PERSONAL FINANCE BLOG

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Helium Personal Loans Review
14 Sep 2018

Helium Personal Loans

Many if not all can agree that many times you just need some extra money. It could be an emergency or you need to pay school fees. These are the times when borrowing a loan becomes necessary. There is an unlimited number of reasons for borrowing loans. It is in instances like these you need a lender. Helium Loans is one of those lenders available and provide loans to people like you across Canada.

Helium loans is an established lender and have a familiar presence in the loan industry.

You are interested if

You are seeking a personal loan but do not have the time to wait for traditional lenders to process your loan. This is because the traditional lenders take longer as compare to Helium loans. You are also interested if you want to borrow more cash than traditional lenders are ready to offer.

 

Key Points

Brief Description Helium loans offer loans for persons in need of instant cash and do not have time to wait for traditional lenders to process the loan due to the time they take.
Limits and Deadlines You can always borrow any amount from $100 to $5,000 payable up to 2years.
Urgency You can get your loan within a day as long as all your details check out.
APR Range They run from 13% to 47%. The rate is entirely dependent on the loan requested.
Closing/Origination Fees Closing fee may apply depending on the amount you borrowed.
Early Payment Fees There is no information on early payoff or any fee associated.
How to Contract the Product With a click of a button, you can go to the Helium loans website and get in touch with them. You can also call them directly or walk into one of their stores in Canada in case you need a more personal approach.
Main requirements Active bank account, being of legal age (18 years old and above), and your account is subjected to credit check and identity check. Your credit score should be above 600.

About Helium personal loans

Main Features

Helium loans are a straight online lender. When you request a loan in Canada with Helium loans they assign you a financial expert who works with you directly from the moment you apply for the loan till the day you repay the last coin you owe. Helium loans is a company aware of your fundamental right to privacy, thus your personal information remains between you and Helium loans.  Helium personal loans are subject to credit score check. This, therefore, means that if you have a bad credit score, you are not eligible hence cannot receive the loan. The minimum credit score accepted by Helium loans is 600. Helium loans also require you to be employed, which assures them that you are capable of paying back the loan. On top of being employed, you must be making at least a minimum of $1,750 per month after deduction of taxes.

Once you have met all the qualifications, you receive the loan instantly, this can be either directly to your bank account or in cash from the stores. The best part about helium loans is that they are extendable. This feature allows you to pay back the money every month, making small deposits that do not strain your daily life. You can also decide to increase your monthly deposits so that you can take a shorter period to repay the money. Lastly, Helium personal loans do not require you to pay a prepayment fee. The only fee that applies is the interest rate.

Helium personal loans similar to all financial products come with both advantages and disadvantages. Some of the advantages you can get from subscribing to Helium personal loans are:

  • Flexibility- Helium loans can be used for many different purposes. Unlike another type of loans, you have the option of using your Helium personal loan for anything you want.
  • Instant loans – Helium loans are processed very fast when all your information checks out. The reason for this is that no paperwork is needed.
  • Payable in installments- You pay a fixed amount for a particular length of time, thus you have a clearly stipulated time from the beginning to clear your debt. Making more than the minimum payment for some installments will improve your creditworthiness with Helium personal loans.
  • Lower interest rate – Helium loans have relatively low-interest rates compared to traditional lenders. This, therefore, makes them affordable and you do not have to worry about your credit score decreasing. Instead, they are a way of improving the credit score and the higher it is the better for you because you can be eligible to get a higher loan for an even bigger project.

Helium personal loans, however, have a downside to them. One of the main limitations is that they check for the credit score. This means that if you have a lower score than 600 you cannot get the loan. For this reason, quite a number of people cannot qualify to get it. Consequently, your credit score determines how much money you can get. This, therefore, limits the loan you can possibly get. The higher your credit score is, the higher the amount of loan and vice versa.  Another limitation is that Helium loans just like any other financial firm have zero tolerance to people with outstanding payday loans. In addition, people who have previously filed for bankruptcy and have not yet been cleared do not stand a chance of getting helium personal loans.

The repayment process for all helium loans is very simple. As mentioned earlier, the loan is payable in installments where you pay small amounts of money at the end of every month for an agreed period of time. There are a number of ways for which you can make the deposits. One is through automation where helium loans can get money directly from your bank account. This is however with your authorization. It is the most recommended means of payment as you will never make late payments, therefore, no penalties. The other method of payment is via e-transfer where you make payments online. Helium loans also accept payments via debit card. This is easy, convenient and the payments are accepted instantly. Lastly, payments using a credit card are also acceptable.

How does it work?

The online application process is very easy and convenient. First, you have to pass the eligibility test. For you to be eligible you should have more than $10 in your account, you should be employed and making more than $1,750 per month when all taxes have been deducted. You should not have any record of bankruptcy filled in the last five years and finally, you should be of legal age. When you pass the eligibility test, you are then required to sign up with your email address after which you are required to fill the online application form for the loan. Upon completing the application, you are then required to submit it for review. Once your request has been received, a financial expert form helium loans will get back to you as soon as possible. It is at this point you get to know whether you will receive the loan and the terms that come with it. Upon approval, you will receive the money via specified means on your application. You can now use the money for the purpose intended.

Conclusions

Helium personal loans are dependable since they do not have any hidden charges. The process of applying is way faster than that of banks. As much as they check your credit score, when you manage to repay them in time, you will be able to improve your credit score. This opens new opportunities for you in the future when you need a bigger loan.

Helium Loans

Since establishment Helium loans have made their name as being among the best in providing a wide range of loans to hundreds of Canadians. Their innovative ways have enabled them to develop products that help more. This makes them ideal for both personal and business loans.

What we think

Helium loans is an established lender and have a familiar presence in the loan industry. This company is a better choice for you when in need of an instant loan. What makes the company even more favorable is that they are a lenient lender because they allow a grace period of 14 days past your paying deadline without charging you anything. Helium loans are a good lender when you are searching for personal loans and need to sort your financial need as soon as you can. They do offer you loans as soon as your credit score checks out and your documents are in order. In case they are unable to help you with the loan due to a poor credit score, they offer advice to help you get a lender that will offer the loan you need.