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Saint John is the second-largest city in New Brunswick, with a population of just over 67,500 people, and is the oldest incorporated city in Canada. It’s main harbour, now known as Saint John Harbour, was landed by the French explorer, Samuel de Champlain in 1604. However, the city was made an official part of the United Kingdom in 1785, under the rule of King George III, following the events of the Seven Year War.
Saint John itself is situated on the north shore of the Bay of Fundy, allowing access to cruise and container ships. While the majority of the area surrounding Saint John is made up of rolling hills, it is nearby to two mountain ranges that run along the coast, The Saint-Croix Highlands and the Caledonia Highlands. The Saint John River system is also a place for a rare sight called “The Reversing Falls”, where tides in the Bay of Fundy cause the waters to flow backward for a number of kilometres.
Living in Fredericton? If you need a loan, look here.
Loan Myths
There are a lot of myths floating around that give the loan process a reputation of being stressful and complicated. However, these are just facts that have been stretched by false information and word-of-mouth. If you’re looking to apply for a loan at some point in Saint John, then chances are you’ve heard some of these myths:
- You must have perfect credit, or you will not get approved. Untrue. While having a history of responsible credit usage is always an asset, especially when it comes to larger loans (mortgages, car loans, etc.), many lenders in Saint John will not check your credit before approving you. What they do want is to know you’re in good enough financial standing to make payments on schedule. Want to know more about loans with no credit check in Canada? Read this.
- If you need a loan to help cover your day-to-day expenses, it’s a sign that you are bad with money. Of course not. Depending on your monthly income, it can be difficult to afford every expense that comes your way living in Saint John. If you already have a family and mortgage to consider, a small loan to cover the cost of essential things like groceries and household supplies can be a great help.
- All lenders charge the same interest rates and payment fees. Actually, all lenders, including banks, are different in their payment processes. Depending on the size of the loan you’re applying for, their interest charges and monthly payments can vary greatly. That’s why it’s important to do some research before picking your lender in Saint John. Wondering how lenders set their interest rates? Find out here.
- A loan will only put you in unnecessary debt. Not true either. While you will be in debt to your lender after taking out a loan with them, that loan will be used to cover something you want or need, like a house. On top of this, when you make your payments on time and in full, your credit score will rise.
- You can only get a loan if you have a full-time job. While having a full-time job will definitely help you make your payments, you won’t be rejected just because you don’t work full time. If your finances are in good order, and your lender knows that you’ll be able to pay as scheduled, you shouldn’t have a problem getting approved. Need a loan without employment verification? Try this.
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Preparing to Apply for a Loan in Saint John
When you’re applying for a loan in Saint John, your chosen lender will be taking an extensive look at your financial history. While it is not always necessary that you have a high credit score, being in a good place financially is.
As we mentioned earlier, what a lender really wants to know is that their borrowers are going to be able to make their scheduled payments. If they see that a potential borrower has a history of debt or other financial problems, it could mean they’re at risk of bankruptcy. That lender most likely won’t give money to someone if there’s a high probability they won’t pay it back. For that reason, if you’re thinking about applying for a loan in Saint John, it’s best that you start getting your finances in order beforehand to give yourself the best chance of getting approved. This means any documentation that a lender would require for the application is up to date and ready for inspection.
Another important step to take is to pay down any other debt you might have. This means credit card bills or any other such payment that you might owe someone else. If you’re still doing well enough financially afterward, you can start researching lenders and the rates they charge for their loans. Remember, a bigger loan like a mortgage can take years to pay off completely, and every month you’ll be charged a certain amount in interest. Taking your income, savings and other general expenses into account, get an idea of how much you can afford in loan payments on a monthly basis. You can then calculate your debt-to-income ratio (your monthly debt amount weighed against your monthly income). If your ratio is more than 30-35%, consider saving up for a while longer or finding a job that pays more before you apply.
Here’s what happens when you can’t make your loan payments on time.
