Last Updated on July 1, 2024 by admin
Short term loans are the best and easiest way to get a loan when you need money.Sometimes emergencies arise before payday and you might be low on cash .This is where short term loans come in and you can get access to an instant loan.
In this article we will discuss What Is A Short Term Loan, Best Uses for a Short Term Loan,Types Of Short Term Loans In Canada,Requirements to apply for short term loan in canada and Where Can You Apply For A Short Term Loan In Canada?
Short-term loans do not require lengthy approval processes as compared to other forms of loans and the repayment period is shorter, the amount of interest paid by the borrower is lower.
What is short term loan
A short term loan in Canada has a fixed monthly repayment amount to suit your lifestyle needs such as medical, house rent, car maintenance, school fee, wedding and pay it off at a time you feel comfortable with. A short term loan is one of the many credit products out there. They come in smaller amounts and are meant for those moments when you need quick money, with terms you can manage.
Types of Short-Term Loans
This kind of loan can come as Payday loan, Short-Term Bank Loans ,bank overdraft, Line of Credit (LOC), Merchant Cash Advances or Invoice Financing.
Requirements to apply for short term loan
1.To apply and get approval for a short term loan in canada you must have an Active Bank Account
2. Credit scores play a key role in loan approval
3. Lender will need proof of identification and proof of residence
4. Some lenders may require proof of employment.
What’s a Good Credit Score in Canada?
A good credit score in Canada is any score between 713 and 900. Credit scores in Canada range between 300 and 900. There are five distinct categories that your credit score could fall into, ranging from poor to excellent. Having a good credit score can help you qualify for financial products at lower interest rates
How are Credit scores calculated in canada?
Credit scores are calculated based on five key factors from your credit report.
1. Payment history (35%)
2. Credit utilization (30%)
3. Credit history (15%)
4. Credit mix (10%)
5. Credit inquiries (10%)
List Short Term Loan lenders In Canada
The following lender offer short term loan in canada:
1. Fairstone
The Fairstone is Canada’s leading non-bank provider of responsible lending solutions, with a network of over 240 local branches from coast-to-coast.it offer quick loans to Canadians in the fair to good credit score range. you can get Personal Loans & Quick Loans From $500-$50,000. you could finalize the loan application online or at your local branch.
The Fairstone loan APR ranges from26.99% – 39.99% with tenure from 6 – 60 months the loan could be Secured or unsecured depend on your credit score .
2. easyfinancial
With easyfinancial you can get up to $75,000/The Loan repayment terms ranges from 9-240 months with APR between 9.99% and 46.96%. They also offer Personal Loans,Home Equity Loans and Home Equity Loans. The lender Small Business Financing is up to $500,000 to grow your business
3.Mogo
This is an Online Personal and short term Loans for Canadians.With on-time payments, you could access lower rates or higher loan amounts. you can get up to $5,000 – $35,000 at 5.9% – 45.9% APR With loan tenure of 12 – 60 months
4. Borrowell
With Borrowell you can get Personal loan up to $1,000 -$35,000 with APR of 5.99% – 29.19% and the loan tenure ranges from 36 – 60 months
5.LoanAway
You can borrow up to $5000 from loan way in canada in less than 20minutes and Funds directly in your bank account. the APR is from 19.9% – 45.9% with 3 – 36 monthly repayment plan
6. lendingmate.ca
With lendingmate.ca you can borrow up to $8,000-10,000 over 36 months with APR OF 43%.The lenders are currently lending in Ontario and British Columbia. You have to provide Guarantor during your Loans application, No Credit Checks
7. sympleloans
You can get Fast & Easy Personal Loans Up To $50K as Low as 5.75% APR from sympleloans an online lending company.The loan duration ranges from 1-7 years. You get a response with your loan offer details in 60 seconds
8. LendDirect
You can get Unsecured loan rates as low as 19.99%. The lender offer Canadian Personal Loans up to $15000….you can also get Line of Credit and Installment Loan from this lender
9. Refresh Financial
You can get $1,250-$10,000 Monthly Payments: As little as $43 a month with Refresh Financial with APR of 19.99% APR..The loan tenor ranges from 36 – 60 months
10. SkyCap Financial
This is a personal loan for Canadians. SkyCap Financial offers alternative financing to Canadians, providing short-term loans up to $10,000. Founded in 2013 and based in Kingston, Ontario, SkyCap Financial strives to offer a better lending experience, through a fast and easy loan application process.
The application process takes less than five minutes, you get a quick decision and you get your money fast.
11. SimplyBorrowed
SimplyBorrowed offers a loan amount up to $5,000 payable in monthly installments for one or two years. You always have the flexibility to settle your loan in less time and save on interest costs and admin fees by paying the remaining balance. No fees or penalties apply.
To apply for simply borrowed simply Apply online by filling application form in minutes…Submit your documents and sign online contract and Receive your money via e-transfer
