Personal loans Canada are pretty broadly accessible, but not everyone will be able to get the same sorts of offers for these products. If you feel strongly about getting access to a certain loan amount, interest rate or length of repayment period, you may have trouble getting your way in some cases. If you’re concerned you might not be able to get the exact loan terms you want, there are three things you can potentially do to swing the odds in your favour.
Boost Your Income
If you feel your income might be too unimpressive for a good personal loan offer on its own, there might be some things you can do to fix that. The most important thing to do is make sure you’re accounting for all your earnings, not just those from your main job. Add in any side income you have to the total amount of yearly income that you declare on your application. Even it’s just a few hundred extra each year, you never know what could make the difference in a lender’s decision-making process.
Lenders are often willing to consider a couple’s combined income too, so if you have a spouse or a significant other who makes a fair amount, you may want to include that on the application as well. Before you do, though, make sure that you know you can count on them to help you with repayments if you need it – otherwise, you may end up with a loan that is bigger than you can realistically afford.
Attain Better Credit
Your credit score is another important factor in your ability to get good offers for personal loans Canada, and while it’s a bit harder to boost than your income might be, you still have options in that regard. The most straightforward of these is to directly try to boost up your credit score. Using a secured credit card (or any other card that is easy to get) for a while might help you to boost up your credit score enough to qualify for something better.
You may also be able to access the benefits of someone else’s credit with a co-applicant, but this is a less certain way of producing results. Not all personal loans Canada accept joint applications like this, and not everyone will be willing to explicitly co-sign with you – however, if you can make this work, it’s a much faster option to address this problem.
Become a Repeat Customer
The last potential avenue to becoming a better candidate for personal loans is a little more niche than the others. Some lenders offer better deals and larger loan amounts to repeat customers who they know well. This means that if you start off by borrowing smaller amounts at high rates from them first, they may be willing to be more flexible when you approach them for something more substantial.
If you’re going to use this strategy, be sure to check whether or not the lender you’ve chosen abides by a policy like this. If it isn’t stated in any of their documentation, it’s safe to assume they do not, and you won’t get any special privileges by borrowing from them in increments. If they do mention it, however, doing this in combination with one of the other two strategies above will give you a much better chance of getting the funds you want.
The One Place to Find All Your Personal Loans Canada
If you’re going to find the best personal loan offers, you’ll need to take stock of your options, and Bonsai Finance is the company to help you do that. Our partner network is comprised of countless reputable lenders who you can trust to provide the personal loans Canada you want; come shop around and see what you can find.