Before signing up for a loan, it is imperative to compare personal loans. You want the best loan which will give you the best value, legroom for returning, and low interest.
With many avenues in Canada for obtaining a loan, you may be wondering which is the best. We have shortlisted the Best 5 Personal Loans in Canada for 2020.
Compare Personal Loans
Before jumping in, make sure you answer these questions for yourself:
- How much is the loan? What is the maximum amount I can receive?
- How long do I have until the loan repayment is due in full?
- How much interest will I be charged on the loan?
- Are there any additional fees?
Now let us dive right in!
1. Loans Canada
They are quite liberal in what they are willing to loan for. Whether you need to pay off debts, start a small business, or even purchase a car – they are willing to help you out.
You can enter your desired amount and be redirected to a variety of deals until you find the one which best suits your needs. These loans can be paid off in 3 months to 5 years. There are many options for persons with low credit scores. If this applies to you, then you should strongly consider payday loans for people with bad credit.
Interest rates range from 3% to 46.96%. It is open to self-employed individuals and even to recent immigrants to Canada.
2. Loan Connect
This is a search engine for borrowers trying to find the best deal. You simply enter your desired loan amount (up to 50K) and the reason for borrowing. Interest rates run from 4.6% to 46.96% It is open regardless of the strength of their credit score. Borrowers must be Canadian citizens or Permanent Residents.
Like the previous options, LendingMate offers loans whether or not you have a great credit score. Employment is also not a requirement to apply. This is an option for smaller loans, from $2K to $10K. Payback periods range from 1 year to 5 years.
The one catch is that it has a high-interest rate: 43% per annum, and 34.9% per annum for Quebec residents.
4. Refresh Financial
This option allows for cash-secured loans. This means that your loan is kept in a secure account. Whenever you make a payment, it is deducted from your loaned amount. Interest rates range from 5.95% to 7.95% – one of the lowest you will find.
If you need to take a small loan and have a good chance of paying it back promptly, this may be the best choice for you.
Borrowell is one of Canada’s leading choices for personal loans. Loans can be requested for up to $35K and starting with an interest rate of 5.99% Loans can be paid off within 5 years. One can be employed, self-employed, retired, or on maternity leave or disability benefits to qualify.
If you are looking for a larger loan then this may be for you!
Now that you know how to compare personal loans, make sure you analyze your needs, how much interest you are willing to pay, and when you can realistically pay off your loan. Read the terms of a loan agreement in detail before signing up.
Do take a moment to read some more great articles on everything under the sun!