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.
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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There are a variety of loans available in British Columbia for people to use when they need some extra money. There are car loans, home loans, student loans, and many others. However, loans aren’t only useful for planned life events like the ones we mentioned above.
If you suffer an emergency or have some last minute expenses come about, short term loans might be the right thing for you. These loans can be a lifesaver in specific situations and are often available to everyone in British Columbia, no matter your credit.
To learn more about loans in British Columbia, read this.
What Are Short Term Loans?
Short term loans are loans that are paid back in a short amount of time, usually within a year or two. In addition to most short term loans having short repayment periods, they are often smaller in size. This can vary from provider to provider in British Columbia, but they are normally anywhere from $100 to $2000.
These loans are generally meant for those in British Columbia who need money quickly and don’t want to be locked into a standard loan, which can have longer terms and end up being quite expensive.
Unlike many longer term loans in British Columbia, short term loans are:
Often easier and quicker to get, due to the lower amount of money being borrowed
Very quick to be approved, sometimes within only a few hours.
Paid back in a much quicker time than larger loans like mortgages. It can vary, but generally, short-term loans are paid back somewhere between one and two years.
How to Get Approved For a Short Term Loan in British Columbia?
Getting approved for a short term loan can often be fairly quick and easy. All you need to do is find the best lender in British Columbia for your needs, fill out their application and wait to hear back. There could potentially be a credit check required, but there are also many short term loan lenders in British Columbia that do not check credit, so keep in mind that you have options when deciding what lender to work with.
However, despite how easy to get many of these loans are, there are a few things you can do to give yourself a better chance of being approved for a short-term loan in British Columbia.
Check Your Credit Report and Credit Score
While not all short term loan applications will require a credit check, it is still a good idea to make sure your credit is in a good spot before applying for any type of a loan in British Columbia. This will involve getting a copy of your credit report and making sure everything is accurate and in order. Also, if your credit score is very low, you may want to take some steps to improve it before applying for a loan.
Before approving your loan request, a lender will look at the debt you currently have to see if they believe you can afford another recurring payment. In order to give yourself the best chance of being approved, you want to have as little credit card debt as possible. Spend some time (if you’re able to) to aggressively pay down credit card debt before applying.
Want to increase your credit score without using your credit cards? Try reading this.
Shop Around to Different Lenders
If you just go to a single lender to apply, you will not have as much success as if you visit multiple. Different lenders will have different interest rates, different rules, and each will accept different types of borrowers. British Columbia likely has multiple lenders to visit, so you might as well take advantage of that.
Interested in more information about your credit score? Check this out.
What Can I Use a Short Term Loan For in British Columbia?
Technically, a short term loan is just a relatively small amount of money that you will be required to pay back over a shorter period of time than a traditional loan. As a result, you can use a short term loan on anything that your heart desires. While many people in British Columbia use them for things like emergency medical bills or necessary home or vehicle repairs, they can be used for:
Going on a last minute vacation
Making a large purchase such as a new bed or new couch
To build credit
To pay for expenses before your next payday
These are just some of the near-infinite amount of things you can use a short term loan for. However, it is important to always remember that a short term loan is just that, a loan. You will be in debt so it’s important to make sure that you can afford to keep up with your payments.
What happens if you can’t make your loan payments on time? Find out here.
Frequently Asked Questions
What is considered a short-term loan?
Short-term loans come in a variety of forms. They are usually $1500 or less. The repayment period typically lasts 2 to 8 weeks, up to 3 months. The most common types of short-term loans are payday loans, personal loans and credit cards. Because of their quick turnaround, lenders typically charge higher interest rates on short-term loans. Credit cards and personal loans can vary from 10% to 36% APR (up to a legal maximum of 60%). Payday loans have a special rate that usually exceeds 500% APR, but they have the shortest terms.
Can I pay off my short-term loan early?
Paying off a short-term loan early can save you money. Most credit cards, for example, have a grace period during which you pay no interest so long as you pay in full before the next due date. However, keep in mind that cash advances on credit cards accrue interest immediately. When it comes to payday loans, British Columbia restricts lenders from charging a fee for paying off the loan early in full. However, the wording of the regulation doesn’t cover partial prepayments, so a penalty might apply in that case. Personal or installment loans shouldn’t have a penalty if the contract states they are open-end agreements. However, closed-end or fixed-term loans may have a penalty for paying them off early. Consult with your provider to determine this.
Can I get a short-term loan if I have bad credit?
In many cases, you can still qualify for a short-term loan even if you have a bad credit history. Many personal and payday loan providers don’t use a credit report to make their decisions. Instead, they’ll look at your short-term financial health to see if you are able to make the payments. You’ll need to provide documents to verify your identity, address, banking details, and income. Another option is a secured credit card since credit history isn’t too much of a concern since it’s backed by a security deposit. Similarly, securing a personal loan by using a vehicle as collateral is another way to qualify for a short-term loan, bad credit notwithstanding.
The Right Short Term Loan
If you are looking for a short term loan in British Columbia, there are many options at your disposal. If you want to learn more about these options or want to see if you qualify for a short term loan, be sure to reach out to Loans Canada.
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