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While income levels in Edmonton are higher than surrounding areas like Calgary, that doesn’t mean everyone is swimming in pools of money. Sure, many people have enough money to support their lifestyle, but this isn’t always the case.
Many people in Edmonton (and the rest of Canada for that matter) struggle to keep up with their payments every month. Also, many people simply cannot afford to cover an emergency such as car troubles, job loss, or other unexpected expenses. This can leave people in a very precarious financial position.
Thankfully, there are many lenders in Edmonton and other cities alike that are capable of offering personal loans for individuals who need cash quickly.
What Is a Personal Loan?
A personal loan is a fixed amount of money that you borrow from a bank, online lender, or credit union that is repaid over a period of time in equal installments with added interest. Whether you live in Edmonton, Toronto, or Montreal, the period of time it will take you to pay off the loan depends on the amount borrowed, the interest rate and your monthly payment amounts.
What Can You Use a Personal Loan for in Edmonton
So what exactly can a personal loan be used for in Edmonton? Well, the good news is that there are no real limits as to what you can use a personal loan for. It is truly up to each individual when it comes to what you want to use a loan for. This includes:
- Consolidate your debt
- Emergencies (whether they are health-related or repair-related)
- Medical bills
- Large purchases
- Household repairs
Of course, whatever you use the loan for, be sure it is something you actually need. Borrowing money in Edmonton for something you only want is a good way to create unnecessary debt. Also, be sure that the loan amount is affordable for you. You will have to pay back the loan in full plus interest, so be careful with how much you borrow.
Looking for a loan online with affordable monthly payments? Check this out.
How Large of a Personal Loan Can I Get in Edmonton
Before you secure a loan in Edmonton, you might be interested in finding out how large of a personal loan you can get. Well, the answer completely depends on a lot of things. Some people will be able to get a large personal loan if they want, while others might struggle to get even a small one.
How large a loan you can get living in Edmonton will depend on things such as if you have stable employment, bank statements, and how able you are to pay back the loan. However, perhaps the biggest thing that goes into how large of a loan you can get is your credit. If you have good credit and a high credit score, lenders will see you as less risky. Because of this, they might be willing to let you borrow larger sums of money. But if your credit score and history is bad, they might be unwilling to part with a lot of money. So if you want to get access to a large personal loan, it is important that you get your credit in check.
Trying to find the best personal loans in 2019? Take a look at this.
Consider a Secured Loan
Of course, another way to be able to borrow more money with a less-than-great credit score, you can get a secured loan in Edmonton. These are loans in which you will put up some sort of collateral, most often a home or a car. If you default on this loan, the lender will be able to legally take possession of the collateral. As you could imagine, this significantly reduces the risk for the lenders, so they may be willing to lend you more with a secured loan vs. an unsecured loan.
How Will I Receive My Loan
More times than not, a lender in Edmonton will transfer the funds requested to your bank account. If that method doesn’t suit you, you can ask your lender in Edmonton if they can provide you the loan in the form of a prepaid debit card. However, this is dependent on the lender as each operates in its own way.
Installment Loans vs. Payday Loans
Using a Personal Loan to Improve Your Credit in Edmonton
While having a good credit score helps you get a better loan, did you know you can actually use a loan to improve your credit score? Part of improving your credit is making payments on time. So technically, paying off a personal loan on time and in full will help to increase your credit.
Of course, the first step is to find a lender in willing to work with someone who has bad credit. Thankfully, most cities including Edmonton have numerous lenders willing to work with those with low or no credit. Also, you want to be sure that you find a lender that actually reports to a credit bureau so that your progress and improvements will be shared.
Once you find the right lender in Edmonton, be sure to only take on a loan that you can afford and can repay with ease. Once the correct terms have been decided on, be sure to make payments on time and be responsible. If you miss payments or make them late, it will actually hurt your credit, not improve it.
Need to improve your credit score? Try reading this.
Need the Right Personal Loan For You
If you are in the market for a personal loan in Edmonton, be sure to reach out to Loans Canada. We are confident we can help you find the right loan for you, from a trusted lender.