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If you have a poor credit score, qualifying for personal loans in Canada can pose quite a challenge. Typically, traditional financial institutions, such as bank will reject your personal loan application if your credit score is bad. Luckily, there are other reputable loan lenders, available online, through Loans Geeks portal. We partner up with selected, top-rated financial institutions willing to help Canadians, even when their credit scores are less than stellar. When you apply for a personal loan via Loans Geeks, we will match you with up to five loan lenders and their most competitive offers available for your area of residence and your specific financial situation. You should consider applying for a personal loan in Canada if:
The moment your financial situation goes from bad to worse, using Loans Geeks to apply for a personal loan in Canada can be a good solution to help you get things back on track.Read more
If you are in a need of money, applying for a personal loan in Canada is definitely an option you should consider. Personal loans range anywhere from $500 and $35000 and usually come with fixed repayment terms and interest rates. When you apply for a personal loan with Loans Geeks, depending on your income and your credit history, you will be matched against the loan lenders who will offer you different competitive terms. Bear in mind that amount you can borrow will also vary from lender to lender. However, before you apply for a personal loan there are a few things that you should be aware of.
Personal loans in Canada have fixed term and fixed interest rates, which means that you will know exactly when your debt will be paid off. When you compare personal loans to credit cards, they are very fast to repay, typically around 5 years, while credit card debts can take decades to get rid of. In addition, the interest rate on your personal loan and the amount of your monthly payment will remain the same during the entire period of the loan, without hidden fees or loan payment increase.
People often opt for personal loans to consolidate their other debts and thus simplify their financial duties. With one personal loan used for consolidation, you will only be required to make one monthly payment instead of several. Also with lower interest rates, you will end up paying much less in the long run.
There are two types of personal loans in Canada that you can obtain via Loans Geeks – secured and unsecured personal loans.
If you apply for an unsecured personal loan in Canada, you do not need any collateral. The loan lenders will access your income, credit history and credit score and decide about your application based on your overall financial health. This option is definitely the best one for people with good credit scores.
Unsecured personal loans can be used for almost anything and that is one of the reasons they are so popular. With Loans Geeks you can apply for an unsecured personal loan and choose between some of the most competitive payment terms and interest rates. However, most lenders will only approve applications to those borrowers who have a stable income and good credit score.
The main disadvantage of unsecured personal loans are high interest rates, as they are generally considered as risky.
Secured Personal loans, on the other hand, are approved against the collateral that has the same value as the amount you are borrowing. If you use Loans Geeks to secure a personal loan against an asset, you will be able to take advantage of the much more convenient contract terms and much lower interest rates. As they practically involve no risk from the lender’s part, they will typically offer you cheap borrowing cost and you will be able to choose among the range of very favorable options.
Low-interest personal loans are approved quickly and easily for people with good credit scores. Here are few benefits you can get if you apply for personal loans via Loans Geeks:
If used properly, personal loans can be a useful source of funds. However, they also come with a few drawbacks that you should consider before applying for a personal loan.
Some of the lenders that Loans Geeks have partnered with, offer in-house funding, which might make it possible for people with bad credit histories to secure a personal loan, which they otherwise couldn’t. When you fill in an online application form at Loans Geeks, we will match you with the best loan providers in your area with convenient personal loan options that best suit your financial situation. Application process via our platform is intuitive and fast, and you will get to choose among up to five best-deal offers available. Approval process for personal loans in Canada usually takes from 1-3 business days.
The amount depends on many factors. In most cases, on your debt load, income, and few other factors.
You will always be able to get a secured personal loan against a collateral.
Payments will be deducted from the borrower’s bank account. The deduction can be arranged on weekly, semi-weekly, bi-weekly or on a monthly basis, depending on the agreed terms.
The overall duration of personal loans depends on the lender and the amount. Most service providers offer flexible repayment terms.
APR represents the annual percentage rate (interest rate). The annual interest depends on the loan, the service provider and the borrower. In most cases, the APR ranges between 10 and 40 percent.
Typically, the following documents should be present: