What is a credit score, and why does it determine if you will get a loan or not?
A credit score is a numerical value assigned to you after analyzing your finances to estimate your creditworthiness. Simply put, it is a number that lets lenders know how eligible you are for a loan.
To consider a bad credit score, the numerical value of the credit score must be below 580 on a 300-850 scale. People within that low range are at credit risk and are usually tagged as defaulters on their loans.
Some of the factors that can lead to bad credit scores are the history of late bill payments or considerable debt. In Canada, a score of 574 or less on a 300-850 scale automatically brands you as financially irresponsible by banks, landlords, lenders, and some employers.
A bad credit score could severely hurt your chances of getting financial assistance if you are in dire need of a loan. For starters, banks can send you on a futile chase by turning down your loan application due to your bad credit score.
However, companies like GoLoans can decide to forego your score and offer you some short-term installment loans for bad credit. We believe that a number shouldn’t hinder your financial assistance.
To assist, we have listed some types of short-term installment loans for bad credit in this article you could apply for.
Short-term installment loans for bad credit scores
Here are several short-term installment loans available for bad or low credit scores.
Unsecured Loans
Banks, credit unions, and online lenders can offer you unsecured personal loans for your bad credit score, and repayment can happen in 2-7 years depending on the lender.
Unsecured loans are loans for which collateral is not required. Instead of using the borrower’s assets as collateral, unsecured loans are approved based on the borrower’s creditworthiness.
Secured Loans
Secured loans are personal or commercial loans that demand a specific form of collateral such as real estate and vehicles or cash as a condition of lending.
If you wish to loan a substantial amount of money to purchase a specific asset or if your credit score is not good enough to qualify for an unsecured loan, a bank or other lender may require collateral.
Car Loans
These loans can be taken to purchase a new vehicle, and you may repay installments monthly for 12-96 months, depending on the lender.
Your recently acquired vehicle serves as security or collateral for an installment loan, and the lender may reclaim it if you fail to maintain the repayment schedule.
Mortgages
Mortgages are short-term installment loans taken to buy a property or a house and can be repaid within 15-30 years with monthly regular payments.
Failure to meet the payment schedule on a mortgage loan means that your new house will act as collateral.
This type of loan usually has a lower interest rate since they are secured loans and often come with a fixed payment rate.
Lenders will run credit checks and assess your income and employment status to guarantee timely payment.
Personal Loans
Personal Loans provide funds that can be utilized for a variety of purposes such as consolidating debt or covering sudden, unforeseen needs such as medical bills. And you may typically obtain a personal loan regardless of your credit score or repayment history.
A personal loan typically does not demand collateral, such as your car or home. And the greatest thing is that installment loans typically have far lower rates of interest and fees than payday loans.
Credit Cards
Other banks will offer credit cards to you with bad credit and resources to help you rebuild your credit status.
However, credit card loans can only improve your credit if used wisely because the APR is high.
Cash Advances
Most credit card issuers offer cash advances, while online lenders give short-term cash advance loans. However, they are more expensive than secured or unsecured personal loans and have high-interest rates.
If you wish to get a short-term installment loan online with a low credit score, GoLoans can provide you with what you need.
Start your application with GoLoans and get approved within minutes.
Do you know that Vancouver is one of the most expensive cities in the world?
The high cost of living makes people look for the best loan options in Vancouver. Well, there are payday loans in Vancouver that provide residents with the opportunity to borrow up to $1500 fast.
No doubt, Vancouver is such an amazing place. Don’t you think so?
No wonder almost everyone wants to stay or at least visit Vancouver. The sight of nature and the general pleasant ambience sure worths it.
Vancouver is such a beautiful place to live in, but the cost of living there can really put some weight on your pocket.
The weight can be heavier when unexpected expenses pop up and when another life event that can totally dry up your savings just shows up.
These kinds of situations may put a strain on your finances. Sadly, this is what many people face.
