Credit can be a saving grace at some stages in life, as well as offering convenience and emergency financial solutions.

Both personal loans and credit cards offer these factors, but when is a personal loan in Vancouver a better option? First, let’s explore the purpose of personal loans.

The Definition Of A Personal Loan in Vancouver

A loan gives you cash in a bank account that you can withdraw cash from. It does come with a limit, and you will not be approved for an amount higher than that limit. You can borrow less than the loan limit but not more.

You can apply to repay the total amount should you suddenly have a windfall financially, or you will repay with staggered, agreed amounts on agreed dates. You are only charged interest on the loan amount, not your whole credit limit.

When you have settled that debt, you can reapply for the same amount again, repeatedly. Typically, loans require credit checks, but credit checks are not necessary for personal loans acquired through private firms such as Better Than The Bank.

What Is An Unsecured Loan In Vancouver?

If you are awarded a loan and do not have the surety of collateral linked to it, it is called an unsecured loan. A lender categorizes this as a higher-risk loan as they can’t recover their money should you default by taking possession of an asset of yours.

All high-risk loans come with a stricter approval process and call for a good credit rating and stable and sufficient income. The interest rate will probably be higher as well.

Why Use A Personal Loan In Vancouver?

A personal loan in Vancouver is a great tool to use when cash is short, for example:

  • You might have run into a temporary financial setback, but you’re confident you can get things back on track if you just have a small loan to tide you over; or
  • You’ve come across an opportunity that requires an immediate injection of cash, but you don’t have the capital on hand to make it happen.

Credit Cards Versus Personal Loans In Vancouver

When you apply for a credit card through a bank, you’re likely to have to submit yourself to a credit check. If you’ve got a bad credit history, you’re not going to get approved.

When applying for a personal loan through Better Than The Bank, you can get cash in your pocket in no time without having to endure a credit check. Moreover, we will not punish you with an exorbitant interest rate. Where all other financial services providers fail you, lenders like us will ensure you aren’t left high and dry when you need it most.

Get your personal loan in Vancouver approved today from Better Than The Bank! Apply now!