Private Lenders for Personal Loans Can be a Risky Choice


prud2It is a common issue faced by many Canadians: problem credit. With this issue comes another that can make things difficult: problems with credit usually mean fewer options for credit. This is largely due to the fact that most institutional lenders will be more hesitant to lend if you are considered higher risk.

What does this mean? This means that you become vulnerable to private lenders for personal loans – those lenders who are less discerning and take advantage of individuals with problem credit. Falling prey to private lenders or even loan sharks can leave you with repayment terms that you can’t reasonably afford.

However, there are institutions that will give you a second chance – even if you’ve previously claimed bankruptcy or are still undischarged.

Prudent Financial knows the risk of dealing with private lenders for personal loans. We strive to protect our clients, no matter how bruised their credit, from those lenders looking to take advantage.

Call us today at 1-888-852-7647.



More Posts

Are online only banks right for you in Canada?

A home equity loan vs a Reverse Mortgage in Canada

Your credit score and simple ways to improve it

The Basics of budgeting and taking on new debt

Mental health and your finances during Covid

Preparation for the Second Wave and your finances

Money saving tips when you’re impacted by Covid-19

Should I only make the minimum payment on my credit card?

Can a Second Mortgage be beneficial in the GTA?

Car Financing in a Crisis

Secure Your Loan. Apply Today!

Click below to submit your loan application.