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.
easyfinancial offers personal loans from $500 – $20,000 ($15,000 - $150,000 for secured personal loans) with interest rates that are affordable and convenient. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country.
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 $25,000. 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.
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.
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.
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 $100,000 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.
LendDirect is an online lender that provides personal lines of credit for Canadians looking for a more flexible financial solution. Unlike traditional loans, LendDirect offers revolving credit, allowing borrowers to access up to $15,000 on an as-needed basis. The approval process is quick, with funds available within 15 minutes via Interac e-Transfer.
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.
Unfortunately we couldn't find you a provider with the given filters
As a Canadian citizen and resident of Red Deer, you can gain access to many different kinds of financial tools, such as credit cards, lines of credit, and loans. Although your cards and income may be sufficient when dealing with your daily expenses, a loan can also be healthy for your finances.
That said, a loan is also a serious responsibility, so it’s important to choose the length of your payment term wisely. If you’re dealing with an unexpected expense or even looking to improve your credit, a short term loan might be perfect for you.
Do you know what the true cost of borrowing is? Find out here.
How to Earn Approval for a Short Term Loan in Red Deer
Like many loan types available in Red Deer, a short term loan is a lump sum of money that’s given to you via direct deposit soon after you’ve applied. That sum can then be paid off through divided installments with interest.
In this instance, the loan amount would be relatively small, maybe a few hundred to a few thousand dollars, and have a short repayment term of 1-2 years. This makes any short term loan a good starter product if you’re trying to diversify your credit history and pay off smaller, singular expenses.
Despite these loans being somewhat easier to manage and apply for than more specialized credit products in Red Deer, it’s still important to make sure your finances are in order. This is because all lenders will inspect various parts of your financial background to determine if you are qualified.
Before you apply for a loan Red Deer, be sure to:
Shop around for the right lender
Get a quote and factor all loan costs into your budget
Consolidate any unpaid debts
Save up a decent sized emergency fund
Collect as much income as possible
Check your credit report for errors, fraud, or identity theft
Organize bank states, pay stubs, or other proof of viable income
Improve your credit score (if it’s below 650)
The healthier your finances look, the easier it will be to receive approval for a larger short term loan amount, a lower interest rate, and more favourable payment conditions. If you’re still unqualified when you want to apply, it may help to provide some form of security, such as collateral or a cosigner to strengthen your application.
Wondering which lenders allow co-signers? Find out here.
How to Avoid a Loan Scam in Red Deer
Before you apply for a short term loan in Red Deer, it’s also essential to know where exactly your money would be coming from. Unfortunately, there are many predatory lenders and scam artists out there who are looking to swindle you in some way, so you must proceed with caution and do plenty of research.
A particular danger with online lending, scam artists are now able to set up convincing websites, then steal your money and use your identity to commit fraud. Predatory lenders may be even trickier because they can technically be real businesses and will instead coax you into paying far too much for an otherwise unfavourable loan. Since either situation can harm your finances and credit, you must learn to spot the red flags.
Never trust a “lender” if they:
Don’t have a physical address and valid business license
Aren’t listed with the Better Business Bureau
Have vague or incomprehensible information about their products
Use manipulative or aggressive sales tactics
Charge more than $15 per $100 you borrow (the maximum rate in Alberta)
Demand “loan insurance” before your loan is approved and deposited
Don’t have a trustworthy reputation or good customer reviews
Offer you a 100% guarantee of approval, regardless of who you are
No legitimate lender in Red Deer will ever make those kinds of claims or refuse to give you all the information concerning your loan, because such practices are illegal in Canada. If anything about a supposed lender seems fishy, walk away.
For more information about dealing with loans scams in Canada, click here.
Differences Between a Short Term Loan and a Payday Loan
While short term loans are a bit easier to come by, they can still be somewhat hard to qualify for if you have bad credit (a credit score under 600) or a low income. If that’s the case, another type of short term product you can apply for in Red Deer is a payday loan.
Payday loans come in small lump sums of $100 – $1,500 and are some of the easiest products to get approved for. As long as you’re least 19 years old, have a bank account, steady employment, and an Alberta address, you’re pretty much good to go. Typically, funds are deposited into your account within 24 – 48 hours, which also makes them a viable option for emergency situations.
The biggest difference between these two products is the repayment term itself. While a traditional short term loan in Red Deer can be repaid over 1 – 2 years, a payday loan must be fully repaid after 14 days. The money is usually withdrawn from your account automatically and a hefty penalty will apply if you don’t have sufficient funds. This can lead you into a cycle of debt if you’re not careful. While one payday loan is acceptable under dire circumstances, it’s best if you don’t rely on them to get by.
Check out this infographic to learn more about the payday loan cycle of debt.
Benefits and Drawbacks of Short Term Loans
As we conclude, let’s have a quick summary of the potential benefits and drawbacks of a short term loan. With that knowledge, you’ll be able to seek out the right loan for you or, if necessary, find a different alternative.
Benefits:
Low responsibility/risk compared to larger loans
Shorter repayment terms mean you’ll be out of debt faster
Complete payments help build, diversify, and improve your credit
Can be found through most lending sources
Many lenders in Red Deer allow you to adjust or accelerate your payments
All loan costs can be calculated in advance, helping you budget
Drawbacks:
Because of their shorter repayment terms, higher rates may apply
Defaulted payments can result in unmanageable debt and financial damage
Bad credit/weak finances lead to a more expensive, less favorable loan
Scamming, identity theft, fraud, and predatory lending are possible if proper research isn’t conducted beforehand
Learn how to find the best personal loan for your unique situation, click here.
Recommended Uses for Your Short Term Loan in Red Deer
Even though a short term loan can be much easier to handle than say, a mortgage or a car loan, significant effort is still required on your part to make sure things go as smoothly as possible during the repayment process. Not to mention, lenders in Red Deer want you to be responsible with the money they’re potentially letting you borrow.
Only use your short term loan for essential costs, such as:
Consolidation of consumer debt
Groceries and other household supplies
Home repairs, car accidents, and other urgent expenses
New furniture, appliances, or other large purchases
Unexpected travel
Get Your Short Term Loan Now!
If you’re looking for the best sources for short term loans in Red Deer, there’s no better place to go than the Loans Canada network. We take pride in helping you find the right credit products and debt management solutions for your financial situation. All you have to do is contact us today or apply below.
Thinking about buying a treadmill but worried about the cost? You’re not alone. High-quality treadmills can range anywhere from $500 to over $5,000, d...
Getting a personal loan without a bank account can be difficult. If you don’t have a bank account, you’re not alone. According to a recent report by t...
Use our boat loan calculator to help you estimate your monthly loan payments based on various factors such as your credit score, down payment and loan...
Personal loans can be a financial lifeline for the everyday Canadian, offering quick access to funds for everything and anything—from a big purchase t...
Do you know what credit score is needed for a personal loan? Find out how credit score requirements may vary among lenders and how it can impact your ...
Navigating financial challenges while receiving disability assistance can be tough, especially when you struggle to find approval for a loan. For Cana...
While both a grant and a loan can provide you with the funds you need, they are two very different options. Keep reading to see which one is right for...
