📅 Last Updated: March 8, 2024
✏️ Written By Bryan Daly
🕵️ Fact-Checked by Caitlin Wood
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A personal loan can be the right tool for many financial situations that you’re likely to experience as a borrower in St. John’s. That’s right, once your application is approved, your personal loan will be deposited as cash directly into your bank account. And, just as it is with the money you earn from your regular income, your personal loan can then be used to cover all sorts of expenses. Intrigued yet? If so, Loans Canada has even more useful information about personal loans for your consideration.

Looking for more information about loans in St. John’s? Read this.

How Much Money Can a Personal Loan Get Me in St. John’s?

Getting approved for any loan amount in St. John’s requires some careful financial effort. It also depends on what kind of lender you apply with in St.John’s. The closer your financial profile is to your lender’s particular approval standards in St.John’s, the more money you’ll potentially receive. When you apply, some of the key components they might inspect include, but aren’t necessarily limited to:

  • Your credit report, score, rating, and history
  • Your gross monthly or yearly income
  • Your current source of income
  • Your security/collateral, if providing any
  • Your cosigner, if providing any

What’s the difference between a personal loan and a line of credit? Find out here.

How Should I Spend My Personal Loan in St.John’s?

Let’s say you’ve been approved for the personal loan amount you requested. As we mentioned, there are many different ways that you can put it to good use, such as:

  • Consolidating your other debts so you’ll only have one payment to deal with
  • Purchasing a new car or repairing your old one
  • Vacation-related costs (ticket prices, food, travel supplies, accommodation, etc.)
  • House-related costs (maintenance, repairs, utility bills, renovations, etc.)
  • Financial crises and other unexpected expenses (job loss, car accident, etc.)

What Will Lenders in St.John’s Look at When I Apply?

Since taking you on as a client comes with potential risks, lenders in St.John’s have to be certain that your financial stability is just as much of a priority for you as it is for them. While every lender’s evaluation process in St.John’s is somewhat different, generally speaking, they’ll be looking at elements such as:

  • Your bank statements and/or paychecks
  • Your credit report and credit score
  • Your employment history (past and present)
  • The value of your assets (home, car, land, etc.)
  • Your cosigner’s financial strength (income, employment, credit, etc.)

Make sure to read this before you apply for a loan of any kind.

How Can I Increase My Approval Odds in St.John’s?

Now that you know what elements of your personal and financial profile your lender in St.John’s may inspect, you can use some of those elements to boost yourself to the point where approval is more certain. The better your financial stability is, the better your interest rate will be and the less chance you’ll have of your application being denied. Before applying to any lender in St.John’s, try using these simple preparation methods:

  • Organize any relevant financial information into a proper portfolio
  • Ask your cosigner to do the same, if necessary
  • Get your assets appraised to determine their value
  • Figure out how much you’d like to borrow
  • Ask your lender how much your loan will cost in payments, interest, and fees
  • Create a budget to confirm that you can afford all those costs
  • Pay down any older, outstanding debts you might have
  • If your income is not sufficient, get a second job or ask for a pay increase
  • Improve your credit by:
    • Making timely, full bill payments for your other existing credit products
    • Request an annual copy of your credit report from TransUnion and Equifax
    • Dispute any informational or financial errors you find within your report
    • Avoiding applications for other types of new credit
    • Keeping your information safe from identity theft and fraud

Want to know how applying for new credit can affect your credit score? Check this out.

What’s the Minimum Credit Score That’s Required for Approval in St.John’s?

Like we said, every lender’s evaluation and approval process in St.John’s is going to vary slightly. However, they want to confirm that you can afford your loan payments, no matter what other financial obstacles get in the way. Looking at your credit score is one way to do that, as a high score generally means you’ve been good at keeping up with your other credit account payments, while a low score may mean the opposite. In St. John’s, as well as in the rest of Canada, credit scores range from 300-900. The closer your score is to 900, the more creditworthy you’ll be. Again, the opposite will occur the closer your score is to 300.

Looking for a large unsecured personal loan with good credit? Click here first.

Every lender in St.John’s also have different standards for what qualifies as an acceptable credit score. For instance, banks and other prime lenders in St.John’s need to be more strict, so a score of 650 or up is often required. Alternative and private lenders in St.Johns, on the other hand, may accept a score of around 600 or up. There are also bad credit lenders in St.John’s for borrowers whose scores are within the 300-600 range. Before you make your decision, make sure to account for the fact that the lower your score is, the higher your interest rate will be, no matter what kind of lender you apply with. The higher your interest rate is, the more expensive your loan will be overall, so consider that if you’re going to apply with a score lower than around 650.

Do you have a credit score of 450? Look here to learn if you can still get a loan.

Will a Personal Loan Affect My Credit Somehow?

While we’re on the subject of credit improvement, it’s best to know that a personal loan can and will affect your credit after you’re approved, just as any credit product would. Here’s how:

  • Your lender will report your loan to one credit bureau (Equifax or TransUnion)
  • Payments made in full and on schedule will increase your credit score
  • Payments that are late, incomplete, or missing will decrease your score
  • Your payment history and credit score are some of the main factors that will determine whether you’ll be approved for new credit products in the future
  • These elements also determine your interest rate for new credit products

You can also increase your credit score by:

  • Choosing a lender that’s legally permitted to operate in St.John’s/Canada
  • Eliminating any other credit-related debts you may have racked up already
  • Avoiding any non-essential consumer debt during your loan schedule
  • Asking your lender to lower your payment amounts and lengthen your payment schedule if you can afford your payments initially

Canadian Credit ScoreCheck out this infographic for even more information about your credit score.

Why is a Personal Loan Better Than a Credit Card?

Actually, neither credit product is really better than the other. There are just certain situations where the benefits of a personal loan might outweigh those of a credit card and vice versa.

Your personal loan will likely work better when:

  • You’re a seasoned credit user
  • You have expensive maintenance issues with your vehicle
  • You’re making repairs, additions, or renovations to your home
  • You’d prefer to know exactly how much each payment will cost you
  • You’d prefer lower interest rates (credit cards often have higher rates)
  • You’d like the option of changing your payment frequency (monthly, weekly, etc.)
  • You’d like the option of adjusting your payment schedule to be shorter or longer

Take a look at some other loan types for credit users.

Your credit card will likely work better when:

  • You’re just starting to use credit
  • You have non-essential expenses (clothes, gifts, gym membership, etc.)
  • You’re paying less essential bills (internet, cell phone, subscriptions, etc.)
  • You’d like the option of buying something now, but only paying for it later
  • You plan to take advantage of card benefits (travel insurance, reward points, etc.)
  • You like the convenience of the “tap” option for speedy transactions
  • You prefer a simpler, less strict application process

Click here if you’ve been having trouble choosing the right credit card.

A Personal Loan That Works For You

If you’re approved for a personal loan in St.John’s, you should be free to use it however you wish. We recommend, however, that you always consider the potential costs of taking out a loan of any kind. Always be responsible and make your payments on time. From there on, the possibilities are endless! Ready? Then apply today!

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