PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
Possibilities With Personal Loans Canada
8 Mar 2019

New Possibilities Await You With Personal Loans Canada

You only live once, but many of us aren’t living exactly as we would like to be due to some kind of money problems. Not everyone will be so bothered by that that they will want to do something about it, but if you are, there may be a solution for you. Taking out a personal loan can unlock many possibilities that would otherwise be impossible for you access, and that can be enough to give you a whole new lease on life.

What Are Personal Loans?

Personal loans are a lot like the somewhat more common payday loans that many people take out regularly. They are always bigger than a payday loan would be, but their exact size depends on your credit and income as well as the provider from whom you are trying to contract the loan. If everything about your application is optimal and the lender that you choose is one of the more generous ones, you could easily get $30,000 or more, enough to buy almost anything you could think of short of a house. You have more time to pay them back than payday loans give you, too – the standard minimum is at least a few months, but it’s not uncommon to be given years of time to repay your total if you want it. Overall, they are one of the most flexible types of loans you can get.

Who Needs Personal Loans?

Personal loans Canada can be useful to all people from all walks of life in some situations. If you feel like you could use a personal loan to improve your life, it might be something worth looking into for you. If you feel like you need any more convincing, we’ve got some stories for you. These three people all come from very different backgrounds and live their lives very differently in the present, but they are all united by one thing: they stand to benefit greatly from taking out a personal loan. Read their stories and think about whether this solution might be right for you, too; if it is, you have nothing to lose by proceeding to use it, but you might just have everything to gain.

  • Story 1: Karen

Karen is a young woman who has dreamed of being married for her entire life. As a little girl, she planned out her future wedding down to the last lavish detail. What she never expected was for her boyfriend, Jamal, to propose to her right before telling her that he was about to be sent overseas for his job in the military. He wants the wedding to happen before he leaves. Now she isn’t sure if she can stick to her long-held plans for her wedding due to financial reasons. She cannot afford a ceremony as elaborate as what she wants with the money she has right now. If she had had more notice, she would have saved up money in advance in order to have things the way she wanted them. Since she did not get that chance, though, she now has to either forgo the wedding of her dreams or wait much longer to marry her fiancé and start their life together, risking the chance that Jamal may become seriously hurt or even killed overseas in the meantime.

Karen chooses to take a third option; she takes out a personal loan to fund her wedding. The thousands of dollars that she receives are more than enough to cover all of the expenses for the ceremony, reception and honeymoon, and she is able to have exactly the kind of perfect day that she has always dreamed of having. After starting her new life with her new husband, she was able to scrape together more than enough money every month to make her loan payments without incurring any hardship. Though she will ultimately pay more than the sticker cost of her wedding by choosing to finance it by borrowing, she is happy and thriving and would not change her decision for the world.

  • Story 2: Otto

Otto is a former carpenter who now lives on a disability pension provided by his work due to his joints having deteriorated on the job and become painful to use. Although he is injured, he is still fairly young, and he is having a hard time adjusting to life without work as a central part of it. He wants desperately to feel useful again, but he cannot work a normal full-time or even part-time job due to his health requirements. He does feel that he could do a little work independently from his home, though, if he had the proper tools and supplies. He has a dream of setting up a little workshop for himself in his garage and continuing to practice his former carpentry trade at a pace and schedule which suits his needs, but to do that, he would have to purchase some equipment, tools and wood to work with. He cannot afford to do this with the amount of money that he currently receives. He feels that he will have no trouble making this enterprise profitable in short order, but he is not sure how to prove this to banks or potential investors. This means that he cannot tap into sources of income meant exclusively for small businesses or entrepreneurial endeavours. If he could access those, they would have been his best bet, because they are often far less expensive than most types of loans. Still, they are not a possibility in this case and should be considered irrelevant at this point.

With a personal loan, Otto can buy all of the equipment he needs to get his workshop going, as well as plenty of supplies to get him started. Once he has these things, he can begin to produce small pieces of work that he takes to the local market to sell. Sales are slow at first, but they pick up in time once people start to take notice of the high quality of his craftsmanship. He only has a little bit of trouble paying off the loan in the very beginning, when he is still paying for it out of the budget he keeps for his regular living expenses. All he has to do to make it workable, though, is cut out his cable bill, which he is happy to do. Once he begins to work and builds up a reliable customer base, he is able to easily pay for the loan out of the proceeds he is getting. In doing so, Otto is able to not only produce more income for himself to live on through his work, but also regain a valuable sense of usefulness and independence.

  • Story 3: Shabira

Shabira is a recent immigrant to Canada who came in search of a better life. She and her husband provide for their four children, but they are still running in to some difficulties. She wants to see her children go to school and get a good education, but they are having trouble in their classes at the moment because their grasp of English is not yet well developed enough for them to easily follow along. They are also running into difficulties with a lack of supplies, such as pencils and paper, to use because Shabira cannot afford to purchase everything on their supply list. She is especially worried about how she will pay for higher education for her oldest son, who is supposed to graduate high school at the end of the year if he can pass all of his classes.

With a personal loan, Shabira can buy her children all of the supplies they need to do well in school and fit in with their peers. She can also afford to pay a tutor to help each child improve his or her grasp of the English language and help them to better understand what is going on in their other classes. She will even be able to send her oldest to college or university next year when he graduates, which she now feels extremely confident that he will manage to do. In time, her children should be able to reach the same levels of achievement as their peers do and go on to have a very bright future, and all that is made possible by personal loans.

Experience the Difference Personal Loans Canada Make For Yourself

If you’re like any of these people, personal loans Canada can make your life better too. Don’t keep wondering about it and thinking maybe you’ll get an application filled out tomorrow – you can make a big difference in your life by going online right now to apply through Bonsai Finance. We can help you to find the personal loan offers that are best suited for you, no matter what your income or credit looks like. Once you have found one that you like, you can apply for it right there in the same browser window without ever going out of your way. We’ll make it easy for you to research, apply for and eventually get these loans so you can get to what really matters – living your newly improved life.