Personal Loans Canada is one of the top lending options for Canadians who need access to cash and have a less than perfect credit record. It can be secured or unsecured, and it can be obtained from banks, credit unions and select alternative lenders like Spring Financial. It’s important to consider your personal needs, credit history and current income before choosing a lender and a loan type.
When you’re ready to start the search, a quick online search will bring up several personal loan options for your consideration. However, if you want to find the best deal possible, you’ll need to compare rates between lenders. That can be time consuming and it may also trigger multiple hard credit inquiries, which won’t bode well for your credit score.
Your Guide to Personal Loans: Understanding Options in Canada
A good option for borrowers looking to shorten their search is Loans Canada, which was launched in 2012 and operates as an online loan comparison website. It works as a referral service, and it partners with financial institutions that offer loans to consumers, including Mogo, Progressa, Fairstone and others. When you fill out a loan request on the Loans Canada website, be prepared to provide some detailed information, including your income details, employer name and phone number, debt amounts and monthly payments.
One feature that stands out from other loan comparison sites is the fact that Loans Canada allows you to see its lending partner list prior to submitting your application. This helps you determine which lender is a good fit for your circumstances and saves you from having to complete a lengthy and confusing online loan application that may ultimately lead nowhere.