- Any credit accepted
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- Loans up to $50,000
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- Apply once, get multiple options
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.
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:
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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.
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…
Looking for relief from payday loan debt? Click here.
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:
Take a look at this infographic to learn more about how credit scores are calculated.
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.
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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