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First established in 1882, Saskatoon is the largest city in Saskatchewan, with a population of over 246,000 residents. Because of its numerous bridges and river crossings, eight in total, the city is often referred to as “The Paris of the Prairies” or “Bridge City.” Some of the main sources of industry in Saskatoon are gas and oil production, livestock breeding and sale, agriculture, and potash, a form of salt that contains potassium, which is mined and then manufactured.
Like much of the province, Saskatoon is mostly covered in flat plains, and usually has a cool, dry climate. Members of the Royal Family have been making guest appearances at various events in the city since 1919, the most recent being from Queen Elizabeth II, who appeared before a live audience in 2005 during a gala concert at Credit Union Centre. During her visit to the University of Saskatchewan, The Queen was presented with the key to the city.
Take a look at this to know more about loans in Saskatchewan.
Saskatoon Loan Myths
Saskatoon, like every major city in Canada, has a number of lenders dedicated to various credit products. However, if you’re thinking about applying for a loan in Saskatoon Saskatchewan, it’s likely that you’ll come across a few misconceptions about the process, such as:
- Banks and other traditional financial institutions are the only places you can get a loan. While banks are a popular source of lending, there are many other organizations in Saskatoon where you can apply for a loan.
- Your house is the only thing you can use as collateral when securing a loan. Actually, you can use any piece of property that’s worth a large amount of money as collateral for your secured loan. True, for mortgages, the houses themselves are the most common assets. However, other viable assets include your car, your business, or a piece of land that’s in your name.
- Applying for a bunch of loans at once is the best way to get a loan. Be very careful when applying for multiple loans. While it is possible to apply for more than one loan at a time, every credit check done by your lender will add a “hard inquiry” notice to your credit report. A hard inquiry will have an impact on your credit score for 6-12 months and cause your credit score to drop.
- Every loan is a negative type of debt. Not true. While you will be in debt for the duration of your loan payments, being a responsible debt payer will have a positive effect on your credit score. In addition, you will likely be financing something that you need, like a house or a car.
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Preparing to Apply for Loans in Saskatoon Saskatchewan
There are a number of things you should do to prepare yourself for the loan application process, which can take time and effort to complete properly. Many people consider the application procedure a complicated one. However, that’s often because they’re disorganized when it comes to their finances. That’s why it’s very important to have all your relevant information in order and updated before applying, which will increase your chances of approval in Saskatoon.
Things, like checking your credit and reviewing your finances beforehand, will give you a better idea of how much of a loan you can realistically afford. After all, a large loan like a mortgage can take many years and hundreds of thousands of dollars to pay off completely. Remember, the interest fees are another big expense that comes with a loan, one that many people fail to take into account before they apply. While the payments themselves might be reasonable enough, the interest fees can be high, especially if any payments are missed or are not paid in full.
Want to know if you can beat your lender’s interest rate? Find out here.
Another good step to take, after you’ve done some research and found a legitimate lender, is to calculate your debt-to-income ratio. This is done by getting an estimate of how much you’ll be paying each month in both loan payments and interest fees, then dividing that amount by your regular monthly income. If your ratio ends up being more than 30-35%, it might be dangerous to take on more debt. Consider saving up for a while longer or seeking out a job that pays more before applying for that loan.
Loans and Your Credit Score
Another thing that a lot of borrowers don’t always take into account is how their loan will impact their credit score. For example, a responsible payment history, meaning that you’ve been making your payments as they are scheduled, will cause your score to rise. On the contrary, if you’ve been making your payments late, are coming up short, or are skipping them entirely, your score is going to drop badly. As a result, your credit and finances will suffer.
Here’s how you can rebuild your credit after a late payment.
Nevertheless, if you don’t have a high credit score, but still want to apply for a loan in Saskatoon Saskatchewan, there’s no need to worry. Yes, a favourable score is always a good thing to have but isn’t always necessary. Actually, many lenders won’t even take your credit score into consideration before reviewing your case. Mostly, they’ll be looking at your finances. If you’ve had a history of debt problems, have ever gone bankrupt or are at risk of it happening, your chances of getting a loan are going to be a lot slimmer. So, if you have a lower score, but are in solid financial health, many lenders will consider you a risk worth taking on.
Just remember that a loan that’s paid off responsibly is a valuable tool that you can use to improve your credit and financial status. That’s why it’s also very important to choose a lender that will officially report your progress to one of Canada’s major credit bureaus, TransUnion and Equifax.
Everything you need to know about your Canadian credit score range. Click here. Apply For a Loan in Saskatoon Saskatchewan
- Are there measures I can take to help me secure a loan? Of course. There are several measures you can take that will not only improve your chances of getting a loan but help your finances in general:
- Review your credit report and credit score. This is something you should do at least once a year, even if you aren’t applying for a loan. Doing this will help you decide if you’re financially stable enough to take on the debt.
- Do lots of research. There are many fake lenders out there that are committed to stealing your money, so research is imperative.
- Look into what some online lenders provide. You never know, an online lender might suit your needs better than a bank or other organization.
- Organize your financial documents properly. The application procedure will progress easier if you’re organized and ready for your lender’s review.
- Pay down any other debts you have! We can’t stress this enough. If you already owe debts to other companies, such as credit card companies, you should pay those bills first, then see if you can still afford the loan payments.
- My credit score is not high. Does that mean I won’t be approved for a loan in Saskatoon Saskatchewan? Not to worry. While some lenders, like banks, will use your score as a deciding factor before lending to you, many alternative lenders won’t. If you can prove you can afford your scheduled payments, a low credit score will not be a problem.
- Will my credit score be affected by my loan? Yes. As we mentioned earlier, your credit score will fluctuate during your loan payments. Defaulted payments will decrease your score, while full and punctual payments will increase it.
- Is a credit card or a loan a better method of payment? This choice depends on the size of the expense. Less costly things such as consumer goods can be financed with a basic credit card and a paycheck. However, some larger expenses, like mortgages and car payments, can be very harmful to your finances unless you take out a loan.
- Will a lender let me borrow if I have no credit history to show? A credit history is just a way to record the credit products you’ve used in the past (credit cards, etc.). Even though a good credit history is beneficial, you don’t necessarily need one to receive approval.
- Why did my bank refuse my last application? A bank might refuse your application because they have strict guidelines to adhere to. Taking on a client with a low credit score or debt problems could cause them to lose money.
- Some lenders ask for an advanced deposit. Why? Beware! This is a warning sign that this “lender” is actually trying to steal your money. No legitimate lender will ever ask for an advanced payment because it is illegal. If they do ask for one, do not give them any more information. Walk away and call the proper authorities.
- How long will it be before I receive my loan? Somewhere between 24-hours to a few business days, assuming you’ve filled out your application properly and provided the lender with all required documentation.
- Can I make loan payments ahead of their scheduled times? Not always. Most lenders will request that you to stick to your designated payment schedule because they will be losing profit otherwise. If they do allow early payments, they may charge a penalty fee to compensate for their loss.
Click here to find out how your payment history affects your credit score.
The Loan You Need In Saskatoon Saskatchewan
If you’re looking to apply for any type of loan in Saskatoon Saskatchewan, Loans Canada has your back. Our loan search platform and online application make it easy to apply for whatever type of financing you need and you don’t even need to leave the comfort of your own home.
