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How much can I borrow with a personal loan in Peterborough?
Living in Peterborough isn't cheap, but luckily personal loans are available in a range of sizes to help with any need. Unsecured personal loans start as small as $300 and run up to $35,000, while secured personal loans can be even larger. The amount any given person can borrow depends on: their financial circumstances, the type of loan they opt for, and the lender they apply to. Given that the average annual salary in Peterborough is a reasonable $46,960, meaning the average household takes home $87,800 a year, and consumer debt levels are an average of $22,272 per person, the typical PTBO resident is likely to be able to borrow a sizeable amount on an unsecured basis.
What kind of personal loans are available in Peterborough?
There are many different types of personal loan, both secured and unsecured, and all are available across the Peterborough area. This includes credit cards, lines of credit, installment loans, online loans, debt consolidation loans, student loans, bad credit loans, medical loans, auto loans, and home equity loans, as well as many other types of specialty loans. Locals commonly use all of these types of borrowing; for example, the average per capita outstanding credit card balance in Peterborough is $3,405, while the average installment loan balance is $16,753.
How can I use a personal loan in Peterborough?
Peterborough sits in the top 21% of the world's most expensive cities, with the average cost of living at $2,008 per person per month. The area has become increasingly less affordable over time, with those in the rental market suffering particularly badly: the average market rent is now $1,325. So it's good news for those struggling with day-to-day expenses that personal loan funds can be used to help. Utility bills, rent, taxes, mortgage payments, groceries, healthcare costs, car repairs, debt consolidation, and so on are all valid uses for a loan. But personal loans can be used for other items too, including vacations, discretionary purchases, vehicles, tuition, really the list is endless. This is great news both for those PTBO residents needing a little extra help with their living costs, and those needing funds for a big one-off expense.
What paperwork do I need to get a personal loan in Peterborough?
In order to get any loan in Peterborough, you will need:
- I.D.
- Proof of address
- Bank account information
Beyond these basic items, you may also need:
- Proof of income
- Proof of employment
- 3-6 months of bank statements
- Terms of existing debts
- Information on your collateral, if pursuing a secured loan
However, as every lender has slightly different requirements, and as different loan types have their own rules, it's not guaranteed that you'll need all of the above. For example, payday lenders will want to see proof of income - but they don't necessarily need that to be employment income, and do not require proof of employment. You can still get a payday loan if you are one of Peterborough's 7.5% who are unemployed but receiving regular income via benefits, like EI. Conversely, an installment loan is likely to require both proof of income, and proof of employment, and probably a credit check as well. So it's important you check each lender's and loan's requirements before you apply.
Do you need collateral to get a personal loan in Peterborough?
Peterborough enjoys a robust property market (the average property price is $783,966) which, while tough for renters, is good news for the 69.6% of home owners. But sitting on your most valuable asset, unable to access ready cash, isn't always the most helpful situation. This is why such a large number of Canadians make use of loans that leverage the equity in their home, via home equity loans and home equity lines of credit (HELOCs). Over 11% of PTBO residents' outstanding debt is held in HELOCs alone. These secured forms of borrowing can provide access to large amounts of money at competitive interest rates. However, it's not a requirement to have collateral, such as property, in order to access a personal loan in Peterborough. Many personal loans are unsecured, and while the amounts available on an unsecured basis tend to be smaller than those available on a secured basis, rates can still be very competitive and qualified borrowers can still access large amounts of money.
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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