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.
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.
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.
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.
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.
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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When we think of expensive places to live in Canada, our minds will likely jump to the likes of Toronto and Vancouver. While this is the case, many wouldn’t expect a smaller suburb like Mississauga to come in just after those. However, it seems that is the case. Research has shown that Mississauga is actually among the most expensive cities in Canada.
While some residents certainly make or save enough to be able to afford to live in the city, this isn’t as common as you might think. Many people will rely on things like credit cards or even personal loans to get by.
How to get the personal loan for your need this year, check this out.
What Can a Personal Loan Be Used for in Mississauga?
While we all know what a credit card can be used for, what can a personal loan be used for? Well, the good news is, a personal loan can be essentially used for anything you need. Most lenders don’t have rules and will allow you to use a personal loan on a wide variety of different things. This includes:
Essentially, anything you don’t have the money to purchase can often be bought with a loan. Of course, it’s in your best interest to only take out a loan for something that you really need. Loans may end up costing you more than you think due to interest, so always be sure to factor that in when deciding to borrow.
Also, just because you can take out a huge loan doesn’t mean you should. When you need a loan for something, it’s important to set a budget to ensure that you can afford the payments. Taking out a personal loan in Mississauga and being unable to pay it back is a good way to create unnecessary financial trouble for yourself.
How Much to Personal Loans Cost in Mississauga?
When it comes to the cost of a personal loan in Mississauga, there are four main factors that all borrowers should take into consideration when deciding if a personal loan is right for them and also when choosing which lender to work with.
Interest Rate
The interest rate that a lender charges is how they make money, lending is a business after all. When comparing lenders in Mississauga, the interest rate they offer is often the most important feature for most consumers. It’s always a good idea to ask about the APR of a loan as it will give you a better idea of how much the loan will cost in total.
Fees
Most lenders will charge a loan origination fee as well as some form of an administration fee. This will add to the cost of your loan so it’s important to make sure you aren’t being charged for fees that are illegal or unnecessary. Some lenders will also charge pre-payments fees as well as fees for payments that result in NSF.
Payments
When choosing a loan and a lender to work with in Mississauga, it’s important to understand what the monthly cost of the loan will be. Always make sure you can fit the extra cost into your monthly budget or it could result in missed payments.
Total Cost
Once the loan has been fully paid off, what will the total cost be? If the number is too high or the cost you need to cover is not worth that amount, it may be in your best interest to hold off or find a different lender.
What Do Lenders Look for When Approving a Personal Loan in Mississauga?
While you can use a personal loan for essentially anything, getting one isn’t always guaranteed. So how can you better your chance at getting approved? Well, it is important to know what lenders in Mississauga are looking for when approving these types of loans.
In general, there are a few things lenders will look for before approving a loan. This includes:
Stable employment and a decent income
The ability to pay back the loan
Your credit score and credit report
Your bank statements
If you are able to put anything up for collateral
While each lender is different, these are the types of things that most will want to see before approving a loan (for more on qualifying for a personal loan, click here). That being said, there are countless lenders working in Mississauga and the rest of Ontario. As a result, even if you don’t meet all of these mentioned requirements, there is still a good chance that you will be able to find a lender willing to work with you.
However, it’s important to know that these lenders might charge a little more in interest, as well as have terms that are a little bit stricter. The best way to ensure you are able to get a loan approved is to shop around and see the rules and policies of each lender.
Do you know what the true cost of borrowing is? Check out this infographic to find out.
How Large of a Personal Loan Can You Get?
Now you know what personal loans can be used for and what lenders in Mississauga are looking for when approving an application, how large of a personal loan can you get? Well, this will completely depend on a number of different factors.
The Lender
First, it will depend on the lender you apply with. Some can offer large loans, while others work with smaller amounts.
Your Credit Health
Next, the amount you can borrow will depend on your credit score. The higher the score, the more you will be able to borrow as you are generally seen as less risky. This is, of course, only pertinent if you choose to apply with a lender that checks credit.
To learn how to improve your credit situation, check out this article.
Your Financial Standing
Lastly, your ability to repay and whether you have any collateral will also impact how much you can borrow. Lending money is all about weighing risk, so the less risk you represent, the more willing a lender in Mississauga will be to offer you a large loan.
Whether you need to pay thousands of dollars for extensive home repairs, or just want to borrow a few hundred for unexpected travel, the flexibility of a personal loan means that a wide variety of consumers can benefit.
Want to avoid being rejected for a personal loan in Mississauga? Click here.
The Right Personal Loan For You
Are you looking for the right personal loan lender in Mississauga but aren’t sure how or where to find the right one? Loans Canada offers a wide variety of loan products and can match you with a lender that meets your unique needs. Reach out to us today, we are confident we can help you find the financing you need.
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