3 top tips that help you choose the best $16 000 loan
A $16,000 loan is considered a large amount, hence your options may be limited. It can also be not that easy to pay off without the right income and rates. Compare loans and find the best one for you with these 3 factors:
- Credit Score. Your credit score can help you get approved easier for loans of up to $16000. Consider improving your credit history before applying for a loan to get better rates. Aim for at least 660 to 720. If you can reach 760 and above, much better as this is considered an excellent credit score in Canada.
- Requirements & Process. Borrowing large amounts of money can sometimes mean more requirements and longer processing time. If you urgently need the money, carefully look for lenders that have faster processes but fair rates.
- Purpose. For $16 000 loans, having a specific purpose can help you get approved faster. For example, getting a business loan, a car loan or a debt consolidation loan. Having a concrete purpose or a physical item where the money will go lowers the loan risks for lenders. The better your purpose, the better chances you have for a competitive rate.
How to get a free credit report in Canada?
To get a loan, you’ll need to present your credit score with a valid credit report issued in Canada. You can get a copy of your credit report by making a request to Equifax or TransUnion. This can be done by mail, phone, online, or in-person.
Equifax or TransUnion uses different scoring methods, hence the reports they will provide may not be the same. You can get one from each for free. This will not affect your credit score. Just prepare some valid IDs, like a Canadian driver’s license or passport.
Where can you find a $16 000 personal loan?
BestLoansCanada rounded up all available $16 000 loan options in Canada. With simple sliders and filters, you can find different loans at terms that you prefer and calculate repayments. You can also find featured personal lenders, like Royal Bank of Canada, Scotiabank and HSBC and compare their rates.
How to apply online
Use BestLoansCanada’s comparison tables to view loan options and rates. If you need more information about a loan or apply for it, just hit the “Go to Site” button. This will bring you to the lender’s personal loan page, where you can directly start the application process. Lenders may require you to fill out some forms online and submit required documents via mail or as soft copies. Most lenders will let you know about your eligibility for the amount you want to borrow. Afterwards, you’ll have the option to proceed with the loan process and get approved.