Top 5 Lenders Canada | To find the best personal loan lender in Canada, you may apply online.
There are different lenders offering very low interest rates and flexible repayment period. Requirements are simple.
While applying for a personal loan in Canada you need;
- Proof that you are 18 or older,
- being a Canadian resident,
- having a bank account,
- with a regular income,
- should be in a permanent address,
- having a good credit history,
- A proof of identity.
Personal loan lenders would also like to see your debts, your credit reports and your credit score while setting you a personalized interest rate.
Types Of Personal Loans
Personal loan lenders in Canada offer various types of loans so you have a chance to pick the right that meets your needs. If you do not want to pledge an asset, you may consider applying for an unsecured personal loan. Since that type of loan will not require collateral. But, you have to be prepared to face higher interest rates and to be sued if you fail to repay.
If a borrower wants to get a more reasonable interest rate and have an asset which is valuable enough to be offered as security. May apply for a secured loan.
As you reduce the risk for the lender, you will get a much lower interest rate but this time you have to be prepared to lose the possesion of your property when you unable to repay. There are many sub-categories of secured loans such as secured personal loans, title loans, bad credit loans, short-term loans, intallment loans, debt consolidation loans and emergency loans.
Top 5 Lenders Canada for Personal Loans
- One of the best personal loan lenders in Canada is Motusbank which provides personal loans from 5000 loan up to $35,000 with from 5.15% p.a. rate and over 1 month to 5 years monthly repayments.
- Secondly, Mogo Bank provides personal loans from $2,000 up to $35,000 with 5.9% – 45.9% APR and over 2 to 5 years monthly repayments. Your credit score should be over 540.
- Thirdly, Ferratum Money is an online lender which provides personal loans from $2,000 up to $10,000 with 18.9% – 54.9% APR and over 1 to 5 years monthly repayments. Your credit score should be over 550.
- Also, Fairstone provides both secured and unsecured personal loans with different terms and rates. For example, if you apply for a secured personal loan you may receive from $5,000 up to $30,000 with 19.99% – 23.99% APR and 3 to 10 years monthly repayments. On the other hand, if you apply for a unsecured personal loan you may receive from $500 up to $20,000 with 26.99% – 39.99% APR and 6 months to 5 years monthly repayments.
- Lastly, LendingMate provides personal loans from $2,000 up to 10000 loan with 43% (British Columbia and Ontario) and 34.9% (Quebec) APR to repay within 1 to 5 years. The good thing about that lender is you have a chance to receive that loan with poor credit with no credit checks.