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Personal Loans Canada Introduction
2 Nov 2018

An Introduction to Personal Loans Canada

As an individual living in Canada, it may be difficult to live within your budget due to unexpected financial constraints. When things get out of hand, get personal loans Canada.

Personal loans Canada are the most sought loans in Canada. Most people seek these loans to settle unforeseen bills when they do not have enough cash at hand or in the bank. Different personal loan lenders in Canada offer different types of these loans. Below are the main types of personal loans you can get from various lenders across Canada.

Types of Canadian personal loans

The following are some of the Canadian personal loans.

  1. Secured personal loans

For the secured personal loans, the lenders require you to provide some valuable asset to act as security for the loan. This is to prevent them from getting the loss in case you are unable to repay the loan or if you default it. Once you are unable to pay, the lender assumes ownership of the attached property.

  1. Unsecured personal loans

The unsecured personal loans are the loans where the lenders do not require any attachment of a valuable asset for security. If you fail to repay the loan, the lender can sue you or your next of kin in a court of law.

  1. Payday loans

Payday loans are loans that lenders give you and should be repaid within a month. They may also be referred to as cash advances. The employers can as well give you cash advances, which they deduct, from your salary.

  1. Debt consolidation loans

If you find yourself in a debt, especially from different lenders or credit cards, a consolidation loan consolidates these loans into one debt for payment. This helps you to easily manage the payments.

  1. Installment loans

Installment loans are personal loans that you get from a lender and then pay back in installments. Installments are the amounts of money you pay in equal intervals. These intervals could be weekly, after every two weeks or monthly.

Eligibility for the Canadian personal loans

For you to qualify for a personal loan in Canada, you have to meet the following requirements:

  1. Be a Canadian resident aged 18 years and above.
  2. You have to own an active bank account.
  3. You need to have a regular flow of income.
  4. Some of the lenders will need some details on your credit history; however, there are lenders who do not conduct a credit check.
  5. Some lenders may also require a proof of your monthly expenditure, for instance, utility bills, rent payments or even mortgage payments.

Advantages of personal loans Canada

  • Personal loans in Canada involve a quick application as well as approval.
  • The loans are convenient because you can apply online.
  • They are affordable since your income determines how much you apply for.
  • Some of the lenders may offer flexible loan repayment terms.
  • Personal loan lenders do not dictate how you should use your money.
  • Most of these personal loans have lower interest rates compared to some credit cards and other loans.

Why you should work with us

We at Bonsai Finance have been offering financial assistance to many Canadians trying to access loans from the Canadian lenders. We connect you to the best lenders who can meet your needs. We can also help you choose the best loan when it comes to terms and interest rates. Other than that, we connect you to lenders who evaluate your financial condition and recommend what best suits you. We also help you with the entire application process, answer your questions as well as solving your financial difficulties.

Personal loans Canada can be a perfect alternative to solve your financial problems and improving your lifestyle. Whenever you need a personal loan in Canada, we are ready and waiting to help you through. Do not hesitate to contact us.