3. Compare Different Lenders
Choose the lender that offers the best combination of terms, interest rates, and flexibility.
Options to Consider:
Traditional Banks: Offer competitive rates but may have strict eligibility criteria.
Credit Unions: Often provide more favorable rates and customer service.
Online Lenders: Provide fast approvals and digital application processes.
Peer-to-Peer (P2P) Platforms: Match you with individual investors; these can offer lower rates but may have added service fees.
Compare interest rates, loan terms, origination fees, and any penalties for early repayment.
4. Apply for the Loan
Once you’ve selected your lender, start your application. This is usually done online, and you’ll need to submit:
Proof of Identity (passport or national ID)
Proof of Income (payslips, employment letter, bank statements)
Travel Itinerary or Plans (visa application status, flight bookings, accommodation)
Credit Report (your lender may pull this automatically)
Approval times vary but typically range from a few hours to a few days.
5. Receive Funds and Book Your Trip
Once approved, the loan amount will be disbursed to your bank account. You can now proceed with booking your flight, paying your visa fees, and organizing your stay in Canada.