Loans and Your Credit Score
Something that not everyone considers when they’re thinking about applying for a loan is how it will affect their credit score. For example, while not all of them will, some creditors do check your credit, which results in a “hard pull” showing up in your credit history. A hard pull will diminish your score slightly, especially if there are multiple pulls done by multiple lenders, so make sure you know if your lender will do this. Your ability to stick to your payment schedule will also affect your credit score. So, if you’re making your payments in their full amounts and on time, your score will rise. However, if you’re not paying the full amounts, are not making payments on time or missing them completely, your credit score will drop significantly.
Click here to see how your payment history affects your credit score.
All this being said, if you want to apply for a loan in Saint John, but don’t have an amazing credit score, there’s no need to worry. While some lenders will check your credit before deciding to approve you, there are many others out there that will not. As we said above, most lenders really just want to be certain that you’re financially stable, and that they won’t end up with a deficit after lending to you. In other words, as long as they’re confident that you will pay them back, there’s a good chance that they’ll lend you the money you need. Just remember, responsible use of a loan is a good way of building solid credit. So, it’s always important to make sure your chosen lender reports to one of Canada’s main credit bureaus (TransUnion or Equifax).
Trying to understand your credit score and credit rating? Take a look at this.
F.A.Qs
- Do I need to have a great credit score to get approved for a loan? No, as we mentioned, while a high score is certainly helpful, depending on your lender in Saint John, credit scores are not always a deciding factor. As long as you aren’t a bankruptcy risk, you shouldn’t have a problem finding approval. Read this to learn some ways of improving or fixing your credit score.
- If I do take out a loan, will my credit score change? Yes, in various ways. Missed or late payments will result in a reduced score. However, responsible credit usage (on-time payments in their full amounts) will cause your credit score to improve.
- I’m ready! How can I get approved? Before applying, there are a few things you should do to increase your chances of approval, such as:
- Reviewing your credit report and checking your credit score. True, some lenders do not check your credit, but it will work in your favour to show them that you are a responsible credit user in Saint John.
- Before you settle on a lender, do plenty of research to make sure they are legitimate and will treat you fairly.
- If you have any other debt on your plate, such as a high credit card bill, make sure to pay it off first.
- Have your finances in order and your personal documents organized.
- Research online lenders beforehand, they might have fees and policies that will be better for your situation. Comparing lenders in Canada? Check this out.
- What’s better? A credit card or a loan? This depends on your financial situation and what you’re looking to finance. Things that are easily afforded on a monthly basis, such as groceries and other consumer products are usually better paid for with a credit card. For more expensive items like cars or houses, it’s probably more financially sound to get a loan. Having trouble choosing the right credit card? Read this.
- Do I always have to stick to a schedule or can I make my payments early? Once you and your lender have agreed upon a typical payment plan, it’s best to follow it. Most lenders in Saint John, and Canada in general, won’t even allow you to make advanced payments because of their interest charges. For the ones that do allow it, be aware that they will most likely charge a steep penalty.
- Why does my bank keep rejecting my applications? Most financial institutions in Saint John, and Canada in general, have strict guidelines when it comes to their lending process. Unlike some lenders, banks will perform a credit check. So, if you have poor credit or any other reason for them to consider you a financial risk, your application can get rejected.
- Why do some lenders ask for a deposit before they approve me? Beware! Any lender or creditor that asks for a deposit in advance is trying to steal your money. No certified lender will ever ask you for money before your loan process has started. Actually, it is illegal in Canada for a lender to ask this of you, so do not give them any more information. Walk away and report them to the proper authorities. Watch this video to learn how you can spot a loan scam.
- Can I apply for a loan without a credit history? Yes! Even if you’ve never used a credit product (credit cards, etc.), most lenders will still approve you, as long as you’re financially stable enough to afford their loan fees.
- Once I’m approved, how long will it take to get my loan? Larger loans such as mortgages will generally take several business days to arrive. However, depending on your lender and the efficiency with which you filled out your application, you could receive your loan within 24-hours.
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If you’re currently looking for a personal loan that works for you and your financial situation, you’ve come to the right
