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- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
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- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
Types Of Loans In Calgary
There are several types of loans in Calgary, including mortgages, auto loans, personal loans, and student loans, among others. Loans like these fall under one of two umbrellas: secured and unsecured loans.
Secured Loans In Calgary
A secured loan is backed by an asset of value. For instance, mortgages and car loans are considered secured loans because they are collateralized by a house or vehicle, respectively.
The collateral serves as a form of guarantee that you will repay the loan when it’s due. If you default on the loan, you’ll lose your collateral.
By backing the loan with a valuable asset, you’re more incentivized to keep up with loan payments. Plus, the collateral involved reduces the lender’s risk, as they can repossess the asset if you don’t pay your loan back. Because of this reduced risk, lenders are more willing to offer lower interest rates and bigger loans.
Unsecured Loans In Calgary
An unsecured loan does not involve a valuable asset backing the loan. With no collateral involved, you’re not offering a guarantee of loan repayment. This increases the risk for the lender since there’s no valuable asset for them to repossess and sell to recoup their losses.
Because of this added risk, unsecured loans may be more difficult to qualify for. They may also come with higher interest rates and smaller loan amounts compared to secured loans. However, these loans are less risky for you as the borrower as you won’t lose your house, car, or other high-ticket assets if you fail to keep up with your loan payments.
Steps On How To Apply For Loans In Calgary
If you’re ready to apply for a loan in Calgary, follow these steps:
Step 1. Compare Lenders And Choose One To Apply With
If you’re applying for an online loan, searching for a lender is easy. Simply use an online loan aggregator to search for lenders that offer the type of loan you’re looking for.
The offers populated will be based on your financial and credit profile. You can then compare lenders and their loan products side-by-side for a quick comparison to see which one suits you best.
To get the most accurate rate on your loan, you can get pre-qualified, which involves a simple review of your creditworthiness to help lenders determine your ability to qualify for a loan. It won’t affect your credit score.
Step 2. Fill Out An Application And Provide Documents
Once you’ve narrowed down your options and chosen a specific lender, you can apply for a loan with the lender. Complete the lender’s application form in full and gather all required supporting documents as requested. These documents will help the lender verify the information you’ve provided on your loan application.
You may also be asked to agree to a credit check. Your credit can have a significant impact on the terms of your loan, so be sure to check your credit score before applying.
Documents Required For A Loan In Calgary
Depending on the type of loan you apply for the documents required will vary. Generally, payday loans require very little verification while mortgages require an extensive list of documents.
- Personal identification. To verify your identity, your lender may ask to see your driver’s license, passport, or other forms of photo ID.
- Income and employment statements. Your lender will want to make sure that you have the financial means to make your loan payments on time. As such, your lender will want to see proof of income and employment, such as a letter from your employer, pay stubs, and/or bank statements.
Additional Documents For A Car Loan
There are a few extra documents you’ll have to show your lender when applying for an auto loan in addition to the standard loan documents, including the following:
- Vehicle identification number (VIN)
- Amount you paid for the car
- Auto insurance policy
Additional Documents For A Mortgage
Like a car loan, a mortgage requires additional documents, including the following:
- Proof of down payment
- Proof of property insurance
- Purchase agreement
- Details of the property
Step 3. Submit Your Application And Wait For A Loan Offer
Once you’ve completed your application and reviewed it for accuracy, submit it to the lender along with all supporting documentation. The lender will assess your application package to determine whether or not to grant you loan approval. If you are approved, the lender will determine the interest rate to offer you and the maximum loan amount you can get.
If you’re applying with an online lender, the application and approval process shouldn’t take any more than a day or two, unless there is a problem with your application.
Step 4. Accept The Loan Offer And Receive Your Funds
Carefully review all the terms and conditions of the loan contract. If all seems well, you can sign the contract, then receive your funds.
Can You Get Loans In Calgary With No Bank Verification?
Among the many criteria typically required to get approved for a loan in Calgary is a bank account. Loan payments are often automatically withdrawn from a borrower’s bank account, so lenders want to ensure a viable account is set up and capable of handling loan payments. Lenders may also want to verify an applicant’s bank account to assess their liquid assets.
However, you may still be able to qualify for a loan in Calgary even if you don’t have a bank account. A “no bank verification” loan is a unique type of loan that doesn’t require bank account information to be verified by the lender. However, you’ll still have to prove your income when you apply to show the lender that you have the financial means to pay back your loan.
Can You Get Loans In Calgary With No Refusal?
A “no refusal” loan means you won’t be turned down for a loan due to poor credit. These short-term loans are ideal for bad credit borrowers who may be turned down for a conventional loan because of their low credit scores.
There is no credit check required for a no refusal loan, so there’s no need to prove your credit strength to get approved. Instead, your ability to get approved for the loan will be based on your income, assets and debt level.
Can You Get Loans In Calgary With Instant Approval?
If you need money immediately, then an instant approval loan in Calgary may be something to consider. Lenders who offer these loans provide instant approval following loan application. These loans are typically payday loans, which are short-term loans made for smaller loan amounts and tend to come with very high-interest rates.
These loans are meant to help borrowers cover urgent expenses. The application, approval, and funding process is extremely fast, providing borrowers with the funds they need right away.
Many personal lenders offer instant pre-approval on personal loans outside of the payday loan realm and provide same-day final approval. The exact timeline varies by lender.
What’s The Cost Of A Calgary Loan
The cost of a loan in Calgary will depend on a number of factors including the interest rate, term, payment frequency and loan amount. Here’s a simple example of how just your interest rate can affect the cost of your loan:
| APR | Monthly Payment | Total Interest | Total Cost |
| 10% | $87.92 | $54.99 | $1,054.99 |
| 20% | $92.63 | $111.61 | $1,111.61 |
| 30% | $97.49 | $169.85 | $1,169.85 |
| 40% | $102.47 | $229.66 | $1,229.66 |
Tips On Applying For A Loan In Calgary
The loan application process can seem long and complicated, but it doesn’t have to be. If you’re prepared with all the necessary documentation. Applying for a loan, no matter what you need it for, can be quick and stress-free.
Consider Checking Your Credit Score
If you’re applying with a lender who requires an examination of your credit, checking your credit is a good idea. This way, you’ll have a better idea of where your finances are.
Determine How Much Debt You Can Handle
When you take out a loan, you’re putting yourself in debt. So, before you apply, carefully consider how much debt you can afford to handle.
Compare Lenders Before You Settle On One
There are countless lenders in Calgary, some are great and some aren’t. A responsible borrower should always research and compare lenders before they sign on the dotted line.
Beware Of Fraudulent Lenders
While comparing lenders, make sure to look each one up in the Better Business Bureau database to confirm that they’re legitimate. Also, if a lender asks you to pay a deposit before they approve you, it means they are trying to scam you. No real lender or service provider will ever ask you for an upfront deposit.
Bottom Line
Whether you have great credit or poor credit. Whether you’re looking to cover an emergency expense or a large purchase. There are a wide variety of loan options and lenders in Calgary. The most important step you can take when applying for a loan is to choose the right lender and a loan you can afford. While loans can be helpful financial tools, taking on debt your can’t afford is never a good idea. Borrow wisely and make sure your loan works for you.
