There are lots of occasions in life where you might suddenly need money. Maybe your dog is sick and needs expensive medication or surgery. Maybe you’ve gotten a chance to take a trip to a place you’ve always wanted to visit. Maybe Christmas is coming up. Maybe you just think it’s time you got new TV.
You might have savings to cover these kinds of expenses, but you also might not, and you shouldn’t have to go without just because you can’t pay right away. A personal loan can change that.
What Are Personal Loans?
Personal loans can help cover the shortfall in the present in exchange for some of your future earnings. They let you borrow money based on your personal information (usually – but critically, not always – your credit score) instead of requiring any actual collateral. Because they are relatively flexible and easy to get, these loans are often used to cover emergency bills or a large special expense like a wedding.
You don’t need to specify what you’re going to do with the money when you apply for one it – that’s entirely confidential and up to you. Personal loans give you access to money you know you’ll have in the future to use right now, when you really need it.
The Old Personal Loan Hassles
Before the Internet came into our lives, getting a personal loan could be surprisingly difficult. Shopping around for the best terms and rates was a tiresome ordeal that was sure to wear you out before you could find the best deal. Qualifying for the loan meant submitting to rigorous credit and background checks and hoping that no minor past issues would count against you.
Filling out all the necessary forms took a long time, and processing them all took even longer. In the end, you didn’t always get access to your loan money when you needed it. The entire traditional lending process is complicated, lengthy and just doesn’t make sense for the modern person.
Enter Personal Loans From Bonsai Finance
At Bonsai Finance, we aim to make sure that everyone has access to the personal loans they want or need, and we use the power of technology to make it happen.
Our lenders don’t perform full credit checks when making their final decisions. Their primary criteria is your current verifiable income, so as long as you can realistically afford the payments on the amount you’re borrowing, you can expect to be approved. What’s more, the process is conducted entirely online with a turnaround time of just a few days, making it as convenient for you as possible.
It’s simple, it’s quick, and it gives you all the financial flexibility your busy life needs.
The Best Online Personal Loans in Canada
There are a few things we do here at Bonsai Finance that we feel set us apart from the competition. We put you in touch with the lenders with the lowest rates, so you can expect your monthly payments to be affordable and to consistently go toward paying down the principal, not interest. You can quickly compare what different lenders are offering through our user-friendly online portal and pick the option that best matches what you’re looking for. You also don’t have to worry about coming up with the money all at once or paying for other emergency expenses along the way; you’ll have a full 18 months to pay us back.
Just to review, here’s what you get when you apply for a personal loan with us:
- no invasive questions
- no credit checks
- no pressure to pay too much, too soon
- no jumping through hoops
- swift approvals
- the freedom to do it wherever and whenever you like
Contact us now and let us help you find.
Distinguishing the Myths from Facts about Personal Loans Canada
If you have never applied for a personal loans Canada before, you’ve probably looked for information that will enable you to understand how these types of loans work. Some of the things you’ll see are facts, while others are myths that could make you skeptical. Well, we would like to set the record straight and help you distinguish the myths from facts about personal loans. The most popular myths include:
Personal loans must be secured, either by co-signer or property. FALSE
The Fact is, personal loans are usually unsecured. This means that you don’t have to put up your car or house as collateral against your personal loan. This makes personal loans Canada a much better option than home equity line of credit loans.
As long as you meet the minimum income standards, you can get a personal loan through our site without the need for collateral. The lenders we work with will only want you to prove that you have a reliable source of income. When making your application, just attach proof of employment (pay stubs) along with bank statements and voila! – the loan is yours.
Personal loans are only for those with stellar credit. FALSE
The fact is, you don’t necessarily need to have a perfect credit score to obtain personal loans Canada. It’s true that people with high credit scores obtain loans ‘just like that’, but it isn’t true to say that those with bad credit don’t stand a chance.
Bonsai Finance has partnered with many Canadian lenders that are ready to offer personal loans to borrowers with good, poor, bad, or even no credit. with a verifiable proof of income, So, if you have bad credit, don’t hesitate to contact us so we can connect you to lenders who have some amazing bad credit personal loans options for you to choose from.
Interest rates for personal loans Canada are extremely high. FALSE
The fact is, rates for personal loans are not high at all. In fact, your interest rate could be well under 10 percent if you have reasonably good credit. Note that even with bad credit, we can help you get personal loans at low rates. The lenders we work with are always willing to offer personal loans at highly competitive rates.-
You can’t use personal loans for whatever you want. FALSE
The fact is, once you are approved for a standard unsecured personal loan through our website, you can make use of it for whatever purpose you wish. The following are just a few of the ways you can make use of personal loans Canada available through our site:
- Debt consolidation
- Business loan
- Home renovation
- Engagement or wedding, or any other special occasion
- Household expenses
- Baby or adoption
- Education, etc
How Does your Loan Get Approved?
The loan application process is fairly simple. Good news is that our lenders base their personal loans on verifiable income as opposed to credit history or score. First, fill out a loan application form. Then, we will match you with an ideal lender, who’ll review your information to determine how much you qualify.
You will be required to provide proof of identity, and proof of income. Normally, you will complete this step by providing the lender with scanned copies of all the pertinent documents, which includes your 2 most recent Notice of Assessments or your 2 most recent pay stubs.
Once the lender verifies your information, they will approve your personal loan application. The funds will be deposited into your bank account. The process takes roughly 3 business days, although the time can vary from one lender to another.
At Bonsai Finance, our goal is to help you obtain the most affordable personal loans Canada from legitimate and reliable lenders. Contact us today so we can help you get the credit you need.