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.
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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As the years go by, you’re likely to accumulate all sorts of different expenses, especially when it comes to your living situation in Lethbridge. Despite wages in Alberta being some of the highest in the country, it’s not always the best idea to pay for all your daily costs in Lethbridge with simply your cash, debit, and credit cards.
In fact, introducing a short term loan into your credit mix can do wonders for your financial profile, as long as you’re using it responsibly. Interested in knowing more about this helpful credit product? If so, keep reading.
Learn how to tackle any expense with a short term loan, click here.
Take a look at this infographic to learn more about credit scores in Canada.
Can I Get a 100% Guarantee of Approval?
Another thing to consider carefully is where your short term loan would actually be coming from. Unfortunately, this is because there are many predatory lenders and scam artists in Lethbridge and Canada, in general, that take advantage of unsuspecting borrowers, especially those with bad credit or financial emergencies to deal with. One way they do this is by making the promise to “guarantee” the approval of your application, no matter who you are or what your finances look like.
Predatory lenders will make this claim in order to charge you ridiculous rates for otherwise substandard loans. Scam artists are even worse because they don’t actually have anything to offer and will instead manipulate you into giving away your financial information so they can steal your money and even your identity.
Never trust any supposed lender that promises to guarantee your application, doesn’t have confirmable credentials (business license, address, etc.) or demands payment before they deposit your loan. These are almost always signs of a scam.
To learn more about the loan scams Canadian consumers are dealing with, click here.
How to Get Approved for a Short Term Loan in Lethbridge
Even though short term loans are a bit easier to get approved for than many other credit products, you’ll still have to go through your lender’s specific application process, which will typically involve an inspection of your finances. Similar to the way your interest rate is calculated, the stronger you are as a candidate, the more money you can qualify for and the more favorable your repayment conditions will be.
For the best results overall, take these measures before you apply:
Shop around for the right lender in Lethbridge
Have a steady job for at least 6 months
Earn and save up as much income as you can
Pay off as much of your outstanding debts as possible
Create a proper budget and cut down on non-essential costs
Check your credit report for signs of fraud, identity theft, and errors
When it comes to short term credit products, you may find another option in Lethbridge known as a payday loan. Similar to a traditional short term loan, a payday loan is a relatively small lump sum of money (usually only $100 – $1,500) and is also deposited directly into your bank account.
In many ways, payday loans are even more appealing because you can receive your funds within 24 hours if you apply during business hours. In addition, they are very easy to get approved for. You only need to be the age of majority in Alberta, have an active bank account, steady job, and proof of your permanent residency. No credit check, no judgement because of poor financial health, just fast cash in your wallet.
However, payday loans can be much more hazardous to your finances as they come with extremely high-interest rates and fees, as well as mandatory repayment terms of only 14 days following approval. More often than not, the final payment will be automatically withdrawn from your account and a hefty penalty will apply if you don’t have adequate funds. On top of that, the risk of predatory lending and scamming are even greater, because desperate borrowers are often drawn to “solutions” like this.
So, although a payday loan in Lethbridge can be helpful when you don’t qualify for a regular short term loan or have a financial emergency, they can also push you into a cycle of debt that can last for months, even years if you’re not careful. Only apply for a payday loan in Lethbridge if you have no other choice and have confirmed that your lender is a legitimate business.
How Best to Use a Short Term Loan in Lethbridge
Once again, a short term loan is liquid cash that you should only apply for when you’re absolutely certain that you can handle the responsibility that comes with it. While you can freely spend your money on whatever you want, it’s highly recommended that you only use it to finance things that are essential, rather than unnecessary goods.
For Example:
Debt consolidation
Vacations and travel costs
Car accidents and other unexpected events
Household repairs and/or maintenance
New appliances and other large expenses
Tuition and other education costs
Payment of various bills (utilities, internet, etc.)
Benefits and Drawbacks of Short Term Loans in Lethbridge
To summarize what we’ve learned about short term loans, let’s conclude with a list of the potential benefits and drawbacks that come with them. This way, you’ll have a much easier time deciding whether a short term loan in Lethbridge is right for you.
Benefits:
Most lenders offer them in some capacity
Small loan amounts and short terms make them easier to pay off
Repayment plans can usually be adjusted to suit your financial needs
Every responsible payment you make is good for your credit report/score
A good solution for one-time expenses and avoiding payday loans
Drawbacks:
Higher interest rates than other credit products
Risk of predatory lending and scamming without proper research
Any defaulted payments (late, short, missed) will damage your credit
Debt problems may occur if you aren’t responsible with your payments
Bad credit/financial health can make your loan more expensive
Check out this article for more information about the pros and cons of short term loans.
Choose the Loans Canada Network Today
Whether you’re looking for a short or long term loan in Lethbridge, rest assured that Loans Canada can help you find it. In fact, we can connect you will all kinds of lenders, credit products, and financial solutions in your area. All you have to do is call us today or apply below. Getting a loan has never been easier!
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