Symple Loans is only a few years old and was established in Australia before opening in Canada. Symple offers personal loans to candidates with strong credit profiles.
There are many places you can apply for an installment loan or personal loan, but with Symple Loans you could receive a great rate, if you qualify. They are a decent alternative to banks and credit unions. While they have an origination fee, which not all lenders charge, their lower interest rates may still make them an option to consider.
Advantages of Borrowing with Symple Loans
Borrow up to $50,000 – loans from $5,000 – $50,000
Flexible loan terms – Personal loan terms range from 1 to 7 years
No prepayment penalties – There are no penalties for early repayment
Interest rates – interest rates start at 6.99% for good credit profiles
Disadvantages of Borrowing with Symple Loans
Additional fees – origination fees from 0 – 5% based on credit profile
Process – standard process applies where you submit an online application and receive a status update within a few minutes
How to Borrow with Symple Loans
When applying for a personal loan with Symple Loans, the requirements are similar to most lenders in Canada. These include being 18 years of age, citizen or permanent resident, but should also earn at least $25,000 per year, no past bankruptcies, and a minimum credit score of 650. Their criteria might include a few other things, and they are not available in every province.
A personal loan with Symple Loans has an interest rate of 6.99% – 22.99% and depends on your credit profile for what you might be eligible for. Symple Loans has no penalties or other fees should you choose to pay off your loan early.
Symple Loans FAQs
How much can I borrow from Symple Loans?
You can get from $5,000 to $50,000.
Will applying with Symple Loans affect my credit score?
You can apply to see what rate and whether you’ll be approved without it affecting your score.
How long to wait for my funds if approved by Symple Loans?
Applications that are approved are funded either the same day or by the next business day.