When these kinds of situations happen, people tend to ask this question:
Where can I get cash to meet my needs fast?
When you are faced with a challenging situation, you would want to get the solution to your challenge fast right?
This is the kind of solution that payday loans give to people that are in dire need of cash. Although many people may not be used to payday loans in Vancouver, but that may be the easiest place they can turn to to get cash quick.
People are usually concerned about getting a payday loan in Vancouver for different reasons. In this article, I will talk about some concerns that you may have about payday loans in Vancouver and what it is all about.
What is Vancouver Payday Loans All About?
In case you are not aware, Vancouver is a city in Canada.
That said, Payday loans are one of the fastest ways for people in Canada to get cash fast.
Payday loans are structured in a way that allows people to patch up with their finances during dry times.
What is Vancouver Payday Loans?
Vancouver payday loan is a payday loan opportunity that is only available to residents in Canada, especially people in Vancouver.
Only residents in Vancouver, Canada are eligible to apply for Vancouver loans. Even though this loan is specifically for Vancouver residents, that does not mean automatic access.
To get access to this loan, you have to be qualified.
What Qualifies You for Vancouver Payday Loans
If you want to get access to the Vancouver payday loans, there are some basic things that you need to have to get qualified for Vancouver payday loans.
Let us take a look at the eligibility for Vancouver payday loans:
A. You must be a salaried worker.
B. The details of your employment must be supported by a pay stub.
C. You must provide details about your current bank details because most times the money is sent to your bank account.
D. You must have a reliable checking account that allows for direct deposit of salary.
E. You must be up to 19 years and above.
F. You must be a resident of any province of Canada where the funds will be disbursed.
How Does the Application for Vancouver Payday Loan Work?
Before you apply for the Vancouver payday loan, make sure you meet the requirement. You must be a resident of Canada to apply for the Vancouver payday loan.
If you are a resident of Canada, you can go ahead to check the eligibility for Vancouver loans in the previous section.
In this section, I will walk you through how the Vancouver payday loan application works:
Step 1
Go through the eligibility criteria in the previous section to find out if you are qualified for loans in Vancouver.
Step 2
Click here to get access to the Vancouver payday loan application form.
Step 3
Fill out the application form with the right details like; your account details, place of employment, and other details.
Step 4
Wait for your application to be processed. This usually doesn’t take long, you should be able to complete the process and get the money disbursed to your account in a few hours.
One of the advantages that Vancouver’s payday loan has over the regular payday loans that you are used to is SPEED
If you get terrified at the thought of having to wait long hours in queues in storefronts, then applying for a Vancouver payday loan is your best option.
The application process is pretty easy and can be completed in just a few minutes online.
Why go for Vancouver Payday Loans?
If you have some sort of reservations about payday loans, then you should definitely try applying for the Vancouver payday loan.
Why?
Asides from the fact that the process works fast, there are also other reasons why the Vancouver payday loan can be your best option.
Why do I think so?
A. Payday loans Vancouver is structured in such a way that there are systems put in place to prevent fraudulence. With this kind of system in place, you are sure that the whole platform, as well as your details, are protected.
B. Confidentiality is also a priority. This means that the system is built in a way that protects your personal information when it comes to processing confidential materials.
So, you don’t have to be scared about your information getting into the hands of unauthorized persons and establishments.
C. Your credit status does not matter. When it comes to getting loans from the bank or other financiers, your credit status is a big factor that will determine whether or not you get the loan.
With Vancouver payday loans, it does not matter whether you have good or bad credit. The application process works pretty fast regardless of your credit status.
All you have to do is:
I. Go online.
ii. Get the application forms.
iii. Look through the form to note the requirements and then answer the questions in a few words. It is quick and easy.
If you are a Vancouver resident, then this is a great loan payday loan option for you.
Challenges that You May Encounter When Applying For Vancouver Payday Loans
In the previous sections in this article, we have talked about what the Vancouver payday loan is all about, how it works, why you should try it, etc.
