Personal Loans Alberta
Save time and money with Loans Canada
Written by Bryan Daly
Best Personal Loans Alberta 2020
Are you a resident of Alberta looking for a way to cover the cost of an expensive financial situation? Have you exhausted all your other financial options, short of emptying your savings account? Have no fear, Loans Canada is here! We’re ready to link you up with the best source of personal loans for all your personal needs. Living anywhere in Alberta can be costly, so a solid personal loan might be what you need.
What is Alberta’s Debt Clock? Find out here.
The Ways You Can Use a Personal Loan in Alberta
A personal loan is an amount of money that you can borrow from and payback to a lender in easy to manage installments, making it more affordable than many other payment options. In fact, you can use a personal loan to deal with any cost that comes your way in Alberta, including:
- Tuition and other educational fees
- Holidays and travelling
- Repairs, renovations on your car, house or other property
- Personal, medical, and financial emergencies
- Large purchases that require more financial attention than your regular income can support
What Loans Canada Recommends…
Here at Loans Canada, we believe you should use your personal loan the way you want. As long as you’re being responsible and making all your payments on schedule, the possibilities are endless.
Trying to get a personal loan in 2018? Look at this.
How You Can Collect Your Money in Alberta
The answer may vary according to the way your lender operates. However, the most common way to collect your personal loan is through direct bank deposit.
Before Applying, You Should Make Sure To…
- Check the health your credit report and credit score
- Have a steady job and income
- Collect and update your personal/financial information for your lender’s examination
- Choose a lender in Alberta that is a legitimate business and who reports to one or both of Canada’s two main credit bureaus (TransUnion & Equifax)
If you’re earning a low income, but still want a personal loan, read this.
Your Credit Score May Be Important
Your 3-digit credit score may be an important part of your lender’s application process in Alberta. It’s a way to showcase your creditworthiness, as well as your ability to pay back your loan on time and in full. While most lenders’ requirements vary, it’s best to keep your score at 650 or above to increase your chances of approval in Alberta.
Click here to find out why you should be monitoring your credit score.
The Amount of Loan Money You Can Be Approved For in Alberta
This will depend on several factors, such as:
- How good or bad your credit is currently
- What your gross yearly/monthly income and employment history looks like
- How well your income can support your potential loan payments
- The requirements designated by your chosen lender in Alberta
Elements Your Lender in Alberta Might Inspect
In Alberta, every lender’s requirements are going to be somewhat different, generally speaking, they often like to see:
- A healthy looking credit report, score, rating, and history
- A solid source of employment, along with a good wage/salary
- That you’re not applying for a loan you can’t afford in the near future
- Possible loan security (assets/collateral, a co-signer, etc.)
- Bank statements from the past few months
Check out this infographic to learn about the trust cost of borrowing.
Why Not Use My Credit Cards?
True, your credit cards can be a good tool for making purchases and building credit. Then again, they may not be best for all financial situations in Alberta because:
- They often come with very high-interest fees
- They can make it way too easy to take on a pile of revolving debt
- It can be easy for identity thieves to steal your credit card/number
- Making your payments short, late, or not at all can lead to even more debt through heightened interest rates and penalties
Read this to discover some ways of consolidating your credit card debt.
Where Personal Loans Outmatch Credit Cards
While both products can be used as credit building devices, there are a few ways in which a personal loan in Alberta will be more beneficial than using your credit cards:
- The interest rate will usually be lower than your credit card’s
- You can often receive larger amounts of quick cash than your card’s limit will offer
- Generally, you’ll be able to negotiate an affordable payment plan
- It won’t be as easy for someone to steal your identity or spend your money without your knowledge
Building Your Credit, One Payment at a Time
To build and improve your credit with a personal loan, you simply have to:
- Make sure your lender in Alberta is reporting your activity to Equifax and/or TransUnion
- Only apply for a loan that your income can justify (always factor in any potential interest and penalties)
- Only take on essential debt that you’re able to afford
- Always pay your installments on time and in full, then watch your credit grow
Applying is Quick and Easy
If you’re looking to apply for a personal loan in Alberta to finance something important to you, let Loans Canada be your guide. All you have left to do is apply today.