- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
If you live in Newfoundland & Labrador and are in need of extra cash, a personal loan can be a great option. While there are other credit products you can access, personal loans have the potential to be a lot more versatile, being that they come in the form of cash deposited directly into your bank account.
A personal loan is liquid cash, so you can use it to cover almost any expense. However, it is recommended that you only use a personal loan for important expenses and make all your scheduled payments as you agreed.
Personal loans come in all different amounts. Some traditional lenders in Newfoundland & Labrador, such as a bank allow you to borrow a minimum of $3,000. Many subprime lenders (privately owned, alternative, etc.), allow a minimum of $1,000.
Generally speaking, most lenders in Newfoundland & Labrador won’t deal out personal loans of more than $50,000.
While every lender’s approach in Newfoundland & Labrador is going to vary slightly, their judgement is mainly based on a client’s financial capability. In other words, the likelihood that you’ll pay them back as scheduled. So, when you apply, lenders will generally assess the following:
In Newfoundland & Labrador, lenders inspect your employment and income to confirm that you’ll have enough money to pay them back by the time your loan term ends. However, why would they inspect your credit? While some lenders don’t include a credit inquiry during their application procedure, many do. If your lender in Newfoundland & Labrador does check your credit, it’s to assess the likelihood of you making your payments on time.
Credit scores are three-digit numbers ranging from 300 to 900 that showcase your likelihood of repaying debt on time. In general, the higher your score, the more likely you’ll be approved for a loan, that too with lower interest rates.
Credit scores of 650 or more | Shows that you’ve been good at paying off your credit card bills and other such debts. With these credit scores, you’re more likely to be approved and receive a low-interest rate. |
Credit Scores lower than 650 | Shows that you might not be so responsible with your payments. This means you’re less likely to be approved and may be given a higher interest rate. |
Every credit product you use can impact credit if reported to the credit bureaus. When it comes to personal loans, your credit may be affected in the following ways:
When comparing the cost of a personal loan in Newfoundland and Labrador, there are three main factors you must consider:
2 Year Loan | 5 Year Loan | |
Loan Amount | $15,000 | $15,000 |
Interest Rate | 24.99% | 24.99% |
Term Lenght | 24 months | 60 months |
Monthly Payment | $800.50 | $440.18 |
Total Cost | $19,211.94 | $26,410.91 |
Total Interest Paid | $4,211.94 | $11,410.91 |
Depending on the cost of the purchase and your personal financial circumstances, one option can be better than the other.
Your credit cards are another tool that can be very useful for you and your credit health. They may work better in these kinds of situations in Newfoundland & Labrador:
While credit cards can be beneficial, it’s best not to overuse them. Since charging every expense to your credit card is so easy and convenient, you may not realize how much you’re spending until you receive your monthly statement. A personal loan might be a better choice in these situations:
If you’re looking for a personal loan in Newfoundland and Labrador, you could get one through a bank, credit union or alternative lender. Alternative lenders are particularly a good option for those with bad credit. Before applying with a lender be sure to get a loan quote and compare your options to get the lowest rate possible.
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