Emergency loans in Montréal

Here are 6 options when you need money now:

1. Immediate loan: A type of personal loan that provides quick access to funds with fixed interest rates and payments over the loan term. Choose a reputable lender to ensure you avoid scams.
2. Line of credit: A line of credit allows for immediate withdrawal of funds, but interest rates can vary and repayment terms aren’t fixed. It often takes longer to apply for a line of credit compared to a personal loan.
3. Credit Cards: Credit cards offer quick access to funds to cover unexpected costs. Be mindful of interest rates, especially for cash advances, and if you choose this borrowing option ensure you set up a repayment plan for yourself.
4. Auto Equity and Vehicle Title Loans: Access lower interest rates on a loan using your vehicle as collateral, but be mindful that non-payment risks vehicle repossession.
5. Payday Lenders: These lenders offer instant loans based on proof of income, but high fees and short repayment timelines can create challenging pay-back windows.
6. Pawn Shops: Pawn shops offer loans in exchange for valuables, but this option can be costly with potential loss of personal items.

When exploring borrowing options for emergency loans, it's important to be wary of potential scams or fraudulent practices. Here are some common red flags that could indicate a scam or fraud:

• Questionable Lender: Ensure you're working with a reputable lender. Check for physical locations or request a sample loan contract to verify legitimacy, even with online lenders.
• Hidden Fees: Look for transparently posted fees and rates. Use a loan calculator to estimate costs and ensure there are no additional fees, such as "storage fees". Pawn shops may add a storage fee to an item of value that is held as collateral during the loan term, usually 30 days. These extra fees could exceed the legal limit for APR.
• Advance Fees: Beware of scammers requesting upfront fees before granting a loan; this practice is illegal in Canada. Scammers may promise refunds, but often disappear after collecting the fee.
• Guaranteed Approvals: Exercise caution with lenders offering guaranteed approvals, especially if you have no prior relationship. Reputable lenders assess your ability to repay based on factors like credit score and income. Approvals without such checks may indicate a potential scam or high fees.
• Short Payback Periods: Be cautious of lenders requiring repayment within unreasonably short periods, such as a month or even weeks. These short payback periods are usually not realistic and can work out to huge annual interest rates.

With Fairstone, you can get emergency funds fast for urgent and unexpected expenses.

1. Start with an online loan quote to find out how much money you could qualify for and what your payments might be.
2. Prior to completing the loan process online, prepare the documents required for your loan – this will help with a seamless loan application.
3. Once the loan application is complete, you could have your money in as little as 24 hours with same-day funding.