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Credit & Debt

Why get a debt consolidation loan with bad credit in Ontario?

Have you recently been denied a loan with bad credit in Ontario?

This is a common problem for many people in the province who struggle to pay their bills on time. Getting your financial situation back to normal so you can save up and get rid of debts can be a demanding process requiring patience and restraint.

Many financial institutions in Ontario have strict rules regarding credit checks when looking for a personal loan. If you happen to have bad credit, it will be extremely difficult to obtain a loan of any kind from a bank.

One viable solution for many is debt consolidation. This simply refers to combining your debts and obtaining a lower interest rate for them.

In this article, we will explain what a debt consolidation loan is and how it may potentially be the right decision for you.


Loans with bad credit in Ontario

Before diving into what debt consolidation loans are, it’s important to get an idea of what your options are for obtaining a loan with bad credit in Ontario.

When most financial institutions are likely to refuse your loan application, where can you turn for help?

Here are some of your options:

  • Apply for a home equity loan
  • Borrow from friends and family
  • Find a co-signer for your loan application
  • Look for online loan providers such as Friendly Lender

Depending on your financial situation, some of these options will be better than others. Home equity loans, for example, risk the loss of property if you are unable to fulfill your obligations.

Debt consolidation loans

Debt consolidation has the potential to save you money by enabling you to pay back the debts you have with a single loan and a lower interest rate. This also has the advantage of making it easier to keep track of your financial planning with a simple payment to be made each month.

Debt consolidation with bad credit

If you’re one of many people with a bad credit rating in Ontario, you can still obtain a debt consolidation loan if you have enough to make the required monthly payments. This will be much easier to achieve with a private lending service because they often do not require any credit checks.

When choosing a private lender for your debt consolidation loan, there are still stipulations that must be met such as having a stable minimum income and over the age of 18 in the province of Ontario. If you meet the prerequisites, consolidating your debts can eventually help you to re-establish your credit rating.

Why consider debt consolidation?

Debt consolidation makes it easy to avoid missed payments that negatively affect your credit score. Making your payments on time will ultimately bring your score back up to a desirable level.

Managing your debts becomes much easier when they are consolidated into one simple payment. When using a private loan provider for bad credit in Ontario, you also avoid further hurting your credit score when a financial institution performs a credit check.

Summing up

Consolidation of your debts can be a worthwhile solution for you if you have bad credit and are having trouble keeping up with your payments. Private lenders are able to provide quick cash advances without any negative effect on your credit rating.

Don’t hesitate to contact Friendly Lender today if you have any questions.

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Money Tips

How to get a quick loan when the bank refuses you in Ontario?

Has your bank refused to give you a loan after performing a credit check?

When your financial institution turns you down because of poor credit or for any number of reasons, you may find yourself wondering how to get a quick online payday loan in Ontario. Luckily, there are private entities such as Friendly Lender that offer services specifically for cases like these.

If you have a bad credit score, the last thing you want to do is make it worse. Private lending services often don’t require credit checks and therefore their quick loans won’t harm your credit score any further.

This article will explore the reason banks often refuse loan applications and why going through a private lender may be a better choice for you.

 

 

Why do banks refuse quick loans in Ontario?

Being denied for a quick loan in Ontario from your bank can be a discouraging experience. It’s important in the case of this happening to understand why you may have been refused.

Bad credit refusal

The most common reason banks in Ontario will deny a loan application is if you fail to pass their credit check. Obtaining a quick loan with bad credit is an exercise in futility at most financial institutions.

Credit report errors

Another possibility is an error on your credit report. These can happen more often than you might imagine and can be worth looking into if you are refused.

Excessive debt

When applying for a quick loan, the bank will often determine your amount of debt in relation to your income. If they find this ratio to be undesirable, they will often reject your application for a loan.

Banks in Ontario have strict requirements for loan applicants and it is always wise to look these over before applying. It is also worth noting that credit checks from a bank can result in your credit rating taking a negative hit.

Quick loans from private lenders in Ontario

Once you’ve been refused a loan from the bank, using the services of a private lender could be the easiest way to get a quick loan in Ontario. Services such as Friendly Lender can provide you with your short-term loan within 24 hours and don’t require any credit check.

The only requirements are that you are a legal resident of Canada over 18 years of age and have a minimum monthly income. Applying for a quick loan online is very simple and will allow you to avoid having to put your credit score at risk unnecessarily.

Here are some advantages of a private loan service over a bank:

  • Personal service
  • Receive loans quicker
  • Flexibility
  • Easy approval
  • No credit check

Summing up

If you’ve encountered difficulty with your bank when looking for a quick loan in Ontario, it may be time to consider using the services of a private lender. Asking family and friends for money or to co-sign a loan isn’t always an option and services such as Friendly Lender offer many advantages over traditional financial institutions.

Don’t hesitate to contact us with any questions you may have!

Applying for an Online Loan is easy as 1-2-3

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Credit & Debt

How Quickly Can You Get a Low Credit Score Loan in Quebec?

