- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
For any credit user in Halifax, the right personal loan can be a huge asset. Even though there are other credit products that can help you pay for what’s important to you, a personal loan is a simple tool that comes with all sorts of benefits. Curious to know what those benefits are? Keep reading for everything you need to know about personal loans.
Click here for more information about loans in Halifax.
When considering the right payment method for your expenses, chances are you’ll think of cash and, of course, credit cards first.
It is true that your credit cards come with benefits, such as:
Then again, credit cards are not always the right solution, especially when:
On the other hand, a personal loan can be more beneficial:
Want to increase your credit score without increasing your credit card debt? Read this.
When applying for a personal loan, be prepared for your financial profile to be inspected. You should also know how much you’d like to apply for and what you can afford in payments, interest, and administrative fees. So, before you apply:
Dispute any errors – Credit reporting errors, such as incorrect personal information, improperly reported credit activities, identity theft, and fraud may be found within your report. These can ruin your credit if you don’t dispute them.
Increase your income and savings – The affordability of your payments plays a major role in your approval. One of the first things your lender will check is whether your income will support all the personal loan costs involved.
Personal loans come in a wide variety of sizes. Under certain circumstances, borrowers can be approved for up to $100,000 with some banks. However, the loan amount and interest rate you’re approved for, as well as your approval odds in general, may depend on:
Remember, some lenders don’t perform a credit check when you apply. However, many will, especially when you apply with a bank or other prime lender, where the borrowing criteria is more strict. For that reason, it’s best to maintain a credit score of at least 650 (in Canada, credit scores range from 300-900). This should give you good credit and put you in sight of the best approval odds, as well as more affordable interest rates. While a lower score is still acceptable to many lenders, particularly bad credit lenders, your interest rate might end up being higher and therefore less affordable. Either way, there’s no downside to having good credit, so it’s best to improve it however you can.
Check out how your credit score is calculated here.
Speaking of improving your credit, a personal loan can be an effective way of doing just that, since credit products and your credit score are directly linked. When it comes to personal loans, it’s important to:
Take a look at this article about no and low documentation personal loans in Canada.
Again, unlike a credit card, a personal loan is best used for important expenses. Here are a few examples that Loans Canada would recommend:
At Loans Canada, we’re committed to helping you find the right personal loan for all your personal needs. Our application is simple and efficient and our lending network is extensive. Fill out an application today!
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