Compare The Best Providers For Personal Loans Alberta November 2021

Written By Bryan Daly
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Loans Canada

Amount
Up to $50,000
Rate
2.00% to 46.96%
Term
3-60 months

Consumer Capital Canada

Amount
$500 - $12,500
Rate
19.99% to 34.99%
Term
No minimum term

Fairstone Financial

Amount
Up to $50,000
Rate
19.99% - 39.99%
Term
6 - 120 Months

LendDirect

Amount
Up to $15,000
Rate
19.99% - 46.93%
Term
No minimum term

Lendful

Amount
$5,000 - $35,000
Rate
Starting at 9.99%
Term
6 - 60 Months

LendingMate

Amount
$2,000 – $10,000
Rate
43%
Term
12 to 60 Months

Loan Away

Amount
Up to $5,000
Rate
19.9% to 45.9%
Term
6 - 36 Months

LoanMeNow

Amount
$500 - $1000+
Rate
28 to 32%
Term
3 Months

Mogo Finance

Amount
$300 – $35,000
Rate
5.9% to 47.72%
Term
3 - 60 Months

Spring Financial

Amount
Up to $15,000
Rate
14.99% to 46.96%
Term
6 - 12 Months

According to the Government of Alberta, the cost of living in Alberta is one of the lowest in Canada, with the basic cost of living ranging around $15,060 to $18,060. However, this number can vary exponentially depending on your type of accommodation, your living style and spending habits. While some in Alberta can comfortably afford living there, others may require additional cash to cover the cost of an expensive financial situation. If you’ve exhausted all your other financial options, short of emptying your savings account, a personal loan can help. 

Personal Loans In Alberta

Finding a personal loan in Alberta can be difficult when you have bad credit. Lenders in Alberta often use credit scores to determine creditworthiness and if your credit score isn’t up to par, you’ll likely be rejected. Banks in Alberta particularly require good to excellent credit scores, but many online lenders in Alberta are willing to lend to those with subprime credit. If you struggle with bad credit, you can get a personal loan with one of these bad credit personal loan lenders in Alberta. Moreover, many of these online lenders offer affordable rates, simple applications and fast funding. 

Ways To Use A Personal Loan

A personal loan is an amount of money that you can borrow from and pay back to a lender in easy-to-manage installments, making it more affordable than many other payment options. In fact, you can use a personal loan to deal with any cost that comes your way in Alberta, including:

  • Tuition and other educational fees – Education costs in Alberta can be quite expensive. Costs can easily range from $10,000 to $45,000 for two semesters depending on the university you go to in Alberta. 
  • Holidays and travelling – Whether you plan on travelling outside of Alberta or within Alberta, a personal loan can help make that a reality. A personal loan can cover the cost of Airfare, hotels, or the whole vacation package. 
  • Cover car repairs – Insurance in Alberta can cost a pretty penny for a car. Rates easily reach a thousand for a year of coverage. Unfortunately, depending on your car insurance plan, you may not be covered for all damages. In such cases, a personal loan can help cover the cost of any repairs your car needs.
  • Large purchases – Some purchases may require more financial attention than your regular income can support. A personal loan can help spread the cost of expensive items like a TV, Laptop, furniture, major appliances and more.    

What Do You Need To Get A Personal Loan In Alberta? 

Depending on the lender you work with in Alberta, the requirements to get a loan will vary. However, there are a few key factors that almost every lender will evaluate:

  • Your credit report and credit score
  • You income level 
  • Your job stability 
  • Your co-signer’s credit health (if you opt to add a co-signer)

Documents To Get A Personal Loan In Alberta

Personal Loans Application Check List

What To Look For In A Lender In Alberta?

Before working with any lender, it’s important to compare lenders to ensure you’re getting the best personal loan offer in Alberta. Below are a few things to compare when choosing a lender: 

  • Do They Report To The Credit Bureaus?  – Choose a lender in Alberta that is a legitimate business and who reports to one or both of Canada’s two main credit bureaus (TransUnion & Equifax)
  • They Are Licensed – Ensure that the lender you’re working with is properly licensed and complies with the lending regulations in Alberta and Canada.
  • Get A Quote – Before accepting any offer, it’s a good idea to get a quote from various personal loan lenders in Alberta. That way you can compare and choose from the different rates and terms offered to you. 

