Getting personal loans in Nova Scotia is simple. But trying to get one at a bank could be difficult. The amount of paperwork to fill out and the credit score requirements can make the process a daunting task. Getting a personal loan online through LoanConnect though is a simple process.
Interesting Facts About Halifax and Nova Scotia
- Nova Scotia, Latin for New Scotland, is almost completely surrounded by the Atlantic Ocean.
- Halifax is a major international seaport and transportation centre.
- In 1917, a French cargo ship loaded with wartime explosives collided with an empty Norwegian ship in the Halifax harbor. The ensuing explosion was the biggest man-made explosion prior to the atomic bomb being dropped on Hiroshima, Japan. About 2,000 people were killed and 9,000 were injured.
- The Old Town Clock in Halifax has been working since 1803.
- There are more pubs located in Halifax per person than any other city in Canada.
What is a Personal Loan?
A personal loan is a term loan taken out by an individual that can be used for any responsible and legitimate purpose. Some loans are defined by how they will be used, such as, home mortgage, car loan, or student loan. A personal loan can be used for any purpose that is approved by the lender.
What Can Personal Loans in Halifax Be Used to Achieve?
- Consolidate credit card debt.
- Pay medical expenses.
- Replace a major household appliance.
- Update home heating and cooling system.
- Take a vacation.
- Pay for a wedding.
Types of Available Personal Loans in Halifax
You have a variety of loans in Halifax to consider. Choose the one that works best for your circumstances.
1. Secured loans:
A secured loan requires you to put up some type of asset as collateral. The collateral makes the loan less risky for the lender. Therefore, some lenders are willing to qualify individuals with less than perfect credit for a loan.
2. Unsecured loans:
An unsecured loan does not require any collateral to qualify. They are considered risky by lenders, so the interest rates tend to be higher than other types of loans.
3. Personal Line of Credit:
A line of credit is an amount of funding for which you have received approval, but you do not have to take it all at one time. Take out only what you need at the moment. You only pay interest on the amount you are using at any given time. Once you pay it back, you no longer have to pay interest, but the money is still available to you once you need it again.
4. Fixed rate and variable rate loans:
A fixed rate loan has an interest rate that stays the same for the life of the loan.
A variable rate loan has an interest rate that can change while you are repaying back the loan. The interest rate on a variable rate loan may start off cheaper than a fixed rate loan, but it can change to have a higher interest rate.
Where to Look for Loans in Halifax The bank: Most people are familiar with getting a loan from a bank. You may feel comfortable applying for a loan at a bank where you have your checking and savings account. Keep in mind that banks tend to have stricter eligibility requirements than other lending sources.
Online lenders: Online lenders offer a straightforward, simple application process. If approved, the money is deposited directly into your bank account.
Acquiring a personal loan in Halifax can be done within a few minutes by filling out an online application. Instead of having only one option to choose from, you will have access to several lenders so you can choose the one right for you.