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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Consumers in Vancouver work hard for their money, but sometimes there’s just not enough in the pot to pay for some of life’s larger expenses. Whether it’s a car, a home improvement project, or even a lucrative investment, sometimes a large sum of money is needed to cover such expenses. The thing is, many – if not most – consumers in Vancouver don’t have the liquid funds to cover these costs upfront.
So, what’s a hard-working Vancouver consumer to do?
Luckily, there are short term loans in Vancouver that may be available to help make these larger purchases or pay for hefty expenses when our bank accounts aren’t adequate enough.
What Are Short Term Loans
Short term loans are those that involve a lump sum of money being loaned to a borrower, which must be repaid within a short period of time. These loans usually need to be fully repaid within a few months.
Payments are made in installments until the full amount is paid off. Each payment is made up of both principal and interest.
How Are Short Term Loans and Payday Loans Different?
Since both short term loans and payday loans must be paid back in full in a short period of time, some people in Vancouver may use these terms interchangeably. However, they are two different loan products.
One of the biggest differences between the two is the repayment term. While short term loans are repaid in installments, payday loans must usually be paid back in one lump sum, typically by the time the borrower’s next paycheck comes in.
The interest rate that is charged also tends to differ between the two. Payday loans tend to come with extremely high rates, sometimes as high as 500% in certain cases. Interest rates with short term loans also tend to be somewhat higher than long term loans, but not nearly as high as payday loans.
Payday loans tend to be easier to qualify for as well. Even though short term loans are somewhat easier to get approved for compared to conventional loans, payday loans typically come with fewer requirements.
Short term loans, the good and the bad, click here.
How Do Lenders Assess Borrowers For Short Term Loans?
In order to get approved for a short term loan in Vancouver, you’ll need to meet certain requirements. While each lender in Vancouver may differ somewhat in their specific criteria, the following factors are typically assessed before a short term loan application is approved:
Income. Borrowers in Vancouver will have to prove that they are able to make their loan payments every month until the debt is repaid. As such, lenders will want to verify a borrower’s income before approving the loan.
Credit score. The higher a Vancouver borrower’s credit score, the healthier their financial position usually is. High credit scores typically reflect a clean financial history whereby past payments have been made on time and in full. Lower scores, on the other hand, point to a riskier borrower. Generally speaking, lenders like to see a credit score of at least 650-680 before approving an applicant for a short term loan.
Debt. The amount of debt that a borrower carries will be factored into the lender’s assessment. If it is believed that there is far too much debt to add another payment to the mix, lenders may be more likely to deny a loan application.
How to Get Approved For a Short Term Loan in Vancouver
In order to increase your chances of getting approved for a short term loan in Vancouver, consider the following:
Check your credit score. Every year you should pull a copy of your credit report to review it. This will not only give you a chance to see what your score is, but it will also show you all the activity that you’ve been part of and make any changes if necessary.
Fix any errors on your report. If you notice that there are any mistakes on your credit report that are pulling your score down, fight them. Have the credit bureau investigate the errors and have them fixed, which can help give your credit score a boost.
Take steps to improve your score. If your credit score is on the low side, take some time to improve it before you start applying for a short term loan in Vancouver. You can do this by paying your bills on time, refraining from applying for new credit, keeping old credit accounts open, and spending no more than 30% of your credit limit on your credit card.
Pay down your debt. Some debt is certainly OK. In fact, a certain amount of debt can actually be good for your credit. But too much debt can not only be bad for your credit score, but it can also weaken your position when it comes time to apply for a loan. The more debt you can pay down, the stronger your case will be when you apply for a short term loan.
What Can Short Term Loans Be Used For in Vancouver?
There are so many different reasons why consumers in Vancouver may take out a short term loan, including to pay for:
Home improvement projects
Car repairs
Medical bills
Surprise expenses
Once-in-a-lifetime vacation with the family
Unexpected emergencies
Lenders aren’t usually too concerned with what the money is to be used for. As long as you are able to provide the necessary documentation that proves your ability to pay back the loan, you can use the funds for just about any pressing expense you might have.
Check out this infographic to learn all about the true cost of borrowing.
What is the Interest Rate For a Short Term Loan?
The interest rates for short term loans are usually much higher than other traditional loan types that are offered by banks and credit unions in Vancouver. That said, it is difficult to say exactly what rate you would be charged. The rates change every day, so the rate posted one day may be different from the following month.
In addition, interest rates charged will also depend on the strength of the applicant. For instance, an applicant with a higher credit score will almost surely be charged a lower interest rate compared to an applicant with a lower credit score.
Is Approval For Short Term Loans Guaranteed?
No lender in Vancouver and Canada, in general, can guarantee approval for a short term or any other type of loan. In fact, any lender who guarantees loan approval without having looked at a borrower’s credentials is almost certainly a scammer. Borrowers should be wary of any lenders who promise quick approval without having looked at any documentation.
Find Your Short Term Loan Product With Loans Canada
Not every borrower may necessarily be well suited for a short term loan. Even if they are, certain short term loan products might be better for some borrowers than others. To help you navigate the world of short term loans Vancouver, get in touch with Loans Canada today.
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