Personal Loans Charlottetown

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Loans Canada

Amount

Up to $50,000

Rate

Prime to 46.96%

Term

3-60 months

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Fora

Amount

$1,000 - $10,000

Rate

19.69% - 46.9%

Term

Varies

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Spring Financial

Amount

Up to $35,000

Rate

9.99% - 46.96%

Term

6 - 60 Months

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Fairstone Financial

Amount

Up to $50,000

Rate

19.99% - 39.99%

Term

6 - 120

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Cash Money

Amount

$1,500 – $10,000

Rate

Varies by province

Term

Varies

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Mogo Finance

Amount

Up to $3,500

Rate

9.9% - 47.72%

Term

-

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easyfinancial

Amount

$500 - $100,000

Rate

9.99% - 46.96%

Term

Varies

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LoanMeNow

Amount

$500 - $1000+

Rate

28% to 32%

Term

3 Months

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Nyble

Amount

$150

Rate

No Cost!

Term

-

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Bree

Amount

Up to $250

Rate

No Cost!

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-

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goPeer

Amount

$1,000 - $25,000

Rate

7.5% - 31.5%

Term

36 - 60 months

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Despite how simple it may seem, many consumers in Charlottetown have trouble paying for the things they need with cash. Emergencies happen and with many Canadians not having much in savings, the financial stress of dealing with these emergencies can become overwhelming. However, it shouldn’t be, as personal loans of all shapes and sizes are available to those in Charlottetown and can cover a wide range of financial issues such as unplanned travel, unforeseen expenses, medical emergencies, car troubles, and more. If you’re looking for the right personal loan in Charlottetown Prince Edward Island, we have all the tips and tricks you need. 

What Are Lenders Looking For When They Approve Personal Loans?

While personal loans can be quite simple to get for many people, there are indeed some things that lenders look for when approving personal loans in Charlottetown and beyond. These include things like:

• The lender will want to make sure you have stable employment going forward
• Lenders will want to make sure you make enough or have enough to be able to realistically keep up with the required payments
• Your credit score will have a large impact on the type of loans you can get and how good the terms of those loans will be. However, even if your credit is subpar, there will likely still be some loans out there that you can qualify for.
• Lenders will likely want to see your bank statements to see how much you have, and how much you have coming in and going out each month.

Of course, each individual lender might have other things that they look for, but in general, these are things all lenders will want to know. So if you are thinking about getting a personal loan, you should make sure everything in these areas is taken care of. You want to lead with your best foot forward when negotiating a loan and understanding what lenders are looking for can help you save in the long run.

3 times you should choose a personal loan over a credit card, click here.

Tips for Using Personal Loans In Charlottetown

So now you know what lenders are looking for, there is a good chance you should be able to qualify for a loan. However, before you do that, you need to decide whether you truly need the loan and how large of a loan you require. While a personal loan can be easy to secure, they can follow you around for years and could spell trouble if you can’t afford to pay them off.

Learn how to get the best personal loan for your needs, here.

As a result, it is incredibly important to use personal loans responsibly and really think about your reasoning and budget before applying for one. In general, here are a few tips to help you use personal loans correctly:

• Only get a loan for the amount you need, and no more. It can be easy to secure a larger loan, but that means larger payments which can be harder to keep up with
• Consider more than just the monthly payment of your loan. You need to think about other things like term, interest rate, fees, total cost of the loan, etc.
• Don’t rack up more debt when you already have a personal loan as that may jeopardize your ability to pay back the loan.
• Make your payments on time and potentially even inquire with the lender to see if paying off your loan early is an option.

What is the Credit Score Required for a Personal Loan?

Earlier we mentioned that your credit can influence the types of personal loans in Charlottetown you can get approved for and we thought we’d go a little deeper into that. Whether you have bad credit, average credit, or great credit, finding a loan for you is possible.

But, before looking more at that, it’s important to understand how to tell whether you have good or bad credit. Thankfully, there are defined credit score ranges that can help you see exactly where you fall.

• Excellent (Scores 780+) 
• Very Good (Scores 779-720)
• Good (Scores 719-680)
• Average (Scores 679-620)
• Poor (Scores 619-580)
• Very Poor (Scores 579- 500)
• Terrible (less than 500)

Check out this infographic to learn more about how your credit score is calculated.

So to answer the question, there is no “required” credit score to get a personal loan. Your approval can depend on factors like, how large the loan is, what it’s for, and who your lender is.

Finding a Great Personal Loan In Charlottetown

With so many options out there, it can be difficult to navigate the process and decide which personal loan will work best for your needs. The great news is Loans Canada can help. Don’t hesitate to reach out and contact us or start the application process today!