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Small Loans

We all need a little extra cash every now and then. Before you consider borrowing from a high interest situation, consider small loans through Friendly Lender and the many direct lenders which we work with in Canada.

A small personal loan might be the solution you’re looking for. Maybe you just need some quick cash to cover a bill before your next cheque so that you can avoid paying a late fee, or your car broke down and you need to get it fixed. Whatever the reason, small loans are one option for individuals in need of fast cash in a tough financial situation.

What is a Small Loan?

A small loan is a loan for an amount less than $1000. There are a variety of loans in this category that might suit the needs of an individual borrower. When you think of getting a loan, you might think of getting a loan for a house or a car, but small loans are not quite that large and can be either secured or unsecured. The type of loan you qualify for depends upon your credit. Secured loans are easier to get with bad credit. If you have good credit, you may qualify for an unsecured loan with a better interest rate.

How Do I Request for a Small Loan?

Requesting a small loan is easy. Just fill out the innovative online form found on the Friendly Lender website. The form takes only a few minutes to complete. Be sure that you fill in all of the information accurately and completely. If you miss anything or put down the wrong information, it will slow down the approval process. In order to complete the form, you will need some sort of proof of income, your personal details and a few minutes of your time. Many of the lenders we work with have a no fax policy and the process takes place entirely online.

Looking for bad credit loans? Friendly Lender can help! Our process allows us to put small loan requests in front of multiple lenders which improves your chances of receiving an approval over that of a traditional bank or lender. Once you receive an approval from your lender, you will be sent to a new page where you can review the terms of your loan contract. Please be sure to read this page carefully, taking great care to read the fine print so that you understand the terms of your agreement. It’s important that you do this so that you don’t get any surprises when your loan matures.

Why Would Someone Get a Small Loan?

Borrowers commonly consider personal loans because of unexpected expenses. Life can be unpredictable and we may sometimes feel like we are drowning under the weight of our debt. Small loans in Canada were created to ease that feeling in times of unexpected financial trouble. Common reasons to get a small loan include avoiding paying a late fee on a bill, debt consolidation or getting the car fixed when it’s broken down and you need it to get to work. Friendly Lender is here to help facilitate loans for people in just these sorts of situations.

Friendly Lender can do that by assisting in finding the right loan product to suit your needs. We also wish to advise you to take out a loan only for the right reasons. Particularly if you have bad credit. If you think this might not be a good idea for you and your situation, it is better that you do not request a loan.

What Are the Type of Small Loans Available?

There are many different types of lending products out there on the market and you should research thoroughly before requesting a loan so that you know what you are getting into.

Some examples of the types of loans offered are:

Payday Loans

Payday Loans are paid by your next cheque. This means that when you request a payday loan, you should take it out for only the amount of money that you can repay when your next payday rolls around. That’s why they are called payday loans. Payday loans work by you requesting an amount you can repay and then, when your next paycheque arrives, you are expected to pay off the loan plus interest. Standard interest rates for these types of loans can be high, but this is still a popular way to borrow for those with bad credit.

Short Term Loans

Short term loans are a much broader term to describe payday loans, installment loans and other lending products that can be repaid over a short period of time. These loans are intended for borrowers to use during one time financial emergencies and to be repaid quickly, but some can be repaid over a longer period of time.

Emergency Loans

If you’re in a situation where you’re thinking that you need cash fast, you might be considering an emergency loan. These types of loans are designed to get money into your hands as quickly as possible. Typically these can be purchased entirely online, which streamlines the approval process and happens much more quickly than with a traditional lender.

Bad Credit Loans

Do you have bad credit? Looking for bad credit loans? Well, Friendly Lender can help there too. Because our direct lenders we work with deal in small dollar loans, they are much more likely to work with high risk borrowers, such as those individuals that have bad credit, no credit at all, or a poor credit score. Don’t be discouraged if you have bad credit and think you won’t qualify. It can be possible for you to qualify for bad credit loans with Friendly Lender and the many direct lenders we work with.

Don’t be fooled by companies that claim to offer “no credit check loans.” It’s not true. Every lender does at least a minimal type of credit verification. Even if that is just a check of your pay stub, that’s still considered a credit check. Non-traditional credit checks are an option. These checks are intended not to harm your credit score. Many of the direct lenders working with Friendly Lender offer these “soft” credit checks to help you keep your credit score from becoming tarnished.