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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.
What Can You Use A Personal Loan For In Saskatchewan?
A personal loan is an extremely versatile form of credit that you can use to pay for a variety of expenses. Some common expenses include:
- Medical or surgical procedures
- Unexpected expenses like replacing a broken fridge.
- Bills for utilities, phone, internet, etc.
- Vehicle-related costs (fuel, maintenance, etc.)
- Home-related costs (renovations, property upkeep, new appliances, etc.)
How Much Can You Borrow In Saskatchewan Through A Personal Loan?
The amount you can borrow depends on your creditor’s rules and regulations. Generally, the amount you qualify for will be based on your overall financial health. The stronger your finances, the higher the loan amount you’ll be able to borrow. Some factors your lender may evaluate include:
- Your Employment Stability – Your employment record, including your previous and current job positions
- Your Income Level – Your income and likelihood that you’ll be able to afford your future payments
- Your Credit Score – The strength of your credit (score, report, rating, history)
- Security – Your ability to produce assets as collateral (home, vehicle, other properties of value, etc.)
- Any Co-signer – 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.
Should You Use A Credit Card Instead Of A Personal Loan?
Whether you use your credit card or a personal loan, depends largely on the expense you’re trying to finance and your financial situation. In general, a credit card is a better option for smaller expenses that you know you can pay off within the same billing cycle. On the other hand, if you’re looking to finance a large expense, a personal loan is often the better option as it can help spread out the cost and typically has lower interest rates.
Benefits Of Using A Credit Card
- Rewards Points – One of the major benefits of using a credit card is the rewards points. Every purchase you make on it will give you back a certain amount of points or cash back.
- Defer Payments – Purchases can be deferred to the end of the billing cycle. Rather than paying upfront for your purchase, you can pay for it at the end of your credit card billing cycle.
Drawbacks Of A Credit Card
- High Interest – If you’re unable to pay the entire balance during the same billing cycle, you’ll be accruing interests as high as 21.99% on your balance.
- Minimum Payment – Minimum payments may seem advantageous, and they can be; if used responsibly. However, if you choose to only make the minimum payment, you can end up stuck in debt for years.
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READ ARTICLEHow To Apply For A Personal Loan In Saskatchewan?
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 Your Documents – One of the reasons people get denied is due to lack of proper documentation and mistakes on the loan application. Be sure to gather, organize, and update your personal and financial information.
- Compare Options – Before applying with any one lender in Saskatchewan, be sure to compare your options and search for a lender that is reputable. This can help you avoid applying with any lenders whose requirements you don’t meet.
- Get A Quote – Many online lenders provide free loan quotes. Getting a quote before applying can help you choose a lender who offers the best rates and terms.
- Apply – Whoever, you choose to apply with, you can usually do so online. You’ll simply need to provide some personal and financial details such as your name, address, contact information, income level, employment and more.
Is your credit score too low? Take a look at this.
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
Alternatives To Personal Loans In Saskatchewan
If you’re struggling to make ends meet and require financial assistance from the government, you can apply for:
- Saskatchewan Income Support (SIS)
- Saskatchewan Assured Income for Disability (SAID)
- Saskatchewan Temporary Wage Supplement Program (STWSP)
Additional Reading
Personal Loan FAQs
Is my credit score needed to get a loan?
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.
How will I receive my funds?
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 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.
Bottom Line
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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