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Personal Loans Calgary 2020

Compare the best lenders in this region:
ProviderRating
North’n Loans -
MDG -
Loans Express -
Loan or Credit -
Flexiti Financial -
FinanceIT -
Diamond Financial Services -
Climb 5 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Credit 700 2 / 5
Credit2Go 3 / 5
Ledn 5 / 5
ATB Financial 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fast Access Finance 5 / 5
Fairstone 3 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
easyfinancial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
Onesta -
Lionhart Capital -
Lift Capital -
Leaseline -
Lease Direct -
John Deere -
Hitachi Capital Canada -
Guardian Leasing -
4 / 5
Essex Lease Financial Corporation -
Equilease -
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
ATB Financial 5 / 5
Meridian Credit Union 3 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
National Powersports Financing -
LMG Finance -
Loans2Go -
iA Auto Finance -
Gamache Group -
Daimler Truck Financial -
DealerPlan Financial -
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Calmont Leasing -
Car Loans Canada 5 / 5
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Instant Loans Canada -
Fast Access Finance 5 / 5
BHM Financial 5 / 5
ProviderRating
Mortgage Architects -
Keystone Finance Solutions -
IntelliMortgage -
Invis -
Equitable Bank -
Dominion Lending Center -
Fisgard Asset Management -
First National -
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5
ProviderRating
BDO 5 / 5
MNP 5 / 5
Full Circle Debt Solutions Inc 5 / 5
Consolidated Credit 5 / 5
4Pillars 5 / 5

Most adults living in Calgary will need to, at one point in their lives, apply for a loan. There are mortgages to buy houses, auto loans to buy cars and, of course, personal loans for all sorts of other expenses. Personal loans, one of the most versatile types of loans, come in the form of a one time deposit from your lender. 

Here are just a few expenses you can pay for with the help of the right personal loan:

  • Vacations and travel-related expenses.
  • Repairs/general maintenance on your home or vehicle
  • Renovations/additions to your house or other real estate property.
  • Repeating costs (groceries, utilities, insurance, taxes, etc.)
  • Expensive purchases (furniture, appliances, etc.)
  • Medications, elective surgeries, and other medical issues that aren’t covered by your health insurance.

If you’re a Calgary resident and are interested in more information about applying for a personal loan in the province, we have all the information you need.

Applying for a Personal Loan in Calgary

Some people find the personal loan application process to be a bit tricky, but it doesn’t have to be that way for you. When you’re about to apply for a personal loan, the key is to be prepared for the process using some of these simple steps:

1. Compare Lenders in Calgary

Unfortunately, there are many predatory lenders across the province and country that will try to take advantage of you by charging ridiculously high-interest rates and fees. There are also many scam artists posing as lenders to steal your financial information. So, it’s essential that you research multiple lenders and make sure they are legitimate and gave a good reputation.

Need some debt relief from predatory loans? Look for it here.  

2. Organize Your Finances

Before applying for a personal loan in Calgary, ask your lender what factors of an applicant’s financial profile they typically examine during the application process. This will often include your bank/income statements, personal information, debt history, etc. Have these elements updated and ready to go to make the process smoother. Show your lender that you’re dedicated and ready for the responsibility of a personal loan.

Here’s what your bad credit lender will look at when assessing your loan eligibility.  

3. Request Your Credit Report

As a Canadian credit user, you are entitled to one free annual copy of your credit report (you can always request another copy for a small price). Since your lender may also check your credit, it’s best to go through your report and check it for errors that might be harming your credit score.

4. Evaluate Your Assets

Living in a large city like Calgary, you likely own a vehicle. Offering it (or another valuable asset) up as collateral, is a huge help when you have bad credit, want a lower interest rate or a larger loan amount. While your lender will perform their own evaluation of your assets, getting a professional to appraise them beforehand is a good way to ensure that you’re getting a good deal. However, your lender will hold the rights to your asset until your loan is fully paid off, meaning it could be repossessed if you default on too many payments.

Has your car been repossessed? Click here to learn how you can get another car loan.   

