When You Need a Loan Connect with Loans Canada

Written by Veronica Ott

When You Need a Loan Connect with Loans Canada

Categories

Loans Loans Canada Personal Loans

Loans Canada is a leading online platform for Canadian consumers, in fact, it is the largest in the entire country! The purpose of Loans Canada is to provide a platform for consumers to research financial products, compare financial options, be connected with lenders, leave reviews, and learn about personal finance. A major purpose of Loans Canada is to connect consumers and lenders. Whether your loan is big, small, short term, long term, for an emergency, or for a dream home, Loans Canada can help.

Looking for the right personal loan for your lifestyle? This article is for you.

Connecting You With the Right Loan

Regardless of your financing needs, Loans Canada can connect you with the appropriate lender. Below are the various loans offered by Loans Canada complete with a brief description. If you have any further questions about the different types of loans offered by Loans Canada, reach out today to have your questions answered.

Personal Loans

In general, personal loans are funds that you can use for anything. Some lenders will restrict the funds to a certain purpose, all of which will be discussed in your loan agreement. One benefit of personal loans is they aren’t secured, however, this also makes the loan requirements more stringent.

Title Loans

Most commonly known for their lax requirements and rapid approval time, title loans are any loan that requires the use of collateral, otherwise known as assets that secure loans. Car title loans are the most common form of title loans. Because of the lenient requirements, individuals can often obtain this form of financing easily, even if they have poor credit or are in a financial rut.

Mortgages

Perhaps one of the most sought out forms of financing, mortgages are loans taken out to purchase a house, condo, apartment or any other similar property. The home you’d like to purchase is used as security for the loan.

Home Equity Loans

Home equity is the portion of your home that you own after you pay off the debt related to the property. The value of home equity increases as you pay down your mortgages or when the market value of your home increases (for more information about building home equity, click here). The equity you have in your home can be used as security for a loan also known as a home equity loan.

Business Loans

Businesses are the backbone of the Canadian economy, especially small businesses. From time to time businesses of all sizes need financing just like individuals which is where business loans come into play. Business loans are typically used for growth, changes or restructuring, working capital, leases, property purchases, or equipment purchases.

More Than Just Loans

Personal finance is about more than just loans, Loans Canada offers numerous services, assistance, and information to cater to all the personal finance needs of Canadian consumers. In addition to matching borrowers with lenders, Loans Canada provides debt relief services and credit building products.

Debt Relief Services

Unfortunately, life happens and people can find themselves in debt. As you may or may not know, debt is a huge burden to be carrying around, debt relief services help individuals become debt-free. Everyone’s debt varies in magnitude, the below services are all your options for debt relief from least serious debt solutions to most serious.

Learn how to start saving while dealing with debt, click here.

• Credit Counselling. This service joins an individual in debt with a credit counsellor who provides advice and solutions for your financial challenges and issues.
• Debt Consolidation. Sometimes people’s debt is scattered among several small loans and other credit products. Debt consolidation is one large loan that covers all of the small debts you owe. The idea is that it is easier to manage one loan as opposed to many.
• Debt Settlement. Is the process of negotiating with lenders to agree on a reduced payment that is considered full payment.
• Consumer Proposal. A legal procedure, a consumer proposal is the process of negotiating with creditors through a Licensed Insolvency Trustee, LIT for short. Usually, the outcome is you pay a portion of your debt and creditors forgive the remaining balance.
• Bankruptcy. Also a legal procedure, bankruptcy is the process of working with an LIT to eliminate your debts. Often, individuals filing for bankruptcy must surrender their assets in addition to their debts which may sound harsh, but it will give you a clean slate financially.

Credit Building Products

Once you’ve eliminated any debt that you have, you may need some assistance rebuilding your credit to get you back on track financially. Whether you have a little or a lot of rebuilding to do, the below products definitely help.

• Secured Credit Cards. The average credit card is not secured, but individuals rebuilding their credit often can’t get approved for regular credit cards. By using a secured credit card responsibility, you can rebuild your credit over time.
• Credit Rehab Savings Program. This program is a creative way to rebuild your credit while still saving money.

More Resources, Better Choices

Logically, the more you know about personal finance, the better financial choices you can make for yourself. Loans Canada offers many resources for Canadian consumers, including loan connect services and personal finance information. There are two major resources that Canadian consumers can refer to on Loans Canada’s online platform to assist with advantageous decision making based on your unique needs and lifestyle.  

First Lender Directory in Canada

Before being connected with a loan and a lender, consumers often want to research lenders which is why we created our lender directory. You can also compare loans, products, and services using this resource. A significant benefit to the lender directory is you can refer to reviews others have left for specific lenders and financial products and services as well as leave your own reviews for others.

Comprehensive Learning Center

The more you know about personal finance, the more informed decisions you can make. Loans Canada provides blog posts, videos, and infographics through our comprehensive learning center to help eager individuals learn and become more educated about personal finance.

Need a Loan? Connect with Loans Canada

Financially speaking, every consumer has unique needs and a unique lifestyle, but, everyone can benefit from personal finance knowledge and financial products and services. Loans Canada makes it their mission to match borrowers with lenders, educate Canadian consumers, and provide financial products and services to those who desire them.

If you’re interested in taking advantage of one of Loans Canada’s financial products or services, or simply want to know more about personal finance, contact us today.