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Types Of Loans In Alberta
There are several different types of loans available in Alberta. Depending on what you need the money for one loan will prove more suitable than the other.
Personal Loans In Alberta
With a personal loan, your lender will loan you a lump sum of money that you’re required to repay via installment payments over a specified loan period, with interest. Personal loan amounts range from anywhere between $1,000 to $35,000, with loan terms from 1 to 5 years, though these figures may vary by lender.
Interest rates can range quite a bit, from 4% to 46%, depending on the lender, loan amount, and your creditworthiness.
What Can You Use A Personal Loan For?
The funds from a personal loan can be used for just about any purpose – as long as it’s legitimate – such as home repairs, car repairs, college tuition, big vacations, or debt consolidation.
Payday Loans In Alberta
Unlike a personal loan, a payday loan must be repaid in one lump sum, usually by the time you receive your next paycheque. Payday loans are short-term, high-interest loans for amounts of no more than $1,500.
Repayment terms are typically 2 weeks, though they can be as long as 62 days. Interest rates are among the highest in the industry, with APRs soaring as high as 500% or more.
Note: Since payday loans are so expensive and don’t come with very much time to repay the borrowed funds, they should only be considered as a last resort. If you don’t pay back your payday loan on time, you’ll be stuck with even more interest and fees. To Learn about the payday loan laws in your province, click here.
Car Loans In Alberta
A car loan is a type of financing that is meant to help cover the cost of a vehicle purchase. Your lender will provide you with a lump sum of money that you use to pay for the car, then the loan is repaid through fixed installments with interest over the loan term.
Car loans are secured loans, which means the vehicle collateralizes the loan. Because there’s collateral, the loan is less risky for the lender. That means interest rates are usually lower with car loans compared to unsecured loans.
Mortgages In Alberta
Similar to a car loan, a mortgage is a loan that is secured by the asset you’re buying. In this case, a mortgage is designed to help homebuyers purchase a home. The loan, along with interest, must be repaid through installment payments over the loan term until the entire amount owed is paid back. Mortgages usually have 5-year terms and an amortization period between 10 to 25 years.
If you fail to make payments at some point, the lender has the right to repossess the property.
Student Loans In Alberta
Student loans are used to cover the cost of post-secondary tuition fees and can be obtained from private lenders, the bank or the government.
- Government – If you take out a government-issued student loan, you’ll need to apply directly with your province or territory of residence. The amount you’re given is calculated at the time of application and is based on the cost of your studies, your household income if you have dependents, and if you have a disability.
- Bank – Many banks offer special loans and lines of credit for students. Like the government, they often have flexible payment schedules that allow you to repay the loan after finishing school.
- Private Lenders – Many private lenders will provide installment loans you can use to fund your studies. However, generally speaking, you’ll have to start repaying your student loan after it is issued, though, some lenders may offer a grace period.
Other Loans You Can Get In Alberta
- Debt consolidation loans
- Business loans
- Emergency loans
- Home renovation loans
- Medical loans
- Wedding loans
- Tax debt loans
- Bridge loans
- Vacation loan
- Vehicle repair loans
Can You Get A Loan In Alberta With No Bank Verification?
A ‘no bank verification’ loan is one that does not require an active bank account. Under normal circumstances, lenders in Alberta usually require borrowers to have a bank account for funding and repayment purposes. But such is not the case with a no bank verification loan.
If you don’t have an account, you may still be able to secure a loan. You won’t need to provide the lender with any paperwork to prove you have a bank account, but you’ll still have to provide evidence of a sufficient income and a steady job.
Can You Get A Loan In Alberta With No Refusal?
A ‘no refusal’ loan is a type of loan in which you will not be turned down due to poor credit. As long as your income and employment status checks out, your lender won’t refuse your loan application despite a bad credit score.
Loans with no refusal are short-term loans that promise fast funding. You can get access to borrowed funds within hours following loan application approval.
Can You Get A Loan In Alberta With Instant Approval?
Some lenders promise instant approval after application submission. These loans are typically payday loans, which are short-term loans that offer quick funding with little lending criteria to meet.
However, it’s important to note that no legitimate lender will provide you with a loan without some sort of underwriting process. Generally, instant approvals are pre-approvals, which are estimates of what you may qualify for if the information you provided checks outs.
Documents Required To Apply For A Loan In Alberta
In order for lenders to verify your identity, financial health, and creditworthiness, they’ll usually need to assess the following documents:
- Personal identification. To verify your identity, the lender will want to look at your driver’s license, passport, or any other government-issued photo ID.
- Income and employment. A steady job and reliable income are usually required for a loan. To prove your employment status and income, you can provide your lender with pay stubs, bank statements, tax receipts, an employment letter, and anything else that proves your financial status.
- Additional documents for a car loan. If you’re taking out an auto loan, the lender will also need the Vehicle Identification Number (VIN), the purchase price of the vehicle, and the year, make, and model of the car. They may also want to see proof of insurance.