Have you been trying to apply for a online payday loan but your low credit score is getting in the way?

This is a frustrating everyday reality for many people in Quebec. Getting a loan from a traditional financial institution when you have bad credit is near-impossible without a co-signer.

When someone has been unexpectedly let go from their place of work, is struggling to make monthly payments or any other number of reasons for needing a fast cash loan, it can be a difficult process.  You shouldn’t despair, however, as banks are not your only option when it comes to finding a low credit loan in Quebec.

This article will help those with poor credit ratings understand how they can obtain a loan and how much time it can take.

<H2> Low credit loan in Quebec: what are your options?

Whether you want to start your own business or need cash for an emergency, having bad credit will certainly put some speed bumps in the road to finding a loan in Quebec. Nevertheless, there are some options available to you.

First, let’s take a look at some common reasons otherwise responsible people might have a bad credit rating:

  • They maintain a high monthly credit card balance
  • They apply for new credit cards often
  • They have missed payments
  • There is an error with the credit report

Do any of these sound familiar? These can happen to anybody and it’s all-too-easy nowadays to slip into a low credit score.

With that out of the way, what are your available options?

Friends and family

Your first option is potentially awkward and less than ideal. Asking friends and family for money can be embarrassing but if they are willing to help, it may save you money in the long-run and will allow you to avoid finding yourself in a worse financial position.

Home equity

The next option involves putting any property you own up as collateral in order to obtain a low credit loan from a bank. This can be risky and is not the best option for many people.

Private lender

Perhaps the simplest and quickest method of getting a loan when you have bad credit is going through a private lending company such as Friendly Lender. These loans won’t affect your credit score and, as you will see below, can be processed very rapidly.

Do low credit loans take time?

If you opt to put up home equity for a low credit loan from your bank, you will likely be faced with lots of hoops to jump through first and a long processing time. If, however, you choose to use the services of a private lending company, you will see your cash much faster.

How much faster?

Typically, you will be able to receive a low credit loan in Quebec in 24 hours. Private loan companies such as Friendly Lender know that people often need their loan as quick as possible, especially in the case of an emergency and do everything they can to provide it on time.

Summing up

If you’re looking for a small loan in Quebec, it can be discouraging at first but once you understand the options available to you, it becomes a matter of preference. When you need money in a hurry, a private lender can be the ideal solution you’re looking for!

Don’t hesitate to contact us with any other questions you may have about the lending process!

Applying for an Online Loan is easy as 1-2-3

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Money Tips

How To Get A Cash Advance Quickly In Quebec

Have you ever found yourself with unexpected expenses popping up seemingly out of nowhere?

When you have bills to pay or unplanned emergencies that need to be taken care of, having access to fast cash is important. However, without an emergency fund in place or if you have a bad credit score, quickly obtaining a cash advance in Quebec can be difficult.

Most banks won’t give you the time of day if your credit score is too low and you will be forced to seek alternative options. Asking friends and family for money is an option but it can often make you feel uncomfortable and generally isn’t the ideal solution.

With this in mind, how exactly can you get a fast cash advance in Quebec?

Reasons for a cash advance in Quebec

Many reasons exist for needing extra money in a hurry and you may be surprised to find that many of the reasons have nothing to do with being in financial trouble. While emergencies can certainly drive someone to seek a cash advance, many have simple reasons to look for a payday loan.

Here are some common ones:

  • Taking an impromptu vacation
  • Helping to cover a new car
  • Mending home repairs
  • Funding a small business venture
  • Purchasing new equipment

As you can see, not everyone who needs a cash advance in Quebec is necessarily drowning in debt or unable to obtain one from their bank due to bad credit. However, no the matter reason, it’s always important to consider some factors before getting a loan such as the conditions and your ability to pay the loan back.

What are your options?

As a resident of Quebec, you basically have two main options to quickly receive a cash advance. You can either go through the traditional banking system or use the services of a trusted private lender such as Friendly Lender.

Bank

Depending on your financial situation, the bank can be a suitable option for obtaining a loan relatively quickly. However, if you should happen to have a bad credit rating, your chances of approval aren’t very good.

There also tends to be a fair amount of paperwork involved with financial institutions which can increase the waiting period. In addition to a longer time spent waiting for your loan, there tends to be much less flexibility in terms of your options.

Private lender

If you have a poor credit score, going through a private lender is likely your best and only choice. Additionally, if you need your cash advance as quickly as possible, a private lender can often accommodate you within a day or less.

Even without a bad credit rating, the bank often has strict criteria that needs to be met in order to make a cash advance in Quebec. This can be frustrating if you’re only seeking a small amount to borrow for the short-term.

Friendly Lender is part of the private lenders that can make you a quick money saving, and helps many borrowers in Quebec.

Summing up

If you have bad credit or find yourself in a situation where you need money quickly, going through a traditional financial institution can be a burden. For those in need of rapid cash advances, it is worth considering a private lender such as Friendly Lender.

Don’t hesitate to contact us with any questions you may have about the lending process!

Applying for an Online Loan is easy as 1-2-3

How it works?