- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Now and then, day-to-day expenses in Winnipeg can become overwhelming. In fact, living in or near an urban area can be quite pricey and it isn’t always efficient to use your credit cards or bank accounts to cover every cost that comes your way.
If you’ve been looking for a viable alternative to plastic and savings, a short term loan might be the perfect solution.
Want some more information about loans in Winnipeg? Look here.
A short term loan is a credit product that can be applied for through almost any kind of lender in Winnipeg, such as a bank or credit union (prime lenders), as well as alternative, private, and bad credit institutions (subprime lenders). Essentially, this type of loan comes in a small lump sum of cash, usually a few hundred to a few thousand dollars. In order to be approved for a short term loan in Winnipeg, you’ll have to pass a basic application and approval process. If all goes well, the money will be deposited directly into your bank account.
Before they can approve your short term loan, your Winnipeg lender will need to confirm your ability to pay them back in full and on time. If you have healthy credit and finances, your odds of approval will be better, and vice versa. Therefore, during the application process, they’re going to examine various parts of your financial background to determine your “creditworthiness”, including but not limited to your:
Take a look at this infographic to learn all about the true cost of borrowing.
Once your application has been approved, you and your lender will work out a payment plan that adheres to your particular financial needs. You’ll then pay the money back through a series of equally divided installments until the loan is paid in full, after which you’re free to apply for another or move on. The length of your payment plan will, of course, be shorter than other larger loans, but usually lasts several months, possibly a few years, depending on the size of the loan.
Read this to learn about personal loans in Winnipeg.
Once again, the interest rate you’ll be charged will depend largely on how worthy of credit your lender in Winnipeg considers you. If you have good credit and a decent income, and if your lender sees that you’ve been making payments for your other products responsibly, you’ll be approved for a lower, more affordable rate. On the other hand, if you have bad credit or a low income, and your lender determines that you haven’t been and may not be responsible with your payments, you’ll receive a higher, more expensive rate. In the end, it all comes down to how much of a risk your lender would be taking by letting you borrow from them. The less chance you’ll default, the better your assigned rate will be.
As we said, presenting yourself as a strong financial candidate should increase your chances of approval. Nonetheless, no legitimate lender in Winnipeg will ever promise you a 100% guarantee that you’ll be approved for a short term loan. In fact, it’s illegal in Canada for any lending institution to make such a claim. If a supposed “lender” does offer “guaranteed approval”, stay away from them! They are almost certainly fake and trying to scam you. Do not give them any of your personal or financial information and report them to the Winnipeg authorities.
Short term loans, as simple and convenient as they are, may not be the best choice for you. Like with any loan, they do come with advantages and disadvantages that make them appropriate or inappropriate for various financial situations.
Even though guaranteed approval is not possible, you can, at the very least, increase your approval odds while simultaneously lowering your interest rate. Here are a few simple techniques you can use before you apply to obtain the best results:
When you’re researching short term loans, it’s possible that you came across the idea of payday loans in Winnipeg. Be cautious! While payday loans may look similar, there are some drastic differences that make them less beneficial and altogether more dangerous than any short term loan in Winnipeg.
Similarities to short term loans:
Differences from short term loans:
Decided that a short term loan is right for you? Good! While it’s best to use your loan for expenses that are important, you can use your funds for almost anything in Winnipeg, including but not limited to:
Click here to learn how you can use a short term loan to tackle any expense.
Here at Loans Canada, we’re versed in all kinds of loans and credit products, short term loans included. If you apply with us, you’ll be connected with the best lenders in your area of Winnipeg. Contact us today or fill out an application below!
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