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Ontario is home to Canada’s national capital, Ottawa, as well the country’s most populated city, Toronto. Roughly 40% of Canada’s population lives in Ontario. Located to the south of the province is Lake Ontario, one of the Great Lakes, five bodies of water which, when combined, makeup 21% of the world’s freshwater supply. Right between the border of Ontario and New York State are the famous Niagara Falls, some of the most impressive waterfalls on the planet. In fact, collectively, Ontario’s abundance of freshwater rivers make it a major spot for hydroelectric power.
The Ontario province is also the origin place of numerous Canadian-born celebrities, such as Drake (Toronto), Alanis Morissette (Ottawa), Deadmau5 (Niagara Falls) and the beloved rock band, The Tragically Hip (Kingston). Unfortunately, it’s cities like Toronto that make the province one of Canada’s most expensive places to live, which is where loans can come in handy.
Taking out a loan in Ontario is a serious financial decision, one that must be carefully considered before you sign on the dotted line. To help you through the process and make your decision a little bit easier, here are our top loan tips.
Work to improve your credit score before you apply for a loan. Depending on the loan product you’re interested in, your potential lender in Ontario may check your credit. Having good credit can increase your chances of getting approved.
Keep an eye on your debt-to-income ratio. Taking on too much debt is never a good idea. Always make sure your debt-to-income ratio is less than 35%. To calculate your ratio, figure out how much your debt is costing you per month, divide that number by your monthly income, then multiply by 100.
Ask a friend or family member to cosign for your loan. If you’ve been declined for the loan you need, consider asking a trusted friend or family member to cosign your application, someone with a better income/financial standing. A good cosigner can help those who are unable to get approved because of financial issues.
If the loan you’re being offered sounds too good to be true, it is. There are countless fraudulent lenders in Ontario looking to scam you out of your money. If you’re being offered a large loan with a very low interest rate, even though you weren’t even expecting to get approved, the deal is probably too good to be true.
How Can You Use Your Loan in Ontario?
Here are several different loan types that may fit your financial situation:
Read this for some information about short term loans in Ontario.
Increasing Your Chances of Getting Approved
While getting approved for a loan in Ontario isn’t always guaranteed, there are lots of things you can do to increase your chances of getting approved.
Choose the right lender for your financial situation. There are many lenders in Ontario that will work with anyone, regardless of their credit or financial standing, and there are many lenders that have stricter lending guidelines. It’s important that you choose the lender that is right for your unique needs.
Make sure your documentation is in order. More often than not, a lender will need you to provide them with certain personal and financial documents. To make sure you don’t hold up the process, ask what they need in advance, then, have all required documents organized and ready for inspection.
Pay down any other debt you might have. Carrying too much debt can be detrimental to anyone’s finances. If you have too many maxed out credit cards or can’t afford to make the payments on any loans you already have, you should consider waiting before you apply for a new loan.
Whether you have good credit or bad credit, whether you’re looking for a small loan or a large loan, it should always be your number one priority to protect your personal and financial information. It’s up to you to take the necessary steps to make sure your private information stays private. Here are a few steps everyone should take to protect their personal information:
Never share your PINs or your passwords
Never give your debit card or credit card to anyone else, even a friend
Remember that no major bank or legitimate financial institution will ask for your personal information over the phone, by mail, or online (unless you initiate the process by contacting their services)
Even those who are careful with their personal information can fall victim to identity thieves and loan scammers in Ontario. These types of criminals will do anything to gain access to your personal and financial information. They certainly don’t discriminate. If you’re currently dealing with loan fraud or personal identity fraud, please contact all of the following institutions:
With hundreds of lenders in Ontario vying for your attention, it may seem a little hard to pick out the one that best meets your needs. While meticulous research is one way of comparing lenders, you can cut out the groundwork and save yourself time by using a loan comparison website like Loans Canada, to do the research for you. You’ll be able to compare rates, terms, funding time, repayment options, reviews and more. With information at your fingertips, you’ll be able to see which lender is best for you.
Can I still qualify for a loan in Ontario with bad credit?
While it is unlikely you’ll qualify for a loan with a bank or credit union when you have bad credit, there are many alternative lenders who provide bad credit loans in Ontario. These lenders’ requirements are based on factors that involve your overall financial health such as your income, employment stability, debt-to-income ratio and more. As such, you can still qualify for a loan in Ontario with bad credit.
Can I get a loan in Ontario if I just lost my job?
Yes, fortunately, there are many alternative lenders in Ontario who will still provide borrowers with loans despite being unemployed. However, you will need to have some sort of income coming in such as Canada Child Benefit (CCB), Canada Pension Plan (CCP), Employment Insurance (EI) or any other non-traditional source of income.
Loan Canada Is By Your Side!
If you’re an Ontario resident in need of a solid loan, then you’ve come to the right place! Loans Canada is always here to lend a helping hand!