You may have come across this article because you have already tried getting a traditional loan in Edmonton. Banks and credit unions typically have tough eligibility requirements and will not approve you for loans in Edmonton if you have a bad credit rating.
Many Canadians turn to payday loans in Edmonton instead. But, payday loans, Edmonton, tend to come with many unexpected expenses. Another alternate lender is a private lender, and finding one is easier than you think. They can be found in all provinces and territories, as our earlier reviews from Ontario and Toronto, among others, suggest.
Personal Loans in Edmonton
Loans Canada and Loans Connect are lending platforms that can help you find the perfect private lender, regardless of your credit rating. Using the site will match you with the perfect lender, Edmonton. First, let’s dive into some pros and cons of the financial services that Loans Canada and Loans Connect offers, Edmonton!
One of the best ways to find a private lender in Edmonton is by using Loans Canada. It is a lending platform where Canadians can find lenders that meet their specific needs. You can find personal, car, and business loans as well as a loan for debt consolidation, all at Loans Canada.
Their headquarters is located in Toronto, but the platform is online. This means Canadians from Edmonton or any province/territory can find a lender on Loans Canada.
Here are some of the pros and cons of using Loans Canada.
- If you have good credit, it is possible to get an interest rate as low as 5.49%.
- Both short-term loans and long-term loans are available. Starting from 6 months to a maximum of 60 months.
- You won’t be able to get cash directly, but a direct deposit can be in your bank account in 48 hours or less once you’ve been approved.
- The entire process of searching, applying, and getting approved for a personal loan is done completely online.
- Your credit rating won’t impact your eligibility for a loan.
- You can often decide how small or big of a loan you want. The maximum loan amount available is $300,000.
- Once you input your information, Loans Canada will show you all your lender options in a chart. This makes comparing them easy.
- Many people are hesitant to use online lenders as they prefer applying in person. Loans Canada makes the process super easy, as their website is very user-friendly.
- The terms and conditions of your personal loan will vary depending on the lender you choose. For example, one lender may charge an early repayment fee, and another may not.
- You will be charged a higher interest rate if you have bad credit.
- Your search results will be based only on lenders that partner with Loans Canada.
Another great lending platform you can use in Edmonton is LoanConnect. LoanConnect is similar to Loans Canada in that it is a middle-man between borrower and lender.
Canadians from Edmonton or any province or territory in Canada can search for personal loans, business loans, and more. To properly compare Loans Canada to LoanConnect, let’s take a look at some pros and cons of LoanConnect.
- You can choose your loan term from anywhere between 6 months to 60 months.
- Personal loans are not the only type of loan available on LoanConnect. There are 12 different types of loans available.
- Interest rates start as low as 4.6% depending on your credit score.
- To be eligible, you simply need to be a Canadian citizen that is the age of majority in Edmonton or whichever part of Canada you’re in. Your debt also must be less than 60% of your income.
- You are not obligated to apply with any lenders that LoanConnect shows you, and searching for one is completely free.
- If you have a lot of debt (more than 60% of your income), you will get rejected for a personal loan.
- Personal loans bigger than $50,000 are not available.
- The lower your credit score is, the higher your interest rate will be.
The Bottom Line
Many Canadians in Edmonton and all over the country don’t have a lot of cash to fall back on if something happens. You never know when an emergency could occur, and a personal loan could help you out of a messy situation. If getting a personal loan through a traditional lender is not available to you, Loans Canada and LoanConnect can still help.
Both lending platforms are meant to help Canadians in Edmonton find the best personal loans, regardless of their credit history. Edmonton, don’t hesitate to find the right lender for you. Both platforms are free to use, and there is no obligation to apply if you don’t find a lender that meets your needs. Your bad credit score won’t hinder you from getting a personal loan anymore, Edmonton!