- Additional documents for a mortgage. If you’re applying for a home loan, the lender will need additional documentation, including the legal description of the property, Purchase Agreement, proof of insurance, and confirmation of the down payment source.
Steps On How To Apply For A Loan In Alberta
To apply for a loan in Alberta, follow these steps.
Step 1. Compare Lenders And Choose One To Apply With
Shop around before picking a lender. Doing so will help you find the best interest rate and loan terms based on your financial and credit health.
To make it easier for you, use an online loan aggregator. Simply input a few pieces of information about yourself and your finances, and the aggregator will automatically populate a list of lenders and the loan options available to you.
Step 2. Fill Out The Application And Provide Documents
Once you’ve chosen a lender to work with after doing some comparison shopping, it’s time to apply for the loan. Complete the lender’s loan application, either online or in-person, and make sure all information provided is accurate.
You’ll also need to submit all documents requested by the lender, which may vary based on the exact loan type you’re applying for. If the lender wants to conduct a credit check, you’ll need to provide consent. This will be considered a “hard” inquiry, which can have a slight impact on your credit score.
Step 3. Wait For The Loan Offer
After a careful review of your loan application and accompanying documents, the lender will notify you about your approval status. If approved, you’ll receive a formal offer for a loan, along with all the details, including the interest rate, repayment schedule, and loan term.
Step 4. Wait For The Funds
Following the offer acceptance, you should receive the funds shortly after. If you applied for a loan with an online lender, you can expect to receive the money much sooner than you would with a conventional lender. Depending on the loan type, you could get access to the funds in as little as a few minutes to as long as a few days.
How To Calculate The Cost Of A Alberta Loan
There are numerous factors that can affect the cost of your loan. Interest rate, loan term, loan amount, payment frequency and fees are all factors that can affect your loan cost.To help you calculate the cost of your loan, consider using a loan calculator.
Estimate Your Monthly Payments
How To Increase Your Chances Of Getting Approved For A Loan In Alberta
While the application process for getting a loan may look like a long and troublesome task, it doesn’t have to be. Actually, there are a number of things you can do to gain a better chance of securing the loan you desire, such as:
- Improve Your Credit – Get a credit check before applying to ensure your credit is in good standing. The more favorable credit score you have, the better.
- Pay Down Your Debts – Make sure that any other outstanding debts you might have, are paid off in full. Make sure to check your debt-to-income ratio on a regular basis.
- Choose The Right Lender – Make sure you choose the right lender to suit your needs. Before applying, do as much research as possible and review all your options. There are many different lenders out there. Before choosing one, be sure to look into all the best-rated organizations and determine which is right for you. Remember, banks are not the only lenders in town.
- Get A Co-Signer – If you haven’t had any luck getting approved yet, it’s a good idea to have a trusted friend or family member co-sign the loan with you
Dealing With Fraud
Just like in every province in Canada, Alberta sees its fair share of fraud cases each year. Fraud is always a terrible crime, one that can take months, if not years to deal with. It can cause financial devastation to anyone and everyone, regardless of who they are or what their income is. Because of this, it is extremely important to be responsible with your personal and financial information. Be wary of anyone suspicious who asks for your information, especially over the phone or on the internet. Scammers and thieves have come up with some creative ways to steal your identity using modern technology, so think before you act.
Additional Reading
Alberta Loan FAQs
Can I get a loan in Alberta with bad credit?
Yes, many lenders in Alberta are specifically designed to help borrowers with bad credit. Rather than basing their approval on your credit score, they take your over financial health into consideration instead. This includes your income level, debt-to-income ratio, employment stability, and other significant factors.
Can I get a no credit check loan in Alberta?
Yes, you can get a no credit check loan in Alberta. In general, you can expect no credit checks when you apply for payday loans, car title loans, guarantor loans, and some personal loans. However, you should be aware that these loans come with a lot of risks due to the high-interest rates charged and collateral added.
Can I get a loan in Alberta with government income sources?
While banks and credit unions would not accept government benefits as a source of income many alternative lenders in Alberta will accept it. Whether you receive your income from Canada Child Benefits (CCB), Canada Pension Plan (CCP), Employment Insurance (EI) or any other income from the government, you can still get a loan in Alberta.
How long will a lender place a lien on your car loan in Alberta?
The lender places a lien on the car title until the loan is fully repaid.
When do I have to start making my student loan payments in Alberta?
Government-issued student loans are repaid over a specific time period via regular payments, but you don’t have to start making payments while you’re still in school. You may also be granted a grace period once you graduate. But after that grace period ends, you’ll need to start making regular payments until the outstanding balance is paid in full. Payments made in the first 6 months following graduation will go directly to the principal portion of the loan. If you manage to pay the loan off during this time period, you won’t pay any interest.
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