Filters
- Amount
- Up to $35,000
- Rate
- 9.99% - 46.96%
- Term
- 9 - 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% - 39.99%
- Term
- 6 - 120
Vancouver is known to be the most expensive city to live in Canada. Average home prices in Vancouver hover over a million dollars, which is about $400,000 more than the average home price in Canada. To help keep up with the high costs of living in Vancouver, many individuals may rely on different credit products such as credit cards and personal loans. Personal loans, in particular, are a versatile credit product that many Vancouver residents can benefit from.
Personal Loans In Vancouver
You don’t have to rely on banks and credit unions when you need a personal loan, especially if you don’t have good credit. There are several alternative lenders that offer personal loans available to borrowers with all sorts of financial and credit backgrounds.
The following are some of the best providers of personal loans in Vancouver:
Loans Canada
Loans Canada is an online aggregator that helps consumers find loans and credit products in one convenient place. All types of borrowers are serviced, including those with good and bad credit. You can apply right from the Loans Canada website and get several offers from different lenders, and you can receive the funds within 1 to 3 business days.
Loan amounts vary from $500 to $35,000 with loan terms ranging from 4 to 60 months or longer. Interest rates range from 2.99% to 46.96%, depending on your credit profile.
Fairstone
Fairstone is an alternative online lender that offers personal loans and debt consolidation loans. The lender offers loan amounts as high as $60,000, so if you’re in need of a sizable loan amount, Fairstone might be a suitable lender for you.
Interest rates are higher than what financial institutions offer, but you may be able to qualify with fair credit. Loan terms are flexible and range from 6 months to 5 years.
easyfinancial
easyfinancial is an alternative lender that offers several loan products, including secured and unsecured personal loans, car loans, and home equity loans. The entire loan and funding process takes place online, so you can apply for a loan and get your funds without having to leave your home.
easyfinancial services consumers who may be unable to secure loans with conventional lenders due to sub-par credit. Students, newcomers to Canada, and bad credit or no credit borrowers may find better luck with easyfinancial than with banks and credit unions. The lender’s credit-building loans may be especially useful to borrowers looking to build or improve their credit profiles.
Mogo
Mogo is an online financial institution that offers mortgages and personal loans. Loan amounts are as high as $35,000 and interest rates start at 9.9%. The application and approval process is quick and simple, and if you change your mind within 100 days, you can take advantage of Mogo’s 100-day money-back guarantee policy to get the interest and fees refunded.
The fintech firm also offers several other financial products, including credit score monitoring services, cryptocurrency, and identity fraud protection. Consumers looking to build or improve their credit scores may find Mogo’s prepaid card useful, and the MogoTrade platform can be used to make commission-free trades and investments.
Loanz
Loanz is an online lender that specializes in personal loans for fair or bad credit consumers. You can get pre-approved in as little as 3 minutes for loan amounts between $1,000 to $15,000, depending on your financial health. In many cases, you can receive the funds from your loan in as little as 15 minutes.
Steps On How To Apply For Personal Loans In Vancouver
The personal loan application procedure in Vancouver can be relatively straightforward, depending on how your particular lender operates. Below, we’ve provided steps on how to apply for a personal loan.
Step 1. Review Your Finances And Credit
Prior to applying for a loan, it’s important to assess your income, debt and credit. These are common factors used by lenders when assessing your eligibility for credit. Understanding your financial and credit situation will also help you avoid applying with lenders whose minimum requirements you do not meet.
Step 2. Compare Lenders And Loan Offers
To get the best possible loan offer, it’s best to get as many loan quotes from different lenders. If you don’t have enough time to do the research, you can use a loan comparison platform like Loans Canada. With a single application, you can get multiple loan offers from different lenders. This will allow you to choose the loan that best suits your financial situation.
Step 3. Apply For The Loan
Once you’ve selected the lender you want to work with, you can complete the loan application. Lenders will usually require the following information:
- Personal Information – You’ll need to provide basic information such as your name, address, SIN (optional), and contact information.
- Financial Information – Your lender may also require your pay stubs to verify your income, your bank statement to assess your debt and your credit report to determine your creditworthiness.
- Banking Information – You’ll likely need to provide your banking information for direct deposit.
Step 4. Get Funded
After submitting your application, your lender will either approve or reject your application. If you’re approved, your lender will send you your funds via direct deposit or in some cases e-transfer.
Instant Bank Verification For Personal Loans In Vancouver
Lenders typically verify the information provided on a personal loan application. This is why they may ask for your recent bank statements, which will help them determine whether or not to approve your loan application.
However traditional bank verification can be time-consuming and cumbersome. Over the recent past, technology has sped up and improved the process, which benefits both lenders and borrowers.
Instant bank verification takes just a few minutes, which means you’ll get an answer on the status of your personal loan application much faster. Plus, instant bank verification offers a more robust level of security, so you can rest easy knowing your sensitive data is kept safe.
