A How to get a personal loan in Canada is a type of credit that can be used to finance a variety of things. You can use personal loans to fund home renovations, pay off debt, make a major purchase, and more. In Canada, there are a number of lenders that offer personal loans. Traditional banks and credit unions can provide a personal loan, as can some alternative online lenders. Different lenders will have different loan products, rates and terms so it’s important to explore your options to find the best personal loan for you.
For example, a bank like TD might offer personal loans up to $200,000. While you can get a personal loan from a credit union, some online lenders might have more competitive rates. You can also check out peer-to-peer (P2P) lenders, which allow you to borrow money from other people via an online platform. These lenders can require a higher credit score to qualify but may have lower fees than banks.
Demystifying the Process: How to Secure a Personal Loan in Canada
Alternatively, you can also try a lender like LendDirect, which offers an unsecured personal loan of up to $35,000 with a flexible term. The loan is structured as a line of credit so you can access funds and pay interest on only the amount you withdraw from the account. You can even pre-qualify for a personal loan from LendDirect without impacting your credit score.
When it comes to applying for a personal loan, you can generally apply online or over the phone. Some lenders will provide instant approval, while others might take a few days to assess your application. Once approved, you’ll receive your loan details and can sign the contract electronically.