Whether you’re planning to buy a car, consolidate debt or finance a major home improvement project, a personal loan can help you get the funds you need. However, not all lenders are created equal and the best personal loan options for you may vary based on your individual financial situation. The type of Personal Loans Canada | AlpineCredits.ca you choose will also impact the amount you’ll need to borrow and how long you’ll have to repay it.
Does applying for a personal loan affect my credit?
If you’re looking for a personal loan with competitive rates, consider applying for one through a bank or credit union. These institutions have low requirements and typically offer the best rates for borrowers with excellent to good credit. If you have fair to bad credit, you may be able to find a personal loan with more flexible eligibility requirements from an alternative lender, but this can often come at the cost of higher interest rates.
When you apply for a personal loan, the lender will conduct a credit check to determine your eligibility. Depending on the type of loan you’re interested in, this can take as little as 48 hours. Once your application has been approved, the lender will either deposit the money directly into your account or send you a cheque. Most of the lenders partnered with Loans Canada pledge to process unsecured loans within this timeframe, but if you haven’t heard back from your matched lender within that window, it’s a good idea to follow up.