Is Your Credit Score Important For A Personal Loan In Alberta?

Your 3-digit credit score may be an important part of your lender’s application process in Alberta. It’s a way to showcase your creditworthiness, as well as your ability to pay back your loan on time and in full. While most lenders’ requirements vary, it’s best to keep your score at 650 or above to increase your chances of approval in Alberta.

How Big Of A Personal Loan Can You Be Approved For In Alberta

The amount you qualify for will be dependant on several factors including your lender’s loan limits. For example, through Loans Canada, you can get a personal loan up to $35,000, but the amount you qualify for will depend on: 

  • How good or bad your credit is currently
  • What your gross yearly/monthly income and employment history looks like
  • How well your income can support your potential loan payments  
  • The requirements designated by your chosen lender in Alberta

The True Cost of BorrowingCheck out this infographic to learn about the trust cost of borrowing. 

How To Get Approved For A Personal Loan In Alberta?

In Alberta, every lender’s requirements are going to be somewhat different, generally speaking, they base their approvals on the following: 

  • Your credit – A healthy-looking credit report, score, rating, and history will give you a higher chance of approval. 
  • Your income – A solid source of employment, along with a good wage/salary is another important factor lenders will consider.
  • You can afford it – Lenders will evaluate your debt-to-income ratio to ensure you can afford the loan. 
  • Your collateral – The lender will assess your asset or co-signer if you offer it to secure the loan.

Should You Use A Credit Card? 

Your credit cards can be a good tool for making purchases and building credit. Then again, they may not be best for all financial situations in Alberta because:

  • They often come with very high interest rates
  • They can make it way too easy to take on a pile of revolving debt
  • It can be easy for identity thieves to steal your credit card/number
  • Making your payments short, late, or not at all can lead to even more debt through heightened interest rates and penalties

Benefits Of A Personal Loan In Alberta

While both products can be used as credit building devices, there are a few ways in which a personal loan in Alberta will be more beneficial than using your credit cards:

  • The interest rate will usually be lower than your credit card’s
  • You can often receive larger amounts of quick cash than your card’s limit will offer
  • Generally, you’ll be able to negotiate an affordable payment plan
  • It won’t be as easy for someone to steal your identity or spend your money without your knowledge

Building Your Credit, One Payment At A Time

To build and improve your credit with a personal loan, you simply have to:

  • Make sure your lender in Alberta is reporting your activity to Equifax and/or TransUnion
  • Only apply for a loan that your income can justify (always factor in any potential interest and penalties)
  • Only take on essential debt that you’re able to afford
  • Always pay your installments on time and in full, then watch your credit grow

Frequently Asked Questions

Can I get a personal loan in Alberta if I no job?

In order to qualify for a loan, you must have a source of income. So, while you may not have a job, you can still get a loan if you receive income through other means. This includes Employment Insurance (EI), Canada Child Benefit (CCB), Canada Pension Plan (CCP) and other government benefits. However, do be aware that these loans typically have a much higher interest.

Will a personal loan affect my credit?

Yes, a personal loan is a credit product that can affect your credit score. Whether your credit score is affected negatively or positively is based on how well you pay off your loan. Every full-on-time payment will help build your credit score while every missed, late, and short payment will do the opposite.

Can I still get a personal loan in Alberta if I have bad credit?

Yes, depending on the lender you choose, you may qualify for a loan despite your bad credit. Most lenders that do provide bad credit loans usually base their approval on other financial aspects. Income level, employment stability, debt-to-income ratio are common factors assessed in place of your credit score. Even those who’ve had previous bankruptcies may be eligible.

Should you get a personal loan?

As long as you’re being responsible and know you can make all your payments on schedule, we believe a personal loan can be a great solution. It can not only cover any expense you may have, but proper payments can also help build your credit. 

How will I receive my money in Alberta?

This answer may vary according to the way your lender operates. However, the most common way to collect your personal loan is through direct bank deposit. 

How Do I Apply For A Personal Loan In Alberta?

If you’re looking to apply for a personal loan in Alberta to finance something important to you, let Loans Canada be your guide. All you have to do is start the application.

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