Here are 6 reasons people borrow:

  1. To be able to drive: The automobile industry is known for high prices. If you need a car but you don’t have the cash on hand to buy a car, you can apply for a car loan.
  2. To buy a house: Getting a mortgage is one of the most important moments in someone’s life. If you want to buy a home, your best bet is to improve your personal finances and apply for a mortgage with a bank that understands your needs. You also need to save for a down payment which can take some time. So it is important to start managing your credit profile now.
  3. For DIY: Personal loans used to be popular options for people who wanted to do improvements on their homes. They have been replaced by Home Equity Loans. Personal loans can be used for any personal reason as long as your lender approves of it. Talk to our Loan Officer to find the best way to finance your dream. 
  4. For Holidays: Many people have taken out loans to finance this period. The temptation to spend is everywhere from travelling to buying gifts for family and friends. You should try and save for holiday gift spending to avoid snowballing into debt.
  5. To widen monthly budgets: Payday loans and money advances are used by some people to help tide over their bills before payday. Payday loan usage has soared as the key way to help people sort out a few payments while they are waiting for their pay to come through. Relying on loans every month is not a good idea and payday loans and money advances should only be used in the short-term when a pressing financial need comes up. As a result, we do not offer payday loans.
  6. To save face from family and friends: Family and friends are two of the most common sources of cash for many people especially when times are hard. When you borrow money from a family member or a friend, you instantly change the dynamic of a relationship especially if you find that you cannot repay the money back on time. This is another key reason why many people turn to loans and credit to help them out with their financial problems instead of asking to borrow money from family and friends. Ultimately, borrowing from a responsible lender is better than putting your relationships with family and friends under strain.

Talk with us. Let us help you find the loan product that works best for you.