Unsecured personal loan options are available for Canadian citizens or permanent residents looking to borrow between $5,000 to $35,000.
Unlike our previous blog post outlining our loan product for homeowners, this loan does not require the applicant to own real estate and can be renting or living with family.
The loan reports to Equifax Canada which is useful for those looking to establish or build credit!
The APR is as low as 9.99% and no greater than 21.9%. This might be cost-friendlier than a credit card or a payday loan. Cost aside, it may just be simpler than asking friends and family.
You can use this unsecured personal loan as a deposit for purchasing a property in Ontario. Please keep in mind that this loan will need to be factored into your debt service ratios. Discuss this loan approval with your lender to ensure it falls within the conditions of your mortgage approval. This is very important. You do not want to find yourself in a position where you have gone firm on a purchase, waived your financing, and found at closing that the loan voids the mortgage approval. In the best case, you will need to scramble to find another approval, hopefully, the same terms, or worse, the loan or any other material change may move you outside of the bank box entirely with elevated pricing.
The applicant must be earning at least $25,000 annually. Salary, self-employed, commission, rental income, pension, child support, and alimony are all acceptable sources of income
A flexible option for those with a credit score of 700+, without prepayment penalties, and a fast 24-72 hour funding from the application.
Get in touch with us to see if this unsecured loan product will make sense for your needs and circumstances.
-DV Capital Corporation #13186