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Vancouver Loans play a vital role in case of financial issues

Vancouver a city of British Columbia located in the Western part of Canada is a coastal city where nearly 3.6 lac residents reside. As this city is popular for various adventurous activities and tourist spots, it’s a perfect combo of mountains and sea.


If you are netizen of this city, then you may know about the cost of living in Vancouver which is a bit costly. There are various working sectors in which most people work like the service sector, trade, and healthcare.

payday loans vancouver

payday loans vancouver

 

 

Loans play a vital role in case of financial issues, which you may face at any time because, with average income, you may just budget your monthly basic needs there. But what if you need to purchase something big? OR there is any very urgent requirement of money apart from daily needs?

For different purposes, there are several loans available in Vancouver. Let’s categorized these loans in two parts:

  1. Less Costly loans: Loans that are provided by banks and other credit unions with a very low rate of interest. These loans are only given to the borrower who has a good credit history or has some asset to put as security of the loan. Some of these loans are listed below, which are available in Vancouver:

Mortgage loan: As in Vancouver, housing is too costly so normally netizens spend their income to pay their house rent but if you want to purchase your own house then you can get better rates on mortgage loans which can be 2.49% to 3.80% whose term can be 1 year to 10 years.

Auto loan: Want to buy a car? In Vancouver, the rates for car loans rely on your credit score. If you have excellent credit then APR would be 5% and for good scores, it can be around 10%. You can get amount up to $15,000 and for the repayment, you can start it after 6 months of loan approval.

Requirements to get Mortgage or Auto loan:

  • Collateral needed in both the loans (House in case of Mortgage and Car for an Auto loan)
  • Evidence of your citizenship
  • Age should be more than 18
  • Details of your SIN (Social Insurance Number)

Personal loan: As you know that Vancouver is one of the costliest places in Canada so there might be situations that occur when you need cash for your personal use where there are no restrictions on where to use that cash. For this, personal loans are provided by banks and other credit unions. It can be secured and unsecured also, rates vary with that only. These loans can be used for vacations, parties, weddings and for the thing.

Application requirements for the Vancouver Personal loan:

  • A good credit score that is above 650 for low rates (for a bad score, rates will be higher)
  • Working bank account details to credit your loan directly in the account.
  • Proof of address and identity
  • Employment details
  1. High Costly loans: These loans are basically for you if you don’t have good scores and also no asset to secure your loan. Because no bank will approve you in this condition that’s why there are several lenders who can provide you loans but at a very high cost. Following are some of them:

Payday loans: For a short amount and urgent need, this is the best option. No need for heavy paperwork or any time-consuming formalities. But don’t think it’s free, loan providers will charge a very high amount to approve your debt.

The amount you can borrow is up to $1,500 with the repayment period of 62 days maximum. And the other charges would not exceed up to $17 for per $100.

And the limit of your loan can’t be run over your 50% of your monthly gross salary. Though, you must be aware of a lender if it is legal or not.

For instance; if you borrow $300 then the total cost of your debt would be $45 that means the total amount that you need to pay would be $345.

Unsecured Installment loans: It’s also a type of payday but for a longer duration and big amount. As per the name, you’ll have to pay off your debt in few monthly installments so if you can’t pay lump sum amount at once then this can be helpful for you to manage your expenses and loan equally.

While borrowing installment loan especially which is not secured by collateral is costly but not as much as Payday. But be prepared for the charges if you get failed to pay any of the monthly payments.

Pawn Broker loan: These loans are also there in Vancouver, it’s a kind where you need to put your jewelry as collateral to the lender. The risk rate is higher for this loan because if in any case you get late or failed to pay off, your lender can keep that thing. Hence, you must think carefully about the consequences if you are thinking about this loan.

Title loan: For this loan usually you have to put your vehicle on the security of the loan amount. Your title will be lost if you don’t pay your debt on time. Its rate is a bit lower than payday loans but costly than other ones (traditional loans).

In the end, if you are a resident of Vancouver and analytical about the loan that is relevant to you then you should ask yourself first that for what purpose you need cash and how much? If it is a small amount or big. After that, go through the requirements to qualify the criteria of that loan. Always try to keep your score good so that it would not be your bad luck if you need a loan in the case because then you’ll have to pay higher APR for the debt.

So, good luck for the best choice and make sure you have a repayment plan before making any decision.

Payday Loans Canada | 1922 Homer St,, Vancouver, BC V6B 6M3 | Phone: (000) 720-1296