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📅 Last Updated: December 7, 2021 ✏️ Written By Kale Havervold 🕵️ Fact-Checked by Caitlin Wood 
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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:
- Building up your credit if it is low
- To cover an emergency and its associated costs
- To pay for travel (emergency or vacation-related)
- To make a large purchase
- Cover your living expenses for a brief period
- Pay for home or vehicle repairs
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:
- Making all of your payments on time and in full
- Using your credit responsibly
- Keeping credit utilization low
- Keeping older credit accounts open
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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