No doubt, the Vancouver payday loan can be a great loan option for you if you reside in Vancouver. Nonthelessless, you may encounter some challenges while applying for the Vancouver payday loans.
Challenges like:
A. Specified maximum loan amount. This means that you can not get over $1500 dollar even if you need more than that to respond to your emergency.
B. You would likely not get approved for the loan if you are not a salaried worker. This simply means that you may not be able to get the loan even if you stay in Vancouver and need to attend to a pressing need.
C. You will not be able to apply for the loan if you are more than 19 years.
Frequently Asked Questions about Payday Loans in Vancouver
If you are looking to apply for a payday loan in Vancouver, then I am quite sure that you would have tons of questions before you make your decision.
In this section, I will be answering some frequently asked questions about payday loans in Vancouver.
A. Can I get a bad credit payday loan in Vancouver?
Yes, you can.
Payday loans are usually scored on your ability to pay in the short term. That is why it is important for you to be a salaried worker. This way, there is an assurance that you can meet up with payments in a short term.
B. What is the maximum amount of money I can borrow in Vancouver?
If it is your first loan, you can borrow up to $500, but no more than 50% of your net income. For example, if you earn $2000, per paycheque your maximum loan amount would be $1000.
C. What do I need to get qualified for a payday loan in Vancouver?
To get approved for a payday loan in Vancouver, you must:
Have Valid proof of income. In some cases, you may be asked for your last three monthly pay stubs, if you don’t get paid by direct deposit.
Be of legal age, which is 19 or older in Vancouver.
A bank account with online access is used to submit your recent banking history.
D. Is a payday loan secured or unsecured?
A payday is considered an unsecured loan because the borrower is not putting anything up as collateral. (e.g house, down payment, etc.).
Vancouver is a great place to live, hope you remembered that it is equally a very expensive place too. You may buy a bottle of drink for $12 plus spend more when you want to do all the fun stuff.
That is why we offer quick and easy payday loans which will help you deal with the price tag of doing all the fun stuff you have been wanting to do.
With increasing expenses, most of us would have felt the need to get a loan at one point or another. With numerous options online, it can seem overwhelming and time-consuming in searching for the loan company that is right for you. Getting an Online payday loan in Alberta has never been this easy. But first, here is a list of the things you should consider before getting an online payday loan:
Fees and penalties: Knowing the charges on your loan is the first step in successfully repaying it. Everything is disclosed in your contract so do read it thoroughly before signing. These fees and penalties can get pretty expensive if you are unable to pay back the loan within the agreed terms. So before getting one, be sure to pay back on time or else you could find yourself paying more than what you originally applied for.
Terms and conditions: When you get approved for a payday loan, you will be required to sign a contract. This contract entails the overall cost of the loan and the agreement that you will have with the company. It is always a good idea to go through the entire document before signing it. Read and understand everything that is stated in the contract so you do not miss the fine print.
Criteria for eligibility: Payday loan companies have different criteria in choosing the people they will lend to. Basically, you will be evaluated based on your repayment capability. If the company is confident that you will be able to pay back their money within the agreed upon terms, then Congratulations! You just got yourself approved!
Repayment procedure: Lenders have varying repayment terms, you will most likely find it in your contract. Online payday loans usually follows your pay frequency. The mode of payment is indicated in your contract as well. Due to the convenience that these loan companies promote, everything is done automatically and online. Which means, your repayments can be through a direct debit from your bank account, an electronic transfer to the lender, or you may pay through the lender’s website.
Now you have considered the steps above, are you ready to apply for a payday loan? If you are, GoLoans is a one-stop destination for all your online loan needs.
Get your funds within 24 hours in a few easy steps:
1.) Sign up at https://goloans.ca 2.) Access your bank account through Flinks 3.) Upload a photo of your valid ID
It’s that easy! Everything is done online and hassle-free. What are you waiting for? Get your funds today!
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