Thinking about taking out a personal loan? If you are considering how loan funds might be used, Cash 4 You can help you explore available installment-loan options. Approval and available loan amounts are subject to verification and qualification requirements.

Personal Loans and Your Financial Needs

What can personal loans be used for? Approved personal-loan funds may be used for eligible personal expenses, subject to the terms of your loan agreement.

Before borrowing, consider the total cost of the loan and whether the scheduled payments fit your budget. Your repayment period, interest rate, payment schedule and any applicable fees will be disclosed before you sign.

Here are some ways borrowers may consider using approved personal-loan funds.

Consider Debt Consolidation

An approved personal loan may be used to pay down higher-interest debt. However, consolidating debt does not guarantee savings or an improved credit score.

Compare interest rates, applicable fees, repayment periods and the total cost of borrowing before making a decision. Only borrow an amount you can reasonably repay and make each scheduled payment according to your loan agreement. No prepayment penalties apply.

Make Home Improvements

Approved personal-loan funds may be used for eligible home-improvement expenses, such as updating a bathroom, repairing a kitchen or painting your home.

Unlike home-equity borrowing, an unsecured personal loan does not use your home as collateral. Home improvements may affect the resale value of a property, but results vary depending on the project, cost and market conditions.

Handle Unexpected Expenses

Unexpected expenses can place pressure on your budget. An approved personal loan may be one option for covering an eligible emergency expense, such as a vehicle repair or veterinary bill.

Before borrowing, review the cost of the loan and determine whether you can make the scheduled payments according to the loan agreement.

Finance a Vehicle-Related Expense

Approved personal-loan funds may be used for eligible vehicle-related expenses. Compare the interest rate, repayment period, applicable fees and total cost of borrowing with other financing options before making a decision.

Cover a Major Life Expense

Approved personal-loan funds may also be used for eligible personal expenses such as a wedding, necessary travel or another major life event. Consider the total borrowing cost and your ability to make the scheduled payments before taking out a loan.

Apply for a Personal Loan

Eligible Ontario residents can apply online or at a Cash 4 You location for an installment loan from $500 to $20,000, subject to verification, qualification requirements and final approval.

After you submit your application, we will review your information and provide a decision. Applying does not guarantee approval or funding. Final approval and funding are subject to verification of your identity and application information, qualification requirements, and signing all required loan agreements.

Once your application is complete, verified and approved, and you have signed all required loan agreements, choose Interac e-Transfer or direct deposit. Funding timing may vary based on verification, bank and payment-network processing, and service availability.

Review your interest rate, payment schedule, repayment period and any applicable fees before signing. No prepayment penalties apply.