In Regina, income levels are high, unemployment is low, and employment growth is on the rise. But, unfortunately, no matter how well you may be doing, life and its expenses can come at you fast. While some might have a beefed up savings account they can pull from, others aren’t so lucky.
In this case, you will likely need to borrow some money in the form if a loan. Now, while many loans can be for hundreds of thousands of dollars and spread over multiple decades, there are also short term lending options for those consumers who are looking to cover smaller expenses or emergency costs.
Want to learn how to handle financial emergencies? Check this out.
Short term loans in Regina are normally smaller in size and shorter in term than most standard loans. For example, they are usually between $500 and $2000 and normally have terms from around one to three years. These loans are often easier and quicker to be approved for.
How to Get Approval For a Short Term Loan in Regina?
So how should you go about getting approved for a short term loan in Regina? Here are a few steps all consumers can take to give themselves the best chance of approval:
- Pulling your credit report to ensure everything is as expected. If not, reach out to make sure any errors are fixed
- Improving your credit score by making regular payments, intelligently using credit, and keeping utilization low
- Taking the time to find the right lender
- Creating a budget to ensure you know exactly what size of the loan you need and how much you can afford.
- Get all of your finances in order as taking on a loan when you are not financially sound can be tough
Of course, each potential lender that you encounter will have slightly different terms, interest rates, payment schedules, and more. As a result, it is incredibly important to shop around when looking for a loan to ensure you are getting not only a fair interest rate and terms, but are also working with a reputable company.
Don’t apply for a loan until you read this!
Pros and Cons of Short Term Loans in Regina
While a short term loan can be a great financial tool or many consumers in Regina, they aren’t always the best option for everyone. There are a variety of pros and cons when it comes to short term loans that you should be aware of before you think about applying for one.
Pros
- You can use them for anything you can think of
- They are quick and easy to get approved for
- You’ll have a wide variety of lenders to choose from
- Smaller loan means a shorter term so you’ll be debt free quicker
Cons
- Interest rates on short term loans are generally higher due to the fact there are rarely credit checks and the overall term is smaller
- Because these are easy to get, it’s easy to accidentally get too many and get yourself stuck in a cycle of debt
- Scammers may often use these loans to prey on people who are desperate for financing, so always be cautious
Concerned About Loan Scams?
Short Term Loans FAQ
Short term loans in Regina are popular, but few people know all the ins and outs. In an effort to help you understand, we have decided to answer a few of the most common questions about short term loans.
What Are The Interest Rates for Short-Term Loans?
Whenever anyone is curious about a loan, one of the first (and most important things) that they think of will be how much the interest rate is. The interest rate that you get on your short term loan will depend on a number of different factors such as if the loan is secured or not, the state of your credit, the size of the loan, and more. The less risky of a borrower you are, the lower your rate should be.
This is how lenders arrive at interest rates.
Is There a Way to Guarantee Approval For a Short-Term Loan?
No, there is no way to 100% guarantee that you will be approved for a loan. Even if everything is in order there is a chance you could be denied. If a lender or individual tries to guarantee approval for a loan, there is a relatively high chance that it could be a scam, so be careful.
What is The Maximum I Will be Able to Borrow?
Generally, these short term loans allow people to borrow anywhere from as little as $500, up to around $2,000 or so. Of course, your unique financial situation will help determine how much you can actually borrow, as well as the lender you are working with.
Comparing lenders in Canada? Read this first.
How Long Do I Have to Pay Back My Loan?
Normally, a short-term loan will need to be paid back somewhere between one to three years. This will depend entirely on the payment length and schedule that your lender offers. Whatever the payment schedule is, you want to remain committed to it to ensure all payments are made on time.
Click here to see how a short-term loan can help you tackle any expense.
Great Short Term Loans Available in Regina
Interested in a short term loan in Regina? If so, reaching out to Loans Canada is a good choice to make. We feel confident we can help you find the best loan for your needs.
