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With online lenders, like Spring Financial, you can get your loan deposited into your bank account just a few hours after approval. The personal loan application can also be completed online.
Loan amounts from personal loans with Spring Financial can range anywhere from $500 to $35,000. Sometimes they can be higher depending on the reason for the loan.
Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.
Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.
Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!
The interest rates on personal loans in Manitoba vary based on your credit score and what the Bank of Canada’s prime rates are. With that in mind, though, the average rates for a personal loan range based on the Bank of Canada’s prime rate but can legally go as high as 60%. Whether you’re borrowing from a traditional bank or an alternative lender, these are the average rates to expect. That said, you’re more likely to get the best interest rates, which means you will have lower payments.
If you do have lower credit scores, the most likely place you can get a personal loan is through an alternative lender. They offer personal loans that increase your credit score while giving you the funds that you need. You’ll likely have higher interest rates, but you’ll be able to increase your credit score at the same time.
In Manitoba, you can get payday loans, secured and unsecured loans. While payday loans are the simplest type of loan to get, they do have the highest interest rates. The second easiest type of personal loan you can get is a secured loan.
Secured loans are personal loans that you can use if you provide collateral. Because they require collateral, the approval process is easier, and the interest rates tend to be lower than those of unsecured loans. The most common types of secured loans are:
In Manitoba, there are quite a few different reasons to get a personal loan. These reasons include car repairs, to cover unexpected expenses, home repairs and home renovations, to consolidate debt, or even to take vacations.
While you can use a credit card for many of these reasons, personal loans have much lower interest rates. They’re also much easier to pay off since they have set payments where you pay interest and the principal, and you’re unable to use the funds that you pay off, unlike credit cards. You’re credit limit may also no be high enough to cover the expenses.
| spring | Bank Loans | Credit Cards | Payday Loans | |
|---|---|---|---|---|
| Max Amount Max Amount | Max Amount $35,000 | Max Amount $50,000 | Max Amount $10,000 | Max Amount $1,500 |
| Interest Rates From Interest Rates From | Interest Rates From 9.99% | Interest Rates From 9.99% | Interest Rates From $19.99% | Interest Rates From 200-450% |
| Fully Online Application Fully Online Application | Fully Online Application | Fully Online Application | Fully Online Application | Fully Online Application |
| Approval Within Hours Approval Within Hours | Approval Within Hours | Approval Within Hours | Approval Within Hours | Approval Within Hours |
| Same-Day E-Transfer Same-Day E-Transfer | Same-Day E-Transfer | Same-Day E-Transfer | Same-Day E-Transfer | Same-Day E-Transfer |
