In today’s modern society, it seems possible to do almost anything online. You can pay taxes, register to vote, buy a car…and even get a loan. With the current financial climate, banks can be reluctant to lend money and may place restrictions or conditions if a loan is supplied. The alternative? Non-bank lenders, or online loans in Canada.

The acquisition of finance can be a drawn out and lengthy process, full of red tape and small print, and with seemingly endless forms to fill out and documentation to provide. By skipping the banks and using a service such as Tribecca, you can access a simpler, more streamlined service which offers the funds you need, when you need them. There are a variety of opportunities for acquiring finance via private lending:

Personal Loans

Personal loans are some of the most recognizable sources of finances. They help you in a range of situations, such as:

  • Fixing your car in an unexpected breakdown
  • Paying for home repairs and expenses
  • Covering unexpected medical bills
  • Purchasing items for your household
  • Consolidating existing debts
  • Taking care of an unexpected expense
  • Paying bills
  • Paying for tuition
  • Renovating and transforming your home
  • Paying for a wedding
  • Taking a vacation
  • Rebuilding poor credit

With a personal loan, the process is simple: the provider lends you the money, and this is repaid in monthly installments, including any interest, until the balance is cleared.

Home Equity Loans

A home equity loan works by allowing you to borrow an amount against the value of your home, over the amount of any other mortgages against the property. This can help to access larger sums of money and may be easier to qualify for and obtain than other forms of loans as you are using your property as collateral.

There are, of course, risks associated with using your home as security on a loan – it is essential that repayments are kept up, or you may risk losing your home.

Construction Loans

A construction loan does exactly what it says: it provides you with the funds and resources to build your own home. This resource allows you to create your dream house, built and tailored to your exact specifications and requirements.

This freedom and creative control come at a cost of course; not many people have the resources available to build their own home without help. A construction loan will supply the funds required, and can be released quickly and easily, allowing you to make your dream a reality even sooner.

Benefits

There are a number of benefits to choosing online lending over a traditional bank loan, such as:

  • Faster access to funds
  • Less paperwork and red tape
  • More flexibility in your loan options
  • Cheaper deals on interest and multiple products
  • Tailored, innovate solutions to suit your circumstances perfectly
  • Flexible repayment options, including early settlement
  • The whole process is quicker and more convenient – you can apply and confirm when it suits you, without having to make and attend multiple appointments