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.
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.
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 people in Calgary make among the most money in Canada, people in the city still need to take out loans to do the things in life that they want to do. When most of us think of loans, we likely think of those student loans, car loans, or mortgages that often are accompanied by several years of payments. While those long term loans are popular, they are not the only kind of loans in Calgary.
Looking for some information about mortgages in Calgary? Check this out.
What if your life just isn’t going your way and you need a little extra cash to catch up? Or you have a small purchase that you can’t quite afford to buy with cash but need it quickly? For these issues and tons more like them, people all over Calgary look to short term loans. Short term loans are generally paid off in one to three and typically come in smaller amounts, anywhere between $1000 and $10,000.
How to Get Approved for a Short Term Loan in Calgary
While each lender in Calgary will have their own process, based on predetermined criteria, for deciding who gets approved and who doesn’t, there are a few steps you can take to give yourself a better chance.
These include:
Doing a check on your credit report. You want to ensure everything is in order and that there are no errors or unexpected black marks. Without good credit, getting a short term loan can be more difficult (Check out the 5 most common errors that you might find within your credit report).
If your credit score is low, you should improve it as it will make you a less risky option for lenders.
Take time to shop around the different lenders in Calgary. Each one may have different requirements and some may offer better deals than others.
If you have debt currently, you should be sure to pay it down and ensure you are always up to date on your payments.
Have a budget and keep it updated. It is a good idea to not only know how much money you have coming in but also know where it’s going every month.
If you manage to complete most of the things on this list, as well as implement some good financial habits, you shouldn’t have a lot of difficulty at all when it comes to being approved for a short term loan.
What Can You Use a Short Term Loan For in Calgary?
Now that you know the best way to ensure you can apply and be approved for one of these short term loans in Calgary, what can these loans be used for? In short, you can basically use these short terms for anything your heart desires, including:
To help build your credit easily
To cover the cost of an unexpected emergency, whether it is a car crash, medical emergency or car maintenance
To take a trip that you simply cannot afford to pay off in cash all at once
To make a large purchase such as a new couch or TV that you might not have enough money for
Of course, you should think before getting any type of loan, even if it’s only a small short term loan. If you don’t, you might end up getting yourself into financial trouble by owing a lot of money.
Do you know what the true cost of borrowing is? Check out this infographic.
Pros and Cons of Short Term Loans
So these short term loans are a great option for some, but they are not perfect for everyone in Calgary. In an effort to help you see if short term loans are for you or not, we have decided to craft a little pros and cons list.
Pros
You get your funding quite fast, normally within a few days at most
They are much more manageable and less daunting than getting a larger loan
There are generally more places that offer them, but make sure to only work with legitimate and reasonable companies/individuals
Cons
The interest rates and fees you will generally pay are higher with short term loans
They often come with more frequent payments, so you may even be making weekly payments on your loan
You can potentially get caught in a cycle of debt with these types of loans, where you need to take out a new short term loan to pay off the last one.
Searching for an online loan with affordable monthly payments? Look here.
Need Help Finding the Right Short Term Loan in Calgary?
If you are looking for a great short term loan that meets your needs, Loans Canada can help match you with a great lender in your area.
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