Here at James Putlock, our goal is to educate consumers about how financial products work, so they can make better financial decisions. Until recently, there were not many companies that gave consumers different options than those offered to traditional financial institutions.
Two companies have changed that, introducing a new option for whoever needs a personal loan. This innovative industry is better known as market lending and it is changing the way Canadians can borrow.
Visit our site for cheap personal loans online
If you think you want to get a personal loan online, you just need to fill out a short application via our website.
Similar to the way mortgage loans work, the better your credit history, the lower the interest rate applicable – and with internet loans, you can generally get lower interest rates traditional financial institutions. Quicklend offers rates as low as 6.3% and Borrowell goes down to 5.9%.
If you are satisfied with the interest rate, you are going to need to send documents: including a verified piece of ID and your bank details. Once you have submitted all this information, you can expect to receive a deposit in your account usually between 1 and 3 business days (24 hours with Quicklend) and your monthly payments will be debited from this same account shortly thereafter.
Learn about personal loans available online
The first time I met Kervin Samut (CEO) and the Quicklend team, I assumed they were offering a loan solution similar to what I had seen advertised on some US finance blogs. With personal loans, almost anyone can become an investor. For example, if I lived in the United States, I could lend my personal savings to someone who needs it through one of the popular peer-to-peer platforms.
It’s different here in Canada
In Canada, regulations only allow institutional investors and accredited investors to fund personal loans. The definition of an accredited investor varies, but usually, you need between $ 1 and $ 5 million in personal assets + an annual individual income of at least $ 200,000. (It goes without saying that you will not borrow from me if you apply through Quicklend or Borrowell !)
How some lenders are changing the way Canadians borrow
The most obvious benefit of applying for a personal loan through an online loan platform is the low-interest rates available to the world with good credit scores, but most of all it still changes how Canadians are borrowing by making everything more convenient.
I am certainly proud of this last part. If I would have been able to consolidate my $ 6,500 credit card debt that I was carrying in a personal loan of 6.3% against the 11.99% I once paid, I could have saved $ 609 in costs. interests during the last 3 years.
If responsible borrowing is the number one rule, then the online lending market is likely to change the way Canadians manage their finances.