What Are Personal Loans in Canada Used for & How to Get One

December 4, 2017

Have you ever wondered which personal loans are available in Canada and how to apply for one? If you have bad credit or no credit at all, you may still be eligible to apply for a personal loan with LoanConnect, Canada’s intelligent online loan search engine.

What is a Personal Loan?
A personal loan is a sum of money that is lent to you from a reputable lender with no specific allocation. That is, your lender does not dictate or control what the loan amount is used for. This may be the ideal loan type for you if you need to use the loan amount to pay for miscellaneous things, such as paying off credit cards or emergency expenses.

What Can a Personal Loan Be Used for?
A personal loan can help you pay off a multitude of expenses; however, many people apply for personal loans in Canada for the following reasons:

  • Paying off credit cards
  • Home improvements or emergency home repairs (i.e. leaky roof)
  • Paying for medical expenses not covered by provincial medical care
  • General bills and expenses
  • Dream vacation
  • Buying a car or car repairs
  • Paying off other loans
  • Tuition, school fees, books
  • Expanding your business
  • Improving your credit score

How Do I know if I Qualify for a Personal Loan?
If you have low or nonexistent credit, your loan application will likely be turned away from your bank or other traditional lending institution. While this isn’t unusual (banks use credit scores as their bottom line), the strict lending rule leaves a lot of people in need. That’s where LoanConnect comes in. Unlike your bank, our alternative lending partners look beyond the credit score to come up with an ideal loan and payment plan that suits your needs. So, how do you know if you qualify for a personal loan? Simple: if you need money to pay off debts, emergency repairs, or anything at all, and you have a source of income, feel free to apply for a personal loan today.

How to Apply for a Personal Loan
When it comes to personal loans, submitting your application is the easy part. With LoanConnect, we make it as simple as possible to get your money in less than 24 hours. We provide fast access to the top lending partners in the country. Simply enter your basic information and we’ll compile a list of the best rates possible. Our partners offer rates as low as 4.6% APR. All you have to do is choose the loan term and rate that suits your situation, and we’ll do the rest. Our automated system means that you’ll receive an approval in less than five minutes.

Learn More About LoanConnect
What to learn more about how LoanConnect is changing the way consumers apply for personal loans in Canada? Check out our Frequently Asked Questions page or contact us for more information.

LoanConnect is committed to connecting our clients with quick and easy alternative lending solutions.