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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One of the most difficult parts of living in Mississauga is the current normalization of excessive debt. The debt to income ratio in the country is sky-high, as is the loan to income ratio.
With most of us spending a lot each month paying off loans, mortgages, and credit cards, we may not be able to save that much. While this is fine for a while, if emergencies happen, we may not have the cash on hand to handle them. In these cases, short term loans can be a lifesaver.
Want to know how your credit score can affect loan approval? Take a look at this infographic.
How to Get Approved for a Short Term Loan in Mississauga
So just how do you go about getting a short term loan in Mississauga if you have an emergency to deal with?
Double Check Your Credit
Well, the first step is to get your credit in check. You should pull a copy of your credit report to ensure everything is accurate and there are no mistakes. If there are errors, you should report them.
Check out the Top 5 most common errors found on credit reports.
Also, the better your credit, the better the rate you will get, so try and improve your credit before applying for any sort of loan in Mississauga. This can be done by paying off any overdue debt, using your credit responsibly, and ensuring you don’t miss any payments. This can sometimes take a while depending on how bad your credit is, but it is well worth it in order to get better rates and a cheaper loan.
Find The Right Loan and Lender in Mississauga
Once your credit is in a good spot and your credit report is accurate, you should begin to shop around for the right lender in Mississauga. Each lender in Mississauga will have their own requirements, interest rates, and terms, so be sure to look around. The more places you check out, the better the chances that you will find the right deal for you. In addition to speaking with each lender, be sure to look them up online to see what their reputation is and if anyone has listed any issues or problems they have experienced with them.
Once you have found the right lender in Mississauga and have applied for a short term loan, be sure to have a budget in place to ensure you can keep up with the payments. If you know much you have coming in and going out each month, it will make it much easier to handle the payments.
Ever wonder what the true cost of borrowing is? Click here to find out.
What Can I Use a Short Term Loan For in Mississauga?
The great news about short term loans in Mississauga is that there are no restrictions about what they can and can’t be used for. As a result, the answer to this question is anything. Of course, there are a few certain things that most people use them for. Some of the most common uses for short term loans in Mississauga are:
To build up your credit effectively
To cover the cost of an emergency such as an accident, car troubles or injury
To pay for unexpected travel (visit an injured relative, job interview, etc…)
To make large purchases
To go on vacation
However, while you can use a short term loan for anything, you should still use them responsibly. You still need to pay back the loan in full (plus interest) so be sure to only take out a loan you can afford. If not, the interest will continue to pile up and you will be on the hook for a lot of money.
Click here to see how a short term loan can help you tackle your expenses.
Pros and Cons of Short Term Loans in Mississauga
Short term loans definitely have their benefits and are a good option for many consumers in Mississauga. However, before you decide whether to use a short term loan or not, it is important to know both the pros and the cons.
Pros
They have a much shorter term than loans like mortgages or car loans, so will be “off the books” much quicker
There is generally a quicker and easier application and approval process
You will get your money more quickly
Generally, lenders are more willing to work with those who have bad credit when it comes to short term loans
Cons
The interest rates on short term loans are normally higher due to their shorter terms
Because of the high rates, it can be easy to get caught in a cycle of debt where you need to take out a new loan to pay off the previous one
Payments for short term loans can also be more frequent
Read this to find out how you can get an online loan with affordable monthly payments.
Short Term Loans at Your Fingertips
Are you in need of some cash quick in Mississauga? If so, don’t hesitate to contact Loans Canada. We will help you secure a short term loan in your area quickly and at an affordable rate. Whether you need money for house repairs or to cover an emergency, rest assured Loans Canada will be able to help.
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If you've been rejected a loan from easyfinancial, you'll be happy to know that there are plenty of easyfinancial loan alternatives in Canada.
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