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.
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.
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.
If you’re short on cash, Bree offers cash advances of up to $350 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.
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.
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.
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.
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.
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Short term loans are an essential credit product that can be found all over Nova Scotia. Typically, Nova Scotia borrowers use these loans to cover their expenses through affordable scheduled payments over the course of 1-3 years.
Click here to learn more about loans in Nova Scotia.
Recommended Uses for a Short Term Loan in Nova Scotia
Assuming you’re approved, you can use your loan to finance:
A much-needed vacation
Household supplies, groceries or other consumer goods
Tuition fees and other educational costs for yourself or someone else
Loans Canada recommends using your short term loan in Nova Scotia for:
Paying down your other outstanding debts (credit cards, utilities, etc.)
Need help creating a debt repayment plan? Check out this infographic.
The Pros and Cons of Short Term Loans in Nova Scotia
In reality, every credit product comes with its own benefits and drawbacks. Always consider these elements carefully before you decide to apply for a short term loan.
Pros of Short Term Loans:
You can negotiate with your lender in Nova Scotia for a payment plan that suits your finances
You may receive speedier approval than with other, larger loan products. (depending on how much you request, how efficiently you filled out your application, etc.).
Since loan amounts tend to be smaller, the approval process will generally be less strict than with larger loans (your credit strength and income won’t be as important, making the loan easier to get).
Do you have bad credit? Here’s what a bad credit lender will look for.
Cons of Short Term Loans
Since payment terms are shorter and the borrowing guidelines are less strict, interest rates can be higher than with other credit products, costing you more over time. Always make sure to factor in your interest rate when calculating your potential payments.
Because of the “easy” nature of short term loans, many borrowers in Nova Scotia apply for too many and end up relying on them for every expense, even unnecessary ones. If not managed responsibly, any credit product can put you in serious debt! Take a look at these debt management products for credit users.
Scamming, fraud and identity theft is a possibility. Before giving away any information, always make sure to research your potential lender properly.
Payday loans are another credit product that many borrowers in Nova Scotia use because they’re very easy to get. However, never apply for a payday loan based on this convenience! They can cause severe debt when not handled properly.
Payday loans can be more convenient than short term loans because:
You’ll be approved within the same day you apply (unless you apply online).
3 months confirmed income, steady employment, and an active chequing account are the only requirements for approval.
However, short term loans are more beneficial because:
They come with much lower interest rates than payday loans (in Nova Scotia, payday loan lenders can charge up to $22 per $100 borrowed, which is over 600% APR).
You’ll only be given 14-days to reimburse your payday loan. If you can’t afford to pay back your loan (including interest and miscellaneous fees), you’ll be charged a hefty penalty.
Since payday loan borrowers in Nova Scotia are sometimes more desperate (i.e. they have bad credit or need money fast), scam artists use their desperation to prey on them and steal their personal/banking information. While this is possible with other credit products, it’s even easier when it comes to payday loans.
Take a look at this infographic for a better picture of how the payday loan cycle works.
Frequently Asked Questions
Is there a way to increase my chances of approval, but decrease my interest rate? Yes! While short term loan approval is relatively easy to get, there are things you can do to raise your creditworthiness, ultimately earning you better chances of approval and a better interest rate, such as:
Paying all your credit account bills on time and in full
Organizing and updating all your personal/banking information prior to applying
Getting a co-signer (if your credit and/or income isn’t good enough)
Is there a limit to how much I can borrow? The amount of money you’re approved for will depend on your particular lender’s specifications. However, short term loans usually come in maximum amounts of $5,000.
Do all lenders ask for an advanced payment, security deposit or loan insurance? Absolutely not! Be very careful when choosing a short-term loan lender in Nova Scotia. Asking for payment of any kind prior to approval is illegal in Canada. If they ask for a payment before you even receive your funds, it’s a clear sign of a scam. To learn how you can spot a loan insurance scam, read this.
Frequently Asked Questions
What are the types of short-term loans?
A short-term loan can mean many things. They don’t usually exceed $1500. They are usually repaid within 2 to 8 weeks, sometimes up to 3 months. Among the more common types of short-term loans are credit cards, personal loans, and payday loans. With shorter terms come higher rates. Payday loans are among the highest with APRs exceeding 500%. Credit cards and personal loans cannot exceed the legal limit of 60% but usually fall within 10% to 36%.
Are there prepayment fees on short-term loans?
You should save on interest when paying off a short-term loan before it’s due. Credit cards generally have a grace period where no interest is calculated on purchases. Of course, be aware that if you take a cash advance on your card, interest starts to add up immediately. In regards to payday loans, in most provinces, providers are usually not allowed to penalize you for paying off the loan before it’s due. If a personal or installment loan is considered open-end or flexible, then there shouldn’t be a penalty for making any early payments. Fixed-term or closed-end contracts, however, will likely have such penalties. Consult with your provider to determine which loan type you have.
Can I get a short-term loan in Nova Scotia if I have bad credit?
It’s entirely possible to qualify for a short-term loan with poor credit. Some lenders offering personal or payday loans might not check your credit to determine if you qualify. They will instead determine your ability to repay the loan using other metrics. This will require that you submit documents that verify your identity, banking details, address and source of income. Another option is a secured credit card since credit history isn’t too much of a concern since it’s backed by a security deposit. Similarly, securing a personal loan by using a vehicle as collateral is another way to qualify for a short-term loan, bad credit notwithstanding.
Loans Canada, a Network For All Your Short Term Loan Needs
If you’ve been shopping around for the right short term loan, your search ends here at Loans Canada. We’ll put you in touch with the best sources of lending in Nova Scotia for all your financial needs. All you have to do is apply below!
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