Quick Approval on Personal Unsecured Loans for Canadians
Start saving: paying off a personal loan vs. paying off your credit card
Thousands of Canadians use personal loans to pay off their credit card debt and save money on interest. Here’s how much a typical borrower could save by paying off $14,000 in credit card debt with a personal loan:
|Starting balance||Interest rate||Monthly payment||Time to pay off debt||Total interest paid|
|Credit card||$14,000||19.99%||$700||25 months||$3,170|
|Personal loan||$14,000||10.00%*||$700||21 months||$1,396|
This example is for demonstration purposes only. Interest rates and payments may vary.
Amount saved $1,774
When you’re drowning in credit card debt, it’s hard to stay above water. Use a personal loan to pay off your credit cards, consolidate your debt into one monthly payment, and scale down your interest charges.
You have an idea, a business plan, and a future that you believe in, now you just need the capital to make it happen. Apply for a personal loan today and start following your business dream.
Maybe you need a new stove or fridge. Or maybe you just want to buy a new toy like a boat or an ATV. Unless you’re lucky enough to have the cash sitting in your bank account, the best way to pay for your major purchase is by taking out a low-interest rate personal loan.
Whether you’re updating a bathroom or fixing a leaky roof, home renos aren’t cheap. Our personal loan service will give you the funds you need to renovate your home. You’ll add value to your property and enjoy your house a whole lot more once you’ve fixed or upgraded it.
Your health insurance may not be enough to cover your family’s medical or dental expenses. Finance the procedure or treatments that are needed with a personal loan.
Seize the here-and-now and start crossing dream vacations off your bucket list. Wherever you want to go, a personal loan will help get you there.
Maybe you want to throw a big engagement party or you have your heart set on a special ring. Celebrate your engagement now and pay back your loan in monthly installments at a reasonable interest rate.
With the venue, food, music, and photographer to plan for, plus a hundred other things, costs can really add up. With a personal loan consider your wedding expenses taken care of.
Some things only happen once, like a wedding anniversary, graduation, retirement party, or family reunion. So enjoy the moment and use our personal loan service to help make your celebration one to remember.
Whether you’re enrolled in a full-time university program or a one-off skills-building course, schooling can be expensive. If you’re ready to invest in yourself, a personal loan can help you pay for your education.
You owe money to the Canada Revenue Agency that you didn’t plan or budget for. A personal loan will give you the cash you need to pay your CRA bill.
Most of us don’t have the extra income needed to grow an emergency fund. So when an unexpected financial setback arises, like a job loss or major car repair, a personal loan can really help.
Between heating, hydro, groceries, and all your other monthly expenses, it’s easy to get behind on your payments. A personal loan can get those bills paid and back up to date.
Your equity is a little tied up at the moment. So what do you do? Get a bridge loan, a popular short-term financing tool that helps you meet your liquidity needs between the start of a new loan and the conclusion of an existing loan.
Welcoming a new baby into the family is a lot of things: exciting, and very expensive. A personal loan can help you shore up your finances as you take on the awesome responsibility of being a parent.
Buying a car can be very expensive, especially at the “buy here pay here” dealer lots. With a personal loan, you can negotiate a better cash price usually at lower interest.
Frequently Asked Questions About Personal Unsecured Loans:
Are Personal Loans Safe?
Personal loans are now very safe to apply for online as all reputable lenders offer secure websites. To check if a lender’s site is secure, look for the closed padlock symbol beside the web address, and uses “https” and not “http” for their website. Most web browsers will alert you if a website is unsafe. Most online lenders use bank-level encryption to keep your information protected.
Secured vs. Unsecured Loans:
Secured loans are backed by an asset, like the equity in a house. Securing a loan can help you gain access to lower interest rates and potentially borrow more money than you could with an unsecured loan. In contrast, unsecured loans don’t require collateral to borrow money. While interest rates may be higher on unsecured loans, the application process is often quicker.
Should I get a debt consolidation loan to pay off my credit cards?
