Consumer Capital Canada Review (May, 2024) – Pros, Cons, Features, & Pricing

You may be searching for the best Consumer Capital Canada review available. Look no further because the following post highlights all you need to know about this alternative lender.

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Last Updated: May 23, 2024

Consumer Capital Canada

  • Loans from $500 to $12,500
  • Terms 24 to 60 months
  • No collateral needed

Start your online loan application today and borrow up to $15,000 at competitive rates - Claim this offer

Consumer Capital is a Canadian personal loan provider launched in 2018 and can be accessed online. The company offers unsecured loans ranging from $500 to $12,500.

The best part is that you can apply online with no physical documentation needed. However, you must consider its high-interest rates and unavailability in Yukon, Quebec, Nunavut, and the Northwest Territories.

Read this Consumer Capital Canada review to learn more about the company, what makes it an excellent option, and its pros and cons. Moreover, you will also learn how to get started with the company and alternatives to consider if Consumer Capital does not meet your needs.

What makes Consumer Capital a good option?

When opting for a loan, you must ensure that your preferred lender meets a specific qualification. The last thing you want is to select a lender only to know that they have hidden some information or policies regarding the loan.

Here is a Consumer Capital Canada review of what makes the company a good option.

1. Unsecured loans

According to CNBC, an unsecured loan is an amount a lender offers without legal claim to the borrower’s assets. The lender has complete trust in the borrower’s creditworthiness and financial capacity.

Consumer Capital Canada makes an excellent option for its unsecured loans. You can borrow $500 up to $12,500 without providing an asset as collateral in case of default.

2. Online application

Although Consumer Capital Canada has its headquarters in Toronto, Ontario, the company operates online. That means you can save time queuing in brick-and-mortar branches waiting to submit your loan application.

Consumer Capital operates purely on its online platform, making applying for loans anywhere at your convenience easily. Moreover, the application process takes less than 15 minutes to fill out and submit.

3. Faster loan approval

Another factor our Consumer Capital Canada review considers an excellent attribute is the faster loan processing times. You can expect to hear back from Consumer Capital in less than one business day regarding your loan approval report.

Once approved, you can expect the funds in less than 24 hours, making the company one of the best and fastest Canadian lenders. You do not have to wait for days to get your loan approved.

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Pros and cons of Consumer Capital

A company’s pros and cons can help determine whether it is a match for your needs or not. Our Consumer Capital Canada review post looks at the pros and cons you can expect before opting for this lender.

The pros of Consumer Capital Canada

Flexible loans

Consumer Capital offers personal loans ranging from $500 to $12,500. This allows you to have the flexibility of getting any amount provided you meet their qualification criteria.

Consumer Capital does not dictate how you use the amount, allowing you to utilize the funds as you see fit. Consumer Capital loans cover medical bills, home and car repairs, and debt consolidation.

Flexible loan repayment

Consumer Capital’s loans come with a flexible loan repayment plan of up to 60 months. Moreover, their least repayment period is 24 months, offering sufficient time to plan your finances.

You can pay your loan monthly or fortnightly. Consumer Capital also allows one-time loan repayment without any charge.

No collateral needed

Unlike most traditional lenders, Consumer Capital does not require collateral to offer you a personal loan. Hence, you can take on a loan with them without worrying about forfeiting an asset.

They must see that you meet the financial capacity to service the loan. Your credit score also matters in assessing your creditworthiness.

Quick loan processing

When applying for a Consumer Capital loan, you do the process online. This means you can apply for a loan from the comfort of your home on a desktop or mobile device.

After application, the lender communicates a quote within one business day. This makes the lender a go-to option in emergencies like medical bills.

The cons of Consumer Capital Canada

High interest rates

As with other personal loan lenders, Consumer Capital also has high-interest rates on their loans. Its loans have an interest rate from 19.99% up to 34.99%.

For example, If you took a $10,000 loan to be repaid in 36 months at 30%, you would pay $424.25 monthly. You will have repaid $15,282.57 by the end of your repayment, making the interest $5,282.57, which is high.

No countywide availability

As you would expect in typical lenders, nationwide availability is crucial. Consumer Capital does not offer lending services in Yukon, Quebec, Northwest Territory, and Nunavut.

This unavailability leaves out a large number of people who would benefit from these personal loans.

No human support

Since Consumer Capital operates online, customers lack the human support they expect from loan lenders. Moreover, the company offers web chat, email, and call center support, but these options offer partial touch customers expect.

Minimum salary requirement

Another con in our Consumer Capital Canada review is that the lender needs an applicant to have a primary source of income. Consumer Capital requires applicants to have an applicant to have a minimum gross of $20,000 a year.

You will also need proof of employment for six months and above and have no payday loan debt. Consumer Capital also requires loan applicants to have a credit score of 600 and above as proof of creditworthiness.

Loan processing charges

Consumer Capital charges a loan origination fee of $75. While there are no other charges, this $75 fee may be high.

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Consumer Capital products and services

Consumer Capital has made a reputation in the financial sector for its efficient services. But what exactly does this company do?

Here is a brief Consumer Capital Canada review of its products and services.

1. Personal loans

Based on our Consumer Capital Canada review, this company’s primary service is offering personal loans. The company provides loans ranging from $500 to $12,500.

These loans are unsecured, meaning you do not have to offer collateral upon application. Consumer Capital Canada allows a repayment term of 24-60 months. Their loan interest rate ranges from 19.99% to 34.99%.

Like other personal loan lenders, Consumer Capital checks your credit score to determine your creditworthiness. The lender also requires the loan applicant to be a Canadian who has achieved a majority age in their province of residence, is debt-free, and has a steady income source.

