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Thanks to Smarter Loans, finding financing in the Yukon is a straightforward task that can be completed from the comfort of your home. Regardless of what you need cash for – a renovation, an unexpected expense, a big purchase, or something else entirely – you can get a personal loan right here.
We have scoured the marketplace to bring you the best personal loan rates in the Yukon, from the most reliable personal loan lenders. Simply browse the list below, and click “Apply Now” beside the company of your choice; or, pre-apply with Smarter Loans, and we’ll connect you with the most suitable provider for your circumstances.
There are a few basic steps to getting a personal loan in the Yukon:
Not every personal loan lender in the Yukon will work with every applicant, so it’s salient to do your research. Most private personal loan lenders in the Yukon will need evidence of stable income, and a majority carry out a credit check as well. And for every loan application, you will need to supply:
If approved for a personal loan in the Yukon, you will receive a loan offer. It’s very important to study the terms outlined in this offer in detail; if you accept them, your loan funds will then be released.
Yukon personal loans are offered by a number of different providers. Some of these are obvious, such as banks and credit unions. These traditional institutions offer good personal loan interest rates, but they usually have long application processing times and strict qualification criteria. This makes them well suited to large personal loans or non-urgent personal loans, and less useful for small loans in the Yukon, or quick cash needs.
Then there are commonplace but less obvious sources of Yukon loans, such as payday loan companies, auto loan companies, and mortgage companies. All of these offer personal loans of specific types, and so are best suited to borrowers with well-defined needs that match the loan’s benefits and terms.
And lastly there are online personal loan lenders, providing access to a number of Yukon online loans to a wide variety of borrowers. Online personal loans can be both convenient and affordable.
All personal loans in the Yukon can be categorized as either secured or unsecured:
A secured personal loan is any loan that uses collateral to secure it. Typically, this collateral is an asset owned by the borrower (usually a house or car) that the personal loan lender can seize in lieu of payment if the borrower defaults on their loan. Because secured loans are less risky for the personal loan lender, they can be for more money at better interest rates than unsecured loans. Mortgages, home equity lines of credit, auto loans and boat loans are all examples of secured loans in the Yukon.
The majority of personal loans, however, are unsecured, meaning they have no collateral against them. Because the lender has less recourse in the event of loan default, unsecured personal loans tend to cost a little more than secured personal loans. They also tend to be for smaller amounts. However, competitive personal loans for many thousands of dollars are still available. Personal lines of credit, installment loans, payday loans, and many online loans can be unsecured.
All of the following are types of Yukon personal loans:
Yukon personal loans can range in size from $100 to $50,000, or more. But not every borrower will be able to borrow as much money as they like; every loan application is assessed individually, and a personal loan lender in the Yukon will analyze your ability to repay the loan, your past financial behaviour, the loan type, and their own limits, before deciding how much they are willing to lend to you.
For the most part, private lenders for personal loans in the Yukon do not put restrictions on how personal loans in the Yukon can be used. This means that borrowers can use the funds from their personal loan in any number of different ways. The most common reasons for getting a personal loan include:
Almost all types of Yukon personal loans, including online loans, payday loans, installment loans, bad credit loans and lines of credit, do not require borrowers to state how they intend to use the loan funds. As long as loan repayments are made on time, the borrower is free to do as they wish.
There are only a couple of exceptions to this, and they relate to use-specific loans, such as boat loans, car loans, and debt consolidation loans. While any of the general-purpose loans listed above can be used to buy a boat or a car, or to consolidate debt, there exist personal loans that are solely for this purpose. So while an online loan may help you to buy a car and to pay your bills and to clear debt, a car loan can only be used to buy a car. For this reason, it’s vital to check the terms and conditions of the loan you are considering, before you apply, to be sure it will suit your purposes.
The best personal loan rates in the Yukon are reserved for the most qualified borrowers – those with excellent credit, good income, and few other debts, If you’re in this position, you may be able to get a rate as low as 7% on an unsecured personal installment loan, or even as low as 5% on a secured loan. The majority of borrowers though are not in this ideal position, so the average interest rate on a personal loan is more like 9%. This can rise to 50% for certain loan types and certain borrowers. If you have bad credit, or get a short term or payday loan, then you will certainly end up paying more in interest than if you have good credit, or get an installment or secured loan.
Many Yukon personal loan interest rate decisions pivot on a borrower’s credit score. A high credit score is an indication of financial trustworthiness and means a private loan lender in the Yukon is more likely to approve you, and will give you the best personal loan interest rate. But credit score is not the only factor affecting interest rates. Also relevant may be your:
Not every lender in the Yukon uses all of these factors when assessing borrowers, but all use at least some of them.
In addition, as mentioned above, loan type plays a big part in interest rate. Something like a payday loan has a much higher interest rate than other types of personal loan.
Finding the best personal loan rates in the Yukon is vital for keeping the overall cost of your personal loan manageable. But as we’ve seen, a borrower’s financial profile has a big impact on the interest rate they’ll be offered by private loan lenders in the Yukon, and this isn’t something that can quickly change. So what can you do?
Start by focusing on lenders and loan products that are suited to your purpose and profile. For example, if you have bad credit, trying to get a competitive interest rate on a personal loan from a traditional lender will be very difficult – if they’ll approve you at all. You’re much more likely to find approval and an affordable rate with a bad credit lender or via online loans in the Yukon.
Once you know exactly what type of loan and lender to focus on, you can compare offers to find the lowest Yukon loan interest rates.
The prevalence of private loan lenders in the Yukon, especially online personal loan lenders, means that choosing the right lender for you can be confusing. There’s just so much choice! You need to know how to compare all of your options fairly, to make the best decision.
Luckily, you can narrow down your field of options significantly by looking at a few key factors:
Personal loans in the Yukon come in many forms, so your intended use of the funds will impact the type of loan you want. And as not every lender offers every type of personal loan, this factor will dictate which lenders to look at.
Personal loans vary in size and lifespan, so you need to compare borrowing limits and terms to find lenders that can offer you as much as you need, for as long as you need it.
Both interest rate and loan fees need to be taken into account, so you can compare the overall cost of a loan, per dollar borrowed.
Both the time taken to complete a loan application, and the time taken to process it, need to be considered, especially if urgency is a priority. How quickly you need funds may dictate which lenders are able to help.
Lastly, a lender’s reliability, transparency and trustworthiness will affect your ability to properly repay and administrate the loan over its lifetime. Look at past customer reviews for context.
Personal loans in the Yukon are available to borrowers in a wide range of circumstances, as different private loan lenders have different qualification criteria. This means that no matter your situation, you’ll be able to find a personal loan. The only constants in requirements across all loans are:
Other factors, such as income and credit score, may affect your chances of loan approval with different lenders, but without the three factors above, you won’t have any options.
