Compare The Best Providers For Personal Loans Saskatchewan November 2021

Written By Bryan Daly
Filters

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

Personal loans are financial tools that have become essential to the way many Saskatchewan residents build credit and pay for the things they need. When you’re approved for one of these loans, your creditor will grant you a certain amount of money, which you’ll then pay back over an agreed upon payment schedule. You can then use that money for almost any expense that comes your way.

For more information about loans in Saskatchewan, read this.  

What Expenses, You Ask?

You can use your personal loan in Saskatchewan to pay for tons of different costs, such as your:

  • Vacation
  • Voluntary medical/surgical procedures
  • Unexpected expenses (vehicle and home repairs, etc.)
  • Bills for utilities, phone, internet, etc.
  • Other vehicle-related costs (fuel, maintenance, etc.)
  • Other home-related costs (renovations, property upkeep, new appliances, etc.)

Maybe a Credit Card is a Better Option?

Sure, your credit cards might come with a few benefits, like:

  • Rewards points, balance protection, insurance, etc.
  • The chance to pay your expenses off at a later time
  • The ability to grow and/or enhance your credit score, rating, history, and report

Then again, there are also many downsides to credit cards, like:

  • Irresponsible overuse of your cards could result in severe debt, especially if you’re only making minimum payments or skipping payments completely
  • They make you vulnerable to theft and fraud
  • If you miss too many payments, your credit could be damaged for years
  • Elevated interest rates can lead to a huge portion of that unpaid debt

Here’s what happens when you stop paying your credit card bills.

What Does the Loans Canada Team Recommend?

While credit cards are good in many ways, a solid personal loan in Saskatchewan might be a better solution when you’re trying to afford:  

  • Larger costs that your income, debit or credit cards won’t cover
  • Hefty medical expenses (medication, supplies, etc.)
  • Buying a new or used vehicle
  • Taking your whole family on vacation
  • Paying for your own or someone else’s education

Personal Loans Application Check List

Preparing to Apply

When you apply for a personal loan in Saskatchewan, your creditor will be examining various parts of your personal and financial profile. So, before applying, there are a few essential steps you should take, including but not limited to:

  • Gather, organize, and update your personal and banking information
  • Search for a creditor that’s reputable and legitimate. If you’re unsure, try looking them up in the Better Business Bureau database
  • Request a copy of your credit report from Canada’s two primary credit reporting agencies, Equifax and TransUnion
  • If your credit score is low and your credit history is filled with defaulted payments, wait until you’ve had a chance to improve your credit situation
  • If you determine that your low credit score and poor credit history were caused by errors in your credit report, contact each agency to dispute them

Why is Your Credit Score So Important?

When you apply for a new credit product of any kind, including a personal loan in Saskatchewan, one of the main elements that your creditor might inspect is your credit score. They’ll use your score as a way to decide how “creditworthy” you are, meaning how likely you are to either pay back your loan as agreed. Usually, a score of 650 or above will put you in range for the best chances of approval. If your score is below that, you may still receive approval, but your interest rate might be higher than someone with a better score.

Is your credit score too low? Take a look at this.  

If Approved, How Will You Receive the Cash?

Generally speaking, loan funds can be transferred straight into your bank account via direct deposit. However, make sure to ask your creditor about their specific payment procedure before you agree to anything.

How Much Cash Can You Be Approved For?

Once again, this mostly depends on your creditor’s rules and regulations. There are certain elements they’ll want to examine, such as:

  • Your employment record, including your previous and current job positions
  • Your income and likelihood that you’ll be able to afford your future payments
  • The strength of your credit (score, report, rating, history)
  • Your ability to produce assets as collateral (home, vehicle, other properties of value, etc.)
  • The possibility of a co-signer (if your credit or income are in poor health)

The more healthy these factors look in your creditor’s eyes, the larger of a personal loan you’ll be approved for. Not only that but having solid credit and finances is a good way to get your interest rate reduced.

The True Cost of BorrowingWant to know what the true cost of borrowing is? Check out this infographic.

What Can a Personal Loan Do For Your Credit?

As long as you handle your personal loan in Saskatchewan in a responsible manner (meaning you’ll make all your scheduled payments on time and in their full amounts), there are plenty of ways that your credit could benefit. For instance:

  • Completing your payments responsibly shows your creditor that you’re a good client
  • Your creditor will then report your progress to at least one of Canada’s credit bureaus
  • Soon after, your credit score, rating, history, and report will begin to look healthier
  • The less unnecessary debt you take on and the more payments you make, the better your chances will be for approval on future credit products

Trying to rebuild your credit after a late payment? Click here to learn how you can do it.

Frequently Asked Questions

How does a personal loan work?

Personal loans are the simplest forms of credit. It involves borrowing a lump sum of money, which you must pay back periodically with interest, plus any fees. Depending on the amount you borrow and your financial capabilities, a personal loan can be repaid in as short as three months to 5 years or more.

How much interest can a personal loan lender charge me?

The interest rate your lender will charge you depends on your creditworthiness. The less financially responsible you are the higher the rate you will be given. However, by law, your lender cannot charge you an interest rate of more than 60% annually, including all fees.

How do I get a guaranteed approval?

There is no such thing as a guaranteed approval. All loan approvals are based on your financial profile and credit history. Any lender that tells you it is guaranteed, beware, they are likely a predatory lender trying to scam you.  While guaranteed approvals are not possible, you can do a number of things to increase your chances of approval. For example,  you can work on increasing your credit score before applying by making full on-time payments and reducing your debt level. You can also provide your lender with extra security by adding an asset or getting a co-signer.

Make Loans Canada Your Go-To Team

Remember, we at Loans Canada value and respect our clients. Not only that, we’ll get you squared away with the best sources of personal loans in Saskatchewan. Don’t wait! Click the link below and get started today.

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