If you have a manageable debt load and simply looking to consolidate your debt, a personal loan is a great way to accomplish your goals when you don't have extra cash available.
With our lending partners, its fast, easy, and safe for everyday Canadians to apply for personal loans. Whether you have good or bad credit, we work with a state-of-the-art loan matching service that can pair you with the right lender to ensure you get the money you need. You may receive funds as soon as one business day.
We help Canadians get unsecured personal loans that offer competitive rates, reasonable terms, and flexible payment schedules to fit every budget.
Borrowing money with a personal loan can be expensive. Consider the interest rate, fees, and loan term before deciding.
When you get a personal loan, your lender will tell you how much your regular payments will be. They calculate this by adding up the total cost of the loan and dividing it by the number of payments over the loan term.
The total cost of the loan includes:
Make sure you understand the total cost of a loan before deciding. Multiply the monthly payment by the number of payments in your term.
For example, if you want a personal loan of $2,000 with a 19.99% interest rate on a monthly payment plan, the total cost varies with different terms:
Example of Total Loan Cost with Different Terms:
| Option | Monthly Payment | Loan Term (months) | Total Cost |
|---|---|---|---|
| 1 | $185 | 12 | $2,220 |
| 2 | $75 | 36 | $2,700 |
| 3 | $53 | 60 | $3,180 |
This shows that the longer you take to pay off your loan, the more expensive it becomes.
The interest rate on a personal loan affects the total cost. By law, lenders can’t charge more than 60% interest annually, including all fees and costs.
If you want a $2,000 personal loan for 36 months, the total cost varies with different interest rates:
| Option | Interest Rate | Monthly Payment | Total Cost |
|---|---|---|---|
| 1 | 8.99% | $64 | $2,304 |
| 2 | 19.99% | $75 | $2,700 |
| 3 | 39.99% | $97 | $3,492 |
| 4 | 59.99% | $121 | $4,356 |
This shows that higher interest rates can significantly increase the total cost of your personal loan.
Since you don't put up any collateral, the only qualifying factors for a personal loan are your finances, including your credit history, income and debt service ratio
Your credit score is very important when qualifying for a personal loan. Depending on the lender, the minimum acceptable credit score would typically be between 600 and 700+.
An unsecured personal loan can be helpful to people with either good or bad credit. It is a financial product for borrowers with good credit to avoid the long waits (often several months) with traditional bank loans. With unsecured personal loans, your loans can be repaid over a specific period of time through automatic monthly payments, and most importantly, you can get the money you need as soon as you need it.
If traditional lenders have rejected you due to your credit score. Banks often reject applications for reasons unrelated to credit scores, even if yours is good. Unsecured personal loans from alternative lenders work differently.
If your debt is manageable, typically below $8K and your score is 600 or above and you have a secure source of employment income, follow the link below to apply
If your debt is greater than $8k and you are finding it unmanageable, contact 4 Pillars to review other alternatives
If your debt is below $8k and manageable, but your credit score is below 600, contact one of our credit experts to learn more about ways to improve your credit score.
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