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Personal Loan Rates in Canada – When you need financing for covering your unforeseen needs there are different type of loans in Canada. You will be offered various loans issued by numerous lenders with competitive rates.
Personal Loan Rates in Canada
There may be upcoming large expenses, medical bills or educational costs. There are several options and smart terms. All you need to do is to compare among different lenders and choose the one which is the most suitable for you and your budget. Then, you can overcome your financial issues quickly.
Top 5 Personal Loans and Rates in Canada
We share the famous credit institutions in strict research results we compiled for you. Top 5 Personal Loans and rates in Canada.
Motusbank Personal Loans
You can receive from $5,000 up to $35,000 to repay within a month to 5 years in monthly installments. You will be charged an interest rate starting from 5.15% p.a.
Mogo Bank Personal Loan Rates in Canada
If your credit score is over 540, you can receive from $2,000 up to $35,000 to repay within 2 to 5 years. The interest rate you will be charged ranges between 5.9% – 45.9% due to your credit profile, the loan amount you want to borrow and your loan term.
Ferratum Money Personal Loan Rates in Canada
It is an online lender who issues personal loans starting from $2,000 up to $10,000 to repay within 1 to 5 years. Your credit score should be at least 550 and the interest rate you will be charged ranges between 18.9% and 54.9% APR.
Fairstone Personal Loans
Fair stone provides both secured and unsecured loans with competitive rates and loan terms. For a secured personal loan, you can receive from $5,000 up to $30,000 with 19.99% – 23.99% APR and 3 to 10 years monthly repayments. Meanwhile, for a an unsecured personal loan, you can borrow starting from $500 up to $20,000 with 26.99% – 39.99% APR and 6 months to 5 years monthly repayments.
Lending Mate Personal Loans in Canada
You can borrow starting from $2,000 up to $10,000 to repay within 1 to 5 years. You will be charged an interest of 43% APR in British Columbia/Ontario and 34.9% APR in Quebec. What makes that lender special is, you can receive the loan you need regardless of your poor credit score since Lending Mate does not perform credit checks to assess your creditworthiness.
How To Apply For a Personal Loan in Canada?
After you decide on the lender you want to work with, you need to apply for the personal loan. Applying loan either online or by visiting the nearest branch. You must be a Canadian resident and you must meet the minimum age requirements. Should have an active banking account. If you meet the minimum eligibility criteria, you need to submit the necessary documents including:
- Proof of income and employment
- Proof of address
- Credit report/score
- Proof of identity
- Existing debts