Some of the instant bank verification services include the following:
- Flinx
- Plaid
- Yodlee
Vancouver Personal Loan Rules
When taking out a loan in Vancouver, remember, you have rights. Here are some things to keep in mind.
| Max Interest Rate | In BC, there is no maximum interest that a high-cost credit lender can charge, as long as the APY does not exceed 60%, as per Section 347 of the Criminal Code. |
| Fee Caps | While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 60% APY. |
| Do Lenders Require A License? | High-cost credit lenders must be licensed in BC and comply with requirements under the Business Practices and Consumer Protection Act. This license number must be clearly displayed on the high-cost credit lender's storefront or website. |
| Debt Collection Rules | When collecting debt, high-cost credit lenders have rules to follow under the Business Practices and Consumer Protection Act. Lenders cannot: - Collect a debt payment before the due date. - Require information that would give the lender direct access to a borrower's bank account. - Use account information for any purpose other than to process a pre-authorized payment. - Use threatening, intimidating or coercive language in an attempt to collect unpaid debt. - Communicate with the borrower's family, neighbours, friends, or employer in a manner that is considered harassment. - Collect debt payments until the borrower has been informed in writing. - Communicate with a borrower to collect a debt until five days after written notice has been provided. |
What Do Vancouver Lenders examine When Determining Loan Approval?
Most lenders in Vancouver will have a slightly different way they go about approving personal loans. For instance, banks and credit unions have strict lending policies, so you’ll need to be a strong financial candidate to receive a loan. On the other hand, alternative, private, and bad credit lenders are sometimes more lenient, so it might be easier to get approved even if your finances and credit aren’t strong. Here are some common factors lenders in Vancouver will assess when determining your eligibility for a loan:
- Income Level – Your income level will have a direct impact on the loan amount your lender will approve you for. Generally, the higher your income, the more money you’ll have to cover a larger loan.
- Debt Level – Your debt level will also affect the amount you get. If a large portion of your income goes towards your current debts, then your lender may approve you for a lower amount as you likely won’t have enough income to cover the new larger loan.
- Credit – The state of your credit scores, credit rating, credit report, and credit history will tell your lender how credit worthy you are.
- Security – If you’re offering up valuable assets (home, vehicle, etc.) as collateral that can increase the amount your lender approves you for.
- Cosigner – If you get a cosigner it can reduce your risk level. The financial strength of your cosigner (optional but helpful) can help you get approved for a larger loan.
What Credit Score Do You Need To Get A Personal Loan Approval In Vancouver?
Canadian credit scores range on a scale from 300 to 900 and are used by lenders as part of their procedure for determining your creditworthiness. Generally, a score of 660 or higher means you have good credit and will give you the best chances of both approval and a reasonable interest rate. While plenty of Vancouver lenders will approve you with a lower score, your interest rate may be higher because bad credit can signify to them that you’re not a responsible borrower.
If you don’t know what your credit score is, you can check it for free using Loans Canada Compare Hub platform.
Can You Get Personal Loans In Vancouver With Instant Approval?
Most lenders take at least a few hours to provide loan approvals, though some offer instant approval for loans like payday loans. These short-term loans are used by consumers who need fast cash to cover urgent expenses. The entire process is very quick — including application, approval, and funding — allowing borrowers to benefit from instant approval.
Can You Get Personal Loans In Vancouver With Bad Credit?
Conventional lenders typically require good credit to get approved for a personal loan in Vancouver. However, there are many alternative lenders that work with bad credit borrowers to help them get the loans they need without having to meet stringent credit criteria.
Can You Get Personal Loans In Vancouver With No Credit Check?
Some lenders may not require a credit check, which means those with no credit at all may also be approved. Instead of looking at your credit score, these lenders will assess other factors, such as your income, job stability, and bank account.
Can You Get Personal Loans In Vancouver With No Bank Verification?
An active bank account is typically a requirement to get approved for a personal loan. But if you don’t have access to a chequing account, you could still secure a “no bank verification” loan. This type of personal loan doesn’t require documentation to be verified by the lender, though you may still have to prove your income using your pay stubs or an employment letter.
Can You Get A Loan On Employment Insurance In Vancouver?
The need for extra cash can come up at any time and to anyone, including those collecting Employment Insurance (EI) benefits. If you’re currently unemployed and are depending on your EI cheques to help pay the bills, you may be wondering if it’s possible to qualify for a personal loan in Vancouver.
While conventional lenders may require traditional employment and income as a prerequisite for loan approval, many alternative lenders accept EI and other non-employment sources of income, including disability, CPP and the CCB. You can apply quickly and easily online, and get approved in as little as 24 hours or less.
That said, you’ll likely be charged a higher interest rate if you apply for a personal loan while collecting EI benefits. That’s because non-employment income sources increase the lender’s risk. To offset this risk, the lender will charge a higher interest rate.
Places To Help You Get A Job In Vancouver
Several employment agencies in Vancouver are available to help you find a job. These companies connect local businesses looking to fill job vacancies and candidates looking for work.
