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.
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 $18,000. 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.
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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Montreal is the second largest city in Canada, with a population of just over 1.7 million residents. It is a multicultural hub, home to people from all over the world. Smack in the middle of the St. Lawrence and Ottawa River junctions, Montreal is famous for Mont-Royal, the mountain right in the heart of the city, a popular area for hiking, tobogganing, and skating during the winter. At the base of the mountain is a statue dedicated to one of the city’s founding fathers, Sir George-Étienne Cartier, where hundreds of tourists gather to sit and enjoy the summer months.
Montreal also plays an important part in a number of different industries, including fashion, business, tourism, art, and commerce. Every summer the city welcomes millions of tourists who visit to experience the many shows and events the city has to offer, like the International Jazz Festival, the Just for Laughs Festival, and the Osheaga Music & Arts Festival. The city is also home to the N.H.L team, the Montreal Canadiens, and was the birthplace of renowned Canadian author, Mordecai Richler.
Want some information about loans in the rest of Quebec? Find it here.
Loan Myths
There is a lot of great information online about loans in Montreal. If you’re looking for the answer to any kind of question concerning loans, the internet is a good place to start. However, with all this information comes a lot of misunderstanding. Below we’ve debunked the top three loan myths that we see the most.
Applying for many loans at one time is a great way to increase your chances of getting approved. This is false. In fact, it’s the complete opposite of what you should do if you’re interested in taking out a loan. If you apply with a lender who pulls your credit as part of the application process, your credit score will go down a few points and recover over time. The problem with applying for many loans all at once is that your credit score will drop with every credit check. The small hit then becomes a big one. Furthermore, potential lenders can see on your credit report that you’ve applied for many loans, which could signal to them that you’re financially irresponsible. Read this to see how applying for new credit affects your credit score.
Loans are only for those who have full-time jobs. This is also a myth. Anyone can apply for and get approved for a loan. You simply need to choose the right loan and the right lender for your unique financial situation.
All lenders are reputable and interested in helping out consumers. Unfortunately, this is also untrue. There are lots of great lenders out there, but there are also many fraudulent and irresponsible lenders. Protecting yourself against these types of predators should always be a top priority for you when you apply for a loan. If an offer sounds too good to be true, it probably is.
Need some debt relief from predatory loans? Take a look at this article.
Preparing to Apply For a Loan in Montreal
When applying for a loan in Montreal there are many things you can do to make sure the process goes as smoothly as possible. While the final decision is in the hands of the lender, as the borrower, you still have some say in whether or not you get approved. After all, it is your finances that are being evaluated.
Make sure your finances are in order. Be up to date on all your credit card or other loan payments. Consider checking your credit score and credit report, as those can greatly affect your approval process.
Get organized, before applying and during the process. Filling out the application fully and making sure you’re always available to assist your lender with any questions they may have will make the whole process more efficient.
Choose the right lender. Once you’ve decided that applying for a loan is the right decision for you, you need to find a lender to work with. There are lots of options out there, but finding the one that best fit your needs can take a bit of time. Keep in mind that choosing the right lender for your situation could be the difference between getting approved and getting rejected.
Read this if you’re trying to compare lenders in Canada.
Click here to take a look at our infographic that breaks downs how your credit score is calculated.
Loans and Your Credit Score
Loans and credit scores are directly connected, each can negatively and positively affect the other. While there are many lenders that do not check credit in order to approve a consumer for a loan, there are also many that do. Having a high credit score will not only increase your chance of getting the loan you want, but it can also help secure you a more manageable interest rate.
Once you get approved for a loan in Montreal, the manner in which you manage it will determine how your credit score is affected. If you make your payments on time and in full, you should see your credit score grow. However, if you miss one or more payments, even if they’re just late, you’ll see your score drop.
Want to learn some ways of improving or fixing your credit score? Check this out.
Personal Loan vs. Credit Card in Montreal
This depends on what costs you need to cover. If the expense was unexpected, small, or can be paid off quickly, a credit card might be a better choice for some consumers. But, keep in mind that if you’re unable to pay off your credit card balance before your payment is due, you will be charged interest. The very nature of revolving debt can make it hard to pay it off.
On the other hand, if the expense you need to cover is more expensive, like a car or a house, a loan is a great option. With a loan, you’ll know exactly when to make your payments, how much they are, and when your last one will be.
What happens if you stop paying your credit card bill? Find out here.
Why Do Some Lenders Ask For a Deposit?
Legitimate lenders will never ask for a deposit, loan insurance, or advance payments. Any “lender” demanding these types of payments is fraudulent and trying to scam you out of your hard-earned income. If a lender has asked you to provide them with any type of compensation before you receive your loan, do not give them any money, cut off any contact you have with them, and report any information you have to the appropriate authorities.
Banks have strict lending guidelines that they must adhere to. Unfortunately, not every potential borrower fits those guidelines. Generally speaking, the most common reasons why someone might get rejected by a bank is because their credit score isn’t high enough or because they can’t financially handle the payments. Just remember, banks are no longer the only place to get loans. If you’ve been rejected by your bank, don’t worry, you have other options.
Looking for a bad credit loan in Montreal? Click here.
The Financing You’ve Been Looking For
If you’re looking for the right loan in Montreal Quebec, Loans Canada can help. We work with a wide variety of lenders and service providers who can offer you the options and solutions you need.
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