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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Burnaby, like much of British Columbia, increases in popularity every day, particularly in the realm of housing and real estate. Unfortunately, the town being so in-demand has also caused an increase in the average cost of living. Then again, no matter where you’re living in Canada, it’s all too easy for your expenses to run high.
If you’re having trouble covering those kinds of costs with just your savings and credit cards, it might be a good idea to throw a short term loan into the mix.
Experiencing financial problems? Consider checking out credit counselling.
Comparing Short Term Loans to Payday Loans
A loan, like other credit products, needs to be applied for at your bank, credit union, or an alternative source of lending. When you apply, you’ll request a certain amount of money and your finances will be reviewed to assess how qualified you are to handle that money responsibly.
Click here to learn the difference between a bank and a credit union.
If approved, you’ll be given the loan in a single lump sum, usually through direct deposit. Around the same time, you and your lender will work out a plan so you can pay back the loan through installments. The length of your repayment term depends on how much money you request and where you applied.
Short Term Loans
A short term loan is just how it sounds, a small loan of several hundred to several thousand dollars, which involves relatively brief repayment period (1-2 years). Being a low-risk product, these loans aren’t too hard to obtain and most lenders offer them in some capacity. Because of their short terms, interest rates are often higher than with other credit products.
Although every lender has different standards for qualification, the application process will typically involve an inspection of your income, pending debts, employment history and often your credit. The stronger your overall financial health is, the easier it will be to get approved for a larger loan with a lower rate and a more adjustable repayment plan.
Wondering if you can beat your lender’s interest rate? Find out here.
Payday Loans
Payday loans are also relatively small ($100 – $1,500) but are much easier and quicker to be approved for. Most of the time, you only need a steady job, bank account, address, and minimum monthly income of around $1,200. If you apply during business hours, you may even receive the loan within 24 hours, making it a viable option if you have bad credit, poor financial strength, or a pressing (but low cost) emergency.
That said, the biggest differences between payday loans and short term loans relate to their rates and repayment terms. Firstly, payday loans can come with some of the highest interest rates on the market; up to $15 per $100 borrowed (the regulated limit in BC). In addition, repayment terms are typically only 14-days long.
So, rather than having months to settle your bill, you’ll need to refund your payday loan in full by the time your next paycheck rolls around. Generally, the sum is automatically withdrawn from your account. If you don’t have the appropriate funds, you’ll be penalized for it. As helpful as they can be in a time of crisis, these drawbacks can make payday loans much more risky to deal with than short term loans.
Check out this infographic to learn about the payday loan cycle of debt.
Improving Your Application
Despite short term loans being easier to get approved for, it’s still important to beef up your financial health before you apply. That way, you’ll have the potential to get a better loan and at a more reasonable rate.
Be sure to make the following improvements:
Compare lenders in Burnaby and choose one that offers the best loan conditions
Create a proper budget and cut down on avoidable expenses
Check your credit report for errors, fraud, or identity theft
Deal with any unpaid debts you have
Increase your income and credit score if they are insufficient
Save up as much money as you can
Find a cosigner (if you have bad credit or a low income)
Avoiding the “Guaranteed Approval” Trap
Unfortunately, when searching for short term loan products, there’s a chance you’ll run into a scam artist, fraudster, or identity thief. As we said, because smaller loans are easier to get approved for, consumers dealing with financial issues or emergencies are often drawn to them.
If you’re in that kind of situation, you might be desperate for a loan and hand over your personal/financial information without a second thought, and criminals know it. In fact, one way that they can get their hooks into you is by offering ‘100% guaranteed approval’. No fuss, just money on the spot if you pay up for ‘loan insurance’ in advance.
This is the first warning sign among many that they are trying to scam you. No legitimate lender will ever make this promise or demand payment before your loan is deposited. Never give away your information without researching your lender properly and confirming that they have a real business that’s operating legally.
To summarize what we now know about short term loans, let’s list some of the overall benefits and drawbacks involved. In doing so, you’ll finally be able to decide whether or not a short term loan is the right product for you.
Benefits
Most lenders offer these kinds of loans
Short repayment terms, so there’s less stress involved
Repayment plans can be adjusted to match your finances
Some lenders allow accelerated payments, so you’re out of debt faster
All loan costs can be calculated in advance, helping you budget accordingly
Drawbacks
Possibility of scamming, fraud, and identity theft if prior research isn’t conducted
Higher interest rates involved than with longer-term loans
Low financial strength can lead to less favorable loan conditions
High-interest debt and other problems will occur if you default on your payments
Do you know what the true cost of borrowing is? Find out here.
Where to Invest Your Short Term Loan
If you’ve come to the conclusion that a short term loan is the product you want, then it’s time to think about where you’re going to invest the money. It’s helpful to consider this in advance, so you don’t wind up spending your loan on unnecessary items. After all, even a short term loan is a significant responsibility.
We suggest spending your short term funds on:
Car accidents, urgent home repairs, and other emergencies
Your utility, internet, and/or cell phone bills
Vacations and/ or unexpected travel expenses
Tuition, books, and other educational costs
Groceries and other household supplies
Medications, elective surgeries, and other health-related issues
Getting Your Loan Through Our Network
If you’re looking for the right short term loan in Burnaby, why not let the experts at Loans Canada assist you? It’s our mission to connect you with the best lenders and credit products for your financial situation. Feel free to call us today or apply below!
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