Have you been rejected by a bank because of a low credit score? Don’t worry, you have other options! Loans Canada can connect you with a private lender that can help you accomplish your goal.
You should also note that if you have made previous applications to banks on your own and have been rejected, it might be worthwhile for you to try again with Loans Canada. We can leverage our volume pricing, our access to multiple lenders and our experience to get you the financing you want.
What is a private loan?
A private loan works just like a bank loan. Similar to any regular loan from a bank, a private loan is a loan from a private institution or individual. It is a loan from a private lender as opposed to one of Canada’s chartered financial institutions.
Using a Private Lender
Although the loan structure is similar, a private lender doesn’t work like a bank. They don’t have compliance departments and red tape. They are able to assess a loan very quickly, therefore private lenders have a faster closing schedule and funding time. A private lender can close a deal within a couple of days while a bank must process your files through different departments before approving you (you know how that goes!).
Bad Credit Loans
Loans are easily attainable if you have a good credit score and a down payment, but if you are missing one of the two it is not the end of the world. Loans Canada has a track record of success in finding loans for individuals in situations like these.
Payday Loans vs Private (Personal/Installment) Loans
Private loans are a great alternative to payday loans. You can repay your loan in small installments, making it much easier for you to budget. Check out the video below for more information.
Private Home Loans
It’s not just for unsecured personal loans! Whether you need a first mortgage, second mortgage or a home equity loan, Loans Canada can help you get a private loan.
When should you consider getting a private loan?
You should consider private loans when traditional methods for obtaining financing have failed. Loans Canada has access to private lenders in every province and every major city in the country. By applying with us you will benefit from affordable installment (term) loans, repayable in a term (i.e. weekly, bi-weekly, monthly, semi-monthly) that works for you!
Do you need more information?
If you need more information about private lending, you can request a call back. One of our representatives will call you back shortly.