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416.621.1300 | info@AKALmortgages.com

When we say YES! We stand behind our promise.®

Personal Loans Simple Referral Program

For customers looking to access funds between mortgage term renewals, a personal loan could be a great solution. With our personal loan program, you make a simple referral to one of our personal loan lenders and they do all the work. No need for you to collect docs or get involved in the process.

The lenders participating in the program cater to different customer situations allowing you to offer the solution to a multitude of customers in need of a personal loan. These are:

lendfulfairstone

Who Needs A Personal Loan?

There are many reasons why a customer might need a personal loan. The most common are:

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Renovations:
LTV > 80% : Refinance with Mortgage is not available LTV < 80% : New rules… Refinance is much more difficult
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Cashdown:
Certain lenders allow Non-traditional cashdowns
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Debt Consolidation:
Improve TDSR : Payment on a personal loan VS 3% of outstandings on revolving credit

PLACE YOUR CLIENT WITH THE RIGHT LENDER

Choose the right lender based on the client situation and purpose of the loan.

lendful

CLIENT

Good credit bureau (600 +)
(650+ For Alberta)
Is NOT comfortable with another LIEN on the property

PRODUCT

UNSECURED Personal Loans
  • $5,000 - $35,000 loans
  • Rates from 9.9% - 21.9%
  • 6 months to 5 year terms
  • Max TDS 55%
    (50% in Alberta)
  • 2% upfront fee (is refunded on a pro-rated basis if repaid early)
  • No penalty to repay early

CONTACT INFO

broker@lendful.ca
fairstone

CLIENT

Near prime (550+)
Presently can't get financing from a Bank

PRODUCT

UNSECURED Personal Loans
  • $20,000 max loan amount
  • Rates from 27.99% - 39.99%
  • Terms max 5 years
  • Max TDS 75%
  • No Fees
SECURED Personal loans
  • $30,000 max loan amount
  • Rates from 19.99% - 23.99%
  • Terms max 10 years
  • Up to 100% loan-to-value

MAKING A PERSONAL LOAN REFERRAL - PROCESS

Each lender has a slightly different referral process. It’s easy. Just follow the steps.

lendful
1
To make a referral to Lendful please email Broker@Lendful.ca your client’s name, loan amount, email, phone & how you know the client (important risk requirement)
Lendful reaches out to the customer and initiates loan docs via docusign - 24 HRS
Customer accepts loan docs online via docusign - 5 MIN
Receive funds - 1-3 DAYS
2
Lendful adds you as a viewer on the docusign so you’re always up-to-date on the loan status.
3
Get paid 1.5% referral fee within 15 days of the end of the month following funding.

MAKING A PERSONAL LOAN REFERRAL - PROCESS

Each lender has a slightly different referral process. It’s easy. Just follow the steps.

fairstone
1
To make a referral to Fairstone, please complete the referral form yourself.
Fairstone receives your referral and reaches out to your customer - 24 HRS
Customer submits requested docs / visits the branch
Receive funds - 48 HRS
2
Fairstone keeps you up-to-date on the loan status through email updates.
3
Get paid 1.5% referral fee within 15 days of the end of the month following funding.

Sales Support

Please check MAC-Studio on MortgageBOSS for personalized marketing pieces you can download to help you promote personal loans to your network.

Client Testimonials

Mississauga Mortgage Brokerage