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.
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.
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While it would be great if everyone always had enough money to pay for unexpected expenses and emergencies, that sadly isn’t the case. Many of us aren’t as good at saving as we wish we were, which can often lead to financial problems, for example, not being able to cover the cost of an unexpected expense.
However, all is not lost, thanks to short term loans. They can be a lifesaver if you need some money quickly and your friends and/or family are unable to help. Regardless of where you live in the province, short term loans in Saskatchewan are available to anyone who’s looking for quick and convenient financing.
For a bit of information about the loan process in Saskatchewan, read this.
What is a Short Term Loan?
Short term loans are generally smaller loans, which can be as low as $100 and as high as around $2000. In addition to smaller amounts, these loans also have shorter repayment periods. While many loans will have years (or even decades) for repayment (for example a mortgage), most short term loans in Saskatchewan are repaid within a year or two.
Because of the small amounts and small repayment periods of these loans, they are often quick and easy to be approved for, which makes them quite popular. While the interest rates offered will vary, you can expect rates to be slightly higher as these loans are easier to get approved for and often don’t require a credit check.
These types of loans are perfect for emergencies or other situations where it doesn’t make sense to take out a larger loan and be locked into payments for many years.
What Are The Pros And Cons of Short Term Loans in Saskatchewan?
While short term loans are a good option for those who require a little bit of extra money fast, they aren’t perfect for everyone. As with anything, there are pros and cons for this type of loan that everyone should be aware of. These include:
Pros
The approval times are generally very fast, which is preferable during emergencies as time can be of the essence.
You’ll typically have a wide variety of lenders to choose from, this means you’ll be able to find a lender that you trust fully.
They will be paid off in much less time than standard loans, which doesn’t let the interest compound as much.
They are often easier to get approved for as there is less risk for the lender.
If you’re wondering how to compare lenders in Canada, click here.
Cons
Because these loans have shorter terms, are typically easier to get approved for, and normally don’t require a credit check, they often come with a higher interest rate.
Because short term loans in Saskatchewan are often so easy to get, some consumers take advantage of this and take on too many, leading to a cycle of debt that is hard to get out of.
Sometimes, scammers will use short term loans to prey on desperate individuals. Because of this, you need to remain vigilant and always make sure you are on the lookout for signs of a scam such as guarantees of approval and upfront fees.
For further information about the pros and cons of short term loans, check this out.
Recommendations for Using a Short Term Loan
While you can use these loans for everything, as we mentioned earlier, you do want to exhibit some caution. Remember, these loans aren’t perfect for everyone or every situation, so they should not be taken out without considering the consequences. As a result, here are a few recommendations of certain instances where it makes perfect sense to go with a short term loan in Saskatchewan:
Unforeseen medical expenses that your insurance coverage will not take care of
Groceries, rent, or utilities if you are low on cash or your next pay day isn’t for a while
Any other expense that you might categorize as a need
Click here if you have bad credit but you still need a loan in Saskatchewan.
Frequently Asked Questions
What does a short-term loan mean?
A short-term loan can mean many things. They don’t usually exceed $1500. A short-term loan contract can last up to 90 days but are typically 2 to 8 weeks. Among the more common types of short-term loans are credit cards, personal loans, and payday loans.
Is there a penalty for paying off a short-term loan early?
You should save on interest when paying off a short-term loan before it’s due. Credit cards generally have a grace period where no interest is calculated on purchases. Of course, be aware that if you take a cash advance on your card, interest starts to add up immediately. In regards to payday loans, in most provinces, providers are not allowed to penalize you for paying off the loan before it’s due. If a personal or installment loan is considered open-end or flexible, then there shouldn’t be a penalty for making any early payments. Fixed-term or closed-end contracts, however, will likely have such penalties. Consult with your provider to determine which loan type you have.
Am I eligible for a short-term loan if I have poor credit?
It’s entirely possible to qualify for a short-term loan with poor 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. This will require that you submit documents that verify your identity, banking details, address and source of income. Another way to get approved is by securing your short-term loan with collateral, such as a vehicle. In the same vein, a secured credit is easier to qualify for even with bad credit since it’ll be backed by a security deposit and will help rebuild your credit.
Finding The Best Short Term Loan in Saskatchewan
If you feel a short term loan is the right option for you, don’t hesitate to contact Loans Canada. We feel that no matter your unique situation or needs, we will be able to help you find the perfect short term loan in Saskatchewan.
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