Your overview before you apply
The calculation is based on your answers. It is illustrative: the lender decides whether to lend and at what rate.
Repayment at different rates
Interest rateMonthly repaymentTotal repayable
7.9 %––
12.9 %––
19.9 %––
Your spare budget
Left after costs and repayments
–
Highest amount at the chosen term and 12.9 %
–
Costs and current repayments
–
The repayment at 12.9 % fits your budget. Still keep a buffer for unexpected costs.
The repayment at 12.9 % is higher than what you have left. Try a smaller amount or a longer term.
After your costs and current repayments there is no room for a new repayment.
The loan type that suits your purpose
Car loan or personal loanA car loan secured on the vehicle is usually cheaper than an unsecured loan. Compare the APR and total cost.Read more → Home equity or a personal loanFor a larger renovation, borrowing against your home usually has a lower rate. For smaller amounts a personal loan can make sense.Read more → Debt consolidationCombining debts pays off when the new APR is lower and the total amount repayable falls after all fees.Read more → A small amount or a cheaper alternativeFor small, urgent amounts, look mainly at the total cost and fees, and check the alternatives first.Read more → Canada Student LoansCheck what you can get through government student aid before looking at a private loan.Read more → Personal loanYou can use the money for anything. Compare the APR and total repayable with several lenders.Read more →What your credit history means
The best starting pointWith a clean credit report you can compare banks and other lenders and negotiate on the rate.
Paid debtInformation about late or unpaid credit cards and loans can stay on your Equifax and TransUnion credit reports for up to 6 years. Some lenders still assess your application individually.
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Unpaid debtsWith unpaid debts or collections, mainstream lenders will usually decline you. Be wary of offers that ask for a fee before paying out. Non-profit credit counselling agencies offer free help.
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Check your credit reportYou can get your credit report for free from both Equifax and TransUnion. Check it before you apply so you know what lenders will see.
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