Privatelender personal loans are installment loans that are funded in a lump sum and paid back over time. At Privatelender personal loans range from a minimum of $500 to a maximum amount of $5,000 and can be taken out from 6 to 48 months.
Payday loans are a short-term, high cost loan that the borrower pays back on their next payday. Personal loans are typically for higher dollar amounts than payday loans and are paid back in installments over time.
The APR for a personal loan from Privatelender is 46.93%, whereas payday lenders can charge up to 600% APR for a payday loan. Payday loan APR differs by payday lender and province. To learn more view our rates and terms page.
Privatelender online loans range from $500 to $5,000. Loan approval is based on your credit rating and income amount. When you are approved for a Privatelender loan, you will be presented with multiple loan options that you can choose from.
There are four basic requirements to be eligible for a Privatelender loan. You must:
1. Be a Canadian citizen with a valid ID
2. Be at least 18 years old
3. Have a source of income
4. Have an open and active bank account
Once you meet these minimum eligibility requirements, several other factors may be considered when processing your application. These factors may include the information provided on your application and information from credit bureaus.
Verifying your income helps us determine the loan amounts and repayment schedules that will best fit your financial situation. We want to help you get a personal loan that you can afford.
Privatelender offers loan terms from 6 to 48 months. If you are approved for a loan, you will select your repayment terms when you select the amount you would like to borrow. Your repayment options will be based on your current financial situation.
Privatelender offers a Loan Protection Plan that provides insurance on your personal loan. A Loan Protection Plan can cover your loan payments and/or loan balance in the event that you are unable to meet your financial commitments due to an unforeseen circumstance such as loss of life, illness, injury or unemployment.