Personal Loans in Canada
Many Canadians are finding it difficult to make ends meet with the current financial situation. Several factors like insufficient savings, postponed retirement plans, and economic stress are causing more individuals to turn to loans to make up for their shortcomings. You don’t have to turn to the big banks and financial institutions to get the funds you need—Canadians that own their home have a powerful asset in the form of their home equity, which can be tapped into to shore up their finances.
Alpine Credits can help you tap into the stored value of your home, and has been an expert in the home equity financing sector for over 50 years. If you’ve been turned away by the banks or can’t get approved for financial support, we can help!
How to Qualify for a Home Equity Loan
Standard personal loans in Canada through banks and government institutions require users to pass rigid credit checks and have a favourable financial history, which may not be realistic for some Canadians.
Most personal loans in Canada using home equity financing will require you to own at least 20% of your home through regular mortgage payments. Apart from this, many of the conditions depend on which lender you decide to approach for your financing.
With Alpine Credits, you don’t have to worry about having a high credit score or income, nor do you need to meet any age requirements. Our experts work with our applicants to come up with a plan that’s flexible and suited to their situation. As long as you’ve got equity built up in your home, we can provide the best options for personal loans for bad credit in Canada.
We also make it easy for you to get financing through online personal loans in Canada using our reputed, 24-hour-turnaround application process. In most cases, applicants can get approved by the next day and have the funds deposited into their accounts within a few days.
What Separates Personal Loans in Canada from Other Options?
Various financial institutions across the country provide Canadians with loans to help you work towards a specific purpose or goal. Whether it’s financing a renovation project for your home, making purchases for large items like vehicles, or paying off other high-interest lines of credit and consolidating debt, these loans are intended to provide Canadians with the funding they need when lacking options.
That being said, personal loans in Canada come with a variety of options, with differences in interest rates, terms and conditions. When going through big banks, you’ll likely run into rigid restrictions and repayment schedules that make it difficult to fit around your needs.
As a result, home equity financing has become an increasingly popular option for personal loans in Canada. It usually provides enough coverage for any type of venture you’re looking to pursue, so whether you’re installing a new pool or paying off your student loans for good, home equity financing can help you access funding with more flexibility.
Indicators That You Might Need Personal Loans in Canada
Here are some key goals and milestones that might require Canadians to get personal loans in Canada:
- Buying or financing a new vehicle
- Consolidating other debts like credit card charges that have high interest
- Paying education costs for yourself or your children
- Funding renovations to improve the overall value of your home
- Supporting your transition into retirement
All of these usually require large loan amounts that can be difficult to leverage through a standard personal loan in Canada. But with home equity financing, you can easily access a substantial amount of money using your property’s stored value, in some cases entirely covering all costs associated with the venture.
Benefits of Using Personal Loans in Canada through Home Equity
A personal loan in Canada using home equity is based on the value of your home, which means you can usually take out enough to cover the cost of your project or goal entirely.
Getting a home equity personal loan through Alpine Credits is fast, usually with a 24-hour response time and customers getting their funds deposited to their account in just a few days. This can be crucial when time is of the essence, during an emergency or other time-sensitive situation.
Home equity financing comes with competitive interest rates compared to other personal loans in Canada for similar amounts, and can be used to pay off high-interest loans like credit card amounts entirely. This effectively consolidates your loan into one bill and saves you money in the long run.
FAQs about Personal Loans in Canada through Home Equity
While there are several options when it comes to getting approved for a loan, you’ll find no easier option than Alpine Credits. Our application process can get you approved within 24 hours, and we don’t consider age, income, or credit scores when assessing applications—as long as you’ve got home equity stored away, we can work with you to get the funds you need.
The amount you can get from a personal loan will depend on several factors. With Alpine Credits, you’ll be able to get a personal loan in Canada that’s enough to cover most projects and goals, even with lower credit scores. We encourage readers to contact us to get a quote and find out just how much you can get through our home equity financing plans.
Unfortunately, most banks have strict guidelines and application requirements for their personal loans. This means that, without having a good financial history, income, or credit score, it’s extremely difficult to get a loan through any bank. Alpine Credits, however, works with clients regardless of their financial history, and with home equity financing, we can get you the funding you need with our quick and easy application process.
Easy Application – 3 Simple Steps – 24 Hr Approval
*Disclosure on “Loan Examples” Above
Alpine Credits’ intent is to always have full disclosure on all of our loan offerings. Borrowers are provided with all necessary disclosure prior to entering into any obligation. Our objective is to offer Canadian home owners an alternative to the banks and credit unions (not a replacement). Typically, you will find our rates to be higher than the banks; however, with this in mind, we are usually more efficient than the banks in getting you your money and may lend in situations where the banks (and other traditional lenders) will not. Once we have provided you with all necessary information, the decision will be left with you as to whether or not you wish to proceed with our offer. Thank you for your consideration. We look forward to speaking with you soon.
All of the above examples are for discussion purposes only. It is important the reader is aware that the examples may represent the lower priced range of our product offerings. Rates on our loans are subject to change and may vary (up or down) based on the equity you have in real estate, the state / condition / location of your real estate, your personal financial situation and the Canadian mortgage market. The examples are all based on interest only monthly payments (you may elect to pick a shorter amortization to pay off your loan sooner) in which the rate in year 2 increases to the prime rate plus 3.75% and the prime rate plus 6.00% for the first and second mortgages respectively. The Cash Advance in all of the loans above represents the net amount of money to be received. The “Gross Amount” for the $100,000 / $300,000 / $25,000 / $50,000 loans in the examples above are $110,500 / $327,900 / $29,500 / $58,140 respectively. The difference between the Gross Amount and Net amount represents closing costs which includes items such as legal fees, appraisals, brokerage fees, etc. (“Fees”). The APR will increase / decrease in the event of higher / lower Fees. Once again, thank you for your consideration.