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    • Loans Canada Free Credit Score Check

    Loans Canada is your go-to platform for not only checking your credit score for free but also comparing rates for various personal and business loans. This comprehensive article will guide you through the process of accessing your Equifax credit score on Loans Canada and provide insights into the loan options available on their platform. Additionally, we’ll address common questions related to credit scores in Canada.

    Checking Your Credit Score with Loans Canada

    To access your Equifax credit score, you can create an account on CompareHub, a Loans Canada service that is an authorized reseller of the Equifax Risk Score. The credit check performed is a ‘soft check,’ meaning it won’t impact your credit score.

    Your Equifax credit score will fall within a range of 300 to 900, with different credit score categories:

    • 300 to 559 is considered poor.
    • 560 to 659 is classified as fair.
    • 660 to 724 indicates a good credit score.
    • 725 to 900 falls into the very good to excellent range.
    Having a higher credit score makes it easier to qualify for credit at competitive terms.

    Loan Comparison on Loans Canada

    On your Loans Canada dashboard, you can conveniently compare rates for various types of loans, including:

    • Personal loans
    • Credit building loans
    • Mortgage loans
    • Debt relief loans
    • Auto loans

    Low Credit Score Loans in Canada

    For individuals with poor credit, obtaining loans from traditional Canadian banks can be challenging. However, alternative lending platforms and loan comparison sites like Loans Canada can help. Here are some key details about Loans Canada:

    • Interest Rate: Loans Canada offers interest rates ranging from 1.99% to 46.96%.
    • Loan Term: Loan terms can range from 3 to 60 months.
    • Maximum Loan Amount: Loans Canada provides loans of up to $50,000.
    • Eligibility: To qualify for a loan through Loans Canada, you need to be a resident of Canada and have at least three months of employment with proof of income.

    Loans Canada Summary

    Loans Canada is a versatile loan comparison platform that offers various types of loans, including personal, debt consolidation, bad credit, guarantor, unemployed, no credit check, and no bank or employment verification loans. Key features include:

    • Flexible terms and competitive interest rates, ranging from 1.99% to 46.96% APR, with loan term lengths from 3 to 60 months.
    • One application provides access to numerous loan options without affecting your credit score.
    • Loans are available for individuals with poor, average, or excellent credit scores.
    • You can compare multiple lenders to find the best loan amounts, interest rates, and term lengths.
    • The entire application process can be completed online, without the need for face-to-face interaction.
    • Applying takes approximately 5 minutes, requiring basic personal information and necessary documents.

    Pros:

    • Convenient comparison of multiple lenders in one place.
    • Fast and straightforward application process.
    • Diverse loan options available to meet various needs.

    Cons:

    • Interest rates can be relatively high, reaching up to 46.96%.
    • Some bad credit loans may have early repayment penalties.
    • There may be loan origination fees charged by certain lenders.

    Verdict

    Loans Canada is a top-tier loan comparison platform in Canada, offering a wide array of personal loans from various lenders. The website allows for easy comparison and application, along with user reviews for each lender.

    How to Get Your Credit Report

    Your credit report is compiled by two major credit bureaus in Canada, TransUnion and Equifax. Here’s how you can access your credit report:

    • TransUnion: TransUnion offers a credit monitoring service that grants access to your credit report and score for a monthly fee of $24.95, except for residents of Quebec. Additionally, you can request a free Consumer Disclosure document containing all the information from your credit report on TransUnion’s website.
    • Equifax: Equifax now provides free online credit scores and reports to Canadians. If you wish to add credit monitoring and identity theft protection, the service costs $24.95 per month.
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    The content provided on Myfinancesguru.com is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.