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.
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.
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.
If you’re short on cash, Bree offers cash advances of up to $350 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.
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.
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.
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.
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.
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While many of us in Alberta like to think we’re financially prepared for any financial emergency that may come about, that isn’t always the case. In fact, those in Alberta and the rest of Canada are actually not as prepared as you may think, with only about 25% having a rainy day fund set aside for emergencies.
Click here to learn how you can start saving when you have too much debt.
This means if something like a car accident, medical emergency, or unexpected expense takes place, most people will be unable to respond and could end up in financial trouble.
Thankfully, short term loans are here to save the day. These are generally smaller loans (about $100-$2000) that need to be repaid in a shorter amount of time than a standard loan, typically between one and two years.
When people in Alberta hear the term short term loan they often think that it is just another name for a payday loan, but that isn’t the case. While there are some similarities, there are also many differences between the two.
Similarities
Both will generally have larger interest rates than standard unsecured loans, as there is a shorter repayment period. But it’s important to note that the average payday loan has an APR of 500%.
Both loans can be used for anything, but are often applied for when people need a small amount of money quickly for emergencies or to hold them over until they are paid next.
Differences
While both have a shorter repayment time, a short term loan’s repayment period can be up to two years, while payday loans are generally repaid within two weeks.
Payday loans have few requirements which often leads to consumers applying for one when they cannot afford to.
Due to their quick repayment periods and interest rates that are generally very high, payday loans can lead to getting stuck in the cycle of debt.
Check out this infographic on the payday loan cycle to see how it could affect you.
While short term loans are generally better if you have a bit of flexibility and want to keep your loan affordable, payday loans give you the benefit of near-immediate cash within only a few hours, in many cases. But with that in mind, the cost of a payday loan without a doubt outweighs any of its perceived benefits.
For more information about payday loans in Alberta, read this.
How to Qualify for a Short Term Loan in Alberta?
One of the great things about short term loans is just how simple and quick they are to apply and qualify for in Alberta. Despite this, there are a few things you should look to do to ensure you have a great chance at qualifying for a short-term loan:
Ensure that your credit score and credit report are in good standing. While not every short term loan requires a credit check, some will, and you want to be prepared for that.
The more lenders you visit and connect with in Alberta, the better. Each lender will have their own terms and rates, so you want to search around until you find a lender you are comfortable with.
Your finances should look clean. You should have no (or a small manageable amount) of existing debt and you want to make sure you will be able to keep up with the payments without defaulting.
Short Term Loans FAQs
Of course, you want to learn as much about a loan option before you decide to go with it. In an effort to help in that regard, we have decided to include a short FAQ with some common questions and concerns about short term loans.
What Are the Interest Rates on Short Term Loans?
The actual interest rate you will get will depend on how risky or safe the lender thinks you are. The riskier you are, the higher your interest rate will be. Normally, the rates for short term loans are generally higher than interest rates on other loans like a mortgage or car loan.
If you’re about to go shopping for low-interest rates, read this first.
Are There Guaranteed Approval Short Term Loans?
When looking for a loan, being approved is the most important thing on your mind. As a result, when a lender says they offer a “guaranteed approval” loan, it can be enticing. However, no one can guarantee the approval of a loan as it depends on so many different factors. If they do, there is a good chance it is a scam.
To know how you can avoid a loan insurance scam, click here.
How Much Can I Get With a Short Term Loan?
Generally, these loans can fetch anywhere from $100 up to $2000 dollars. So it isn’t meant for buying a car or home, but more to cover you in the case of emergencies or other unexpected events. As for how much you yourself will actually be able to get, that will depend on your attractiveness as a borrower and how much risk you carry.
Ever wonder what the true cost of borrowing is? Click here.
Frequently Asked Questions
What is a short-term loan?
There are many types of short-term loans. They are typically no more than $1500. They are usually repaid within 2 to 8 weeks, sometimes up to 3 months. Personal loans, credit cards, and payday loans are among the more common types of short-term loans. Due to their short terms, loan providers usually charge higher rates on these types of loans. Payday loans are the highest, sometimes exceeding 500% APR. Personal loans and credit cards generally have rates of between 10% to 36%, not exceeding the federal limit of 60%.
Can I get a short-term loan in Alberta if I have bad credit?
Yes, it is still possible to get a short-term loan even with bad credit. Some lenders offering personal or payday loans might not check your credit to determine if you qualify. They’re more concerned with short-term financial health to see if you can afford the payments. However, you’ll need to provide additional documents to verify your identity, banking details, address, and income source. Putting up collateral (such as a vehicle) might be another option to convince a lender to approve your short-term loan. Similarly, a security deposit on a secured credit card will generally negate a poor credit score and will help you rebuild your credit.
What happens if I pay off my short-term loan early?
You can pay less interest by paying your short-term loan off early. For example, the average credit card gives you a grace period, up until the next due date, to pay the balance in full with no interest charges. Be mindful, however, that cash advances do accumulate interest as soon as they’re issued. Where payday loans are concerned, Alberta does not allow providers to charge a penalty for repaying a loan before the due date. Open-end or flexible personal loans can be paid off early with no consequences. Closed-end or fixed-term personal loans generally will have some kind of penalty for settling the balance before the due date. Check with your lender to find out which kind of loan you have.
Alberta Short Term Loans For You
The good thing about short term loans is that there is a wide variety available to you in Alberta and beyond. No matter your wants or needs out of a loan, we at Loans Canada are confident that we can help you out.
As a senior, getting a loan can be more difficult due to lower income and age restrictions. Thankfully, there are many home equity loans for seniors i...
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