- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
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.
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.
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:
What is a loan origination fee? Find out here.
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.
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.
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.
Check out this article for more information about the pros and cons of short term loans.
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!
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...
To better protect vulnerable borrowers, provinces have enacted legislation that sets boundaries on what alternative lenders can and can’t do.
Do you find yourself saying "I need my money today" often? Here are some simple and quick ways to get money quickly.
These are the best bad credit loan options in Canada right now. An easy list to make an easy choice. Here is everything you need to know!
A line of credit is a less rigid credit option. You only pay interest on what you use. That means flexibility. Read this article to get the
If you've been rejected a loan from easyfinancial, you'll be happy to know that there are plenty of easyfinancial loan alternatives in Canada.
If you are looking for loans like Fairstone, you can find them on Loans Canada. These Alternative lenders offer secured and unsecured loans.
easyfinancial vs. Fairstone? What is the difference? If you have bad credit, you can get a loan from this one faster
Maligayang pagdating sa Canada! Welcome to Canada! Do you know what is a soso (paluwagan)? Are they better than personal loans?
Did you get the CEBA loan? The CEBA loan repayment due date is close. Find out when and what can you do avoid default.
Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.