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Private Loan Lenders

Private loan lenders in Canada are an alternative to traditional financial entities, such as banks. The term "private lending" is assigned to companies and organizations willing to lend someone money in exchange for an interest rate.

Loans provided by private lenders in Canada resemble the ones offered by banks in many aspects. The approval process is much more straightforward, and many of the terms they offer are flexible.

However, since the risk they are taking by imposing less strict terms is higher, that means the interest rates may also be slightly increased, depending on the case.

Before choosing the right lender to help you overcome your financial distress, you need to do a little research. You will find that lenders in Canada specialize in specific types of loans, which means you are likely to receive a more prompt answer and can opt for a loan closer to your needs if you select the right lender.

If you need to find money lenders now, make sure to take a close look at their portfolio first. These are the main types of private lenders in Canada:

Private Mortgage Loans
Private mortgage lenders cover the loan market sector that doesn't meet the strict requirements of banks. They provide an alternative solution for people who need a mortgage but not under the standard terms.

One of the main advantages is that instead of focusing on your credit record, mortgage brokers in Canada consider the property's real value, including the market value, and how easy it is to sell.

These mortgages work a bit differently; the payment you make every month covers the interest rates. The contract is usually short, from 1 to 3 years, and in the end, you still have to pay the principal in full.

This may not be a suitable option for everyone. Still, suppose you have a bad credit history. In that case, an unusual or fluctuating form of income or the real estate property you wish to buy is atypical; private mortgage lenders may be your only solution.

Private Lenders for Personal Loans
Private lenders for personal loans are usually the most comfortable option due to their flexibility and quick response. People take private loans to overcome challenging and unexpected situations that force specific expenses on them, which are impossible to postpone.

You may turn to private money lenders if you need a payday loan for up to $1,500 with flexible payment options*, and you cannot provide any collateral, as a bank may demand.

Private lenders for debt consolidation
If you are one of the many Canadians with multiple short term loans, credit cards, and other types of debt, you are probably feeling quite overwhelmed by the total amount you must pay.

If you turn to lenders for debt consolidation loans, you can reduce that amount to a more comfortable level. A debt consolidation loan is used to pay off all the smaller debts you have gathered, and you will only have to pay a single, combined loan. The advantage is that rates for larger loans are lower, so you will escape paying high rates for multiple small debts.

Private lenders for bad credit
Bad credit is one of the main reasons banks decline loan applications. But a bad credit history doesn't necessarily mean you aren't able to pay back a loan, especially a short term one.

Non-traditional direct lenders understand that, and while they check your credit score, it's only a way of verifying your information; you can still qualify if you meet the other requirements.

Private student loans
It's even harder to qualify for a loan from a traditional financing institution if you're a student. And since the costs of attending a respectable University are quite overwhelming for most families, private student loans are the solution.

If you cannot keep a job and attend classes simultaneously, or you don't have an attractive credit history yet, you will probably need someone in your family to co-sign the loan.

Private Lenders

Private Loans

Private loans can help you with anything from paying off debt, financing a special project, to more extended actions like renovating your entire house.

When you take a private loan, you borrow a specific amount and pay it back over a period you agree on, along with interest rates and other fees. So far, loans from private lenders are similar to those you get from a traditional lender. But they also differ in a few essential aspects.

While personal loans are also available from banks, it's usually more manageable if you turn to a private lender, especially if you need an unsecured loan. Banks typically offer secured loans, but private loan lenders don't necessarily require collateral.

That is a crucial aspect for many people who prefer to keep their assets safe and not use them as a guarantee even if they know they can pay back the loan. Every time you borrow money, there is a certain level of uncertainty regarding your financial strength to cover the monthly payments.

Small private loans don't rely on any collateral, so even if you don't have any valuable assets, you can still qualify. With a online payday loans, you get a maximum of $1,500, and you can use it for whatever urgent or essential expense you have.

When you get a loan from a direct lender, you get the money you need for your project without having to provide thick files of paperwork documenting every aspect of your financial background.

This is one of the main reasons why direct private lenders for personal loans in Canada are so popular. If you need money for something like a down payment for a house, a bank loan documentation would be significant. But with this type of lenders, this is what you usually need to provide:

• You must prove that you have the right age to be allowed by law to borrow money.
• Your permanent address must show that you are a permanent Canadian resident.
• If you have other loans or obligations that are paid from the monthly budget, those obligations, combined with the private loan you want to take, must still allow you to cover your necessary expenses.
• You have to prove that you are currently employed and that you have been receiving wages for at least the previous three months. Your income needs to prove it can cover the payments for the loan. A steady income source is essential for any method of borrowing money.
• You also have to provide evidence that you have a bank account.

