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Choosing a loans in Canada depends on your purpose of using the borrowed money. You can use it for various personal purpose ranging from marriage to medical expense or to buy a house. It is wise to choose the loan depending on your purpose.
According to your purpose there are several loans available in Canada ,
You can apply a loan in Canada online by filling in all necessary data which will be validated and you will get a free quote for your loan requirement with the APR ( Annual percentage rate). You can compare the APR and monthly rate from various lenders and choose the best option.
Once you choose the loan provider,
There are lots of options when it comes to personal loan in Canada, but there are few things you should keep in mind before you apply a personal loan.
There are 2 types of personal loan available in Canada,
Secured personal loan required you to give collateral before the lender borrows you the money . The collateral can be your house , car, or any other assets which can be secured by the lender if in case your unable to repay the loan.
The interest rate for secured loan is much lesser than unsecured loan because of the minimal risk involved in it.
Unsecured personal loan are the loans which are given without a collateral, these loans attracts high interest rate due to the high risk involved.
Bad credit loan Canada are provided to Canadians who have bad credit rating. There are companies who provide bad credit loan to people who are in need of large funds on high interest rate. They offer loans even if you had a bad credit score.
Some people use a bad credit loan to rebuild their credit score which would have affected due to loan forgiveness.
Money borrowed by Small and medium enterprises to expand their business and for day to day operations are called business loan. These business loan are required by people who don’t have a wealthy investor for their support.
Yes, international student can get a loan in Canada, once you start improving your credit score. Get a part time job and start with a minimum credit limit with your credit card and pay them correctly. This will increase your credit score thus making you eligible for a Canadian Loan.
Debit consolidation loan is grouping of all your loans into one. If you posses more than 1 loan and finding it difficult to manage, you can go for a debit consolidation loan where one creditor will take over all your loans and you need to deal with only one lender and pay only one monthly payment.
The main advantage of a debit consolidation loan is that, you don’t need to deal with several lenders and can avoid harassment from loan sharks.
You can also avoid bankruptcy and bad credit score which will have consequences on your financial future.