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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While Toronto is the cultural and financial epicenter of the country, and the average income there is quite high, that doesn’t mean people still don’t experience financial issues. Toronto not only has a high cost of living but we’ve all experienced an emergency or unexpected expense and struggled to make it to the next paycheck.
Well, instead of worrying and depleting the last of your savings account, why not secure a short term loan? A short term loan is a loan that is generally paid off sometime between a few months up to two years and can be for as little as $100 up to around $2000.
What Can I Use a Short Term Loan For in Toronto?
Now that you know a little basic info about what a short term loan is, what can you use them for? Well, the great thing about these types of loans is that you can essentially use them for anything in Toronto. This includes:
Using them as a relatively quick and easy way to build up your credit
To cover the cost of an emergency that you have experienced. This could be anything from a medical emergency to a car accident
To make large purchases that you can’t afford to make in cash
To go on a vacation
So while these loans can be used for nearly anything, it is important to remember that you are still responsible for paying back your loan plus interest. It might be tempting to take out a larger loan than you need or get one when you don’t need it, keep in mind that taking on debt can be useful but only if it managed responsibly.
Check out this infographic to learn about the true cost of borrowing.
How to get Approved for a Short Term Loan in Toronto?
If you are in the market for a short term loan in Toronto, what should you do to give yourself the best chance of being approved?
Check Your Credit
The first thing that you should look to do is get a copy of your credit report. You want to ensure that there are no errors and that your overall credit is in a good place.
Click here to see the 5 most common errors found on credit reports in Canada.
Shop Around
Next, you need to shop around Toronto for the best short term lender for your needs. There are likely many lenders in Toronto able to loan you money, but each will have their own unique offerings and interest rates, so be sure to visit many lenders to ensure you don’t miss any great deals.
Tackle Any Debt
If you’re currently carrying any credit card debt, it is a good idea to pay that down beforehand as well. This is not only a good idea because it will keep your utilization low, but it will also make it easier to handle your new loan payment. Dealing with multiple payments every month is not only stressful and it can be easy to forget.
Check this out to see some more debt management products for credit users.
Short Term Loans FAQ
Knowledge is your number one defense against repayment confusion, scams, and excessive debt, this is why the more questions you ask, the better. With this in mind, here are some of the most commonly asked question surrounding short term loans, questions you might want to consider asking your next lender in Toronto.
What Will My Interest Rate Be?
In addition to how much you borrow and the length of your loan term, one of the most important factors surrounding how much money you will spend repaying a debt is the interest rate. The interest rate you get will be determined by the lender you work with in Toronto, as well as how good your credit score is. Always make sure you understand the consequences of the interest rate you’re accepting before signing any contract.
Can Approval be Guaranteed?
No lender in Toronto or anywhere in Canada can guarantee your approval before you apply and submit all the necessary documentation. Loan approval is decided on a case by case basis. If your lender in Toronto says that they can guarantee that you’ll be approved, it is likely a scam and you could potentially be victimized.
However, you can always try applying for a guarantor loan.
Do Short Term Lenders in Toronto Check Credit Scores?
Most do, but this isn’t always the case. If a lender in Toronto doesn’t check your credit score, they will often use other factors like income and how much other debt you have when deciding whether to approve you or not.
Interested in more information about credit scores? Click here.
Short Term Loans That Meet Your Needs
In need of a short term loan in Toronto? If so, don’t hesitate to reach out to Loans Canada. We are confident that we can find a loan that meets your needs.
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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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