Getting Personal Loans in Canada

August 20, 2018

Getting Personal Loans in Canada

Everyone needs a hand sometimes. Loans are a great way to hit the reset button and get access to the cash you need at the moment. Unfortunately, many people will use credit cards to get out of debt or, much worse, payday loans! Please don’t do that! Credit cards always have double-digit interest rates. That means that every day your debt rises, but you’re getting no more benefit from it.

Payday loans have interest rates in the triple digits! 300%. 400%. 500%. More. Payday loans are a treadmill that you might never get off of.

There is a better way: Personal Loans. Canada is fortunate to have a bunch of great lenders who will loan money at reasonable rates and for a variety of reasons. Most of these loans are granted on your current situation, not the problems you may have had in the past.

 

Personal loans

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One of the reasons that LoanConnect exists is because not all lenders are willing to lend to everyone. Some require perfect credit. Others will take bad credit or no credit. At LoanConnect, we’re able to shop around and find you the best loan for your needs, regardless of your credit score, and the best rate for your situation.

 

Online loans

Unlike trying to get a loan from the bank, you can apply for online loans in your pajamas. An online loan tends to be much faster to apply for and requires much less paperwork and documentation.

The issue with trying to go to a bank is that there is only one lender, the bank, and only one set of rules, theirs. Using a frim like LoanConnect, you can find the loan that you need simply by applying once and letting us do the hard work and find the right lender.

Banks are also very conservative about who they will lend to. This means that less than perfect credit is out.

 

Bad credit loans

Everyone runs into troubles in life. Bankruptcies, divorces, illnesses, things happen. Sometimes they were in our control, but they got away from us. Other times, they are completely out of our control. Either way, they can leave bad credit in their wake.

A bad credit loan is a loan to someone who has had this type of problem. Let us be honest: The interest rate is likely higher than someone who doesn’t have those black marks on their credit, but the rate is likely several dozens of times lower than a payday loan. And they are much less likely to ruin your life the way that a loan from a family member can do.

Even if you have bad credit, if you need a loan, apply. Applying for a loan with LoanConnect doesn’t affect your credit and when you get a loan and pay it on time, it can help you rebuild your credit.

 

Student loans

Students tend to have very little credit history. While you can get loans for your tuition and housing, you might be short on money for books, computers, etc. In Canada, personal loans for students can help to pay those extra costs that students loans don’t take care of.

Since we want you to succeed, here’s what we advise to students. Don’t take on more of a loan than you need. It can be fun to have that money in your hand, but you do have to pay it back. Just borrow what you need to get through school.

LoanConnect student loans that can help you build your credit. Paying them back is much easier than credit cards, simply because the interest rate is so much lower and the terms are usually much easier to handle.

 

Emergency loans

Everyone has emergencies. Cars break down. Water heaters break. Bills need to be paid. For emergency personal loans, Canada has a lot of options. One of the biggest advantages to online loans is the speed with which they can get approved. Many loans are approved within 24 hours and the money is in your account the same day. That means that you can get your emergency handled quickly and get on with life.

In the midst of an emergency, worrying about applying for a loan is that last thing that you want to do. That’s why LoanConnect has streamlined the process. Apply in 5 minutes, get approved, and do what you need to do to fix your problem.

 

Debt consolidation loans

If you’ve already taken out a payday loan with an outrageous interest rate or you have a lot of credit card debt, you use a personal loan to consolidate those debts a much lower interest rate. Debt consolidation also makes life a lot easier simply because you only have one bill to pay each month, not a dozen. And you aren’t paying the insane interest rates of payday loans or even high interest credit cards.

In fact, most debt counselors will tell you to consolidate your debts at a lower interest rate than the rates you’re paying now. When it comes to debt consolidation personal loans, Canada has a lot of great lenders who work to facilitate this very smart financial move.

 

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