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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Living in any major Canadian city, including Edmonton, comes with its own unique set of expenses, both expected and unexpected. If you’re currently dealing with an expense that you don’t have the money to cover, a short term loan might be the solution you need.
Check out these common loan application mistakes everyone should avoid making.
Short Term Loans: The Pros and Cons
A short term loan is typically a small lump sum of money that you can apply for through most lending sources in Edmonton, such as banks and other prime lenders, as well as private institutions and other subprime lenders. Although every lender in Edmonton has a different way of doing business, these loans are typically several hundred to several thousand dollars and are deposited directly into your bank account.
Once you’ve received the money, you’ll gradually pay it back through equally timed and divided installments, although some lenders in Edmonton allow accelerated payments if you’d like to be out of debt faster. The length of your own payment plan will depend on how much you borrow and what your financial health is like.
All this said, every credit product, short term loans included, comes with certain pros and cons that can make (or break) your finances. It’s best to be aware of those potential benefits and drawbacks before you apply.
Pros
Approval is easier to obtain than more expensive credit products
The upcoming debt is typically easier to manage than larger loans
A good solution for smaller, one-time expenses
Most lenders in Edmonton offer them in some capacity
Loan amounts and term lengths are easier to manage
Any complete payments will improve your credit score
Can help you gain credit user experience with a relatively low risk involved
Cons
May not be large enough to totally cover your expenses in full
Interest rates and fees are often higher due to shorter terms
A bad debt cycle can occur if you can’t afford those costs
Any payments you default on will decrease your credit score
Bad credit can make you ineligible for new/affordable credit products in the future
Do you know what the true cost of borrowing is? Find out here.
Loan Scams: What Signs To Watch Out For
When it comes to short term loans in Edmonton or anywhere else in Canada, another major (potential) drawback that you should be careful of is the risk of a loan scam. Unfortunately, there are many predatory and fake lenders in the world of finance who are out to steal from you in whatever way they can.
Predatory lenders, while they may be real businesses, often use your short term loan to charge you exorbitant rates and fees. After all, they’re banking on the fact that you need an easy, quick solution. Scam artists are even worse because they’ll not only steal your money, they may even use your identity to commit fraud.
Either way, a loan scam can cause terrible damage to your finances and credit, so it’s important to do a lot of prior research and learn to spot the warning signs.
Never trust a “lender” that shows the following red flags:
They don’t have a valid license to operate in Alberta/Canada
They don’t have a physical address
They charge more than the legal interest rate in Alberta ($15 per $100 borrowed)
They have negative or obviously fake customer reviews
Their company name can’t be found in the Better Business Bureau database
They refuse to give information about their loan costs
They use aggressive or manipulative language to coax you into applying
They demand “loan insurance” before the loan is deposited.
They “guarantee” your approval without inspecting your finances
Read this to find out if you’re a victim of identity theft.
Short Term Loans vs. Payday Loans
During your search for a short term financial solution, it’s possible that you’ll stumble across a payday loan lender at some point. Similar to traditional short term loans, these sources in Edmonton offer small lump sums of money ($100 – $1,500), which can be acquired and paid off easily under the appropriate circumstances. These loans also have higher interest rates than larger loans with longer terms.
The most appealing thing about payday loans is that they are simpler and faster to obtain than almost every other credit product in Edmonton. Funds are usually deposited within 24 hours of approval and all you need to apply is a bank account, steady job, minimum monthly income, an Alberta address, and to be at least the age of majority in your province. This makes them a viable option for anyone with low borrowing power, bad credit, or a financial emergency to deal with.
However, payday loan terms are far shorter than those of any other credit product, with payment periods lasting only 14 days following the deposit. In addition, interest rates are some of the most expensive in Canada. Many lenders in Edmonton will charge the legal limit in Alberta, then tack on a slew of other fees, making even a single payday loan extremely expensive. All this can lead to an unending cycle of debt, so if you can qualify for a traditional short term loan, it may be a safer option for you.
Check out this infographic to learn more about the payday loan cycle of debt.
How to Get Approved For a Short Term Loan inEdmonton
Although qualifying for a short term loan is not as easy as the average credit card, it’s a more simple process than with larger products, such as car loans or mortgages. Having said that, it’s best not to apply on a whim. A lot of planning and prior research should go into your decision before you make it.
In fact, financial strength and organization are two key elements that lenders look for when you apply. The less risk you have of defaulting on your upcoming payments, the more loan money you can get approved for and the lower your interest rate will be.
So, before you apply, be sure to take the following steps:
Shop around for lenders and find one with the most reasonable rates
Save up as much money as possible
Check your credit report for errors, identity theft, and fraud
Work extra hours, ask for a pay raise, or take on a second job (if necessary)
Consolidate any high-interest debt
Factor all costs into a realistic budget
Improve your credit score as much as possible (if it’s below 650)
Check out this article for information about being rejected for a loan.
What Loans Canada Recommends
Remember, your short term loan is a lump sum of liquid cash that can cover at least a portion of any expense that comes your way in Edmonton. That said, every loan is a serious responsibility, which means you should only spend the money on things that are important.
Recommendations:
Repairs or maintenance to your vehicle
Repairs, renovations, or maintenance to your home
Groceries, household supplies, and other necessities
Furniture, appliances, and other large purchases
Unexpected travel expenses
Need a Short Term Loan in Edmonton?
Loans Canada has the solutions you need. It’s our job to connect you with the right lenders, rates, and credit products in your city, Edmonton. Simply apply below if you’re ready or call us today to receive further information!
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