Other Specific of Personal Loans in Canada to Be Aware of
There are other specifics that come into play when considering borrowing a personal loan in Canada. You want to be prepared for the loan you’re going to apply for, so knowing the specifics to expect can help you make an informed decision.
The loan terms run between 3 to 60 months depending on the amount you borrow and the lender. Usually, this also depends on personal preference, as well. If you want to pay it back quicker, then choosing a shorter payback term is more ideal.
Many places do not have a minimum credit score, though many like if the credit score is 650. The higher the credit score, the better the interest rate is going to be on the amount you borrow.
Borrowing up to $50,000 is possible depending on your income and credit score. The higher the two are, the better your chances for borrowing even more.
There may be origination fees that are tacked onto the amount that you borrow, along with the interest rate. This will vary depending on the lender that you work with, since each one is different, and some lenders might not even charge this fee.
Stable employment is required in many instances, and you should show proof of income for all of them. This is to show that you can afford the personal loan that you are borrowing from the lender and have the means to pay it back in the time agreed upon.
Each lender is different, so it is important to investigate each one of them to find out the specifics they are making each borrower go through. This way, you know what to expect when you fill out their application to obtain a personal loan through them.