In the United States, 56% of people are unable to pay for a $1,000 emergency expense with their savings. If you feel like you are close to the edge financially, there are ways that you can get help paying for unexpected expenses.
For example, finding small personal loans online can protect you financially and will make it easier to pay your bills on time. Do you need help finding the best small personal loans for your needs?
Keep reading this guide for everything you should consider to find personal loans in Canada that are right for you.
Consider Loan Amounts
The first thing you need to do when applying for a personal loan is to consider the loan amount. This is how much money you will be able to borrow from your lender.
However, the amount that you borrow will not be the same as the amount you pay back. If you have high interest rates and long loan tenure, this can greatly increase the amount of money that you owe.
Make sure your lender offers loan amounts and loan tenures that meet your needs. Most lenders will offer loans for anywhere from $5,000 to well over $100,000. However, some online lenders only offer smaller loan amounts.
What Types of Loans Are offered?
To find the right loan for your specific needs, you should learn more about the different types of personal loans offered by your online lender. Whether you have a specific purpose for your loan or not, you may be able to get a better rate if you select a loan that is marketed for a specific category.
These can include debt consolidation loans, home renovation loans, and even emergency loans. Make sure your lender doesn’t restrict the way that you can use your funds.
Understand Repayment Terms
Before applying for a loan, you need to make sure that the repayment terms match your needs. This way, you will not get stuck with a loan that you are unable to pay off.
First, how long is the repayment period? This can range anywhere from several months to a few years.
You also need to know how much your minimum loan payments are. While you should try to pay more than the minimum amount each month, learning more about the monthly payments can help you be prepared for your repayments!
Find the Lowest Rates
You should also find a lender that offers you the lowest rates. Interest rates can be high on personal loans. Plus, the higher the interest rate, the more money you will pay throughout your loan.
Typically, your interest rate will be determined by your credit score and by the loan term. Finding a lender that has competitive rates, even if you don’t have perfect credit, will help you save money.
Consider Prequalification
If you want your loan application process to go more smoothly, you should also consider working with a lender that gives you the option to prequalify for your loan. With pre-qualification, you can check your estimated interest rate and the terms of your loan before even submitting an application.
This also makes it possible to see if you would qualify for a loan without worrying about your credit score being impacted.
Still, it is important to realize that your rates and terms may differ when you actually apply for a loan and get approved.
Learn About Additional Fees
Some lenders also have additional fees. Learning more about these fees can help you understand exactly how much money you will pay throughout your loan.
For example, some lenders charge origination fees. This is a fee that you pay once the application has been verified.
Others charge additional fees if you try to pay off your loan too early.
Comparing these additional fees will ensure that you get the best deal on your personal loan. It is best to find a lender that doesn’t charge late fees, early payoff penalties, or origination fees for your personal loans.
Prioritize Convenience
Finally, you need to find an online personal loan that is convenient. The last thing you want is a loan that is difficult to apply for or difficult to pay online.
To find a convenient loan, you should look for a lender that has a fast application and approval process for loans!
Not only do you need to find a loan provider that makes it easy to apply for a loan, but you also need to find a company that will give you a great customer experience. For example, how fast will your lender respond to your questions?
Do they have easy methods of communication? Finding a lender that is available over the phone, by email, and even over chat can make your lending experience much more convenient.
If you are looking for a convenient Canada personal loan, https://loanz.ca/ can help! We offer loans for amounts between $1,000 and $15,000 and you can receive funds in as little as three minutes.
Looking for Small Personal Loans Online? We Can Help
Whether you need help paying for an unexpected expense or if you need help affording an upcoming project, finding the right lender for your personal loan is essential. Considering each of these factors can help you find small personal loans online that is best for you.
If you need help looking for an online personal loan, we can help! Our website features expert advice on personal finance and can help you find financial help that fits your needs.
Check out our blogs for everything you need to know about personal finance!