Welcome to our Loans area. These days it can be extremely difficult to find a loan which is why we list a variety of different loans to suit you and your financial circumstances. Even if your credit history is less than perfect there are still loans available to you. Compare different prices and read the terms and conditions to make sure you understand the service you are looking for.


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The loan market in Canada is just as large and varied as the loan market in many other large economies such as the US. The choice of loans is huge so if you need to get a loan whatever your reason for needing to borrow money you can find loans that suit you and your pocket! Which Way To Pay Canada lists Payday loans, Car loans, Personal Loans, Consolidation Loans, Bad Credit Loans and even Credit Repair Loans so you are sure to find one which is fitted to your money needs. Read the basic guide below or click directly on to the link if you know what sort of loan you are looking for.

Payday Loans

Payday loans have become very popular in Canada, the US, the United Kingdom, Western Europe, Australia and New Zealand over the last few years. An ideal alternative to larger personal loans offered by traditional banks and lenders, payday loans are quick cash 'advances' before your next payday. As such payday loans are usually designed to last only between two weeks and a month, after which they are best paid back as soon as possible. It should be easy to get a loan.

Most payday lenders are very flexible when it comes to what type of borrowers they can take on. In general payday loans providers do not carry out credit checks and will accept people who have had problems getting a loan via mainstream banks. To be eligible for one of the payday loans we list you may need to be in some form of employment, be a full Canada resident, be over 18 and receive a net monthly income of between $300 and $1,000 per month (though this minimum amount varies between lenders and provinces). With payday loans the amount you can borrow varies but is usually between $100 and $1,000.

Bad Credit Loans

Bad credit loans are loans which are available to people with a poor credit history. Bad credit loans are offered by many independent lenders as loans for people with bad credit – compare them in our comparison pages. In Canada, millions of people have bad credit and getting a loan from the traditional bank is harder than ever before. Fortunately, you can sidestep the bank route and get bad credit loans directly from an online lender – just make sure you shop around to find the best offer.

Unlike payday loans, bad credit loans do not have to be paid back within one month – bad credit loans have more flexible terms. Note that with a bad credit loan you might have to face a higher interest rate than on a 'regular' loan; this is to be expected and is the lender's way of dealing with the higher risk for granting loans for people with bad credit.

Credit Repair Loans

Credit Repair Loans are designed for those individuals with bad, no or little credit history and need to establish their financial savings and credit history. That means that even if you have been blacklisted or have defaults you will most likely have your application considered for one of the Credit Repair Loans listed on Which Way To Pay. Credit Repair Loans help you to get a jumpstart with your savings and earn you interest on your investment.

If you have been refused a loan when applying through traditional methods and you need to establish your credit history, don't give up: compare the market of Credit Repair Loan market for great offers. Credit repair loan approvals are usually provided within 24 business hours of applying.

Car Loans

Regardless if you are buying your first car or if you want to update to a new one, you can find some great car finance deals with one of the car loans (sometimes known as auto loans) ) listed. Many car dealerships in Canada offer a car loans payment package to their customers but these are not always the best deal. By allowing you to apply from the comfort of your own home, car loans can be a simple and often better-priced alternative.

The best way to find a good car loans service is by comparing the many firms throughout Canada's provinces that offer car loans. Take your time and have a look which car loans service offers a loan which fits your budget and timeframe. Many car loans companies offer services dedicated to some or all of the provincial regions.

Personal Loans

Personal loans are offered by most banks in Canada and also by many specialist lenders. Personal loans offer a wide range of borrowing products so you can find a personal loan regardless of what you need the money for, whether it is for a holiday, an emergency or home improvement.

Depending on your personal circumstances, the interest rate that you pay for your personal loan will vary. You can also choose between fixed rate personal loans and variable rate personal loans (where the rate fluctuates with the market). With most personal loans many lenders will carry out a credit check to decide whether they can give you a personal loan and if so how much, what rate to charge you and for how long you may borrow. If you have a poor credit history and need a smaller loan then you could consider a payday loan but it should not be too hard to get approved for one of the personal loans we list.

Peer To Peer Lending Loans

Peer To Peer Lending, also known as Marketplace Lending, is a relatively new way of borrowing money in Canada. In the UK and USA, ‘marketplace lending’ has disrupted traditional banking and seen rapid growth. Peer-to-peer lenders are effectively online financial matchmakers; they match borrowers with individuals who are looking to lend their money as an investment. Because the middle men are removed, banks or financial institutions, as a borrower you can get attractive, lower interest rates and more flexible repayment terms.

With this type of loan you will have a 'soft' credit check run against your name when you make an application. This is to protect the lenders and ensure you will be able to make the repayments on the loan. The APR you will receive on your p2p loan will vary and always depends on your credit history and individual profile. As with most loans, the higher risk you pose to a lender, the higher your APR will be. If you have a less than perfect credit score, you may still find a lender who is willing to lend to you – just watch out for the APR as it may be higher than you expect.

Consolidation Loans

Consolidation loans, also known as debt consolidation loans, can help you to eliminate multiple debts on your loans or credit cards. Debt consolidation loans can help you if you are finding your debts hard to control and they are threatening to take over your life. Consolidations loans can come to the rescue by gathering up your numerous debts into one manageable monthly fee. Instead of having lots of payments to deal with, you will now have just one loan to manage. Even better, consolidation loans often have the interest frozen and the monthly payment could be lower – allowing you to be able to fit the consolidation loan into the rest of your life.

There are many excellent consolidation loan providers on the Canadian market. These debt consolidation loans will have various different requirements for a successful application; most often this will include a minimum debt level – in other words you may have to have at least $15,000 in debts and have at least 2 different creditors. Consolidation loan providers may ask for other eligibility criteria including a minimum income, but this varies so make sure you find out before you apply! Once you have received your consolidation loan approval you can look forward to a cleaner financial future.

Home Loans and Mortgages

Receiving approval or getting pre-approved on a mortgage or home loan is one of the most important steps when buying a home. If you have already received pre-approval then you are already one step closer to buying your home, however, you might start your mortgage application process after you have made your offer to purchase which has now been accepted. Your offer to purchase will be conditional on your funding, making your mortgage approval of paramount importance in order to secure your dream house and continue with the sale. Your mortgage approval process or indeed your mortgage pre-approval process is very similar. You will need to provide your chosen mortgage or home loan broker or lender with important details regarding the home you are buying, along with lots of personal details, employment details, down payment information and financial details. There are several different ways you are able to obtain a mortgage, ranging from bank mortgages, independent mortgage brokers, credit unions or trust companies.

Student Loans

With the rising costs of education, a student loan or a student line of credit can be a great way for you to fund your education and accommodation costs if you are studying and need to top up your financial sources because a government student loan just isn’t enough. With a student line of credit you only have to apply once and your approved funding is available when you need it. Often, a student line of credit allows you to borrow specific amounts of money each year, not only helping you keep control of your finances but also keeping your interest costs down. A student loan offers flexible credit limits and lower interest rates than a typical loan so they are certainly worth considering if you need some financial assistance when studying.

With a student loan you do have to make repayments on the interest whilst in school, however, it is important to note that you only pay interest on what you draw not on the lump sum that you have access to. Otherwise, you do not have to start making repayments until 12 months after you graduate.


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