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What can you use your loan for?


Upgrade the appearance of your home by updating the flooring, tiles, paint, or even do a full remodel for a more comfortable living area.

Debt Consolidation

Pay off your outstanding credit card debts and other loans and merge them into a single, manageable loan. It’s time to get rid of several minimum monthly payments.


Upgrade your skills by going to college, or help send your children off to university. Help make up the difference that government loans leave.

Business Capital

Finance your business’s everyday operations like rent, payroll, and debt payments if you face unstable or unpredictable revenue throughout the year.


Manage your unexpected expenses like auto repairs, medical expenses, home repairs, dental bills, and others quickly and easily in an emergency.

Life Events

Stay prepared for everything that life might have planned for you, from buying a home or vehicle to getting married.

What can you use your loan for?


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Online Loans

Sometimes you need a bit of extra money to help make an important purchase, or to cover an emergency, or even to consolidate higher-interest debt. In those cases, getting the best personal loan rate is a priority. With some loan companies offering interest rates as high as 54.9%, you want to be sure and do an online personal loan rate comparison before getting an online personal loan.

What is a personal loan?

As the name suggests, a personal loan is a loan that’s given to an individual. You can then use that loan for whatever you want – there’s no requirement to use it for anything in particular, unlike a car loan or a mortgage.

Personal loans are unsecured, meaning that you don’t risk any collateral. This also means that interest rates are higher because lenders don’t have any recourse if you don’t pay your loans, except to send it to collections. Being sent to collections is bad for your credit, but you can’t lose any of your assets (such as your house or car) if you can’t pay a personal loan.

With the internet becoming more and more integral to our lives, it’s no surprise that lenders are transitioning to completely online platforms. The benefit of an online personal loan is that you can apply from anywhere in minutes and get approved extremely quickly. You can also compare multiple personal loan rates easily to find the best one.


How to find the best personal loan rates in Canada

Generally, the first lender you see doesn’t have the best rates – they just have good marketing.

That’s not to say you can’t get lucky and find the best personal loan rate online by doing one Google search, but unless you compare multiple rates you won’t know how cheaply you might be able to get the same amount of money.

Sites like rateshop.ca let you compare online personal loans in seconds. By answering questions about your income and credit situation, you can get accurate quotes for interest rates from dozens of lenders at once. All you have to do next is just choose the one with the best rate.

The best part is that simply searching for the best rate doesn’t result in a credit check. Normally when you apply for a loan at a lender, they check your credit before giving you a rate quote. If you end up not liking the rate, then you have a wasted inquiry on your credit report, which will make it harder to get a better loan rate in the future.

Can I get a personal loan in Canada with bad credit?

Yes you can! Having lower credit doesn’t mean you’re automatically excluded from getting any more loans.

However, the interest rates for bad credit loans are much higher than excellent credit loans. Although you can still find the best rate for unsecured personal loans on rateshop.ca, you may find that even the best rate is still very high.

If you have bad credit, the only ways to reduce the interest rate on loans is to either improve your credit or get a secured loan. Improving your credit can take time (months or even years, depending on how low it is), and you may not have any assets to use as collateral to reduce your rate.

Unless you need a loan urgently, it can be best to get something called a cash secured loan that will both improve your credit and help you save. Here’s how it works:

Cash-secured loans

To begin, you decide on an amount of money that you want to save, such as $1,000. Then, you start paying back that $1,000 as if it were a loan. At no point during the loan do you actually get the money – it’s sitting in a secure account waiting for you to pay up to it. Once you pay $1,000 + interest, you get that $1,000. The money is then yours to use for whatever you want.

The benefits of cash-secured loans are twofold. First, interest rates are much lower than traditional loans because the cash doesn’t leave the lender’s hands until it’s paid off. You get the lower rates of a secured loan without needing to have any money or assets upfront. If you borrowed $1,600 in a cash-secured loan at 7.95% from Refresh Financial, you’d only pay $203.65 in interest over the life of the loan. That’s just $67 a year, or $5.50 a month!

Second, it forces you to save. Often, people with poor credit find it hard to save money because of their situation. By the end, you have a nice lump sum of money that you might not have though possible to save.

By the time you pay off a cash-secured loan and get your money, your credit should have improved to the point where you can get the best personal loan rates in Canada!

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Important Disclosures. Please Read Carefully.

** Loans are subject to borrower qualifications, application verification, and final credit approval. Products and services described, as well as interest rates, are subject to change and may differ as a result of individual conditions.

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