PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
Keystone Finance Personal Loans Review
30 Sep 2018

Keystone Finance Personal Loans

Getting approved quickly for a larger loan can be difficult even with stellar credit. Keystone Finance personal loans can help you secure the funds you need without penalizing you too much for your past problems – plus, they offer customized service for clients with certain needs.

Poor credit doesn’t have to mean being turned away for large loans; get a secured loan for at least $3,000 even with bad credit.

You are interested if

You need a fairly sizable personal loan, but your credit isn’t good enough for you to be approved by most lenders.

 

Key Points

Brief Description Keystone Finance personal loans are loans for people with bad credit (mostly secured) that are available in higher amounts and at better interest rates than the payday lenders that this population usually has to turn to.
Limits and Deadlines These loans start at $3,000 and go up from there – the total amount you will be offered depends on your income, your financial and credit history, and the value of the asset you put up for collateral. That money is then paid back in bi-weekly or monthly installments depending on the specifics of the loan agreement.
Urgency Due to the complexity of the cases this lender usually handles, it may take slightly longer to get your money, but their turnaround times are at least comparable to those of most payday lenders.
APR Range Varies depending on the type of personal loan chosen and the specifics of your application.
Closing/Origination Fees May apply.
Early Payment Fees None.
How to Contract the Product You can apply online on their website, by phone during normal business hours, and by going in to their Winnipeg office location to have a representative help you.
Main requirements You must be of age (18+) and have an income, preferably from a job, to qualify. You’ll need to provide photo ID, a recent pay stub, the last three months of your bank statements, and your vehicle registration papers if using a vehicle for collateral. Other requirements may apply for certain types of loans.

About Keystone Finance Personal Loans

Main Features

Keystone Finance personal loans are a bit unconventional for several reasons, beginning with the fact that they are available in 5 different standard starting configurations. These are meant to help with specific problems like vehicle financing, debt consolidation, rebuilding credit and many more potential issues. With this arrangement, your lender will have a fuller understanding of your unique situation and you’ll be able to access loans meant specifically for people like you.

Unlike many other lenders, Keystone Finance provides loans to people who have experienced bankruptcies, consumer proposals and other financial troubles in the relatively recent past. As long as you’ve made concrete steps to improve your situation, this lender may be willing to give you a chance. However, you should be prepared to make some concessions on your desired loan terms, as it is unlikely that you will be extended the same offers that a less risky client might receive.

This is made possible due to their atypical lending structure. Most of these loans are secured, meaning that they are backed by a particular asset the applicant owns. This is why Keystone Finance is not only able to lend to less-qualified applicants in the first place, but can also offer them fairly good rates. You are welcome to apply without an asset for collateral, but you will probably need a co-signer with a stronger credit history to apply with you if your own credit isn’t great. Whatever the case may be, it’s worth applying to see what arrangements can be made between you and your Keystone representative.

How Does It Work?

Before you even begin to apply with this lender, you’ll need to investigate which of the 5 types of loans they offer is best for your needs. All relevant information is available on their website, and once you’ve made your decision, you can proceed to the application portal right there (or call or visit them if you prefer). Whichever method you use, you’ll only have a few quick questions to answer and a short verification process to wait through before you can hear back.

If you’re approved, you’ll receive a loan offer with a full account of the applicable terms and interest rates as soon as your application has been processed. Repayment will then occur automatically every 2-4 weeks depending on your agreement. Extra charges may apply if your account is too low on funds to complete the transaction, so make sure you leave enough there for that.

Conclusions

Keystone Finance lets their customers’ needs inform much of the structure of their business. They do everything they can to ensure that as many people as possible can take advantage of their loans, and the way they’ve broken up their services into 5 distinct categories also helps applicants get a more useful solution for their current needs than a general personal loan would provide.

One of the downsides to this is that you may not know exactly what kind of loan you’ll qualify for until relatively late in the process. Further, their single physical office can also be problem for some. Customers who need in-person help but don’t happen to live close by to Winnipeg will not be able to use this lender. However, their extensive online and phone support should suffice in the vast majority of cases.

Keystone Finance: Loan Funding for Non-Traditional Applicants

Keystone Finance was first founded in 1984 and has been expanding outward from their initial Winnipeg location ever since. Their primary goal is to serve demographics who have trouble getting loans from other institutions, such as those with financial red flags in their past and self-employed people who may lack the paperwork to easily prove their income. They employ a full complement of customer service staff who can assist applicants by phone or email as needed.

What We Think

Keystone Finance is a less obviously transparent lender than many of the others we work with, offering relatively little information up-front to help applicants plan for the expense of their loan. The trade-off for this is the better rates they offer and their willingness to work with people regardless of their financial history. For those who need larger loans and aren’t sure where to turn, it’s good to know that this lender offers good deals and will probably be willing to work with you.