When you start looking for a loan, you need to be prepared to spend a bit of time.  If you have a high credit score, you will get the best Toronto loan rates on the market.  You may still have to go through a lot of scrutiny to get the loan because of the way the economy has been in the last couple of years.  You may have to have collateral if you go into a bank for a personal loan.  Most personal loans will have lower interest rates than credit card rates.

If you have a low credit score, you will more than likely have to use one of the loan companies that specialize in giving loans to people with bad credit. Most of them will allow you to apply online. You may be able to negotiate a bit on your interest rate, but you will pay a high rate.  There are companies touting that they will help you get financed with a car loan, even if you just filed for bankruptcy.  They may be able to help you get a loan, but you need to make sure you can afford to pay the high rate of interest they will charge you. If you are late with a payment you may end up owing more than you think.

You can get short term emergency cash from a payday loan company.  These loans are for smaller amounts of money for a period of no more than two weeks.  They are the highest cost loans in the marketplace because they cater to people with bad credit scores.  If you cannot get a loan with lower interest rates, you can apply for a Toronto loan at one of these companies.  If you have a regular job and no recent bankruptcies, they can help in a pinch.  Be sure to pay them off within two weeks time though or you will end up paying a lot more money than you expected to.

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