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 $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.
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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If you’re a credit user living on Prince Edward Island, then chances are you’ve heard about different types of loans and the ways that each of them can influence your finances. One of the most common types is the short term loan.
The Many Uses of a Short Term Loan
Meant to be paid off in even segments over a period of 1-3 years, short term loans can be used for almost any expense, including but not limited to:
Big purchases that you’d rather not pay for with your credit card or savings
Ever wonder what the true cost of borrowing is? Click here.
Related Questions
There are a few general questions about short term loans that you should ask your lender, financial advisor or the other people you know, like:
Can I request any amount of short term loan money? Not quite. Generally, short term loan amounts do not exceed $5,000. These loans should be paid off anywhere from a few months to a few years following approval, unlike a mortgage, which can take over 20 years to pay in full.
What is an interest rate? Since lenders are businesses, they must charge a certain fee on top of their loan payments in order to make a profit. This is known as an “interest rate”. In other words, it’s the cost of borrowing. Before you apply, always ask your lender to calculate exactly how much your loan will cost over time when you factor in the interest rate (plus all other fees).
What do P.E.I. lenders look at when considering borrowers for short term loans? Every lender’s process is different for every credit product they offer. Since short term loans are smaller than others, their approval standards won’t necessarily be as strict as they would for larger loans. However, a typical application process might include an examination of your:
Employment record
Banking information and income
Debt and payment history
Credit report, credit score, credit rating and credit history as a whole
Do all lenders perform a credit check during the application process? Not always. Most lenders only want to make sure that you’ll be able to pay them back in full by your designated due date. That being said, it’s best to improve your credit as much as possible, just in case they do perform a credit inquiry.
What happens if I don’t have good credit? If your lender does conduct credit checks, your credit health can make a huge difference to your approval chances and interest rate. Good credit (a credit score of 650 or above) will help you secure a loan and a lower interest rate, making the loan easier to afford. Bad credit (620 or lower) will have the opposite effect, diminishing your approval chances, raising your interest rate and ultimately making the loan less affordable.
Why did my lender ask for “loan insurance” before guaranteed approval? Unfortunately, it’s because they aren’t a real lender. It is against the law in Canada for any lender to demand payment before your loan is approved and transferred into your bank account. If that’s the case for you, don’t give them any of your information. No legitimate lender can ever give you an absolute guarantee of approval. Walk away and report them to the proper authorities.
Improving Your Credit and Approval Chances
Let’s say that your P.E.I. lender does perform a credit inquiry. The healthier your credit looks, the less risky you’ll seem and the cheaper your loan will be. Here are a few things you can do to both improve your credit and make the most out of your short term loan:
Look for the right lender – Every lender has different standards and charges different fees. There are also many scam artists out there posing as lenders. That’s why it’s important to do extensive research before settling on the first lender you come across. Always look at customer reviews and search for their name in the Better Business Bureau database. Comparing lenders in Canada? Try this.
Draw up a proper budget – Before applying, always be certain that you can actually afford your short term loan. Once you’ve found the right lender and determined the exact cost of your loan, calculate it into a budget with all your other regular expenses. Can you still afford your loan? If not, hold off until you can save up more money.
Fix errors on your credit report – Getting a free annual copy of your credit report is one of the best things you can do prior to applying. While not all lenders perform credit checks for short term loans, it’s still a good idea to dispute any errors you find in your report, as they can damage your credit score.
Take care of your other debts – Another essential step toward gaining a lender’s approval is to show them you’re good at dealing with your debts. Paying off your prior debts first is not only a way to display your creditworthiness, it’s a way to make sure you don’t end up in even worse debt in the near future.
Take a look at this infographic for even more information about credit scores.
Positive and Negative Aspects of Short Term Loans
Before you go applying for short term loans, it’s best to be aware of the positive and negative aspects that come with them, just to be certain you’re making the right choice.
Positive Aspects:
They’re fairly easy to be approved for because of their small amounts and shorter payment periods.
Your credit is not always an issue. Your lender generally just wants to know that you can afford your payments (a confirmation of your income is often necessary)
Depending on the size of your loan, it won’t take very long to receive after approval has been reached.
They are a far safer option than choosing payday loans in Prince Edward Island.
Negative Aspects:
They sometimes come with higher interest rates than other credit products.
They can cause bad debt if not managed responsibly and if you begin to rely on them for every expense you have.
Scam artists sometimes use the idea of these quick, easy loans to cheat borrowers out of their money. Always verify that your lender is legitimate before giving away your information.
For more information about short-term loans or other financial advice, try credit counselling in Prince Edward Island.
Frequently Asked Questions
What is considered a short-term loan?
There’s a wide variety of short-term loans. They are typically no more than $1500. The repayment period typically lasts 2 to 8 weeks, up to 3 months. Personal loans, credit cards, and payday loans are among the more common types of short-term loans. Due to their short terms, loan providers usually charge higher rates on these types of loans.
Am I eligible for a short-term loan if I have poor credit?
Yes, some lenders will extend a short-term loan to those with bad credit. There are providers of personal and payday loans that do not check your credit score. Instead, they’ll determine if you qualify by checking your overall ability to repay. However, you’ll need to provide additional documents to verify your identity, banking details, address, and income source. A vehicle title loan can be a short-term loan that’s easier to get approved for since you are providing a form of collateral. In the same vein, a secured credit card is easier to qualify for even with bad credit since it’ll be backed by a security deposit and will help rebuild your credit.
Can I pay off my short-term loan early?
Paying off a short-term loan before it’s due will generally save you money. A good example is the grace period on credit card purchases where you pay no interest if you pay in full before the next due date. That said, be careful with cash advances on your card because they do accumulate interest from day one. With payday loans, the province of Prince Edward Island bars lenders from charging borrowers a prepayment fee. Personal loans with flexible or open-end contracts will have no prepayment penalty. On the other hand, loans with fixed-term or closed-end contracts will have a penalty for paying early. It’s best to contact your lender to determine which kind you have.
How Loans Canada Can Help You
Residents of Prince Edward Island, including yourself, can find plenty of uses for a good short term loan. Here at Loans Canada, we can help you get approved with the right lenders for your financial situation.
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