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Best Personal Loans in Canada
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Although many people in Canada apply for a personal loan to financially fix Impromptu events or emergencies, they also use it to monetize events. Yes, people use personal loans to sponsor their weddings and vacations to various places, either for a honeymoon or generally fun. And at the same time, over half the people that apply for a loan often use them for consolidating outstanding debts.
Personal loans are, therefore, a particular amount of money you borrow from a loan provider with a fixed period of repayment with interest. One of the reasons most people fear loans is the interest rate they often come with; there are various factors that influence your interest rate. What does this mean? It means that there is nothing like “general interest rate,” it varies from one borrower to another depending on the factors the loan provider considers.
One of the factors that significantly determine your interest rate is your creditworthiness—no lender desires to give money to someone that will default without paying. Hence, loan providers often make sure they are able to make their money back via interest rates. If you have a low or poor credit history, your interest rate will be high; hence, they will make their money back earlier. But the interest rate is affordable for those with fair to good credit scores.
Although many people in Canada apply for a personal loan to financially fix Impromptu events or emergencies, they also use it to monetize events. Yes, people use personal loans to sponsor their weddings and vacations to various places, either for a honeymoon or generally fun. And at the same time, over half the people that apply for a loan often use them for consolidating outstanding debts.
Personal loans are, therefore, a particular amount of money you borrow from a loan provider with a fixed period of repayment with interest. One of the reasons most people fear loans is the interest rate they often come with; there are various factors that influence your interest rate. What does this mean? It means that there is nothing like “general interest rate,” it varies from one borrower to another depending on the factors the loan provider considers.
One of the factors that significantly determine your interest rate is your creditworthiness—no lender desires to give money to someone that will default without paying. Hence, loan providers often make sure they are able to make their money back via interest rates. If you have a low or poor credit history, your interest rate will be high; hence, they will make their money back earlier. But the interest rate is affordable for those with fair to good credit scores.
Places To Get A Personal Loan
When you are in need of financial assistance for an emergency, the first question that comes to your mind is, “where can I get a loan?” Although everyone knows they can get a loan in the bank, there are other loan providers in Canada. You can also get a loan from credit unions and online loan providers.
The best and most suitable option, however, depends on your requirements. Where you can get an affordable interest rate, repayment terms and place to get the amount of money you need. However, if you need a fast and convenient method of applying for a loan, you should consider online lenders. There are a couple of them in Canada.
Best Loan Providers In Canada
LoanConnect
Loan Away
Fairstone
Skycap Financial
LendDirect
Mogo
Borrowell
Advantages Of Personal Loans
Lower starting Annual Percentage Rates (APRs) Than Credit Cards
This benefit is specific to those with good credit history. The annual percentage rates they will be offered for their personal loan will be lower than credit cards. Although most credit cards often offer 0% interest as an introductory perk, they often become higher once the period ends.
Fixed rates and monthly repayments
Personal loans always give you the opportunity to keep track of how much you owe and for how long. They do this by offering fixed rates and monthly payments for a specific period.
Allow you to borrow a huge amount of money
This advantage also depends on your credit history as well as your loan provider. Only large loan providers allow borrowers to loan as much as a hundred thousand dollars. But only those with good credit history are given access to borrowing huge amounts of money.
No collateral
This is arguably one of the best or most significant advantages of personal loans. You don’t need any collateral to apply for a loan. Although you may not lose any collateral or assets if you don’t repay, your credit history would be in ruin.
