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.
easyfinancial offers personal loans from $500 – $20,000 ($15,000 - $150,000 for secured personal loans) with interest rates that are affordable and convenient. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country.
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 $25,000. 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.
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.
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.
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 $100,000 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.
LendDirect is an online lender that provides personal lines of credit for Canadians looking for a more flexible financial solution. Unlike traditional loans, LendDirect offers revolving credit, allowing borrowers to access up to $15,000 on an as-needed basis. The approval process is quick, with funds available within 15 minutes via Interac e-Transfer.
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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Most people try their best to make sure they stay on top of their bills. And while it’s normal to carry around some amount of debt, drowning in it can put a person in a dire financial predicament. Not only that, but many consumers live paycheck to paycheck, which means that any unexpected expense that creeps up can send people scrambling to find the funds needed to cover it.
In situations like these, some financial assistance can really help. That’s where short term loans in Brampton can be very useful. With these types of loans, you can quickly get the money you need to cover a pressing expense. They can really save the day, especially if you’re on the cusp of having collection agencies and creditors knocking on your door.
Read on to find out more about short term loans to see if this is the right product for you.
What is a Short-Term Loan?
Short-term loans are meant to be used to pay for last-minute expenses, then paid off within a short time period, hence the name. Typically, borrowers are required to pay the loan amount back – plus interest – within a few a year or two. The loan amounts are also rather limited compared to longer-term loans and are typically made for no more than two thousand dollars.
What’s the Difference Between Short-Term Loans and Payday Loans?
The definition of a short-term loan may sound very similar to that of a payday loan. Since they’re both short-term loans that are made for a limited amount of money and need to be paid back shortly after being taken out, aren’t they pretty much the same?
No, they’re not. In fact, short-term loans and payday loans are different in a few key ways, including the following:
Payments – Like most other types of loans, short-term loans in Brampton require the full amount to be repaid in installments rather than one lump sum. That means you would have the opportunity to make a select number of payments over a period of time to pay off the loan amount in its entirety. On the other hand, payday loans must be paid back in one lump sum, which makes these types of loans much more difficult to pay off.
Take a look atthis article to learn about why Ontario residents are having trouble dealing with payday loan debt.
Time allowed to pay off the loan – While both short-term and payday loans require the funds to be repaid within a relatively short period of time, the amount of time that consumers have to repay a payday loan is much shorter than a short-term installment loan. As already mentioned, short-term loans allow for repayment over a year or two. But payday loans need to be repaid within two weeks, on the borrowers next payday, hence the name.
Rate charged – Short-term loan rates are usually higher than those with longer terms. That said, they’re usually much less than the rates that are typically charged on payday loans. In fact, payday loan interest rates can be in the triple digits.
Approval – Payday loans are notorious for being easy to get approved for. In fact, approval can be as quick as a few hours, and the funds can be distributed the same day. Short-term loans are provided by lenders who typically take more time to ensure that consumers have the financial ability to fully repay the loan amount within the specified allotted time.
Take a look at this infographic to learn more about payday loans.
Tips For Getting Approved For a Short-Term Loan in Brampton
In order to secure a short-term loan, you will need to prove to the lender that you are financially capable of making each payment on time when they come due, right up until the entire loan amount is repaid, with interest. In order to do that, you’ll need to supply the lender with a few pieces of information, after which the lender will look over all pertinent data to make sure you’d be a responsible borrower.
One of the key components to getting approved for a short-term loan is to make sure your credit score is up to par. To maximize your chances of loan approval, consider doing the following:
Get a copy of your credit report – The first thing you may want to do is pull your credit report, which you can do for free once every 12 months. Look through it and make sure all information is correct. If you find mistakes, have them corrected right away, as these errors could be pulling down your credit score.
Want to learn how to read your credit report? This article is for you.
Give your score a boost – If your credit report shows that your credit score is lower than it should be, take steps to improve it. Your credit score plays an important role in your ability to secure a loan, including a short-term loan in Brampton, so it’s essential that it’s at least 650, which is often the minimum score lenders require before they approve a loan application.
If your score needs a boost, any of the following steps can help improve it:
Pay all bills on time
Make more than your minimum monthly payments towards your credit card bills
Don’t spend any more than 30% of your credit card limit
Cut back on spending in general
Keep old credit accounts open
Don’t close any accounts that still have an outstanding balance
Pay down your debts
Take out a secured credit card and make timely payments on it
Work with the right lender – Each lender offers different short-term loan products, so you want to do some comparison shopping to see who will be able to provide you with the loan product that best suits your needs.
Come up with a budget – It can be tough to know exactly how much money is going out relative to the amount coming in. To see exactly what your situation is, establishing a budget – and sticking to it – can really help.
To learn more about what affects your credit score, click here.
What Can Short-Term Loans Be Used For?
The funds you receive from a short-term loan in Brampton can be put toward any number of things, including the following:
Car repairs
Vacations
Home improvements
Medical procedures
Unexpected emergencies
Unexpected travel
Furniture or appliances
Building credit
This list is by no means exhaustive. That said, it’s suggested that you only take out a loan to cover a pressing expense rather than to pay for an unnecessary purchase. Adding more debt to the pile should never be considered unless there’s real pressure to cover it.
For instance, if your car needs to be repaired right away or you have an emergency medical procedure that is not covered, then a short-term loan may be warranted. But piling on more debt to go on a shopping spree to fill your closet or paying for an elaborate vacation might not be worth the effort to pay off all that debt. Be sure that the money you’re spending is for a good reason.
A short term loan can help you tackle any expense, click here to learn more.
Advantages and Disadvantages of Short-Term Loans
Short-term loans are sought after by people who are in quick need of a little extra cash. As such, they can be quite handy. These types of loans are also faster to get approved for and provide the needed funds more quickly compared to traditional long-term loans.
However, there are some drawbacks to these types of loans. For instance, the interest rates charged are typically much higher compared to long-term loans, making them more expensive overall. Further, the amount of money that can be borrowed is rather limited, and there are predatory lenders in the short-term lending sphere that you should watch out for.
Do You Need a Short-Term Loan in Brampton?
If money is tight and you have an expense that needs to be paid right away, a short-term loan in Brampton may be able to help. Be sure to work with a trustworthy lender who will provide you with a product that you can comfortably repay. To find that lender, Loans Canada can help. Call us today and we’ll put you in touch with the right lender for you.
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