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Low-Interest Personal Loans Canada
22 Apr 2019

What You Need to Know About Low-Interest Personal Loans Canada

Low-interest personal loans Canada is what you need to help curb your financial constraints. The good news is that you will not undergo any hassle to finally get the loan.

It is becoming increasingly difficult to achieve virtually anything nowadays without money. You might require money to put up a business, prepare your wedding, improve your home, or cater for your basic needs to mention a few. You do not have to run out of options on where a financial help will come from. You probably think that a loan might be difficult to repay because of the interest rates that come along with it. Well, you can now access low-interest personal loans Canada as soon as you need it with or without prepayment fees depending on your lender.

What is a low-interest personal loan?

A low-interest personal loan is a loan like any other only that its interest goes to as low as 9% or even less. Once you have borrowed the cash, the total amount you repay is slightly higher, but one with which you are comfortable. Loans with low interest will always cost much less than what an average personal loan would cost.  Consequently, you save money when it comes to the interest payments, and depending on the terms of payment, you are able to pay back with ease as there is a comfortable time allowance for repayment.

How to decide for a loan option that best suits your needs

There are many types of personal loans with the low interest. Below are the factors to consider when choosing one that best suits your situation.

  • Annual percentage rate (APR) – The APR is the interest that has accumulated in one year. Unlike the usual monthly charges your APR will solely depend on the amount of your loan, and its interest rate. When comparing your lenders, it is advisable to consider this factor, and thus pick one with whom you are comfortable.
  • Fees – Some lenders might charge you a service fee that is paid monthly while others will charge an administrative fee, or worse, large amounts of fee when borrowing. You should, therefore, never overlook this factor lest you want to dig deep into your pockets when paying back.
  • Customer reviews – A lender might be providing loans with low interest on paper but when it comes to getting the loan and repaying it, it turns out to be a different case. The best way to know if the loans are truly low interest is by considering what other customers who have utilized the services are saying about them. With everything accessible online, it is easy to get real-time reviews of customers who have borrowed before you.

Qualifications for the most competitive low-interest rates

  • High credit score – One important factor that would guarantee you a competitive rate is having an excellent credit score. A score that is over 650 is good enough for a lender to give you money.
  • Strong credit history – A credit score reflects your credit history. Do you pay off your debts in time? Lenders put that into consideration before entrusting you the amount of money for which you had asked.
  • High income – Many providers of low-interest personal loans in Canada will require you to have an income higher than the cut off to qualify for the best rate.

Best low-interest personal loans Canada

  1. Motusbank personal loan – Motusbank allows you to borrow up to $35000, and pay back in monthly installments. Simple and fast with rates as low as 5.15%. Your reasons for borrowing do not matter. The application is online and you get a free online quote. Your credit score would not be affected up until you accept the loan.
  2. Ferratum money – You are guaranteed affordable online lending products with rates as low as 18.4%, and a maximum amount of $10,000. Your credit score should be 550 and above to stand a chance of securing the loan. You do not have to worry about an originating fee as they do not ask for one. In addition, you get the loans within the shortest time possible.
  3. Refresh financial – You can borrow as much as $25000, credit score in this case is not applicable, original fee applied ranges from $250 to $1000, depending on the size of the loan. With Refresh Finance interest rates going as low as 9.47%.

Achieve your financial goals by turning to low-interest personal loans Canada, and choose a lender that you can comfortably work with. All you have to do is make an in-depth research. If not, contact us today and we will connect you with lenders who offer these loans and more.