Once you have these simple requirements covered, all you have to do is submit your application. At that point, you will find that the application process is straightforward, and you find out right away if you qualify.

Apart from the fast application and approval process, you also have another crucial advantage when choosing small private loans: you can use the funds any way you consider fit.

That way, your usual budget can cover the rest of your monthly costs, and you don't have to postpone anything or miss out on an opportunity.

Private Lenders for Personal Loans for Bad Credit

In Canada, personal loans for bad credit from private lenders are a chance for people who didn't manage to maintain a good credit history to have their applications approved. If you have been through a challenging period from a financial point of view, and your credit score reflects it, banks will be reluctant to offer you a loan.

Private lenders for personal loans with bad credit may be your only alternative. They look at your finances from a global perspective, and if you are currently able to afford a loan, the bad credit tag won't prevent you from getting one.

Bad credit is not the only problem when you need a loan; having no credit history also makes you financially unattractive to banks and traditional lenders. But turning to online lenders for poor credit loans is a reliable option to get the money you need fast.

Private lenders for bad credit personal loans in Canada will perform a credit check, but it's merely a regular step in the application process, not a criterion for approval.

If you are one of the many Canadians who have recently faced an unpleasant negative response from a bank, you can come to iCASH and get a second chance. As one of the online lenders that view the lending process entirely different from traditional financing institutions, you have an excellent chance of being approved.

We are one of the top private lenders in Canada for loans for bad credit, and we focus on your current financial strength rather than your credit history.

Personal loans for bad credit are easier to get because lenders usually accept multiple income sources, including social benefits, as long as the final amount can cover the installments. Another significant advantage is that you don't have to use any of your assets as a guarantee since these are usually unsecured loans.

Are You Looking for Private Lenders?

The first thing you need to consider when you start looking for private lenders is that not all of them will offer the same high standards or the exact terms you are comfortable with. It's not all about the right type of loan; you also have to find the right lender.

Here are the main factors you must examine when looking for a private lender in Canada:

• Does the lender have all the necessary licenses and certifications? Make sure only to choose legit lenders.
• Can you find any relevant reviews that can show you whether the lender has a trustworthy reputation?
• Do they offer the type of loan you need? Not all private money lenders have a full portfolio of small loans.
• Do they provide efficient customer service?
• Check all the information you can find on the lender you are interested in, from working hours to past issues, especially if they ever faced a security breach.

Once you have concluded that you are dealing with one of the dependable and legit lenders, it's time to discover the advantages.

Private lenders are more convenient than banks from two essential points of view. First, the application process is significantly easier and faster. You don't have to prepare loads of paperwork and wait to have your file studied before receiving an approval decision.

Secondly, the approval decision is usually favorable with private loans because you have to meet different and more lenient requirements. You can get a loan without risking your property as collateral.

Online lenders offer even more benefits, and iCASH is the perfect example. Not only do we provide a wide array of useful loans, but we have taken that extra step and moved the entire process in the digital environment.

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How Can I Get a Private Loan in Canada?

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Fill out our online application. Choose your desired loan amount, repayment plan option*, and provide the requested information. It takes most people about 10 minutes or less.

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Our fully automated online application will provide you with an instant decision on your instant loan. Once approved, all you have to do is electronically sign your loan agreement.

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Once your loan agreement is signed, your funds will be sent via e-Transfer in the next 2 minutes. Fast, convenient, private lender loans in Canada.

Maximum repayment period 62 days. APR is 109.50%. For a $300 loan of 14 days, the total payback amount is $345. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.
Borrow and Save!
Get up to 20% in Cashback!*

iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your private lender loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real money!*

Private Lenders FAQs

Are private lenders safe?

Private lenders in Canada are safe if you choose one that is licensed in the province you live in. Some people may be a bit reluctant to applying for a loan online, but the fact is you have no reason to worry.

At iCASH, we have prioritized investing all the necessary funds to get the most recent and advanced security and encryption technology.

How to borrow money from private lenders?

iCASH is one of the best options to borrow money in Canada. Everything can be done in a few simple steps:

    • Go to our website or app and submit your online application.
    • Get instant approval once we have analyzed your information.
    • Read the loan agreement and digitally sign it.
    • In a few minutes, your money will be sent via e-Transfer.

How to find private lenders in Canada?

You can find private lenders by doing an online search and selecting those who are licensed in the province you reside in.

It would be best to remember the aspects we mentioned above and carefully consider each of them before making a decision, to make sure you only deal with lenders that are legit.

Who is a private lender?

Any individual or organization in the private sector can act as a private lender and provide you with a loan when you don't meet the banks' requirements.

You need a thorough selection process before you choose the right one. An online lender like iCASH can give you the loan you need and provide a secure and comfortable experience during the entire process.
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