Compare The Best Providers For Personal Loans British Columbia December 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

Symple Loans

Amount
$5,000 - $50,000
Rate
5.75% - 22.99%
Term
Up to 84 Months

British Columbia is home to many Canadians, being the 4th biggest province in Canada. However, it is also considered as one of the most expensive provinces to live in and is home to the most expensive city in Canada: Vancouver. Rent alone averages around $2,000 a month for a 2 bedroom apartment in many cities in BC. Given the high cost of living in BC, many Canadians are hard-pressed for cash. That’s where a loan can help, whether you’re trying to pay for an unexpected expense or one of BC’s many activities like Okanagan Valley, Whistler Village, Yoho National Park, or the Big White Ski Resort, a loan can help you afford these. Particularly a loan can help you finance large purchases so that you can have more monthly cash flow to spend on activities that make you happy.

Personal Loans In British Columbia 

If you’re looking for a personal loan in British Columbia, it’s important you properly research your options, especially if you have bad credit. Bad credit can impact your ability to find a good personal loan lender in British Columbia. Oftentimes, traditional banks in BC will reject anyone with a poor credit score. However, there are numerous online lenders in BC who offer personal loans to those with less than perfect credit scores. These online lenders in British Columbia also usually offer decent rates, a simple application process and fast funding.

What Can You Use Your Personal Loan For In British Columbia?

As long as you pay your bills on time, you can use a personal loan for almost any expense in British Columbia, including but certainly not limited to:

  • Expensive purchases – whether you’re looking to purchase a TV, a speaker, a computer or some other expensive item, a personal loan can spread the cost over a few years so that your cash flow doesn’t take a bit hit. 
  • Household repairs and renovations – Given that housing prices in BC are one of the highest in Canada, renovating one can also be very expensive. A personal loan could not only finance the cost but also help elevate the value of your home.  
  • Car purchase, repairs, and other related costs – Car insurance in BC can be quite costly. Many British Columbians will have a high deductible in order to lower their insurance premiums. Meaning they’ll have to pay out pocket for part of the cost if they damage their car. A personal loan can be a good option to help with these costs.
  • Dental medical bills – If you don’t have dental insurance in BC, it can cost hundreds if not thousands of dollars for dental work, especially for braces, root canals and other major procedures.
  • Travel and vacations – whether you’re planning a trip abroad or a local trip to one of the many attractions in BC like the Stanley Park, the Royal BC Museum, or the family-friendly Vancouver aquarium, a personal loan can help finance the cost into affordable monthly payments. 

What Do Lenders In British Columbia Look For When You Apply?

Lenders in British Columbia generally want to see a few elements before they lend to you, including but not limited to:

  • A stable source of income/employment
  • The ability to afford your payments
  • A reasonable credit score (not all lenders check credit)
  • Recent bank statements
  • Secure assets for collateral (not always necessary, but helpful, especially for those with bad credit)

Personal Loans Application Check List

How Large Of A Personal Loan Can You Get In British Columbia?

Normally, this depends on:

  • Your lender’s specifications
  • The health of your credit score
  • Your likelihood of repayment
  • The value of the assets you’re offering (if any)

 

Can A Personal Loan Improve My Credit?

Yes! A personal loan can be a great tool to help you improve your credit, as long as you:

  • Take on a loan that you can actually afford to pay
  • Work with a lender in British Columbia who officially reports to at least one of Canada’s credit bureaus (Equifax or TransUnion)
  • Follow your payment schedule properly, always paying in full, punctual installments
  • Don’t build up any unnecessary debt that would affect your ability to afford your loan payments

How Can I Apply for A Personal Loan in British Columbia?

  • Prepare your credit and finances for inspection
  • Gather all your relevant documentation and make sure your personal information is up to date
  • Raise your credit score as much as possible
  • Request a free annual copy of your credit report from Equifax and TransUnion
  • Dispute any errors you find within your credit report

Should You Use A Credit Card Or A Personal Loan In British Columbia?

You might be reading this and wondering if you couldn’t simply use your credit card to handle whatever financial situations might come up in your life in British Columbia. While using your credit card certainly comes with benefits, personal loans have their own. Let’s explore some of the differences between these two valuable credit products.

Benefits of Credit Cards

  • They help you build and improve your credit through monthly payments
  • They allow you to finance a variety of expenses without immediately draining your bank account
  • Many credit cards come with reward points, travel insurance, discounts, etc.

The Downside of Credit Cards

  • They can make it too easy for you to overspend
  • If not handled responsibly, they can cause a cycle of bad debt through high-interest rates and late penalties
  • They open up the possibility of theft and identity fraud

Benefits of Personal Loans

  • They offer you the potential for fast, large sums of cash
  • Depending on the size of the loan and the health if your credit, they can be relatively easy to be approved for
  • Payments are generally made through negotiable installments
  • The money you receive can be used for any expenses that come up

The Downside to Personal Loans

  • Not paying your bills is bad for your credit and finances
  • Penalty fees may apply when bills go unpaid
  • If you have bad credit, approval might not be easy and interest rates can be high

What Credit Score Do I Need To Be Approved In British Columbia?

While this also depends on your lender’s specifications, generally a credit score of 650 or above will give you the best chances of getting approved for a personal loan in British Columbia. If your score is below that point, you may still be approved. However, it’s important to know that your interest rate might be higher the lower your credit score is.

Recommended Uses For A Personal Loan in British Columbia 

  • Small, medium, and large expenses that your current income might not cover immediately
  • Financial emergencies
  • Expenses that you don’t want to use your credit or debit card for
  • To tackle the debt caused by your credit cards, utility, and internet bills, etc.
  • To help improve your credit score

Frequently Asked Questions

Can I get a no credit check personal loan in British Columbia?

Yes, if you have bad credit and would like to avoid having your credit check, there are many online lenders who’d be willing to lend to you based on other financial factors. This includes income level, employment stability, debt-to-income ratio and more.

Can I get a bad credit personal loan in British Columbia?

There are many alternative lenders in British Columbia who offer personal loans to individuals with bad credit. So long as you have a steady income and a reasonable amount of debt, then you can qualify for a personal loan.

How do I improve my chances of getting a personal loan in British Columbia?

You can increase your chances of approval in a number of ways. For one, you can work on improving your credit score by reducing your debt and making full on-time payments. You can also improve your chances of being approved by offering an asset to secure the loan. The added security you provide to the lender will also allow you to negotiate better rates and terms.

How Will I Receive My Personal Loan Money in British Columbia?

While this depends on your lender’s regulations, your loan funds will likely be deposited directly into your bank account.

Don’t Wait, Apply Today

Loans Canada is ready and willing to pair you up with the best lenders in British Columbia. The time to apply is now! Simply click the link below and you’ll be that much closer to the personal loans you need.

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