3 top tips that help you choose the best $10 000 loan
There are a myriad of lenders and loan options available in Canada. To find the best one, compare loans and narrow down your options with these 3 factors:
- Interest rates and additional fees. Interest rates may be fixed or variable, depending on your lender and the type of loan you choose. More so, fees may also vary from one lender to another. Compare all rates and fees and calculate total repayments to see which works best for you.
- Repayments. Be sure to look at the repayment methods and options when taking out a loan. Some lenders prefer direct debit for repayments. For this, you have to ensure you can maintain your bank balance so payments will not lapse. If you have preferred repayment dates, you can look for lenders that can let you choose or adjust due dates too. Also, see if a lender offers flexible options, like free top-up payments, early repayments and payment holidays.
- Overall Process. Borrowing amounts from $10 000 are considered a small loan, hence the process should be simple. It’s best to look for lenders that offer fast processes and good customer service. This way, you can borrow money when you need it with less hassle.
How to get a free credit report in Canada?
Your credit report is where lenders can see your credit score. To get a credit report in Canada, you can make a request by mail, phone, online, or in-person to Equifax or TransUnion. These two bureaus may provide you with different scores.
Requesting your credit report is free and will not affect your credit score. They will require you to submit copies of two acceptable identification documents, like a Canadian driver’s license or passport. Afterwards, your credit report will be sent to you via mail. You can also request an online copy of your credit report, but this may come with a fee.
Where can you find a $10 000 personal loan?
BestLoansCanada offers access to a wide range of loan options available in Canada. You can use the filters and input the amount you wish to borrow to see all loans ranging from $2,000 to $300,000. Our comparison tables give quick access to featured personal lenders, like Royal Bank of Canada, Scotiabank and HSBC. You can use the BestLoansCanada personal loan calculator to easily compare lenders and rates.
How to apply online
You can scroll through BestLoansCanada’s comparison tables. Once you find a loan and rate that interests you, click “Go to Site”. You will be redirected to the lender’s website where you can apply for a loan online. In most cases, you will need to fill out an application form and provide personal as well as bank details. Lenders may also require you to upload scanned copies of documents. Afterwards, the lender will reach out to validate the information provided and finalize the loan. Once approved, you’ll need to sign a document and mail it to them or do it digitally.