate to pay off all outstanding debt and be left with one loan. Not only does this makes things easier to manage, but it also makes things more affordable if you’re able to secure a low-interest rate.
Looking for another type of debt management product? Try reading this.
Do You Need a Loan to Cover Your Expenses?
If an installment loan sounds like something that you could benefit from, let the experts at Loans Canada help point you in the right direction. We’ll help you find the right lender and installment loan in Halifax to help you out of any financial predicament.
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