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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Borrowing money is something nearly every Canadian will need to do at one time or another. Loans help us in a wide range of ways such as buying a home, affording a vehicle, paying for post-secondary education, etc. However, people may need to borrow money for a variety of different reasons, from house repairs to not being able to afford their bills.
Even in areas where the cost of living is relatively low, such as Moose Jaw, some people will still need to borrow money. Thankfully, you don’t need to take out a multi-year loan if you simply need some money in the short term. In those situations, a short term loan in Moose Jaw can be a great option.
What are Short Term Loans?
A short term loan in Moose Jaw is like a standard loan where you will borrow money from one of several lenders in your area. Unlike many larger loans (like auto loans or mortgages) short term loans are generally for smaller amounts and only have terms of a year or so, normally. Approval for these types of loans are typically quicker and the application process easier. Like other loans, the money will often be sent right to your bank account once you are approved.
Some of these loans are paid off monthly, some bi-weekly, and some can even be chosen to be paid off weekly. The choice you make will depend on how frequently you want to make payments and the size of payments that you can comfortably handle.
What Can a Short Term Loan Be Used For?
So just what can these short term loans in Moose Jaw be used for? Well, the short answer is anything. These loans can be used for a wide range of things such as:
Anything you need a little extra money to afford or buy, a short term loan can help. However, while a short term loan can help you in a lot of different situations, it isn’t always the right choice. These loans are best reserved when you actually need additional funding, not when you simply want it.
In general, we recommend them only in certain situations such as important home repairs, fixing your car, emergency travel, and other dire situations. If you simply use them for something you want, you may end up paying way more for that item or experience than you had originally planned once interest is factored in. For example, taking out a loan to buy a new TV is not a good idea and that TV will cost you a ton more than if you would have just saved up for it and made the purchase in cash.
How to Get Approved for a Short Term Loan in Moose Jaw?
Now that you are aware of what these loans can be used for, how do you go about getting approved for a short term loan in Moose Jaw? The very first thing to do is to pull your credit report and make sure everything is okay and correct. If there are any problems, be sure to get them fixed as soon as possible.
If you find your credit score is quite low, you may want to work on improving it. This can be done by:
After a couple of months, you should begin to see some noticeable improvements to your credit score. During this process, do your best to pay down any credit card debt you have and begin to budget to gain a better understanding of how much money you have coming in, and where it is going.
Once your credit report is accurate and your credit score is in a decent place, you should begin to shop around for lenders. There are likely several lenders in your area (both big and small) that are worth considering. Be sure to also consider online lenders, as they are becoming much more popular. When selecting which lender to work with, look at their rates, their reputation, and how long they have been around in the space.
When applying for a short term loan, always be sure to know how much you need. Only borrowing the amounts you need can keep you from going into unnecessary amounts of debt, which could severely hurt your finances in the long term. Even if you are approved for more, always be careful about how much you borrow.
Pros and Cons of Short Term Loans
While a short term loan in Moose Jaw can be a great solution for any financial issues you might be experiencing, they are far from perfect. Before getting any sort of loan or getting yourself into any financial situation, you need to be fully aware of not only the positives but also the negatives. As a result, we felt it was a good idea to include a brief list of the pros and cons of a short term loan.
Pros of Short Term Loans
Easy to be approved for and quick to obtain
Less paperwork
Shorter terms to get you out of debt faster
Can work for a variety of different situations
Cons of Short Term Loans
The potential for higher interest rates
Could eventually lead to being in the cycle of debt
Can lead to the formation of bad financial habits of relying on debt
This is far from an exhaustive list of everything good and bad about short term loans, but it should give you a good understanding of them and help you choose if it is the right choice for your situation.
FAQs
What will the interest rate be on my loan?
The interest rate you get will depend on how much risk you pose to a lender. If you have a good borrowing history with good credit and a high credit score, your rate will often be lower than someone with a low credit score and a patchy borrowing history. Also, every lender will have different rates, so shopping around to find the best deal is recommended.
Can approval be guaranteed for a short term loan?
While it might seem like a great offer, no lender can guarantee approval. Approval is based on you as a borrower, so if a company gives you a pitch of guaranteed approval, there is a good chance it may be a loan scam. Fraud from predatory or completely illegitimate lenders is unfortunately quite common and is something you need to look out for.
How much am I allowed to borrow?
Like the interest rate you get, the amount you are able to borrow will depend on your credit, the lender you work with, and your overall financial situation. Some lenders might be comfortable offering incredibly large loans, while others may not want to go over a thousand or so. You should have the amount you need in mind before looking at potential lenders, so you can be sure that the lender you choose can help you out.
The Best Short Term Loan For You
In need of a short term loan in Moose Jaw or want to learn a little more about them? If so, Loans Canada can help by matching you with a great lender who meets your needs.
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