- 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
Since Halifax is rapidly becoming one of the most popular cities in Canada, it’s likely that living costs will be on the rise. Even if that doesn’t happen, your own regular expenses can be pricey enough that your credit cards and income can’t cover them, at least not without draining your entire bank account.
If that looks like your financial situation, then a short term loan might be the solution you’ve been looking for.
Short term loans are readily available through most lending sources in Halifax, such as banks, credit unions, private, and alternative sources. Bad credit lenders in Halifax also offer these loans to borrowers whose credit is not healthy enough to qualify with traditional sources. Like most installment loans, the money you’re approved for will be deposited as a lump sum directly into your bank account a few days after your application has been processed.
Before you receive your money, you and your lender in Halifax will come up with an appropriate payment plan that allows you to divide the loan sum into a series of payments with interest. While term lengths will vary, most clients in Halifax are able to pay back their full loan a year or so after approval (longer terms are possible). This is usually easier to do because loan amounts are relatively small, often a few hundred to a few thousand dollars.
Looking for an online loan with affordable monthly payments? Read this first.
A great thing about a short term loan is that you can use it for almost any cost in Halifax. After all, it’s essentially liquid cash. That said, spending your funds on unnecessary goods and services is not advisable. If you’re going to be in debt, it better be for the right reasons.
Do you know what the true cost of borrowing is? Click here to find out.
When you’re ready to apply, it’s important to prepare yourself, because your lender will inspect your finances. No matter how much money you’re applying for or how long your term would be, your lender in Halifax still needs to confirm your ability to pay back what you’ve borrowed. While an alternative lender’s approval process might be less strict than a bank’s, many of the same rules will be involved.
You may need to provide
Your lender might also inspect
Take a look at our list of 20 Ways to Secure a Loan.
If you’re looking for a small loan with a short term, chances are you’ve heard about payday loans. When you compare them with short term loans, you’ll soon realize how risky payday loans can be and that it’s probably best to avoid them altogether. Below, we’ve included a list of similarities and differences so you’ll understand why.
Similarities to a Short Term Loan
Differences from a Short Term Loan
A payday loan can be a viable alternative if you have terrible credit or a financial emergency that needs to be covered immediately. However, since rates are higher in Nova Scotia than almost anywhere in Canada and payment terms are far less favorable than most other loan types, a payday loan can be far more hazardous to your finances than any short term loan.
Check out this infographic to learn more about the payday loan cycle.
When preparing for the application process, there are a few questions that you should ask your potential lender about short term loans, including but not limited to:
The average short term loan will have a slightly higher interest rate than other loans because of its shorter payment term. That said, the interest rate you receive will be based on your lender’s policies in Halifax and your financial strength. If you have a good income and decent credit, you’ll be approved for a lower rate. While qualification standards are still less strict than they would be with a more expensive loan, the opposite effect will occur if you have bad credit and low income.
Be extremely cautious around a lender in Halifax that offers “guaranteed” approval. You can certainly make the application process easier on yourself and increase your chances of approval by maintaining good financial strength. That said, no lender in Halifax or anywhere in Canada will ever offer you a 100% approval guarantee. At least, not if they’re legitimate.
Unfortunately, scam artists prey on borrowers in Halifax and Canadians in general that need short term solutions to their financial issues. They know the notion of guaranteed approval is attractive and are banking on the idea that you’ll be so excited to get your money that you won’t think things through properly. Avoid any supposed lender who offers guaranteed approval and always do research prior to applying anywhere, whether physical or online.
Every loan type comes with certain advantages and disadvantages that will make it good or bad for your financial situation. Short term loans are no different.
Advantages:
Disadvantages:
However, if you find a cosigner, you can always apply for a “guarantor” loan.
Living in any major Canadian city can be expensive and Halifax is no exception. If you want to avoid taking on too much credit card debt or draining all your savings, a short term loan might be the perfect solution, and Loans Canada can help. Contact us today!
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