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Wednesday, August 4th
Borrowell makes it hassle-free to find a personal loan in most parts of Canada. This service connects you with well-respected lenders who offer some of the lowest rates in the industry. Though eligibility criteria through Borrowell tend to be on the stricter side, consumers with relatively good credit should have no problem getting a personal loan. Top-rated by customers and the BBB alike, Borrowell also earns our highest possible ranking.
Compared with the other lenders in our review, LendingMate is difficult to recommend. All personal loans here require a guarantor to sign up with you, making it impossible to get money if you don't have a friend or family member with good credit who is willing to help. For reasons ranging from an "F" rating by the Better Business Bureau, to customers who describe the service as an outright scam, we feel there are better choices available to borrowers in Canada.
Do you need some quick cash? Unless you happen to have a family member or friend who's in a position to float you a loan, you'll probably need to look to a financial institution to get the money you require. But, not all sources of loans are equal, with some predatory forms of lending charging interest rates of well over 100%! Fortunately, there are lenders offering personal loans that can help you close the gap between what you have and what you need - without plunging you deeper into financial straits.
For Canadian consumers, there are several different options for personal loans online. Some services connect you directly with funding, while others work as a middleman and refer you to trusted financial partners to ultimately close your loan.
One of the newest ways to get a personal loan is through a social lending network, also known as peer-to-peer lending: everyday people choose to invest in funding loans for their fellow Canadians, creating a win-win where they make money on the interest you pay on the loan, and you get the money you need without paying exorbitant interest rates or fees.
Whichever route you choose, it's important that you carefully consider the terms of any personal loan offers you receive. Failure to repay your loan will negatively impact your credit score and history, which can be hard to repair later on down the road. Be sure to determine the interest rate, repayment terms, and any origination fees or prepayment penalties before you sign on the dotted line. While it can be tempting to accept any cash offer you get, take the time to choose wisely and be a well-informed consumer first.
As you look at the various options for personal loans in Canada, how can you determine where to start and, ultimately, which service to use? You may find it useful to keep these factors in mind:
TopConsumerReviews.com has reviewed and ranked the best online sources of personal loans in Canada today. We are confident that this information will help you get the money you need quickly, with loan terms you can afford.
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Mon, 02 Aug 2021