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.
Unfortunately we couldn't find you a provider with the given filters
Living without borrowing in days world is getting increasingly more difficult. While many will borrow for their education, for a car, or for a home, it is also incredibly common for people need to borrow for other things. For example, if you live in a relatively expensive city like London it can be hard to remain afloat and you may need to borrow money to cover the cost of daily life.
However, if you only need a small amount of money to hold you over for a couple of months or need to pay for an unexpected expense, it doesn’t make sense to get a long term multi-year loan worth thousands and thousands of dollars. Thankfully, there are other options. Short term loans in London can help you get the money you need, without being stuck in debt for years.
Applying for a short-term personal loan? Avoid these common application mistakes.
What is a Short Term Loan?
Short term loans in London are helpful tools that can assist you with a wide variety of expenses, from emergencies to bills. A short term loan is essentially a smaller loan that is paid back over a short amount of time. These loans are generally paid back anywhere from a month up to a few years, but the payment schedule will differ from person to person.
In addition to a shorter term, the amounts borrowed are also quite small. These loans often range from $100 up to around $2000 or so. Because of the small borrowing amount and short term, these loans are usually easy to be approved for, and you will normally get your money in a few days or so. Of course, like any other loan, the amount of interest you pay on the loan will depend on things like your credit score, your financial situation, and the lender you work with.
What Can a Short Term Loan Be Used For?
Now that you know a little bit about short term loans in London Ontario, what can they be used for? Well the good thing about short term loans is that they can essentially be used for anything you need a little extra money for. Including:
Generally, we recommend you use them for things that are incredibly important and cannot wait such as crucial home repairs, vehicle repairs, medical emergencies and other unforeseen circumstances. Remember, any amount that you borrow will need to be paid back in full plus interest, so be careful not to borrow for things you don’t really need.
Also, be sure you can afford to make payments on the amount that you borrow. The last thing you want to do is be stuck in a short term loan that you cannot afford to pay back. If you can wait a few weeks or months to save some money and purchase an item and don’t really need it right away, then you shouldn’t take out a short term loan to pay for it.
Interested in how your credit score is calculated? This infographic is for you.
How to Get Approved For a Short Term Loan in London?
Now that you are aware of what these short term loans in London can be used for, you might be curious about how you can go about being approved for one. While many of us will use loans at one time or another, they aren’t always easy to be approved for, especially if your financial situation isn’t the best. Thankfully, there are some things you can do to help you not only get approved for a short term loan, but also get a better rate.
Check Your Credit Report
First of all, you should be sure to pull a copy of your credit report and ensure everything is okay (Want to learn how to read your credit report? Click here). Your credit history and score will be one of the biggest indicators whether you will be approved for a loan or not. It can also have an impact on the interest rate you get and how strict the loan is. You need to check your credit report for errors and ensure everything is correct and as it should be.
Work to Improve Your Credit
Next, you want to look to improve on your credit score if it’s low. As mentioned, a bad credit score could hurt your chances of getting a high quality short term loan. While it may not happen overnight, improving your credit score is definitely possible and there are many different things you can do to improve it. These include:
If you’re able to implement some of these habits into your life, you should see your credit begin to improve over time.
Find The Right Lender
After getting your credit score and credit report in check, you should look or the right lender. There are many lenders who can provide short term loans, but they are not all created equally. Some will offer different rates, have different packages and varying terms. The lender that works best for your needs and unique situation is the one you should go with. It’s important that you take time to shop around before you decide which lender you want to work with.
Tackle Any Debt You Might Have
Once the correct lender has been found, it’s time to start paying down any credit card debt you may have. When applying for a new loan, you want to get rid of as much debt as you have so you can afford paying down your new debt. Getting stuck with too many bills and payments every month can become quite difficult and confusing. When you have finally been approved for your loan, you need to create a budget. This will help you to stay on top of all of your payments and make sure you can keep up with them.
To learn how to manage any type of debt you might have, check out this article.
Pros and Cons of Short Term Loans
While short term loans in London can be a great tool for some people, they may not always work for everyone. As a result, it’s a good idea to know both the good and bad of short term loans before making a decision. With that in mind, this section will take a look at some pros and cons of short term loans to help you decide if they are right for you.
Pros of Short Term Loans
You will get almost instant access to the funds you need
You will likely be able to find a lender willing to work with you, even if you have subpar credit
They can be a simple and less-risky way to build your credit
There is no lengthy term to worry about
Oftentimes, there is less paperwork to fill out and worry about
Cons of Short Term Loans
They generally have a higher interest rate than loans with longer terms
If you continually take them out, you could find yourself stuck in a cycle of debt
You can only borrow relatively small amounts, which may not be enough for your needs
They can potentially lead to bad financial habits if not used appropriately and responsibly
If you are curious if a short term loan works for your situation or lifestyle, don’t hesitate to reach out to Loans Canada or an expert in your area.
Do you know what the true cost of borrowing is? Check out this infographic.
Finding the Right Short Term Loan For Your Needs
Think a short term loan in London is right for you and your needs? If so, be sure to reach out to Loans Canada. We are confident we can help get you set up with a great lender in your area.
Use our boat loan calculator to help you estimate your monthly loan payments based on various factors such as your credit score, down payment and loan...
Personal loans can be a financial lifeline for the everyday Canadian, offering quick access to funds for everything and anything—from a big purchase t...
Do you know what credit score is needed for a personal loan? Find out how credit score requirements may vary among lenders and how it can impact your ...
Navigating financial challenges while receiving disability assistance can be tough, especially when you struggle to find approval for a loan. For Cana...
While both a grant and a loan can provide you with the funds you need, they are two very different options. Keep reading to see which one is right for...
As a senior, getting a loan can be more difficult due to lower income and age restrictions. Thankfully, there are many home equity loans for seniors i...
Why choose Loans Canada?
Apply Once & Get Multiple Offers
Save Time And Money
Get Your Free Credit Score
Free Service
Expert Tips And Advice
Exclusive Offers
A Team of Experts
Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.
