Taking a low-interest personal loan from  Sunlite Mortgage can help you consolidate debt and get out of debt faster. It could also be used to improve your home, start a business, or help with a big purchase. Do you have questions about taking a personal loan through Sunlite Mortgage? We have answers!

Why should I get a Sunlite Mortgage personal loan?

Many Canadians get low-interest personal loans for different reasons. They can be helpful in many different situations, such as getting out of debt faster. Here are just a few things a personal loan may be used for:

  • Paying off your credit card (to save on interest payments)
  • Debt consolidation of other types of debt (pay off multiple debts with a larger loan to create one easy monthly payment)
  • Financing your business
  • Funding your wedding
  • Improving your home
  • Making a big purchase, such as a vehicle
  • Moving costs

Why does my credit score matter?

Your credit score plays a big role in determining the interest rate of your loan. Your credit score is used by banks and lenders to evaluate your creditworthiness, or how likely you are to pay back a loan.

You will get your credit score, for free, so you can monitor and work to improve it over time. Even if you don’t qualify for a loan, we provide the tips and tools to help you get there!

Will checking my interest rate affect my credit score?

No, checking your interest rate on our loan application will not affect your credit score. Checking your rate or credit score  is a soft credit inquiry that doesn’t affect your credit score or appear on your credit report.

How does debt consolidation work?

Debt consolidation is when you take a new, larger loan to pay off a number of smaller debts, loans, or bills, that you’re making payments on. This brings the numerous debts together to create a combined loan and only one monthly payment.

Of course, it’s impossible to actually merge different loans together. All debts have different interest rates and repayment terms. So debt consolidation means getting a low-interest personal loan to pay off higher-interest debt, then paying off the loan in one easy payment each month.

What is the difference between a secured loan and an unsecured loan?

A secured loan is a loan that’s backed with something valuable that you own. This could be your house, car, or even expensive jewelry. If you default on your loan, the lender may take possession of the deed and can apply the proceeds of the sale of the collateral to the outstanding debt.

An unsecured loan is money you can borrow without collateral, such as a Sunlite Mortgage personal loan.

Can I pay my personal loan off all at once?

Yes, you can pay off your personal loan off all at once, at any time. There are no prepayment fees if you pay off your loan early You are also allowed to make extra monthly payments.

How soon can I get the funds from my Sunlite Mortgage Unsecured loan?

Once you’ve submitted your proof of income, verified your bank account and accepted your loan documents, your money will be directly deposited into your verified bank account. Funds could be in your account in as little as 48 hours from the start of the application.

Do I need to go to a bank to get a Sunlite Mortgage loan?

No. Our unsecured loan is 100% online. You can apply for your loan from the comfort of your home and get access to your funds in as little as 48 hours.*

How much can I save? 

Let’s say you decide to borrow $10,000 at 10.5% (APR) to consolidate your credit card debt. By moving $10,000 of credit card debt into a lower interest loan, you could save more than $4,800.* Your total cost of borrowing would be $1,700 with our loan, compared to $6,500 borrowing from your credit card.**

What is the Annual Percentage Rate (APR)? 

APR stands for Annual Percentage Rate. It shows the cost of borrowing including the fee on a yearly basis. The APR on our loan includes both the interest rate and origination fee. Our annual percentage rates (APRs) range from 5.99% to 29.19%. Check your credit score for free and find out what you qualify for. Checking your rate won’t hurt your credit score.

What are the maximum and minimum loan terms?

Choose a loan between $1,000 and $35,000 and select the term, either 3 or 5 years, that works best for you. We offer fixed rates starting at 5.99% APR. The maximum loan term is 5 years. There is no minimum loan term because you can pay off your loan at any time, with no prepayment fees.

What’s the Origination Fee?

The origination fee is is the only fee associated with your loan. The one-time origination fee covers the costs of evaluating loan applications, building and operating our processing platform, and providing amazing customer service. We feel this is a clear and transparent way to be upfront about how we get paid for the service we provide.

The one-time origination fee is between 1-5% of your loan proceeds. The percentage depends on your credit profile – the better the credit profile, the lower the origination fee – as well as the term of the loan.

We will add the origination fee to the loan amount we’ve approved. So if you are approved for a $5,000 loan at a 2% origination fee, your total loan amount would be $5,100. You would receive $5,000 in your bank account we receive a $100 origination fee.

*Please note that final approval of your application for our unsecured loan is conditional on completion of the steps set out in your application (including identity, income, and bank account verification) as well any further underwriting review deemed necessary. Additional documents may be required. We retains the right to adjust any loan options presented to you or to decline your application at any time prior to final approval.

**Based on credit card APR of 19.9% and credit card debt repayment of $250 per month.

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