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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Could you use some extra money to cover an expense that your bank account isn’t adequate enough to cover? Then you may want to consider taking out an installment loan for this reason.
Thousands of consumers across Prince Edward Island and Canada turn to loans in order to help them with a significant purchase or expense. For instance, home purchases usually require a mortgage and car purchases typically warrant an auto loan. There are several ways that installment loans in Prince Edward Island can help consumers with many different financial situations and they may be able to help you too.
Struggling with debt on Prince Edward Island? It might be time to consider credit counselling.
What is an Installment Loan?
An installment loan is a type of loan that requires you to pay back the loan in specific amounts every month over the length of the loan term. Depending on the amount of the loan and the lender, the loan term can last from just a few months to as many as 30 years.
Installment loans are ideal for those who require money quickly to cover a pressing expense. While many installment loans may require some form of collateral – such as a home for a mortgage or a vehicle for an auto loan – personal installment loans don’t always require you to secure the loan with collateral (such as a car title).
Applying for an installment loan is usually quick and easy, and notice of approval doesn’t take long, either. It can be the ideal loan when you’re in a financial pinch.
How much does it really cost to borrow? Find out here.
Are There Restrictions on What I Can Use an Installment Loan For?
Unless you’re specifically taking out an installment loan in the form of a mortgage, car loan, or student loan, you can use the money from a personal installment loan in Prince Edward Island for just about anything you require it for.
There are plenty of reasons why consumers take out an installment loan, including the following:
The list can go on and on. Whatever expense you’re unable to cover on your own can be accommodated with an installment loan.
Here’s how you can rebuild your credit after a late payment.
Where Can I Get an Installment Loan?
One of the more obvious places to start shopping for an installment loan is at the bank. If you already have an account somewhere and do your banking on a regular basis, that may be a good place to start. Your bank will provide you with the numbers that you would likely be approved for, including the interest rate and maximum loan amount.
Want to know how lenders arrive at their interest rates? Find out here.
That said, you don’t have to settle with whatever your bank is willing to offer you. You can then take the information given and shop around with other lenders out there to see where you can get the best deal. However, it is important to be careful of dealing with lenders who may not have your best interests in mind. That’s why it’s always a good idea to do your homework on the types of lenders out there before settling on one.
How Can I Get Approved For an Installment Loan?
Getting approval for an installment loan in Prince Edward Island is much like other types of loans. Lenders will want to make sure that the borrowers they deal with are able to repay the loan within the specified time period, which is why they will scope out borrowers and look at their financial health before agreeing to extend a loan.
When you apply for an installment loan in Prince Edward Island, you’ll be asked for a credit report, income statements, debt statements, and perhaps a letter of employment. All of these crucial pieces of information will give your lender a better picture of what type of borrower you would be.
Ideally, borrowers should have decent credit, earn a good income, and not be drowning in debt. If anyone of these factors is not in good standing, that could pose a problem for loan approval.
Do you know how your credit score is calculated? Take a look at this infographic.
What if I Have Bad Credit?
Conventional lenders usually prefer that borrowers have a credit score of at least 680 before approving an installment loan in Prince Edward Island. If your credit score is any less than that, you may have to work with lenders other than your local bank.
Don’t understand your credit score or credit rating? Click here.
The majority of alternative lenders do not require excellent credit to approve a loan, which is why they are often sought-after by bad credit borrowers. Installment loans can be applied for even if you have bad credit or don’t earn a very high income. As long as you’re able to afford the payments to repay the loan in full by the end of the loan term, you may still be able to get approved.
Read this to know what bad credit lenders look at when assessing loan eligibility.
Frequently Asked Questions
Are there penalties for paying off an installment loan early?
This depends on if the loan is open-end or closed-end. Open-end loans are typically lines of credit or credit cards. You can always repay these types of loans early without penalty and to save on interest. Closed-end loans are typically car loans or mortgages, which are types of installment loans. You can pay these off early to save on interest, but you’ll be paying prepayment penalties. While most installment loans are typically considered closed-end loans, many are offered with a flexible contract. This way, your installment loan can behave similarly to an open-end loan. You’ll be able to repay it early and save on interest without penalties.
Why should I secure a loan?
There can be many reasons to secure a loan. Typically, most lenders will consider a vehicle or home as collateral to secure a loan. By giving the lender this form of reassurance, you are likely to benefit from more favorable contract. If you have bad credit, this can mean being approved for a loan in the first place. Even if you qualify for an unsecured loan, securing it can come with major benefits. You can qualify for a higher loan amount, a lower interest rate, or having certain fees waived.
Can I get a loan in Prince Edward Island with poor credit?
It will be more difficult, but it’s entirely possible. Most banks and major institutions will not be willing to extend loans to those with bad credit. You may need to instead seek out alternative lending institutions to get the loan you need. Some lenders do not require a credit check for example. They may instead want to look at your bank statements to see if you have enough income to make the payments. If it is an option, you can also offer a vehicle as collateral to secure your loan. This will increase your chance of being approved if you have poor credit.
Find the Installment Loan You Need
An installment loan in Prince Edward Island can definitely be a real lifesaver when an unexpected expense arises or a large purchase is required that you don’t have the liquid cash to cover. Be sure to get in touch with Loans Canada so we can help you find the right installment loan for your specific financial situation.
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If you've been rejected a loan from easyfinancial, you'll be happy to know that there are plenty of easyfinancial loan alternatives in Canada.
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