Get a Personal Loan in Mississauga

Personal loans in Mississauga can be put towards a range of expenses or to settle higher interest debt. These expenses could include:

• Emergency medical expenses

• Weddings or other events

• Home repairs or renovations

• Vacations or unexpected travel

• Car purchase or repair

• Debt consolidation

No matter what you need money for, a personal loan is a great option to cover costs and expenses.

In Canada, all banks require similar documentation attesting to your identity, citizenship, and established finances. Whether you apply in person or online, you’ll need to provide:

• Proof of a Canadian bank account

• Proof of Canadian residency 

• Personal identification showing that you are 18 years old or older

• Banking and credit history 

• Pay stubs or deposit slips showing that you have steady income

• Any other relevant financial documents

The first step to qualifying for a personal loan in Mississauga is to check your credit score for eligibility and then collect all the documents you need for the application process. Applying for a loan through Borrowell means that you’ll already know whether you are likely to be approved. When working with your lender, it’s still necessary to submit documents showing that you are employed, a resident of Canada, and have a good credit profile. 

To qualify, lenders will also look for any history of bankruptcy or defaulted debt repayments, so staying on top of your bills can help you qualify for a loan.

Lenders vary in their requirements for borrowers, including minimum credit scores. If you have good credit or better, for example a score over 660, you are likely to find attractive loans that you qualify for. 

If you have a lower credit score, this doesn't mean you won’t be eligible for any unsecured personal loans in Mississauga. Borrowell partners may have a loan for you even if you don’t have excellent credit.

You may think that taking a personal loan is just another way of taking on debt, but unlike credit card debt, personal loans can help improve your credit score.

Using a personal loan to pay off other debt is a good idea. It is a lower interest option than credit cards, so you save money. This makes it easier to repay your balance every month. Steady repayments will help you improve your credit score. Since personal loans are considered installment loans and not credit, they also contribute to a better credit mix and lower your credit utilization.

The only way to ensure that you gain these benefits of a personal loan is to make on-time payments on your loan.

There are a few ways that Mississauga lenders will decide if you qualify for loans or other financial services. The first and most obvious criteria is your credit score. You can anticipate this requirement by signing up for Borrowell and getting your Equifax credit score for free. 

35% of your total credit score is based on your debt repayment history. When lenders look at this, it gives them confidence that you will be able to repay the loan. Lenders will also make sure that you have steady employment and income by looking at your bank statements and credit report.

Figuring out what it costs to take out a loan can be complicated, but Borrowell keeps you on track with transparent, straightforward loan offers with vetted partners. 

A rule of thumb is that the longer repayment term you take, the more cumulative interest you will pay. This makes long term loans proportionately more expensive than shorter term loans. The amount you pay will also depend on your financial history, the loan amount, and the lender’s regulations. 

Most Mississauga personal loans are unsecured, variable-rate small loans with an average annual interest between 12–30%. Aside from annual interest, lenders also charge fees for processing and administration ranging from 1-3% of the loan amount.

There are two main types of personal loans in Mississauga: secured and unsecured loans.

Secured loans are backed by something of value, known as collateral. The collateral is a lender’s insurance against defaults and is often required for very large loan amounts. 

Unsecured personal loans are not protected by collateral. Because there’s greater risk being taken on by the lender, unsecured loans generally have higher interest rates and stricter eligibility requirements. 

Most Mississauga personal loans are unsecured with either fixed or variable interest rates. With so many choices available, Borrowell users have the advantage of only viewing loan offers that they are likely to qualify for based on their credit score. This accelerates the loan search process and helps you get your money quickly. Sign up today to speed up your search for a personal loan.

Interest rates on personal loans depend on several factors that evaluate whether you will be able to repay the loan and how quickly. Separate lenders have internal methods for deciding exactly what you are going to pay. In general, interest on most loans across Canada are calculated in the same way and capped at 60% according to federal law. 

Some factors in calculating interest rates are:

• Loan size

• Borrower’s credit profile

• Repayment terms

• Individual lender policies