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Personal Loans British Columbia 2019

Compare the best lenders in this region:
ProviderRating
Climb -
4 / 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
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 5 / 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
Evolocity 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
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
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

British Columbia has quickly become one of the most desirable places to live in Canada. Unfortunately, living anywhere on the West Coast can be expensive. Therefore, it’s important for present and future residents of British Columbia to have the right kind of financing in order to comfortably get by. That’s where a personal loan can become very valuable to British Columbia borrowers. Sure, your income should support your way of life today. Then again, you never know what kind of expenses could arrive at your doorstep tomorrow.

Trying to get the best personal loan for all your needs in 2018? Read this.

Credit Cards Vs. Personal Loans

You might be reading this and wondering if you couldn’t simply use your credit card to handle whatever financial situations might come up in your life in British Columbia. While using your credit card certainly comes with benefits, personal loans have their own. Let’s explore some of the differences between these two valuable credit products.

Benefits of Credit Cards

  • They help you build and improve your credit through monthly payments
  • They allow you to finance a variety of expenses without immediately draining your bank account
  • Many credit cards come with reward points, travel insurance, discounts, etc.

The Downside of Credit Cards

  • They can make it too easy for you to overspend
  • If not handled responsibly, they can cause a cycle of bad debt through high-interest rates and late penalties
  • They open up the possibility of theft and identity fraud

Click here to find out what happens when you stop paying your credit card bill.

Benefits of Personal Loans

  • They offer you the potential for fast, large sums of cash
  • Depending on the size of the loan and the health if your credit, they can be relatively easy to be approved for
  • Payments are generally made through negotiable installments
  • The money you receive can be used for any expenses that come up

The Downside to Personal Loans

  • Not paying your bills is bad for your credit and finances
  • Penalty fees may apply when bills go unpaid
  • If you have bad credit, approval might not be easy and interest rates can be high

Personal Loans Application Check List

What Can I Use Your Personal For in British Columbia? 

As long as you pay your bills on time, you can use a personal loan for almost any expense in British Columbia, including but certainly not limited to:

  • Emergency costs
  • Expensive purchases
  • Household repairs and renovations
  • Car purchase, repairs, and other related costs
  • Elective surgery and other medical bills
  • Travel and vacations

How Will I Receive My Personal Loan Money in British Columbia?

While this depends on your lender’s regulations, your loan funds will likely be deposited directly into your bank account.

What Do Lenders in British Columbia Look For When I Apply?

Lenders in British Columbia generally want to see a few elements before they lend to you, including but not limited to:

  • A stable source of income/employment
  • The ability to afford your payments
  • A reasonable credit score (not all lenders check credit)
  • Recent bank statements
  • Secure assets for collateral (not always necessary, but helpful, especially for those with bad credit)

How Large of a Personal Loan Can I Get in British Columbia?

Normally, this depends on:

  • Your lender’s specifications
  • The health of your credit score
  • Your likelihood of repayment
  • The value of the assets you’re offering (if any)

Check out this infographic to learn everything you need to know about your credit score. 

Can a Personal Loan Improve My Credit?

Yes! A personal loan can be a great tool to help you improve your credit, as long as you:

  • Take on a loan that you can actually afford to pay
  • Work with a lender in British Columbia who officially reports to at least one of Canada’s credit bureaus (Equifax or TransUnion)
  • Follow your payment schedule properly, always paying in full, punctual installments
  • Don’t build up any unnecessary debt that would affect your ability to afford your loan payments

Want to learn some methods of improving or fixing your credit score? Try this.

How Can I Apply for a Personal Loan in British Columbia?

  • Prepare your credit and finances for inspection
  • Gather all your relevant documentation and make sure your personal information is up to date
  • Raise your credit score as much as possible
  • Request a free annual copy of your credit report from Equifax and TransUnion
  • Dispute any errors you find within your credit report

What Credit Score Do I Need to Be Approved in British Columbia?

While this also depends on your lender’s specifications, generally a credit score of 650 or above will give you the best chances of getting approved for a personal loan in British Columbia. If your score is below that point, you may still be approved. However, it’s important to know that your interest rate might be higher the lower your credit score is.

Having trouble understanding your credit score and credit rating? Check this out.  

Recommended Uses for a Personal Loan in British Columbia 

  • Small, medium, and large expenses that your current income might not cover immediately
  • Financial emergencies
  • Expenses that you don’t want to use your credit or debit card for
  • To tackle the debt caused by your credit cards, utility, and internet bills, etc.
  • To help improve your credit score

Don’t Wait, Apply Today

Loans Canada is ready and willing to pair you up with the best lenders in British Columbia. The time to apply is now! Simply click the link below and you’ll be that much closer to the personal loans you need.

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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