Credit cards charge compound interest – what is usually referred to as “paying interest on interest.” If you’re consistently carrying a credit card balance, you should consider paying off the full balance of your credit card with a debt consolidation loan to avoid accrued interest charges.
How do personal loan interest rates work?
Personal loans generally use daily simple interest. The interest is calculated on a daily basis based on the outstanding balance (or principle) of your loan. Every time you make a payment, a portion of your payment goes to interest and a portion of your payment to principle. After each payment your balance goes down, and the interest is calculated on your lower balance. Learn how you can use daily simple interest to pay off your loan faster.
How are interest rates determined?
There are two types of factors that influence interest rates – individual factors that you can control, and economic factors that are outside your control. Individual factors like your credit score, employment status, home-ownership status and the loan term you choose are things that you can influence to help you get a lower interest. Economic factors are things you don’t have much control over, and include inflation rate, policy interest rate, prime rate and demand.
How to pay off a loan faster?
There are no fees for paying off an unsecured loan early, so here are a few simple ways you can pay off your loan faster:
- Choose a weekly or bi-weekly payment option. By paying more often, you’ll make more payments a year and can reduce the balance of your loan faster, compared to semi-monthly payments (24 payments a year) or monthly payments (12 payments a year).
- Switch to automatic payments to avoid late or missed payments.
- Round up your payments. For example, if your payment is $278, make a payment of $300 instead.
Personal Loans are available in Ontario, Quebec, Newfoundland, Manitoba, Saskatchewan, Alberta, and British Columbia
Personal Loans are available in Canada and the following areas of Ontario:
Ajax Alcona Alliston Amherstburg Arnprior Aurora Aylmer Bancroft Barrie Belleville Belleville Blind River Blue Mountains Bracebridge Bradford West Gwillimbury Brampton Brant City Brantford Brantford Brockville Brockville Bruce Mines Burk’s FallsBurlington Caledon Cambridge Carleton Place Casselman Centre Wellington Charlton Clarence-Rockland Cobalt Cobourg Cookstown Cobourg Cochrane Collingwood Cornwall Cornwall Deep River Deseronto Dryden Durham East Gwillimbury Elliot Lake Englehart Erin Espanola Essex Fort Erie Fort Frances Gananoque Georgina Goderich Gore Bay Gravenhurst Napanee Sudbury Grimsby Guelph Haileybury Haldimand County Halton Hills Hamilton Hanover Hawkesbury Hearst Hilton Beach Huntsville Ingersoll Innisfil Iroquois Falls Kapuskasing Kawartha Lakes Kearney Kenora Keswick Kingston Kingsville Kirkland Lake Kitchener Kitchene Lakeshore LaSalle Latchford Laurentian Hills Leamington Lincoln London Marathon Markham Mattawa Merrickville-Wolford Midland Milton Minto Mississauga Mississippi Mills Mono Moosonee Muskoka New Liskeard New Tecumseth Newbury Newmarket Niagara Falls Niagara-on-the-Lake Norfolk County North Bay North Bay Manitoulin Island Oakville Oil Springs Orangeville Orillia Oshawa Oshawa Ottawa Ottawa – Gatineau Owen Sound Parry Sound Pelham Pembroke Penetanguishene Perth Petawawa Peterborough Petrolia Pickering Plympton-Wyoming Point Edward Port Colborne Port Hope Prescott Prince Edward Quinte West Rainy River Renfrew Richmond Hill Sarnia Saugeen Shores Sault Ste. Marie Shelburne Smiths Falls Smooth Rock Falls South Bruce Peninsula South River Spanish St. Catharines Niagara St. Marys St.Thomas Stratford Sundridge SuttonTecumseh Temiskaming Shores Temiskaming Shores Thessalon Thornloe Thorold Thunder Bay Tillsonburg Tillsonburg Timmins Toronto Uxbridge Vaughan Wasaga Beach Waterloo Welland Westport Whitby Whitchurch-Stouffville Windsor Windsor Woodbridge Woodstock York Region