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📅 Last Updated: October 4, 2021 ✏️ Written By Caitlin Wood, BA
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Like any major city in Canada, Saint John has an abundance of credit product users. One popular credit product is a personal loan. Not sure what a personal loan is or how it can be of benefit to you? If that’s the case, we have some advice for you.
Don’t apply for a loan unless you read this first.
Personal Loans vs. Credit Cards
A credit card qualifies as revolving credit, meaning you can borrow from a set credit limit, in whatever amounts you wish, then repay what you’ve withdrawn on a monthly basis. A personal loan, on the other hand, is a set amount of loan money deposited directly into your bank account, which you’ll repay in divided installments over several years. Your payment period is to be negotiated with your chosen lender in Saint John and will vary depending on how much you request and what you can afford, given your income.
While both products are beneficial in many ways, there are also scenarios where one might outweigh the other. For example:
Credit Cards Are a More Favorable Option In Saint John When:
- You’re just starting to build credit
- You have small or moderately priced expenses
- You have recurring costs
- You’d like to earn benefits
- You prefer the fallback option of a minimum payment
Personal Loans Are a More Favorable Option In Saint John When:
- You’re already a seasoned borrower in Saint John with a healthy credit history
- You have a larger one-time or ongoing expenses
- You need to consolidate your other debt
- You’d rather pay a more affordable interest rate
- You’re trying to avoid the minimum payment trap
- You want to know exactly what your loan will cost you each month
Want to know what the true cost of borrowing is? Click here.
How Can I Apply For and Receive My Personal Loan in Saint John?
Every lender in Saint John has a different loan approval process. For instance, some perform credit checks, while others won’t. That said, all lenders need to be sure that you’re financially strong enough to afford your loan payments. This is one reason why it’s best to only apply when you’re certain you won’t default. The other reason is that everytime you apply for new credit, your credit score will drop and a hard inquiry will be placed on your credit report. If you’re denied multiple times in a row your credit score will be damaged and you’ll look like a borrower that no one wants to lend to in all of Saint John and the rest of Canada.
So, before you apply to a lender in Saint John, it’s better to be organized. Try doing some of these tasks:
- Check your credit report
- Review your report for errors and dispute them
- Update any personal or financial documents your lender would request
- Have proof of stable employment and income
- Look into providing security
- Ask a trusted friend or family member to co-sign your loan
The size of personal loan you get in Saint John will depend largely on the strength of all these elements, as well as your lender’s borrowing policies. If approved, however, your funds will be deposited directly into your bank account within a few business days.
Applying with a bad credit lender? Look at this before you do.
Why Does My Canadian Credit Score Matter?
In Canada, your credit score ranges of 300-900 and is a representation of your creditworthiness. While many lenders in Saint John and the rest of Canada don’t check credit (read about them here), there are plenty that will. In that case, your credit score may tell them about how efficiently and diligently you’ll make your future loan payments.
- Good Credit (680 or higher) means you’re more creditworthy
- Bad Credit (620 or lower) means you’re less creditworthy
Generally speaking, however, a score of 650 or higher is acceptable and will give you decent odds of approval, as well as a more affordable interest rate. Nevertheless, It’s always better to improve your credit score as much as possible before you apply for those same reasons. The higher your score, the higher your approval chances and the lower your interest rate will be for it.
Take a look at this infographic for everything you need to know about how your credit score is calculated.
Will a Personal Loan Help My Credit?
Since a personal loan qualifies as a credit product, it should show up on your credit report and your credit score should fluctuate as you make payments. To make sure it improves, however, take the right measures, including but not limited to:
- Compare lenders in Saint John to find one that has a good reputation
- Make sure they report your payments to one of Canada’s credit bureaus
- Request a loan amount that does not exceed your income or ruin your budget
- Ask them how much each loan payment will cost, including interest and fees
- Make your payments responsibly (on time and in full)
If you continue this responsible behaviour, you should see your credit improve gradually. Once your loan is paid in full, your new higher credit score should increase your approval odds while effectively decreasing your interest rate for future credit products.
Unable to make your loan payments on time? Take a look at this.
The Best Ways to Use a Personal Loan in Saint John
In the end, what you choose to do with your personal loan in Saint John is up to you and depends on your financial needs. However, we recommend you use it for:
- Debt consolidation purposes
- Travel expenses
- Elective surgeries or necessary medications
- Expensive home and vehicle maintenance
- Credit building
- Unexpected financial emergencies
Personal Loans That Work For You
If you’re living in Saint John or anywhere else in New Brunswick, rest assured that Loans Canada can get you set up with a personal loan that works for you. Apply today to be connected with the best personal loan sources in Saint John.
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