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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It is a common goal for people across Canada to save money. Having money saved can prepare you for emergencies, help make large purchases, and generally help you feel more financially sound. Unfortunately, not everyone is able to reach that goal. In fact, in Saskatoon and the rest of Saskatchewan, people spend 169% more than they earn.
For those consumers struggling with an unexpected expense or large purchase, a short term loan could be the solution you’ve been looking for.
What is a Short Term Loan?
A short term loan in Saskatoon is basically when someone borrows an amount of money, either in-person or online, for a short amount of time. While many installment loans are for large amounts and have multi-year terms, short term loans are often paid back in one to two years, or sooner. Many are installment-based, which means you will be able to comfortably pay back the loan over time, little by little.
The amounts that you can get from a short term loan varies greatly depending on your lender, your credit score, and how risky a lender believes you are. Approval is often quicker and easier than with a traditional loan. These loans are perfect for smaller expenses, emergencies and other unforeseen circumstances. They can allow you get the money you need, without putting you in debt for 5+ years or more.
What Can I Use A Short Term Loan For?
Now that you’re aware of what a short term loan in Saskatoon is, what can a short term loan be used for? Most short term lenders won’t ask you what you are using your short term loan for, so you can essentially use it for anything.
Of course, just because a short term loan can be used for anything, doesn’t mean that it should. You should only borrow money to pay for things that you actually need or that are of great importance. This can include home or car repairs, to catch up on bills, pay for a medical emergency, etc. Getting a short term loan to buy a new TV or to take a vacation for fun isn’t the best idea.
Also, be careful when it comes to the size of the loan that you get. Any amount you borrow will need to be paid back in full, with interest. Be sure to only borrow amounts that you are confident you will be able to pay back. If not, the next few years of repayments could be quite difficult to keep up with.
How to Get Approved For a Short Term Loan in Saskatoon?
The first step is to apply. The application process can differ depending on whether you apply online or in-person, as well as the lender you apply to. However, most of the time you will at least need a bank account, government ID, an address and a job, income or decent stable financial situation. The amount it will take to hear back after applying can vary but is generally pretty quick.
However, just because you apply doesn’t mean that you will be approved. Instead, you need to prove that you are an attractive borrowing candidate for lenders. There are steps you can take to give yourself the best chance of approval.
Find The Best Lender
Choosing the first lender you find won’t allow you to compare offers which means you’ll have no idea if a better option is out there. Shopping around can not only help ensure you get approved but it can ultimately help you save money in the long run.
Check Your Credit
Checking your credit and report will help you have a better understanding of how a potential lender will view you as a borrower. It will also allow you to make sure your credit report doesn’t have any errors and let you know if you need to work on improving your credit.
Improve Your Credit
Next, if you realize that your credit is quite low, you will want to improve that by consistently making payments, using credit responsibly, and paying down any debt you may have. The better your credit, the easier it will be to be approved for a loan, and the better that the terms and interest rate will be.
Once approved, be sure to have and abide by a budget. This will keep you on track and ensure you don’t miss any payments or somehow not have enough money to make payments. Without a budget in place, it can be easy to misplace money and lose track of how much you are bringing in and spending each month.
Pros and Cons of Short Term Loans
While a short term loan in Saskatoon could seem like the answer to your needs, it is important to know that they are not perfect. They are some good things about them, but also plenty of potential drawbacks.
Pros
You will get your money quickly
You won’t be stuck in debt for many years
Simply to apply for
Often easy to qualify for
Available almost everywhere
There can be some flexibility in the repayment plans offered by some lenders
Cons
Interest rates could be high
Could contribute to the forming of bad habits
Could create debt issue
This is far from an exhaustive list but should give you an idea of the benefits and drawbacks of using short term loans. As always, perform your own research on whether these loans make sense for you, or if another option is better suited for your life.
Short Term Loan FAQs
How much can I borrow?
This depends on your finances, your credit, and the lender themselves. Some lenders are comfortable loaning tens of thousands of dollars, while others will offer significantly less. But generally, the less risky you are, the more you can borrow. However, as mentioned earlier, only borrow what you need and can afford to borrow.
What will my interest rate be?
This is impossible to answer without looking at your credit, finances and borrowing history. Generally, a high credit score and a spotless record will allow for a better interest rate. On the other hand, if you have missed payments or have some marks on your credit report, your rate could be higher. The more lenders you visit, the better your chances of finding a quality lender that is also willing to give you a good interest rate.
Is it possible to be guaranteed approval for a short term loan?
If any company claims they can guarantee approval before they look at your paperwork, be wary. No company can guarantee approval for a loan and if they do, it could be a scam. Loan scams are unfortunately quite common, so if you experience something that you feel uneasy about, it is best to avoid that lender. However, loan scams are getting harder to spot, so always be as vigilant as possible.
The Right Short Term Loan For You
For those consumers who are looking to find a short term loan to help deal with an unplanned cost, the Loans Canada lender directory and loan search platform makes the research process easy and you only need to fill out one application.
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