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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Sometimes it can be tough to make ends meet, especially if a situation arises that suddenly increases your financial obligations or puts a squeeze on your income. In times like these, getting some financial help can be useful.
This is where personal loans can help. By getting access to a little extra cash in the form of a loan, you’ll be able to cover any last-minute costs that your bank account might not be able to cover. Let’s dive deeper into how personal loans can help residents of Thunder Bay cover the cost of unexpected expenses or make large purchases.
Personal Loans Vs Credit Cards
If you have a credit card, you can always use your available credit to cover whatever expenses you have to pay. As long as you don’t spend any more than your credit limit, you’re free to put your expenditures on credit and pay them off when your credit card bill is due. You may even be able to collect points or rewards with every dollar spent, which can be a positive thing, as long as you use your credit card responsibly.
However, racking up your credit card bill is not always a good idea, unless you’re in an absolute emergency. By maxing out your credit card, you’ll be subjecting yourself to interest charges, especially if you are unable to pay off the bill in full at the next billing cycle. And considering how steep credit card interest rates tend to be, that can cost you a pretty penny.
Further, spending your entire credit limit amount – or close to it – means you’ll be increasing your credit utilization ratio, which is potentially bad for your credit score. This is just one of a few different factors that play a role in your credit score and combined with other negative factors, you could be taking a hit on your score if you’re not careful.
You also need to consider the possibility of getting stuck in a cycle of credit card debt that can be difficult to get out of if you are unable to make your credit card payments in full. Making minimum payments will do nothing to pay down your debt. In fact, it will only cause your outstanding debt balance to grow because of the continued accumulation of interest.
For more information about the minimum payment trap, check out this article.
While a credit card might be an option in an urgent situation, it might not be the best choice for most other scenarios. In this case, a personal loan in Thunder Bay might be the better alternative. These loan products typically come with lower interest rates than credit cards, as long as your financial profile is healthy. Rates will vary from consumer to consumer and lender to lender.
Of course, you will have to qualify for a personal loan before you get approved or one. Your lender will look at your income, assets, debts, and credit score before you can secure a personal loan in Thunder Bay. But once you do, you can use that money to cover any pressing expense you may have.
What Can You Use a Personal Loan For in Thunder Bay?
There’s virtually no limit to how you can use the money you obtain through a personal loan in Thunder Bay, which can include any of the following:
Home renovations
Car repairs
College tuition
Medical procedures not covered by OHIP
Travel expenses
Urgent expenses
This list is by no means exhaustive. That said, it’s important to be mindful of what you are spending the money on, as taking out a personal loan means adding more debt to the pile. So be sure the reason you’re taking out a personal loan is worthwhile.
How Are the Funds Provided?
If you get approved for the loan in Thunder Bay, the funds will be provided to you shortly afterward and deposited directly into your bank account within a couple of days. While every lender is different in terms of how the funds are distributed, this is typically the most common way.
What Are the Criteria to Secure a Personal Loan Thunder Bay?
In order to get approved for a personal loan, you’ll need to meet certain requirements, including the following:
Good credit score – One of the first things that lenders will look at when assessing a loan application for a personal loan is the borrower’s credit score. A good score will increase the likelihood of loan approval and a low rate, while a lower score will make it more difficult to get approved.
Good income – Your lender will want to make sure that your current income is sufficient enough to cover the loan payments along with all the other debt obligations you have. As such, your income will be assessed.
Stable job – In addition to looking at your income, your lender will also want to ensure that the job you have in Thunder Bay is stable. Generally, that means a job that is full-time and ensures regular hours week after week for the long haul.
Bank statements – The lender may also want to take a look at how much money you have in the bank and what type of valuable assets you own. This can come in handy in case you’re ever unable to make a payment from time to time due to financial issues.
Depending on the cost of the expense you have on your plate, you’ll want to take out enough to cover the expense in full. But that said, you’ll need to get approved for that amount. Your lender won’t arbitrarily hand out an exorbitant amount of money that’s not justified. A number of factors will come into play that will impact how much you can take out with a personal loan, including the following:
Your lender – Different lenders in Thunder Bay have different protocols when it comes to how much they are willing to loan out.
Your credit score – A higher credit score will increase your odds of getting a higher loan amount.
Your ability to repay the loan – The lender needs to feel confident that you will be able to make your payments on time every month before you are approved for a specific loan amount.
Collateral – If you have a valuable asset that can back up the loan, your lender may be more open to extending a higher loan amount.
Using a Personal Loan to Improve Your Credit
A personal loan is typically used to gain access to much-needed funds to pay for a certain expense. But it can also be used to help improve your credit score. If you are responsible with your payments and make them on time each month, each payment made will be communicated to the credit bureaus who are responsible for reporting credit scores.
With every timely payment that you make, your credit can be given a boost. If your credit score could use some improvement, a personal loan may be a great credit-building option for you.
Check out this infographic to learn more about what affects your credit score.
We Recommend Personal Loans in Thunder Bay For…
As mentioned, you can literally use the money from a personal loan for just about anything. But that doesn’t mean you shouldn’t be selective on what you use the money for. Taking out a loan means adding more debt to the pile, being responsible for another loan payment, and potentially impacting your credit score if you’re not responsible with your payments.
That’s why you should only use the money for legitimate things that are justified. Here are some valid ways to spend your personal loan funds:
Home renovations that add value to your home
Car repairs
Emergency expenses
Medical bills
Post-secondary tuition
In Need of a Personal Loan in Thunder Bay?
If you’re in need of some extra cash, a personal loan in Thunder Bay may be just what you need. If you’re ready to apply for a personal loan, call Loans Canada, and we’ll put you in touch with the right lender for you. Get in touch with Loans Canada today.
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