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Citizens of Alberta are quickly catching on that short term loans are effective in solving unforeseen problems. Since they are loans that must be paid back in a short period of time, they can be used for a bunch of things in the “short-term”. With its flexible “terms”, they are proving to be a solid alternative choice for financing. Terms can be defined on the agreed upon payback time which can be from a few months to a few years. Short term loans in Alberta can be used for both personal and business use. Whether you are a business owner looking to invest in seasonal inventory for a short period, or a home owner needing to renovate quickly, short term loans would be an ideal choice to supplement the financing. With today’s technology, short term loans can be accessed from anywhere with internet access.
Even those with bad credit scores can find a suitable provider as many of our providers are eager to work with a variety of applicants. As experts at servicing short term loans, we can take the stress out of your financing troubles today. We have listed below a diverse list of our many short term loan providers in Alberta. By clicking “Apply Now”, you will be on your way to starting your application. Approvals are normally instant and within a few days, you can see the cash directly in your bank account. If you are having trouble selecting the most suitable provider, Smarter Loans can assist you. Pre-apply with us and we can match you with a provider that suits your needs.
Our online portal is your one-stop source for locating leading Short Term Loan providers in Alberta for your financing needs.
Browse our directory of Short Term Loan companies to discover the most current Short Term Loan rates in Alberta.
A short term loan is any loan, business or personal, that lasts for a year or less. These types of loans tend to be for smaller amounts than long term loans – often capping out at $5000 – and because of their short duration they typically have higher interest rates too. They must be paid back in fixed amounts over the life of the loan; it’s common for payments to be due monthly, weekly or bi-weekly.
Alberta’s millions of residents have a lot of loan providers to choose from, and many offer short term loans. This includes:
Each type of lender has their own pros and cons, so choosing the right company for you will depend on your priorities.
Short term loans come in a few different guises; installment loans are the main category, and are popular because of their structured, predictable repayment plans. It is actually the fixed nature of repayment that gives these short term loans their name. Installment loans can be procured from most banks, credit unions and online lenders, and can last from a few months to a year or so.
Payday loans are also a form of short term loan; their borrowing maximums are lower than with installment loans (around $1500), and they are really only suitable for very short term borrowing – on the order of weeks. These are quite a popular method of short term financing across the province, despite their high cost. And lastly, credit card cash advances count as a form of short term loan, but again their high interest rates make them unaffordable for anything other than the very short term.
Short term loans can be used for anything, but because this is a fairly expensive form of borrowing they should only really be taken out for expenses that cannot be avoided and that cannot be covered in any other way. This includes things like:
To be eligible for a short term loan in Alberta, you need three things:
After fulfilling this basic criteria, there will be other requirements that depend on the lender you choose and the size and length of your loan. Most will want to see proof of income, and some will perform a credit check too.
Short term loans are expensive in comparison to their longer term brethren, and a big factor in this is their high interest rates. The exact rates depend on the lender and type of loan, so do your research to understand how differing interest rates will affect your costs. You should also be aware of lender fees. This includes loan origination fees, underwriting fees, late payment penalties, early prepayment penalties, administrative fees, and more. Not every lender in Alberta charges every fee, so always ask about fees upfront before making any decisions.
Interest rates on short term loans in Alberta differ wildly and depend on the type of loan you choose. Payday loans have notoriously high interest rates, but Alberta benefits from provincial legislation that caps the amount of interest a payday lender can charge to the lowest levels in Canada. However, this still equates to an APR of 3724% – which is why payday loans only make sense for very short term borrowing. Credit cash advances have an average APR of 24%, while installment loans can range from 5% to 45%, depending on the lender and your financial circumstances.
One of the benefits of a short term loan is how easy they are to get – both in terms of approvals process, and processing times. Most lenders in Alberta understand that short term loans are often needed for emergencies, and so have wait times of just a few days – or less. Banks and credit unions have the slowest processing times in general, and one of the reasons payday loans and credit card cash advances continue to be popular is their immediacy. But don’t rule out installment loans for emergencies – many online lenders offer same day turnaround.
Although many short term loan providers in Alberta will perform a credit check and discount borrowers with a low credit score or bad credit history, there are enough bad credit borrowers in the province to warrant a subcategory of lenders that specializes in lending to bad credit consumers. These bad credit lenders only work with those who have a low credit score, so this is not a disqualifying factor, but to do so they charge higher than average interest rates.
If you’re one of Alberta’s 10.7% of residents who are unemployed, obtaining a loan (of any kind) will be a struggle. Unfortunately, most loans, including short term loans, require proof of income for approval. But the good news is that there are some providers who are able to work around this need, especially if you have collateral to secure the loan, or Employment Insurance helping to pay your bills. You will however need a solid credit score to obtain a loan without permanent employment income.
