When people are looking to build or rebuild their credit they apply for a secured loan. A secured loan requires the borrower to have something of value that the lender can claim as collateral. This type of loan is typically offered by banks. Banks require the lender to have one or more assets that will equal or exceed the amount of the loan. However, an unsecured loan is just the opposite; they are not large loans, and no asset or collateral is needed. If used correctly, bad credit unsecured loans in Canada can help people boost their credit, and maintain an adequate budget.
What are Unsecured Loans?
Unsecured loans are loans that are not offered by banking institutions, in Canada. People who are looking for an unsecured loan need to find a private lender, who understand their needs. Not many private lenders can be found, but we have partnered with several lenders who are willing to help us meet the demands of our customers. These lenders offer different types of unsecured loans, with reasonable interest rates, and easy repayment terms.
What are the Different Types of Unsecured Loans Offered?
The least complicated and easiest type of unsecured loans offered in Canada is payday loans. Payday loans are generally paid back on the borrower next payday. The amount of a loan is determined by income, and ability to repay. The loan amount is automatically withdrawn from the funding account on the agreed upon date. Although, fees and interest rates are imposed on missed payments.
How Can an Unsecured Loan Help Me?
Unsecured loans in Canada can help you meet your financial obligation, until your next payday, unless other arrangements are made to extend your repayment date. Your job is your collateral. We encourage everyone to apply, and if they meet our requirements which are to have a job or a verifiable source of income, a funding account, and the ability to repay their loan, we can approve their loan request. An unsecured loan does come with a higher interest rate, but it can be used as a credit builder, and a means to pay off old debts.
How Long Does It Take to Qualify For an Unsecured Loan?
Unlike banks, we avoid the red tape and long application process. Once approved, you can access your loan the same day. We offer no credit check, no collateral and we accept any credit type, so your approval is guaranteed. Apply today, get your money today.