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Frequently Asked Questions About Personal Loans in Surrey
How do I apply for a personal loan in Surrey?
Applying for a personal loan in Surrey is pretty easy; all you need to do is choose which lender you want to apply to, complete an application form, and gather together some paperwork. You will need your ID, bank account information, and something that proves your residency (e.g. a utility bill or ID with your address on). You must then source whatever financial documents the lender you are applying to requires – this probably includes paystubs or bank statements. Attach all of this required documentation to your application form and submit it – either online, by mail, or in person at a branch.
What’s the best interest rate I can get on a personal loan in Surrey?
Interest rates on personal loans can vary; for those with a high credit score and a large income, rates can be as low as 4.5%. The average sits at closer to 10%. However, short term loans, loans to those with poor credit, or loans to those with limited income all command higher rates, upwards of 20%, and sometimes even as high as 50% APR.
How much can I borrow with a personal loan in Surrey?
The amount you can borrow with a personal loan will depend on who you borrow from, your credit score, your income, and your existing debts. Loans up to $50,000 are possible for those who are considered safe borrowers, but you don’t have to borrow this much. You can get as little as $500 if that’s all you need.
Do I have to pay any fees to get a personal loan in Surrey?
All loans come with fees (although sometimes lenders will have special discounts or waive their fees to attract new customers). Generally, you can expect to pay an application fee and a loan origination fee. There may be other fees too, like closing fees, loan service fees, early payment fees, late payment penalties, and so on. Always make sure you check a lender’s pricing structure.
How quickly can I get a personal loan in Surrey?
Personal loans can be received within a day, if you go to the right kind of lender. Traditional lenders, like banks, usually have much longer waiting periods – sometimes weeks – but alternative lenders tend to move more quickly, and online lenders have the fastest processing times of all.
Can I get a personal loan in Surrey if I have bad credit?
The average credit score in B.C. is 683, much higher than the national average. But there are many Surrey residents who do not meet this level. For anyone with a credit score of less than 600, getting a personal loan can be tricky, but there are still options. Take a look at bad credit or no credit check lenders to find a company that will care less about your credit score. Just bear in mind that you will probably have to pay a higher interest rate than with a standard personal loan.
Written by:
Amy Orr
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Reviewed by:
Jenna West
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
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