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.
LendDirect is an online lender that provides personal lines of credit for Canadians looking for a more flexible financial solution. Unlike traditional loans, LendDirect offers revolving credit, allowing borrowers to access up to $15,000 on an as-needed basis. The approval process is quick, with funds available within 15 minutes via Interac e-Transfer.
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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Living in any major Canadian city can be pricey and Montreal is no exception. Paying for all your regular expenses using just your savings or credit cards can also be costly, inconvenient, and leave you with no money left to live your life. On the other hand, getting an installment loan in Montreal might be of great help, giving you an easy and affordable way to cover your expenses without forsaking all of your hard earned cash.
An installment loan is a type of financial product that’s provided by the majority of lending sources in Canada, including banks, credit unions, alternative, private, and bad credit lenders. These types of loans come in lump sums of money and are deposited straight into your bank account, usually a few business days following your approval. You’ll then pay that money back through a series of equally divided payments, including an interest rate until the full loan sum has been returned.
When you apply, your lender is likely to examine elements such as:
Once approved, you can pay your loan through using one of several payment options:
Weekly – One payment per week, for a total of 52 payments a year
Bi-weekly – One payment every two weeks, for a total of 26 payments a year
Monthly – One payment per month, for a total of 12 payments a year
Before You Apply!
Not all lenders offer each of these payment options. Some may only allow for one payment on a monthly basis, so make sure to ask your lender about this, as well as the elements above. That being said, the option that works best for you will depend on what your income and savings look like, as well as what’s comfortable for you.
For example, if you work a wage-based job that affords you one paycheck every two weeks, you might want to choose the bi-weekly option. However, if you don’t have a steady income (freelance, part-time, etc.) you might be safer with monthly or bi-monthly payments, as they won’t be so frequent, giving you time to save up.
Should I Get an Installment Loan or a Payday Loan?
During your search for financial solutions in Montreal, you may have discovered payday loans and thought that, in certain ways, they might be a better choice than installment loans. Not so fast! There are a few significant details that you should know about payday loans, including but not limited to:
They have much higher interest rates than installment loans in Montreal
They have much shorter payment plans (2 weeks, without exception)
Defaulting (missing your payment date) results in a hefty penalty charge
Physical payday loan lenders have now been banned in Quebec
Online payday loans come with a higher risk of scamming and identity theft
The debt caused by payday loans can spiral out of control very easily
Check out this infographic about the effects of the payday loan cycle.
Contrarily, With Installment Loans
Interest rates are based on your credit health and financial strength, as well as your lender’s policies. If you can prove you’re a strong candidate, you should receive a lower, more affordable rate.
Payment plans are usually negotiable, meaning you can extend or shorten your payment term, as well as increase or reduce your payment amount, if necessary.
While defaulting may still result in a penalty, it’s still easier to negotiate with your lender and prove to them that this won’t happen again.
As we said, installment loans in Montreal can be found with almost any type of lender, whether physical or online based.
The possibility of scamming or identity theft is reduced when you have the option of visiting a physical lending location, such as a bank.
Click here for even more differences between payday and installment loans.
Why Is a Borrower’s Credit So Important?
When you’re applying for an installment loan in Montreal, having good credit can be a huge advantage.
Having Good Credit (credit score of 660 or higher)
In Canada, credit scores may range from 300 to 900. The closer your score is to 900, the less risky a potential lender will consider you and the better your approval odds and interest rates will be. Having good credit shows that you’ve had little to no problem keeping up with payments for your existing or past credit products. Essentially, good credit will make your loan more affordable and allow you to secure a larger amount of money if you wish.
Bad credit will have the opposite effect when it comes to any kind of loan or credit product. A bad credit score may mean that you’ve been late or short on, or even worse, missed a bunch of payments completely, ultimately turning you into a risky borrower. Being that, in your lender’s eyes, you have a larger chance of not paying them back on time, they’ll often charge you a higher interest rate and won’t allow you to borrow as much money.
Want to see how bad credit affects your daily life, check out this infographic.
Can I Apply For an Installment Loan With Bad Credit?
Generally speaking, a score of 650 or higher will secure you a decent loan amount at a reasonable interest rate. Nevertheless, if your credit score is lower than that or you qualify as having bad credit, you can still get approved for an installment loan in Montreal. You can do this by applying with an alternative or private lender, or one that deals specifically with clients who have bad credit. There are even some lenders out there that don’t use your credit at all during their application process.
Things to know about bad credit installment loans:
Being that bad credit lenders are taking more of a risk on you, they’re likely to charge higher interest rates than traditional installment loans.
Payment terms and regulations might be more strict, your negotiating power may be more limited.
Having bad credit can make you vulnerable to manipulation, scamming and identity theft. Be careful of any “lender” who offers you a deal that’s too good to be true, and always research them properly before applying!
Need more information about bad credit loans in Montreal? Click here.
Recommended Uses for an Installment Loan?
Remember, an installment loan is going to show up directly in your bank account as cash that you can use for pretty much anything. That being said, it’s best to take your time and think about why you really need the money. For example, unnecessary items, such as consumer goods are better left to your credit cards.
On the other hand, apply for an installment loan in Montreal might be a better option when:
You have a bunch of unpaid debt and late charges that need to be covered
Your home or car needs to be repaired in some way
You’re trying to increase the value of your home through renovations or additions
You need to cover the cost of your medication or a medical procedure
If you’re looking for a reliable source of installment loans in Montreal, we can help you find it. Contact Loans Canada today or fill out an application below. It’s simple, quick, and effective!
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