Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Named after the queen consort of the United Kingdom, Charlotte of Mecklenburg-Strelitz, Prince Edward Island’s capital city of Charlottetown was first established in 1855 and is populated by just over 34,500 residents. The city is well known for its abundance of Victorian-era buildings leading down to Peakes Wharf, a popular harbour for people docking all manner of sailing vessels, fishing trawlers, and cruise ships.
Due to Prince Edward Island’s position in the Gulf of Saint Lawrence, Charlottetown usually experiences mild temperatures of around 23 degrees Celsius during the summer months, making Brackley Beach a perfect hangout spot. The Confederation Centre of the Arts is another fun tourist attraction, where theatre lovers can go watch Canada’s most popular and longest-running musical, Anne of Green Gables – The Musical, adapted from Lucy Maud Montgomery’s classic novel.
Want some more information about loans in Prince Edward Island? Check this out.
Charlottetown, like any other city in Canada, will have its fair share of lenders where you can apply for a loan. However, there are many myths surrounding the idea of loans, passed from borrower to borrower. Some of those myths are just facts that have been blown out of proportion, such as:
When a lender is looking into your finances, they’re really checking for signs that you are responsible with your money and credit, in the past and in the present. After all, you are borrowing money from them, so they want to know if there’s any risk that you will file for bankruptcy and not be able to pay them back. So, when you want to apply for a loan, one of the best things you can do to improve your chances is to have all your financial information up-to-date and ready for inspection.
Wondering how applying for new credit affects your credit score? Find out here.
Before applying, you should also have an idea of how much you want to borrow and how much you’ll be able to afford during the repayment process. Remember, depending on your monthly income and size of the loan, paying the lender back in full could take months, if not years. While it’s not always required, another good first step is to check your credit, make sure that your debt-to-income ratio (which should not be more than 30-35%) is manageable. If you take out a large loan and have no way of paying it back, you’ll only be setting yourself up for further financial problems down the road.
Check out this debt timetable to see how ongoing debt would affect your finances.
Then, once you are certain that you have enough to finance the loan payments, do as much research as possible to find a legitimate lender that will suit your financial needs with the lowest interest rate and payment fees.
Another very important thing to remember about getting a loan in Charlottetown is that it will certainly affect your credit score. For instance, making your payments on time and in full will have a positive impact on your score, causing it to rise. On the other hand, if your payments are coming in late or you’re failing to pay them all together, your score will drop drastically, ruining your credit until you can build it back up again.
However, if you already have a low credit score, but wish to apply for a loan, don’t give up. While most banks will require a high score before they decide to let you borrow from them, there are many other lenders throughout Canada that won’t even check your credit score. The majority of lenders just want to be assured that you are trustworthy when it comes to your finances and your loan payments. So, if you’re being a responsible borrower, it will be very good for your credit. Make sure that your lender is reporting your payments to Canada’s major credit bureaus, Equifax and TransUnion.
Can you get a loan in Charlottetown with a credit score of 450? Find out here.
If you’re in the market for a loan in Charlottetown, we can help. We partner with a wide variety of lenders and service providers all across P.E.I and Canada, submit an application today and get matched with a lender who meets your needs.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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