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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Throughout your life, it’s likely that many different expenses will come your way, especially in British Columbia, where the average cost of living can be more substantial than many other places in Canada. Richmond, being part of the Greater Vancouver Area, is no exception. So, if you’re currently dealing with the cost of living or even an unex0pected expense, a short term loan might be the solution you need.
How to choose the best personal loan for your needs. Click here.
How Should a Short Term Loan Be Used in Richmond?
A short term loan is a type of credit product in Richmond that comes as a small to moderate amount of money, usually $5,000 or under. While some lenders in Richmond may grant you the loan using different payment options, such as e-Transfer or cheque, most will have it deposited directly into your bank account upon approval.
A great thing about this kind of loan is that you can acquire one through almost any financial institution in Richmond, like a bank or credit union. However, prime lenders like those can be a little bit harder to qualify with, because their approval standards are more strict. If that’s the case, you can also apply for a short term loan through a subprime lender in Richmond, such as a private, alternative, or bad credit institution (learn more about getting loan qualifications here).
Once the money is in your bank account, you’re free to spend it on whatever you like. That said, any loan, no matter how small, is a serious responsibility, since you’ll be in debt to your lender until it’s been fully repaid.
Therefore, it’s better to only use it to cover essential costs, such as:
A car accident or other financial emergency
General home maintenance and repairs
Taxes, utility bills, and other recurring charges
Groceries and household supplies
Unexpected travel or medical expenses
Fixing broken appliances or buying new ones altogether
Did you know that bad credit can affect your daily life? Click here to learn more.
Short Term Loans vs. Payday Loans
Another kind of loan with a short term is the payday loan, which you can often find online or on the streets of Richmond. Distinguishing between these two loan types can be confusing, since a payday loan is also a relatively small amount of money that’s faster and easier to get approved for than some larger loans, such as a mortgage.
Short Term Loans in Richmond
Sometimes involve a more complicated/strict approval process
May require you to have a decent credit score and higher minimum monthly income to qualify
May take several days to be approved and deposited
Are potentially larger than the average payday loan
Come with more flexible repayment plans (if you have good creditworthiness)
Can have slightly higher interest rates than other credit products (due to their short terms)
Payday Loans in Richmond
Only require that you have a job, bank account, and address to receive approval
Are usually deposited within the same day that you’re approved
Generally, range from $100 – $1,500 (smaller than almost any other loan)
Often come with non-negotiable payment plans of 14-days maximum
May have far higher interest rates than the majority of credit products (the maximum rate permitted in BC is $15 per $100 you borrow)
In the end, a payday loan might be the easier choice for you simply because the approval requirements are so minimal, which can be especially helpful if you have an immediate expense on your hands. That said, before you apply for one, it’s very important to understand the potential risks involved with any payday loan.
Remember, payday loans come with extremely high-interest rates and less adjustable payment plans. If you’re qualified, most short term loan lenders in Richmond will allow you to stretch your payments out over several months, maybe even several years. On the other hand, if you don’t cover your payday loan sum by the end of the 14-day period, a hefty defaulting penalty upward of $40 – $50 will be applied. All of this can lead to severe debt problems and reduce your overall financial health.
Check out this infographic to learn more about the payday loan cycle.
Be sure to walk in the other direction if the supposed lender…
Demands a payment, such as “loan insurance” before the loan is deposited
Uses manipulative or forceful language to get you to pay
Doesn’t have at least a physical mailing address
Offers you a loan contract that lacks important details
Refuses to give you all the information you need about the costs involved
Tells you, you’ll be 100% guaranteed for approval, no matter what your financial situation is (even real payday lenders have certain standards you must meet)
Looking for relief from payday loan debt? Click here.
How to Make The Approval Process Easier
Let’s assume that you’ve decided a short term loan is right for your case. Although every lender’s approval process will vary, all lenders in Richmond need to confirm that you have the ability to keep up with any payments. The stronger your finances are, the easier it will be to get approved for a larger loan amount. Furthermore, good financial strength can help you earn a lower interest rate, as the lender will be taking less of a risk on you.
Therefore, it’s important to go into the process with the best “creditworthiness” you can muster, which you can do by:
Regularly monitoring your credit report for errors, signs of fraud or identity theft
Dealing with any unpaid debts you might have
Improving your credit score as much as possible
Asking for a pay raise, working overtime hours, or applying for a second job
Reducing your unnecessary expenses (memberships, clothes, eating out, etc.)
Offering an asset (car, property, etc.) as collateral
Finding someone to cosign your application
Take a look at this infographic to learn more about how credit scores are calculated.
The Pros and Cons of a Short Term Loan
In reality, a short term loan in Richmond, like any credit product, does come with a few pros and cons that can impact your finances in various ways. Make sure to weigh them properly and even talk to a financial advisor prior to applying.
Need to get approved for a loan as a student? Check this out.
Pros
Available with almost every lender in Richmond and Canada, in general
Easier to get approved for than larger credit products
Simple solution for small to moderate expenses
Good credit/financial health can lead to lower rates and flexible payment terms
Timely/full payments improve your credit health and financial strength
Cons
Higher interest rates than credit products with longer terms
Bad credit/finances can lead to even higher rates and less flexible payment terms
Scams, fraud, and identity theft are possible without prior research
Defaulted payments will damage your credit health and financial strength
Ready to Apply?
If you’re in the market for a short term loan in Richmond, there’s no better place to go than Loans Canada. We’re here to set you up with the best lending sources in Richmond. Contact us today for more information or apply below if you’re ready to take the next step toward a better financial future.
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