Many Canadians apply for a loan or credit card at their local bank branch or financial institution. When traditional financial companies don’t approve a loan, either for personal or business reasons, various personal loan brands are available to Canadians for their financial goals.
Many of these companies provide loans to individuals with lower credit ratings or scores. They may offer other advantages, such as flexible payment arrangements, short-term loans, and lines of credit.
Canadian personal loan brands offer an alternative to Canadians who need a loan for a car, education, or personal expense that may not be approved at a bank. These companies offer loans starting at $500 up to $50,000, with varying interest rates and fees, depending on various circumstances, including credit scores, income, and debt.
Companies such as Mogo and KOHO provide helpful tools for Canadians looking to build or improve their credit scores, so they can fulfill their dreams of applying for a mortgage in the future or obtaining a line of credit for a new business venture.
It’s common to find most lenders operate online, with some companies offering in-person lending services. LendDirect offers unsecured loans of up to $15,000 for qualified Canadians and cash advances with no fees. They also feature a line of credit and provide an easy application that’s processed within a day, so you’ll know whether or not you’re approved for a loan.
Mogo is one of the most popular web and app-based lenders, which offers loans from $100 to $35,000 and many other valuable services, such as cryptocurrency trading, prepaid credit cards, free monthly credit scores, and fraud protection.
Loan Away offers up to $5,000 in personal loans and a high approval rate, so many Canadians can benefit from financial assistance, even if they have a low credit score. Fairstone provides higher loan amounts, of up to $35,000, for individuals purchasing a car, a new home, or in need of a personal loan.
This firm also offers secured loans with a lower interest rate, and there are no hard credit checks, so you can rest assured that your credit score will not be negatively impacted.
Numerous lenders are available to Canadians, making the process time-consuming and challenging to decide. Ideally, it’s best to research various personal loan brands to ensure you’re choosing the product that best suits your situation.
It’s also essential to review each company’s services, including customer reviews and ratings with the Better Business Bureau (or BBB). If you require an amount of $10,000 or more, you’ll find that only specific companies provide larger loans, while many others offer up to $5,000.
If your credit rating is lower than average, be prepared to pay a higher interest rate, or at least compare interest rates with other personal loan providers, to ensure you’re getting the best deal.
Other factors to consider when choosing a brand include other services offered that may benefit your financial situation, the types of loans available (secured and unsecured), APR, the company’s reputation, and the terms of the agreement.
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Some individuals may borrow money to start a new business. However, it’s best to consult with a loan specialist to determine all your options before applying for a personal loan.
No. Many people obtain loans without poor credit, though they may have to pay higher interest rates and fees as a result.
The amount depends on the lender, though in some cases, you may be approved for up to $50,000.
The interest rate depends on several factors, including the lender, your income, credit history, credit score, and other expenses.