Choose a loan with Hardbacon
Whether you need a loan for a specific purchase or to consolidate debts, to use our loan comparator, simply enter your postal code to search the offers available in your location. Then enter your employment status, monthly income and credit level?. The system will use your responses to automatically display offers that are available to you. From those offers, check the range of loans to find a lender who can cover all of your needs. Be sure to check the interest rate in order to choose the lender with the lowest interest. When you have made your final choice, click on "Apply".
Frequently Asked Questions
Generally, private lenders offer second-resort loans. They are more flexible and have broader eligibility conditions than conventional banks. However, the interest rates are much higher than those of the banks, so it is better to go to a conventional bank first, and only turn to a private lender in case of refusal.
The approval process involves several factors. The lender will check your credit rating, your job stability, and your debt ratio by comparing your debt ratio to your income. They will also look at what assets you have, minus any loans you have on those assets. Lastly, they’ll consider your professional status, that is, your job.
Generally, lenders do not ask for collateral for loans of $15,000 or less. For loans above $15,000, you’ll need to provide an asset as collateral. For example, if you apply for a loan to purchase a car, the lender will use that car as security for payment.
A payday loan is an advance on your pay of up to $1500 that you must repay on your next payday. Interest rates can be as high as 35%. If you are unable to repay, you will have to pay additional fees and interest. It is strongly advised not to take out a payday loan. A personal loan allows you to borrow much larger amounts of up to $50,000. In addition, you can repay over a period of 24 to 120 months at a potentially lower rate.