Get a Personal Loan in Barrie

You can use personal loans to cover many costs, expenses, or purchases. Some of these include:

• Debt consolidation

• Paying off high interest consumer debt 

• Home renovations 

• Paying emergency expenses or medical bills

• Buying a car

• Purchasing furniture or appliances

• Other major purchases 

After you qualify for a personal loan and receive your funds, you should be able to use it for what you need.

Most personal loans in Barrie range from $500 to $15,000. The size of the loan you can get will differ depending on the lender you work with, as well as your credit score and financial background. Lower-risk borrowers with higher credit scores and a strong financial background will qualify for larger loans, as these borrowers have demonstrated their ability to pay back debts on time.

In order to qualify for a personal loan in Barrie, Ontario, you must meet the following criteria:

• Have a Canadian bank account

• Be a Canadian resident 

• Be 18 years old or older

• Be able to show at least one year of credit history 

• Meet minimum income requirements with consistent employment history

• Have no history of bankruptcy

• Have a low debt-to-income ratio

Some of these qualifications may vary slightly depending on the lender you work with.

First, you must ensure you are eligible for a personal loan based on the requirements of the lender. Once you know you’re eligible, here are the main documents you will need to provide when applying for a personal loan in Barrie:

• Valid form of ID: For example, an Ontario driver’s license

• Proof of residency: For example, utility bills or a tenancy agreement

• Proof of employment and income: For example, bank deposit slips or a letter of employment

• Social Insurance Number

When you have met the requirements and have all the essential documents ready, you can apply for a personal loan either in person or online. Not sure where to start? Sign up for Borrowell to quickly compare loans that you qualify for based on your credit score. Once you’ve found the right product, you can complete an online loan application through the platform.

In the long-term, a personal loan can help you build up your credit score. You might assume taking out a personal loan will lead to bad credit, but it’s not as simple as that. When you apply for a loan, a lender will check your score, which is recorded as a “hard inquiry” on your credit report. Hard credit inquiries temporarily lower your score, so it’s a good idea to not apply for too many loans all at once. 

Once you’ve received your funds, your personal loan can help you build good credit, as long as you make on-time payments to demonstrate your creditworthiness. Your credit score is mainly impacted by your long-term credit utilization and credit history. Taking out a personal loan and making timely payments can help you demonstrate a history of good credit behaviour.

Curious about your credit score? You can check your credit score in Canada for free with Borrowell. Sign up with Borrowell, get your credit score, and see what loans you qualify for!

Interest rates for personal loans in Barrie, Ontario can range anywhere from 12.99% to 46%. Different lenders offer various interest rates on personal loans. The interest rates you can get will depend on your qualification criteria, including your credit score. If your credit score is 660 or above, you’ll be more likely to qualify for loans with lower interest rates.

Most personal loans in Barrie max out around $15,000. Some providers may be able to provide more money, depending on your situation and your financial background. To see what loan amounts are available to you based on your financial background, sign up for Borrowell and quickly compare loan amounts and interest rates from different lenders in Barrie.

Some of the most common reasons why loan applications are rejected in Barrie include the following:

• Your credit score is too low and doesn’t meet the lender’s criteria

• The lender believes your income is too low to be able to repay the loan

• Your debt-to-income ratio is too high 

Along with keeping an eye on these things, it’s important to double check any documents you fill out and/or submit to make sure your loan application goes as smoothly as possible. Make sure your personal information, including full name and address, are up-to-date on your photo IDs and bills.

Yes, there are debt consolidation options available in Barrie! Debt consolidation is when you group all of your small loans or external debt into one single unified loan. Consolidating personal loans can help you pay off your debts faster and improve your credit score. If you are borrowing money and have multiple loans, it may be a good idea to consolidate.

The benefit of consolidating loans is that it simplifies financial management and can be used to eliminate higher interest debt in favour of lower interest, larger, and more long term loans. Making sure you have a more manageable payment schedule can help you stick to on-time payments. Managing your payment schedule will help you improve your credit health and give you access to more favourable loans in the future.