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Whether you live in a relatively small city like Moose Jaw or somewhere like Toronto, life can be expensive. Rent, mortgage payments, vehicle expenses, groceries, etc. can very quickly add up. These can easily eat up a large portion of your income every month.
While some people make enough to afford their bills and still save and prepare for emergencies, this isn’t always the case. Some people might need help and may resort to getting a personal loan. A personal loan is a short-term loan, offered by many traditional and alternative lenders, that can be used to cover the cost of any expense.
What Can a Personal Loan Be Used For?
Personal loans in Moose Jaw are a great way for people to get the money they need, but what can they actually be used for? Well, they can essentially be used for anything. Many lenders don’t need to know what you will be using the money for, as long as you are able to qualify for the loan. Some of the many ways that consumers may use a personal loan include:
- To pay for unforeseen emergencies or situations that they can’t pay for in cash
- To cover expensive medical bills
- For unexpected travel
- To get elective surgery of some kind that isn’t covered by insurance
- To make important repairs on their homes or cars
- To make large purchases easier to afford
These are only a few of the near-infinite different ways that a personal loan can be used. However, just because you want something doesn’t mean you should borrow money to get it. Any money you borrow in the form of a personal loan will need to be paid back in full, plus interest. So be sure you actually need the money before borrowing it.
Also, you want to be careful when deciding how much to borrow. The more you borrow, the more you will have to pay back. Just because you’re able to get approved for a large loan, doesn’t mean you should or have to take the full amount.
How to Apply for a Personal Loan in Moose Jaw?
Now that you’re aware of what they can be used for, how do you go about applying for a personal loan in Moose Jaw? The first step is to find the right lender. Your local area will likely have dozens of different lenders to choose from, from banks to smaller private lenders. Also, be sure to consider online lenders. They can offer you high-quality and flexible loans, that can often be approved quite quickly.
You want to go with a lender who not only offers a fair interest rate but one that you are comfortable working with, has a good track record, and is, of course legitimate. One of the best ways to find a great lender is to shop around. If you go with the first lender you meet with or discover, you may end up missing out on better deals elsewhere.
Next, you need to fill out the application. These will generally ask you to include personal information, banking information, a brief history of your finances, and information on your credit. Each lender will have different application requirements, but the online or paper form should outline exactly what information the lender needs from you.
Once the application has been sent out, you simply need to wait to hear back from the lender. This can take a matter of days or just a couple of hours, depending on the type of lender you end up going with. If you’re approved, the money will generally be deposited into your account and you will then start up the repayment plan. If you were not approved, you will have to reapply or consider working with another lender.
What are bad credit lenders looking for when they approve a personal loan application?
What Are Lenders Looking for When Approving a Personal Loan?
Before you ever apply for a personal loan in Moose Jaw, you want to ensure that you have a good chance of being approved. Applying with multiple lenders with no idea what their approval criteria are, is not only a waste of your time but it can hurt your credit score. This is why it’s good to familiarize yourself with what lenders are looking for when approving a personal loan application.
A few things that lenders are looking for includes:
- Stable employment with a decent income
- Your ability to repay the loan
- Security in the form of an asset. If you put something up as collateral, it will generally be easy to be approved for a loan
- Bank statements that show you aren’t already overrun with many other debts
- A credit score that reflects you have a good history of making payments on time
The less risky you are in the eyes of a lender, the higher the chances that your personal loan application will be approved. While everything doesn’t need to be perfect in order to qualify for a loan, you should strive to be an attractive and risk-free borrower.
Avoid these personal loan application mistakes, click here.
How Large of a Personal Loan Can I Get?
A common question to wonder ahead of getting a personal loan in Moose Jaw is how large of a loan you can get. The quick answer to that question is that it depends. The amount you are able to borrow will depend on several factors, including:
- Which lender you go with and how comfortable they are lending out large sums
- Your credit score and credit history according to your credit report
- Your ability to repay the loan on time and in full
The more money you make/have and the better your credit is, the easier it will be to borrow larger amounts of money. If you want access to larger loans, but don’t have the best credit score or history, consider providing security. If you put something of value up as collateral, for example, a vehicle, it makes you less risky in the eyes of most lenders.
Not only that but putting something up as collateral will often help you get a better interest rate to save more money in the long run. Of course, if you put something of value up as collateral, be careful not to miss payments or default on your loan. If you do, your lender will have the option to seize your collateral, and likely sell it to recoup the money that you didn’t repay them.
Also, as we briefly mentioned earlier, just because you can get a large loan, doesn’t mean that you should. You should only borrow the money that you need. If you make it a habit of borrowing too much, there may come a time where you begin to struggle to pay it back. Borrow what you need, pay it back on time and personal loans can be a very helpful tool in situations where you need some extra cash quickly.
Learn about how your credit score is calculated. How to Use a Personal Loan to Increase Your Credit Score
While having good credit can help you get a larger and more affordable personal loan in Moose Jaw. But did you know that a personal loan can also help you increase your credit score? Paying off a debt (like a personal loan) on time and in full is one of the best things you can do for your credit.
When taking out a personal loan to help improve your credit, you need to be careful though. The whole idea here is to increase your credit by making your payments on time and in full. If you take out a personal loan and end up missing payments or being inconsistent with your repayment, these loans could actually end up hurting your credit.
So be sure to only take out a loan you are confident you can easily repay, and be sure that you are working with a lender that actually reports to a credit bureau. Also, avoid racking up other types of debt while doing this. It is easy to overwhelm yourself and begin to crumble under the pressure of multiple debts, so be sure to keep things simple.
Also, it is important to remember that this isn’t magic. Your credit score won’t magically be perfect after a week of paying your bills on time. It is a process and can take a decent amount of time. But if you remain committed and make the necessary lifestyle changes, your credit will begin to show improvement.
What is the best reason to give when applying for a personal loan?
The Right Personal Loan For Your Needs
If you’re looking for a personal loan in Moose Jaw, or simply want to learn more about it as a potential option, be sure to contact and reach out to Loans Canada. We are confident we have the answers to your questions and can help you out.