5. Find a Cosigner

Another optional but helpful thing to do before you apply is to find a trustworthy and financially strong borrower to co-sign your loan application. This is another way to receive a lower rate and a higher loan amount when bad credit or an unfavorable income prevents you from approval. Be sure to inform them about the risks of being a cosigner, namely that the responsibility of the loan will fall to them if you can’t afford your payments. This can damage their credit/finances if they also default.

Canadian Credit ScoreCheck out this infographic to learn more about how your credit score is calculated. 

The Minimum Credit Score Required For a Personal Loan in Calgary

While some lenders in Calgary don’t perform credit checks during the approval process, this may not be the case for your personal loan. Depending on the size of your loan and your lender’s standards, your credit score (ranging from 300-900), may need to be 650 or above to receive the best chances of approval and the lowest interest rates available.

Don’t understand your credit score or credit rating? Take a look at this.  

If your score is lower than that, don’t give up, approval is still possible. However, your interest rate may be higher due to the fact that a low score may signify to your lender that you are a risky borrower. That higher rate could cause you severe debt in the long run, so consider improving your credit score before you apply.

When a Personal Loan Helps Your Credit Score

Speaking of credit score improvement, did you know that you can use your personal loan for that purpose? That’s right, your credit will be affected positively if you take the proper precautions, such as:

  • Choose a lender in Calgary that will report your progress to Equifax or TransUnion
  • Pay your other outstanding debts before applying
  • After your debts are paid, reevaluate your income and savings
  • Calculate your potential interest rate and payments
  • Make all your loan payments on schedule
  • Avoid non-essential debts until your personal loan is completely paid

Looking for some debt management tips? Check this out.

Getting Approved For a Personal Loan in Calgary

As we said, your personal loan approval chances and interest rate will depend on various elements, like your lender’s policies and your credit score. If you’re requesting a relatively large amount (some personal loans in Calgary can be up to $100,000) your lender might examine your:

  • Gross monthly/yearly income
  • Recent bank statements
  • Employment record, including your previous and current jobs
  • Credit rating, payment history, and credit report as a whole
  • Overall ability to afford your personal loan costs
  • Offering of security/collateral (if necessary)
  • Co-signer’s financial strength (if necessary)

If you’re approved, you’ll likely receive your personal loan funds through direct bank deposit. You can then negotiate a payment plan that works for your finances.

Personal Loans Application Check List

When a Personal Loan Beats a Credit Card

Just like any major city, Calgary can be an expensive place to live which means you likely have a wide variety of expenses to cover throughout the year. So, if your expenses are closer to the $1,000-$5,000 range, you might be wondering if a credit card is a better payment method. After all, your credit limit may be high enough.

Credit cards are usually more efficient when:

  • You’re buying unnecessary items, such as consumer goods
  • You’d like to easily build credit through timely, full payments
  • You take advantage of certain benefits (free plane ticket cancellation, points, etc.)
  • You’d like the option of making minimum monthly payments (try not to make this a habit, as you could get stuck in the minimum payment trap).
  • Your monthly income is large enough to cover your monthly bills and still have some money remaining for your savings

Look here to see what happens when you stop paying your credit card bill.

Personal loans, on the other hand, maybe more beneficial in Calgary when:

  • You have much larger expenses to cover
  • You’d prefer to know exactly how much your loan payments will cost
  • You want less risk of theft, fraud, overspending, etc.
  • You’re more comfortable with a set loan amount and payment date, rather than a revolving credit limit
  • You want to avoid higher interest rates and credit card debt
  • You want the option of offering collateral in exchange for even lower rates.

Trying to increase your credit score without increasing your credit card debt? Click here.

Apply With Loans Canada Today!

If you’re a Calgary credit user and you’re looking for the best personal loan in town, Loans Canada can help. When you apply with us, you’ll be quickly introduced to the right lender for your personal and financial needs.

FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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Posted by
Bryan completed the Cinema, Video, and Communications program in Dawson College and holds a Bachelor’s Degree in English Literature & Creative Writing from Concordia University. Bryan covers a wide range of topics for Loans Canada, including credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our plan...

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Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.