Consumer Capital product and service quality

As a renowned lender, Consumer Capital Canada is famous for its fast loan application turnaround. Typically, you take less than 15 minutes to complete the application, and a customer representative gets back to you in less than one business day.

Consumer Capital Canada requires a government-issued ID, proof of employment, and a void cheque or a pre-authorized bank form. You can expect the funds to reflect in your bank account within 24-48 hours of the loan application, which displays efficiency and professionalism.

Since Consumer Capital Canada operates online, it is a good practice to have security measures that secure customer protection. That said, the lender utilizes 128-bit encryption and Secure Socket Layer (SSL) to protect the information its customer shares on their website.

The Consumer Capital Canada review research team discovered that this company has a payment protection insurance policy. The company partners with Trans Global Insurance Company and Trans Global Life Insurance Company to offer payment protection coverage.

Trans Global Life Insurance Company covers full loan repayment in case of involuntary employment, total disability, death, dismemberment, and critical illness. If you opt for Trans Global Insurance Company premiums, this provider pays the outstanding loan for up to 12 months.

Note that you can only apply for one insurance benefit and that this insurance payment is optional. The amount charged is 20.25%× loan payment plus taxes payable monthly or fortnightly, depending on your repayment schedule.

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How to get started with Consumer Capital

As mentioned above, getting started with Consumer Capital Canada is easy and takes less than 15 minutes. Moreover, you can carry out the process on a desktop or mobile phone at home.

Here is a brief Consumer Capital Canada review of how to get started.

  • Visit the Consumer Capital Canada website and click the ‘Let’s Get Approved’ button.
  • Fill out your details, the loan amount you want, and its purpose, and click the ‘Continue’ button.
  • Fill in your employment details, including information like employment status, years of service, gross income, income frequency, and employer details. Click ‘Continue’ to the next page.
  • Here you will provide your residence details, including your address, how long you have lived there, and whether you rent or own the premises. You must disclose your monthly rental payment if you choose the rent option.
  • Accept the terms and conditions and submit your application.

Alternatives to Consumer Capital

After reading Consumer Capital Canada reviews, you may find that this lender does not meet your needs. If that is the case, knowing some alternatives can be valuable to help compare your options.

Here are some Consumer Capital Canada alternatives.

1. Consumer Capital vs LoanConnect

This firm is an intermediary between loan applicants and lenders offering personal loans. Like Consumer Capital Canada, it provides unsecured loans which you can repay biweekly, weekly, and monthly for 6-60 months, depending on your preferred lender.

LoanConnect offers fast loan processing within 48 hours of approval, with interest rates from 10% to 46.96%. Unlike Consumer Capital Canada, this company provides services to all Canadians and has loans of up to $50,000.

Moreover, LoanConnect holds no obligation to loans you get from the platform. You may encounter late and prepayment charges depending on the lender.

2. Consumer Capital vs Mogo

Launched in 2003, Mogo is another personal loans lender to consider after reading a Consumer Capital Canada review. It has fast loan processing times, where you fill out the application online and hear back from the lender within minutes.

It offers personal loans from $500 to $15,000, with interest rates ranging from 29.99% to 47.72%. Unlike Consumer Capital Canada, Mogo offers various loan options and other services.

It offers higher loan limits of up to 50,000 with no prepayment charges. The annual gross income requirement is $13,000, allowing eligibility for more people.

3. Consumer Capital vs Skycap Financial

Launched in 2013, Skycap Financial is a non-bank lender operating in Kingston, Ontario. The lender offers personal loans from $500 to $10,000 with interest rates ranging from 12.99% to 39.99%.

Like Consumer Capital Canada, Skycap Financial offers faster loan processing and is unavailable countrywide. You must also be debt-free, have a steady income and employment, and have an excellent credit score.

Unlike Consumer Capital Canada, Skycap Financial offers services like car loans, moving expenses, medical loans, payday loans, and retirement loans. The lender also teaches individuals how to manage their finances online via Skycap University.

Consumer Capital Canada review conclusion

Financial demanding situations are unforeseen, and an emergency loan is your first option when they happen. However, many Canadian lenders offer this service, so choosing one from the many can take time.

The best approach is to check an in-depth review to understand how the preferred lender works. This Consumer Capital Canada highlights all you need to know about this lender company, its services, pros, and cons.

Moreover, if this lender does not fit your needs, we have listed three alternatives in our Consumer Capital Canada review so you can check for compatibility. You can make an informed personal loan decision regarding your finances.

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FAQs about our Consumer Capital Canara review

What is Consumer Capital Canada?

Consumer Capital Canada is an online Canadian lending company specializing in personal loans. Its loan ranges from $500 to $12,500 and has an annual interest rate of 19.9% to 344.99%.

Is Consumer Capital Canada legit?

Consumer Capital Canada is a legitimate lending company that has been operating since 2018. Its headquarters are in Toronto, Ontario, and it partners with two insurance providers to offer customer payment protection.

How Do I Qualify for a Consumer Capital Canada Loan?

You must be 18+ and live in Canada except for Yukon, Nunavut, Northwest Territories, and Quebec. Consumer Capital Canada also needs applicants to have a government-issued ID, steady income and employment, debt free, and a yearly gross income of over $20,000.

Who Can I Contact if an Issue Arises?

You can reach support via the Consumer Capital Canada contact number, web chat, or email. These details are on the website.

Are There Prepayment Charges on Consumer Capital Canada?

You can repay your Consumer Capital Canada early without prepayment fees.

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Consumer Capital Canada

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March 5, 2023
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