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What kind of personal loans are available in Kamloops?
There are many different types of personal loans, and all are available in Kamloops. This includes:
- Traditional installment loans
- Online loans
- Lines of credit (personal and home equity)
- Home equity loans
- Short term loans
- Payday loans
- Medical loans
- Student loans
- Debt consolidation loans
- Auto loans
- Bad credit loans
This is on top of mortgages (which, as home ownership is at 70% in Kamloops, are held by a majority of residents), and credit cards (which 56% of BC residents struggling with debt find to be their main concern). Clearly there is no shortage of loan options for locals, but as not every type of loan is offered by every lender, it is incumbent on you to understand what type of personal loan you need, before you shop around.
How do I get a personal loan in Kamloops?
Getting a personal loan is easy; just follow these simple steps:
- Figure out how much you need to borrow, and what you need the funds for
- Understand your financial situation (e.g. your credit score, income, existing debt levels)
- Using the information identified in steps 1 and 2, research your loan options to find those that meet your financial needs and that you are likely to qualify for
- Choose a lender with competitive terms and a good reputation
- Gather your paperwork based on what the lender you have chosen requires
- Go to that lender's website, online portal or premises to complete a loan application
- Submit your completed application and wait for a response
How much does a personal loan in Kamloops cost?
Kamloops may be one of the most affordable parts of BC to live in, with the average cost of living just $1,857 per month, but people in the area are still struggling with their finances. A startling 48% of BC residents report being just $200 from insolvency, and people frequently need to borrow money for all sorts of reasons. But it is crucial, to avoid exacerbating a difficult financial situation, to ensure that any loan you take out is affordable for you. Unfortunately, understanding the cost of a personal loan in Kamloops is not trivial. Every type of loan has its own costs; every lender charges their own set of fees; and every borrower qualifies for different interest rates, depending on their financial profile. This means you cannot know the cost of a personal loan until you know its specifics, including:
- Its interest rate (whether fixed, variable or stepped)
- The loan term
- The loan's fees and penalties
Only by getting a quote tailored for you from a specific lender, for a specific loan, will you have this data. But once you know the loan's interest and fee details, you can use a simple loan calculator to compute your monthly loan costs, as well as the loan's total cost over its lifetime.
What credit score do I need to get a personal loan in Kamloops?
Many (though not all) personal loans in Kamloops require a credit check, and it is common for personal loan providers to have a minimum credit score threshold that applicants must meet. This threshold varies between lenders and loan types. The highest is for installment loans from the big banks - these usually require a credit score of at least 650. Many other types of personal loans, from online and alternative lenders, have lower thresholds, typically 600 or 560. And some lenders specifically accept bad credit borrowers with scores of less than 560. The average credit score in Kamloops is 687, so the majority of residents are likely to meet the credit requirements of most lenders.
Can I get a personal loan in Kamloops if I'm unemployed?
Although Kamloops' median income is a decent $88,000, unemployment in the area is very high, at 9.2% (3.5% higher than the rest of BC). Income inequality is pronounced, and frequently it is those with the smallest means that need the financial assistance of a personal loan. Fortunately, employment income is not absolutely necessary for every personal loan from every lender. Many lenders accept other forms of income as proof that applicants can afford loan repayments; this can include pension income, benefit income, and unemployment income. You just need to check a lender's income requirements, before applying, to make sure you meet them.
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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