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Personal Loan Canada: The Facts
If you’re the type of person who loves to hear about stats, you might not be surprised to hear that the term Personal Loan Canada is one of the most popular search terms in sites like Bing and Google.
Let’s face it – the country’s economy really hasn’t been in the best of shape lately and when our three powerhouse provinces; Ontario, British Columbia and Alberta are ailing economically, it’s easy to understand why thousands upon thousands of Canadians are typing Personal Loan Canada into search engines.
Personal Loan Canada: 2,510,000 Results Found
With over 2.5 million results for the term Personal Loan Canada, you can bet that some of those results will not be good news for you.
First let’s tackle the least harmful, but rather useless results you’ll get from your search. There are sites out there that make money from what is called contextual advertising. The way contextual advertising works is, the platform serving the ads will detect what the subject matter of a website is and serve ads targeted to that subject.
Because of this, you’ll come across websites written by people with absolutely no financial expertise serving information that is either flat-out wrong, outdated or biased. What this means is, you’ll be wasting your time reading information that will ultimately get you nowhere.
Now, the truly bad results from looking up Personal Loan Canada: the payday lenders.
The number one reason you should avoid the payday industry like the plague is because they are not here to help you. As negative as it sounds, they’re deliberately trying to do the opposite. While their interest rates are on the high side of the spectrum as it is, payday lenders don’t stand to make much profit from those rates.
Their cash cow come from the penalties they charge. It works like this: Obviously, in order to issue you a loan, they need to know how much you make. Once they see what you bring in every two weeks, they base the amount they’ll lend you on how much you can(‘t) afford.
They know that since you have to repay the principal PLUS the interest with your next pay cheque on top of all your regular expenses, there’s a very promising chance you won’t be able to cover principal and interest.
If their bet is right, you’ll find yourself paying penalties so stiff that what might have been a $600 loan become a $1500 liability. Yes, you read that right – you could find yourself paying $1500 to borrow $600.
Now that you know what risks pop-up when looking up personal loan Canada, you might want to know about your other options. LoanAway offers the opposite repayment terms as the payday loan industry.
Canadians who come to us for a personal loan get up to 36 months to repay their loans, which they borrow at interest rates that are on par with the market. We also approve applications far faster than anyone else in the industry.
Our applications take only 8 minutes to complete and one of our agents will call you within an hour and you’ll get approved on the same day.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.