- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Luckily for Canadians looking to apply for a personal loan, there are plenty of lenders and online lending platforms available. Let’s take a look at some of them, what they offer, their perks, and some things to watch out for.
Loans Canada is an online loan aggregator that helps you find lenders and loan programs based on your financial and credit profile. It’s free to use and can make loan shopping quick, easy, and convenient. Based on your personal and financial information, Loans Canada will match you with the right lenders.
Loans Canada is particularly useful for those with subpar credit who may have trouble getting approved for a loan through conventional outlets, such as banks and credit unions. Loans Canada is partnered with many lenders that work with these types of underserved borrowers.
After completing a loan application with Loans Canada, you can get multiple offers from different direct lenders within 24 to 48 hours, and then funded within 1 to 3 business days.
easyfinancial is an alternative lender that offers personal loans, home equity loans, and car loans. The company has been around since 2006 and now has more than 400 brick-and-mortar locations across Canada. You can apply for a loan and receive your funds entirely online, and your credit won’t be affected.
easyfinancial pays particular attention to those who would otherwise have a difficult time getting approved for a conventional loan, such as students, newcomers to Canada, and bad credit or no credit borrowers.
Mogo is a fintech firm that offers a variety of loan and credit products, including personal loans, mortgages, cryptocurrency, free credit score monitoring, and identity fraud protection. Mogo also offers a prepaid card designed to help consumers build credit. You can also use Mogo to trade and invest commission-free using the MogoTrade platform.
Founded in 2014, Spring Financial is an alternative online lender that offers multiple loan products to consumers with fair or bad credit. Borrowers can apply for Spring Financial’s personal loan or credit-builder loan to establish and build credit. You can borrow anywhere from $500 to $15,000 and choose from loan terms between 9 to 48 months.
Loanz is an online lender that offers personal loans for consumers with fair to bad credit. Its application and approval process is very quick and simple, with instant loan approval and funding provided within the same day in many cases. You can get $1,000 to $15,000 depending on your financial profile.
Borrowell is a financial provider that helps consumers better manage their finances. Thousands of Canadians use Borrowell to check their credit scores for free. Borrowell also offers guidance on mortgages and recommendations on credit cards. Personal loans are available with loan amounts up to $35,000, which can be used to cover a wide range of expenses.
Fairstone is an alternative lender that offers secured and unsecured personal loans and debt consolidation loans. It’s been in the industry for a century and has over 230 locations across Canada.
With Fairstone, you can obtain free no-commitment quotes that won’t affect your credit. Interest rates charged are higher than what banks offer, but less than what is typically charged for payday loans. In order to qualify for a loan from Fairstone, you’ll need fair to good credit.
Different lenders have their own lending criteria that applicants must meet, but the following are usually part of the overall requirements:
In order to prove the above, you’ll need to supply documents, such as the following:
The lender will want to verify your identity, so you’ll need to provide government-issued photo identification to satisfy this requirement. Usually, 1 to 2 pieces of ID are sufficient, such as your:
You’ll need sufficient income to support the loan payments. To prove your income and employment, you’ll need to supply one or more of the following:
The lender might also require other documentation to support your application, such as the following:
To apply for a personal loan, follow these steps:
Before applying for a loan, take a few minutes to conduct a quick online search of the lenders and loan products available. There are plenty of online loan aggregators you can use that will instantly populate a number of lenders and the personal loan products they offer, along with the rates based on the information you provide.
If you’re using an online lender to get a personal loan, the application process will be entirely online. Have all of the necessary information ready to input into the application to streamline the process.
You’ll need to provide details such as the following:
Your lender may require proof of your employment, income, and assets. As such, you may be asked to submit any of the following:
Depending on the type of loan you’re applying for, the lender may or may not conduct a credit check. If a credit check is required, your lender will need your consent to pull your credit report.
Carefully read over your loan application to make sure you’ve completed all sections and that all information is 100% accurate. Then submit your application.
After your loan application is approved, your lender will send a loan agreement. Review this contract in its entirety before agreeing to its terms. If you’re comfortable with the agreement, sign it.
You can expect the funds from your personal loan within 1 to 2 business days, depending on the lender and the exact type of loan you’ve applied for. The funds will be deposited into your bank account unless you don’t have one, in which case other arrangements can be made.
Personal loans in Toronto come in a few varieties, depending on your needs. More specifically, you can choose between secured or unsecured personal loans, as well as fixed- versus variable-rate personal loans.
There are several online lending firms available that cater to borrowers with bad credit. Some may require a credit check, while others might not. That said, these lenders don’t place as much emphasis on your credit scores as the banks do. Instead, alternative lenders look at a variety of other factors, including your income, job stability, and bank account when deciding whether or not to approve your loan application. Keep in mind, however, that when you apply for a personal loan with bad credit, you’ll likely be paying higher interest rates.
While conventional lenders might require a credit check, there are alternative lenders in Toronto who provide “no credit check” loans. Similar to bad credit loans, a no credit check loan usually means you’ll have to meet other lending criteria to make up for your lack of credit. Again, you’ll likely pay higher interest and qualify for lower loan amounts with these no credit check lenders in Toronto.
Lenders in Toronto typically require an active bank account for funding and repayment purposes. Similarly, lenders usually require your bank information to help them verify certain financial information. But if you don’t have access to a bank account, you may still be able to secure a loan.
A “no bank verification” loan is a specific type of loan that does not require any documentation to be verified by the lender. There’s no need to provide the lender with any documentation surrounding your bank account or other assets, though you will still need to prove your income when you apply.
Loans with no refusal are quick, short-term loans, with funding available in as little as 24 hours after application.
A “no refusal” loan is one that does not require a credit check. In other words, you don’t have to prove that you have strong credit to get approved, so your application won’t be rejected as a result of your bad credit. Instead, the lender will base their decision to approve you for a loan on other factors, including your income and assets.
Certain lenders provide instant approval following loan applications, typically these are payday loans so make sure you understand the costs associated with this type of loan.
An instant approval loan is just what it sounds like: a loan that is instantly approved after you complete the application. These short-term loans are designed to help consumers who need quick access to funds to cover unexpected or urgent expenses. The entire application, approval, and funding process is streamlined, allowing borrowers to apply and be approved within minutes.
Loan amounts are usually not very high, as these loans are typically meant to cover smaller financial expenses. Funds are made available as soon as possible.
The exact amount that your personal loan will cost you depends on several factors, such as the following:
APR | Monthly Payment | Total Interest | Total Cost |
10% | $87.92 | $54.99 | $1,054.99 |
20% | $92.63 | $111.61 | $1,111.61 |
30% | $97.49 | $169.85 | $1,169.85 |
40% | $102.47 | $229.66 | $1,229.66 |
We know that personal loans are very common in Toronto, but what can they be used for? Well, the options are essentially endless as you can use them on whatever you need. Some of the best reasons you can use your personal loan in Toronto include:
Personal loan lenders often provide loans as low as $300 and as high as $35,000. However, some even provide $50,000 loans. How large of a personal loan you can get approved for in Toronto depends on quite a few different factors including:
Finding the right personal loan in Toronto isn’t always easy, especially if you’ve dealt with past financial issues or are currently struggling with less than great credit. The good news is there are lots of personal loan lenders in Toronto to choose from. If you’re interested in seeing what your options are, Loans Canada can help by matching you with a loan that will work for you and your budget.
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