The cost of living on Alberta has been on the rise. As many as 60% of Albertans say they’re struggling with the cost of living. While the minimum wage in Alberta sits at just $15.00 per hour, the living wage ranges from $21.40 in Edmonton to $22.50 in Fort McMurray. There is no place in the province where the minimum wage is sufficient to take care of people’s needs.
If you’re struggling to keep up with the rising prices, you may wish to consider financial assistance. Is a personal loan right for you?
How I Can Use a Personal Loan in Alberta
You can use a personal loan to help you cover any expense within reason. Whether it’s utilities or car repairs, a vacation or tuition fees, a personal loan can be used for almost any purpose.
It’s up to you to determine whether you need a personal loan and, perhaps even more importantly, whether you can afford it. Make sure you can make your monthly payments before you sign up for a loan.
What Are the Regulations for Online Installment Lenders in Alberta?
Alberta has many rules and regulations to help protect borrowers. These include the following:
- The lender must have a business license
- The lender must provide key loan information
- The lender must provide the borrower with information about the loan details during the term of the loan
A lender must never do the following things:
- A lender must not mislead borrowers in loan advertisements, solicitations, or negotiations
- A lender must not call borrowers before 7 A.M. or after 10 P.M. local time
- A lender must not contact third parties in relation to a borrower’s debt
These rules regulations came into effect on January 1, 2019.
What Credit Score Do I Need to Get a Personal Loan in Alberta?
While a good credit score is always helpful, it is not necessary to have a high credit score to qualify for a personal loan in Alberta. LendProConnect does not check your credit score or credit report as part of our online application process. You can be connected with any of our installment lenders in an instant. Apply online now. It only takes a few minutes.
Need to know your credit score? Get access to your credit score more at Credit Verify. Register online now.
Requirements to Qualify for a Personal Loan in Alberta
The applicant must provide proof of income, a permanent address, and a bank account. The applicant must be a Canadian citizen or permanent resident. A low credit score is not necessarily an obstacle to getting personal loans in Alberta.
Instant Bank Verification (IBV) for Personal Loans in Alberta
Online lenders use Instant Bank Verification (IBV) to verify the bank details and application details you’ve submitted.
Tips for Getting Approved for a Personal Loan in Alberta
Having the below items will help you maximize your chances of getting approved for a personal loan in Alberta:
- A stable source of income
- Few or no NSF transactions
- A low short-term debt ratio – a minimal number of active short-term or payday loans
- Must have an active Canadian bank account – it should have been active for at least 90 days
Should I Get a Personal Loan in Alberta?
Pros include the below:
- Immediate financial relief
- Ability to cover sudden expenses
- A predictable repayment schedule
Cons include the below:
- The fees and interest will accumulate if you are unable to make your payments
- NSF and other fees may be charged on top of your loan
What Types of Income Are Acceptable for Personal Loans in Alberta
Acceptable sources of income include the following:
- Employment income
- Self-employment income
- Government benefits
The Best Way to Improve My Financial Situation in Alberta
There are multiple ways to improve your financial situation in Alberta.
- Increase your income. Whether you need to retrain for a new career or ask for a raise in your existing job, increasing your income is one of the best things you can do to ease your financial woes.
- Debt consolidation. This will allow you to pay off a single debt instead of worrying about multiple different debts, and it may come with a lower interest rate.
- Budgeting. Cutting unnecessary spending and directing more funds towards your debts will set you on a brighter financial path.
FAQ
Is it possible to get a personal loan bad credit in Alberta?
Even if you have bad credit, it is possible to get a personal loan in Alberta. Not all online installment lenders do credit checks. At LendProConnect, we do not carry out a credit check as part of our online application process. Apply online now.
Should I get a payday loan or a personal loan?
If you take out payday loans, you are likely to take out many different payday loans due to recurring expenses. In the meantime, a personal loan is a single loan that you can take out over a longer period of time. You can take longer to repay a personal loan at a lower interest rate. Therefore, it may be helpful and may prevent you from getting stuck repaying multiple payday loans.
How do I apply for a personal loan in Alberta?
The application process is quite easy and only takes a few minutes. All you have to do is submit a quick application online. LendProConnect has your back. Just click here to get started.
