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Credit & Debt

Can you get a home improvement loan with bad credit in Ontario?

Do you have a home renovation project to complete but are unable to obtain the necessary funding because of bad credit? Home renovations are often necessary and can bring you many positive benefits.

However, these renovations tend to be expensive and additional funds can be a great help for the completion of your project. There are numerous reasons you may be looking for a home improvement loan in Ontario, including:

  • Increasing the resale value of your home
  • Making your home energy efficient
  • Updating a room
  • Remodelling your basement
  • Improving safety and security

Being unable to obtain a loan due to bad credit can be incredibly frustrating when you have a project that needs to be finished. Luckily, there are options available and you don’t have to let your dream home pass you by because of your credit rating.

Home equity loan

The first option available for a home repair loan with bad credit in Ontario is to look for a home equity loan. Many people hesitate to take out these types of loans because they involve putting up your home as collateral, which can be risky if you’re not careful.

While you certainly wouldn’t want to lose your home because you needed to carry out renovations, home equity loans do have some upsides such as a lower interest rate when compared to most traditional loans.

Co-signer

Your next option is to find someone (usually a family member or close friend) that is willing to co-sign on your bad credit loan in Ontario (thus accepting equal responsibility for the repayment). Having a co-signer not only helps you get approved but can also reduce your interest rates and even boost your credit score if payments are made on time.

This option of course requires finding someone to assume liability in the event a bad credit loan can’t be repaid, which is not always easy.

Private lenders

Private lending services such as Friendly Lender are another valid option for obtaining a home improvement loan when your credit rating is low. There is far less risk associated with an online loan for bad credit in Ontario because they don’t require you to put up collateral and there are no credit checks involved.

In addition, the approval process tends to be made within 24 hours of a request, so you can receive your loan quickly to begin your home repairs. Certain criteria must still be met for these types of loans; however, these criteria are far less intrusive when compared to those of traditional financial institutions.

Refinancing

A final option is making a cash-out refinance on your home. This involves refinancing your first mortgage and can actually have lower interest rates than a home equity loan.

Refinancing should be approached with caution, however, as you may end up paying more than you bargained for. If you’re considering a cash-out refinance, use a mortgage refinancing calculator to see if it’s right for you.

Summing up

For those looking for a loan with bad credit for their home renovations, there are still many possibilities that can be considered. Take your time to carefully decide which option is most suitable for your current financial situation.

Don’t hesitate to contact the team at Friendly Lender if you have any questions!

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

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Categories
Credit & Debt

Finding a Personal Loan in Ontario with Low Income

Did you know that having a low income, problems with credit and other financial hurdles doesn’t make it impossible to apply for a personal loan in Ontario?

Many people are still under the impression that having a low income or a bad credit rating leads to a dead-end when applying for a loan. This, however, generally only applies to certain financial institutions and is not the case for smaller private lending companies.

Private lending services can be a great option for low income earners that don’t want to have to take out another high-interest credit card or ask friends and family for money.

As a matter fact, you can apply online, from the comfort of your own house!

Whether your personal loan application was refused by the bank or you’re just looking for a quick cash advance, this article will help clarify your options.


Who can qualify for a personal loan in Ontario?

In order to qualify for a low income personal loan in Ontario, there are certain basic criteria that must be met:

  • Being over the age of 18
  • Being a legal resident of Canada
  • Having an active bank account
  • Having minimum monthly earnings of $800
  • Having a valid email and phone number

If you’re someone who meets these simple requirements, you can obtain a quick personal loan in Ontario in under 24 hours. All you have to do is apply online and have your application verified so you can be connected with a trusted lender.

Low income earners often have many diverse reasons for applying for a personal loan online:

  • Needing extra help with everyday expenses
  • Obtaining a car loan with bad credit
  • Difficulty keeping up with bills
  • Recent loss of employment
  • Unforeseen medical expenses

Chances are if you’re a low-income earner, you may have experienced one or more of these issues. Luckily, there are options available to help you get your finances back in order.

Choosing a personal loan that’s right for you

Having a low income doesn’t mean that applying for a personal loan in Ontario to help with financial problems is unattainable. There are, however, certain things to consider before applying.

You should first be certain that the payments you will be making are affordable and realistic based on your monthly earnings. It’s never a good idea to overstep your financial boundaries.

It’s also important to understand the terms of any loan and if they will impact your credit score. Once you feel comfortable with the amount you can borrow, it’s as simple as applying for a personal loan online.

Additionally, be mindful of predatory lenders that exist to take advantage of you. If an interest rate seems too-good-to-be-true or they make grandiose claims, you might have reason to be cautious.

Summing up

Struggling to find a personal loan in Ontario when you have low income can be tiresome and discouraging.

With a private lending service such as Friendly Lender, you can finally get the money you need exactly when you need it!

Don’t hesitate to use our online loan calculator and contact us if you have any questions about our services.

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

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Money Tips

Why are more people turning to quick online loans?

 

 

Traditionally, if you needed to get a cash advance for anything from car payments to home renovations, your only option was to go through your financial institution, and, as a result, you were subjected to their strict requirements.

Today, thanks to alternative services becoming available online, many people are realizing that they aren’t limited in their financial options, and are turning to quick online payday loans in Canada over traditional bank loans.

From debt consolidation to travel financing, private lending services in Ontario and the rest of Canada are transforming the way people borrow money. Never has it been easier to get a loan you need as quickly as possible with little-to-no trouble.

Check out our free loan calculator now!

What makes online loans so much more desirable than traditional ones?

How do people benefit from quick online loans?

When looking to obtain a personal loan in Ontario and the rest of Canada, going through your bank is usually the first option that comes to mind. But if banks are the obvious preference, why do so many people seek out quick online loan services?

Practicality

The most common reason so many people look for quick online loans is due to their practicality. Online loans can be applied for from your computer without ever leaving your home and having to travel to the bank.

Easy approval

Another significant benefit to obtaining a quick loan online is how easy it is to get approved. Banks tend to be very choosy when approving loans and often refuse loan applicants in Ontario for numerous reasons, such as a bad credit rating.

Time

One of the most discouraging things about needing a loan is the amount of time it can take to complete the process. With quick online loan services, people can generally obtain their loan within 24 hours of applying, making it a rapid solution to save time.

Low risk

Another deciding factor for many people is the low risk associated with online loans. For one thing, interest rates on short-term loans are fixed, so there is no risk of changing rates.

Because they are usually unsecured, loans of this type also don’t require the borrower to offer collateral as a backup. This means there is no risk of losing your possessions should any complications arise.

What are quick online loans used for?

People often think that quick online loans are for absolute emergencies only. This is certainly not the case, as there exists a variety of reasons people borrow money online in Ontario.

You may be surprised to discover just how many different uses a quick online loan can have:

  • Car financing
  • Home renovations
  • One-time purchases
  • Vacation expenses
  • Wedding costs

As you can see, people have diverse needs when it comes to applying for a loan.

Summing up

Services such as Friendly Lender that offer quick online loans provide a convenient solution for those looking to obtain a rapid cash advance. They are also suitable for anyone with bad credit that is unable to apply for a traditional bank loan.

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

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

How it works?