Equiloan

UNDERSTANDING THE BENEFITS OF A HOME EQUITY LOAN

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UNDERSTANDING A HOME EQUITY LOAN AND BENEFITS

With the economic and pandemic challenges, many Canadian's have had to change the way they live and manage with a reduction of income. For a few, people are being impacted by a reduction of income and a severe impact on their credit.


This has been called 'the 2020 depression' which has made Canadians want to understand how their money can help improve their lives.

Opportunities worth looking into:

• Debt Consolidation

• Help a family member secure a property

• Home renovation to improve living conditions

• Get funding for an investment

• Purchase a new car

However, given the reality a lot of Canadians are facing, will they be eligible for a home equity loan with bad credit? 

Yes!

The Home Equity Loan product

Simply put, if a home was purchased at $500,000 a few years ago but value appreciated to $700,000, the equity of the home has increased ($200,000). Which can be taken advantage of.

A Home Equity loan enables you to tap into that equity and use it for anything, including the opportunities listed above.

Will I be approved for a Loan even if I have no income or hold a poor credit portfolio?

Yes. Home equity loans are secured against the equity built up within your home. Lenders tend not to be too stringent when reviewing your income, affordability and credit history like they would if you were to apply for a non-secured loan. Given collateral is agreed to during the application process, they are less worried about you defaulting because the path to recoup their investment is clear.

Keep in mind you are not guaranteed approval with a Home Equity loan but by applying through Equiloan we will understand your financial position, goals and provide you with a service that’s tailor fit to your needs.

If you need urgent money, regardless of your credit rating or income a home equity loan can enable you to receive the benefits below.

• The income, affordability and credit requirements are lenient

• The application process is fast and a path forward is instant 

• Equiloan prides themselves to offer loans while focusing the importance on paying the loan off fast, to help Canadians borrow responsibly

Where do you go?

Understanding the best way to optimize your financial position is not easy, however here at Equiloan we take pride in understanding your position and tailoring a plan for you. 

Apply online today and we will connect you with one of our specialists who will gather as much information for you and provide you with a variety of options to meet your needs. A Home Equity loan may or may not be right for you but you will have the confidence that we will take time to understand what will help you.

At Equiloan are here to help you borrow well and get you on a path to growth and a better financial literacy position.

How it works

Budget Discovery

The first step is to learn what your true budget is, in other words what you can actually get approved for. This is done through completing our online application here.

Financing Approval

Once we have your application we will work to get you the best approval options possible. This will allow us to see what services you will qualify for.

Service Selection

We will present you with a variety of services that you already qualify for. You just need to pick one and you're all set. No more wasted time or fear of rejection

Get Started

Apply for your loan

Your online application only takes 3 minutes to complete and we only ask for information we actually need

Get Approved Today

or feel free to give us a call at 416.986.8500