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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How To Apply For A Personal Loan In London, Ontario
Step 1: Get Pre-Approved
Before applying for a personal loan, get pre-approved with multiple lenders first. This will allow you to compare various loan offers based on your financial situation. Moreover, the pre-qualification process is often instant and only requires a “soft” credit check, so it won’t negatively impact your credit scores.
Step 2: Choose A Lender
Compare your loan offers and choose one that comes with affordable rates and favourable terms. Be sure to also compare funding times if you need the cash urgently.
Step 3: Gather All Required Documents And Apply
You’ll need to provide your lender with specific documents to verify your creditworthiness and identity. You can upload these documents and submit them electronically with your application. This may include a government-issued photo ID, bank statements, pay stubs and other related documents. Be sure to read over the application to make sure all the information is accurate.
Step 4: Wait For Approval
Once you’ve submitted the application you should receive a response shortly after. If approved, the funds will be deposited into your account within 24 to 48 hours (via direct deposit or e-Transfer), depending on the lender.
Proof of employment (income, employers name, job title)
Loan purpose
3 months' worth of bank statements
Bank account details (for direct deposit and withdrawal of payments)
Can You Get A Personal Loan With Bad Credit?
Yes, you can still get a loan with bad credit by applying with a credit union or private lender. These alternative lenders often base their approval on your overall financial health. However, rates may be higher when working with an online lender.
Currently, there are no provincial interest rates or fee limits on high-cost credit lenders (other than payday lenders) in Ontario. However, lenders must follow the federal Criminal Code interest rate limit of 35% (APR).
Fee Caps
While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 35% APR.
Licensing Requirements
Alternative lenders (other than payday lenders) are not required to be licensed in Ontario.
Debt Collection Rules
While there are consumer protection rules on how collection agencies can contact borrowers, none such exist for high-cost credit lenders (other than payday lenders).
How To Increase Your Chances Of Qualifying For A Personal Loan In London
Here are a few ways to improve your chances of qualifying for a personal loan in London:
Compare Lenders. Researching lenders to see which ones have lending criteria you can qualify for will minimize your chances of loan rejection. By comparison shopping using an online tool like CompareHub, you’ll be matched with lenders that can offer you a personal loan based on your financial and credit profile.
Provide Collateral: Securing your loan with a valuable asset, such as a car or house, can reduce the lender’s risk and make them more willing to approve your loan application.
Boost Your Credit Score: Steadily improve your credit score by making timely bill payments and reducing your credit utilization ratio. A good credit score will reflect positively on your creditworthiness, which can increase your odds of loan approval.
How Much Does It Cost To Take Out A Loan In London Ontario?
Other than actually paying off the money you borrow, you’ll be paying an interest on the amount owed and potentially fees in regards to the application process. The processing fees may also include administrative fees and will typically cost between 1-3% of the amount borrowed.
Depending on the lender you choose in London Ontario, there will likely be a charge for an late or missed payments. So, be sure to inform yourself by asking your lender.
APR
Monthly Payment
Total Interest
Total Cost
10%
$87.92
$54.99
$1,054.99
20%
$92.63
$111.61
$1,111.61
30%
$97.49
$169.85
$1,169.85
*$1,000 personal loan with a 1-year term.
Can You Get A Personal Loan On Employment Insurance (EI) In London?
It’s possible to get a personal loan in London while on Employment Insurance (EI). While traditional banks may require income from employment, some alternative lenders accept EI as a valid income source. That said, your options may be more limited than they would be if you applied with traditional employment.
Lenders who allow EI as a source of income may charge higher interest rates and offer less flexible or favourable loan terms because of the higher risk involved. It’s important to carefully research lenders and make sure you’re able to meet their repayment terms.
Places To Help You Get A Job In London
Finding work on your own can be daunting. If you’re not sure where to look for a job or need some assistance, several employment agencies throughout London, ON are available to help:
– Training support – Career guidance – Online job board
159 Albert St, London
Leads Employment Services
– Employment action plan – Customized cover letters and resumes – Job coaching
171 Queens Ave., Ste. 410, London
Government Employment Assistance Offices In London
Government-backed agencies are available in London to help you find employment in the area:
London Regional Employment Services. This agency helps job seekers connect with employers. They also offer job training, career planning, and recruitment support in the London region. The office is located at 355 Wellington Street.
Employment Ontario Apprenticeship Office. This service provides support for those looking to pursue a career in the skilled trades. The agency offers training, guidance, and resources to start or expand their apprenticeship career. The London office is located at 1200 Commissioners Rd E.
Ontario Works. This agency provides employment guidance to those looking to find work in London. The office is located at Citi Plaza, 355 Wellington St, Suite 248.
Additional Government Benefits Available In Ontario
A personal loan in London may provide you with some financial relief, but this may only be a temporary solution. Plus, it requires that you take on more debt, or meet certain eligibility criteria to qualify.
If you prefer an alternative to personal loans, there are various programs throughout London that are designed to meet specific needs, such as help with the cost of food, housing, and utilities, among others. You can find many of these programs on www.211.ca, an online resource for support programs in your area.
Here are a few to help you get started:
Utility Assistance. The Ontario Electricity Support Program (OESP) provides low-income residents with monthly credits to their utility bills to help reduce the cost of electricity. The credit amount is based on income level and household size.
Housing and Rent Assistance. The Housing Access Centre (HAC) connects eligible residents with affordable housing options, including rent-geared-to-income housing and rent supplements. It also provides assistance in managing applications and waitlists for local housing programs.
Food Banks. London residents who are having trouble paying for groceries may access one of the food banks in the city to fulfill their needs, including the following:
Homeless Shelters. If you’re in need of emergency shelter, you may seek refuge at any one of the following shelters in London:
Salvation Army Emergency Shelter: 281 Wellington St, London
Mission Services of London, Rotholme Family Shelter: 42 Stanley St, London
Unity Project, Emergency Shelter: 717 Dundas St E, London
Baby Items. Low-income parents in London can get assistance with emergency baby food and diapers from the South London Neighbourhood Resource Centre Emergency Baby Food and Diaper Cupboard.
What is the typical interest rate on a personal loan?
Interest rates vary based on your lender, credit score, and financial health. That said, they generally range from around 6% to 35%.
Do personal loans come with extra fees?
Common fees associated with personal loans include loan origination fees, late payment fees, and early prepayment penalty fees, depending on the lender.
Can I repay a personal loan early?
Yes, however, some lenders may charge an early prepayment penalty fee for breaking the loan before the end of the term.
What’s the difference between secured and unsecured personal loans?
Secured loans require collateral, such as a vehicle or home, while unsecured loans do not require collateral. Secured loans tend to come with lower interest rates because of the lower risk for the lender, while unsecured loans tend to come with higher interest rates.
What can I use the money from a personal loan for?
Personal loans are flexible and allow you to use the funds to cover just about any purpose, as long as it’s legal. This includes paying for car repairs, buying a car, and paying for home renovations, among others.
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