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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Life would be easy if everyone simply had enough money to do and purchase whatever they wanted. Unfortunately, that isn’t the case. While many will make enough to do so, that all depends on the cost of living in your area. Sometimes it’s necessary to get a loan to help pay for the things you need if you live in an expensive area like Mississauga.
With Mississauga being the 14th most expensive place to live in North America, many residents will have to take out installment loans to pay for things like large purchases, emergencies, vehicles, and more. These installment loans can be a lifesaver. Keep reading for more information about taking out an installment loan in Mississauga.
Learn how to find the right personal loan for your needs, here.
Payment Plans Available in Mississauga
Installment loans can come in all different shapes and sizes in Mississauga. One of the major differences between them all is the payment plan they will utilize. The payment plan of your loan will dictate how often you are making a payment. This can also have an impact on how large your payments are and how much you end up paying in interest.
In general, there are a few different payment plans available with most loans and they include:
Weekly payments
Bi-weekly payments
Twice monthly payments
Monthly payments
Now, the one you choose is completely up to you. If you prefer making smaller and more frequent payments, going with weekly is probably right for you. However, if you want to make as few payments as possible and are comfortable with larger ones, paying monthly will work. There are many options and most lenders in Mississauga will be willing to work with you to come up with an option that works best.
What happens if you can’t make your payments on time? Find out here.
Of course, some lenders in Mississauga will only offer one of the above options, so be sure to find out all the important information before applying for a loan with a particular lender.
Payday Loans vs. Installment Loans
Can You Get an Installment Loan With Bad Credit in Mississauga?
So while getting an installment loan seems easy enough, what about if you have bad credit? Many who have bad credit in Mississauga are fearful that it will disqualify them from being able to get a loan. Well thankfully, this isn’t the case. Getting a loan with bad credit might be a little more expensive or difficult, but it is definitely possible. By this we mean they will often have higher interest rates and potentially stricter terms or more fees to deal with, as well. However, this isn’t always the case.
Many lenders in Mississauga and other cities throughout the province are willing to work with a wide range of individuals, including those with bad credit. These lenders will often use other ways to qualify people for a loan. Most of the time, it is done by looking at their bank statements or debt-to-income ratio to see how risky you are. Also, if you are willing to put up some form of collateral that can also significantly lower your risk in the eyes of many lenders in Mississauga.
Of course, it is also possible to hold back on getting a loan until your credit is in a better place. If you implement healthy financial changes such as making payments on time and using credit effectively, you might be shocked at just how quickly you will begin to see your credit score increase.
Take a look at this infographic for more information about credit scores.
When Does an Installment Loan Make Sense?
So in what situations does it make sense to take out an installment loan in Mississauga? Many of us need or want money for a lot of things, but when should we take out a loan and when should we simply save up? Well, taking out a loan is good in situations like:
When you have an emergency and need to cover the cost
As an alternative to a payday loan
When you want to make a large purchase that you simply cannot pay for in cash
To cover unexpected travel that you didn’t budget for
Of course, when taking out an installment loan in Mississauga, ensure it is for something you need. Taking out a giant loan for a brand new TV or expensive items of clothing isn’t always the best idea unless you absolutely know you can afford it in the long and short run.
In addition to needing the loan for a good reason, be sure to only take out a loan that you will be able to pay back. A loan is not free money; you will eventually need to be able to pay it back in full, plus any interest. If not, you could end up digging yourself into a financial hole you can’t get out of.
How do your loan payments affect your credit? Click here to find out.
The Right Installment Loan For You
Are you looking for an affordable installment loan to cover the cost of an emergency or large expense? Loans Canada can help by matching you a lender in Mississauga.
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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