Here are a few staffing agencies in Vancouver to help you start your job search:
Goldbeck Recruiting
The team at Goldbeck Recruiting keeps their finger on the pulse in the local job market and actively seeks work for their roster of clients. You can sign up for job alerts and get notified as soon as a position opens up that matches your skills and needs. If recruiters think there is a good fit for you, they’ll help you do what’s necessary to increase your chances of securing the job, including drafting a sound resume.
Recruiting in Motion
Recruiting in Motion’s services are customized to individual candidates looking for work in the Greater Vancouver area. The team of recruiters understands the city’s top industries and has been connecting job seekers with the best employers for over a decade.
You’ll find temporary, permanent, part-time, or full-time jobs in Recruiting in Motion’s online job bank. You can also speak with a recruiting expert to discuss your interests, skills, and experience, and make a video to be presented to employers.
Angus One Staffing
Angus One Staffing has been helping to connect job candidates with employers in Vancouver for more than 33 years. Once you register with Angus One Staffing, they will keep you up-to-date on job opportunities as they’re posted. The team provides tips on writing eye-catching resumes and participating in job interviews to boost your chances of success in the Vancouver job market.
Where Can You Find Government Employment Assistance Offices In Vancouver?
If you’re looking for employment services offered or funded by the government, you can use 211 to help you find ones in your area.
- Health Career Access Program (HCAP) – Available at several locations across Vancouver.
- Youth Employment Bootcamp – Robert Lee YMCA, Vancouver, BC V6Z 1Y2
- Self-Employment for Newcomers – Robert Lee YMCA, 955 Burrard Street, Vancouver, V6Z 1Y2, BC, Canada
- Employment and Training Programs – 535 Hornby Street, Vancouver, V6C 2E8, BC, Canada
- BC Career Development Association (BCCDA) – 728-510 West Hastings Street, Vancouver, V6B 1L8, BC, Canada
How To Calculate The Cost Of A Personal Loan
When you take out a personal loan, it will cost you more than just the amount you apply for. Of course, the bigger your loan amount, the more you’ll have to repay. But there are other factors that will influence the overall cost of your personal loan, including the following:
- Your credit score. A higher credit score will improve your chances of securing a personal loan and can also lower the APR. But if your credit score is less than 660, your loan may be more expensive overall.
- Loan term. The length of your loan term impacts the overall interest amount you will pay. A longer loan term means you’ll pay more in interest overall, though your monthly payments will be lower compared to shorter loan terms.
Miscellaneous fees. Lenders often charge various fees on loans, including loan origination fees, NSF fees, and early prepayment penalty fees.
| 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 |
Benefits Of A Personal Loan In Vancouver
While there are many different credit products out there, a personal loan can be better because:
- Versatile – A personal loan is a lump sum of cash that you can use for any expense including emergency costs, big purchases that are too expensive for your income to cover, renovations, car-related expenses (purchase, repairs, fuel, etc.) or medical costs that aren’t covered by your Medicare or insurance.
- Low-Interest Rate – Personal loan rates are generally lower than other credit products like credit cards. However, depending on your credit, rates can easily vary between 3% to 46.96%.
- Flexible Affordable Repayment – Personal loans come with varying terms between 6 months to 5 years, generally. This makes big expenses more affordable as you’re able to spread out the costs. They also have different payment options including monthly, semi-monthly, weekly and bi-weekly payments.
- Many Providers – Personal loans are available through banks, credit unions and alternative lenders. Whether you have good or bad credit, you can still get a personal loan.
Financial Assistance Offered In Vancouver, BC
Other Financial Assistance Programs In Vancouver
Being unemployed can bring about various financial struggles. You may be having trouble paying your rent or utility bills, or you may even be at risk of homelessness. Whatever your financial needs may be, several financial assistance programs in Vancouver can help:
Rent Assistance
BC Housing operates the Rental Assistance Program, which provides eligible low-income families with monthly financial assistance to help cover rent payments. Annual gross income thresholds are $40,000 or less, and clients must re-apply every year.
Income Assistance
The government of BC offers income assistance to support out-of-work residents who don’t have enough money to pay for food, shelter, or medical assistance. Whether you’re looking for a job or are unable to work at all, BC’s income assistance program can help bridge the financial gap if you qualify.
Emergency Shelters
The Salvation Army Belkin House is located at 555 Homer St. in Vancouver. It’s an innovative facility that provides shelter to homeless individuals and families in the Vancouver area. The centre also provides various programs to help residents become independent and healthy members of society.
Food Banks
The Greater Vancouver Food Bank was set up in 1983 to provide hunger relief for residents in need. The service relies on donations from the public and local businesses and receives no recurring government funding. Every month, about 16,000 individuals and families across Vancouver, Burnaby, New Westminster, and the North Shore are fed.
Utility Assistance
The Help To Others (H2O) Assistance Program is a city-run utility program created to help low-income customers who are having trouble keeping up with their water and sewer utility bills. This helps ensure that customers avoid the risk of having these services cut due to failure to pay their bills.
Where Can You Find Consumer Protection Offices In Vancouver?
Consumer Protection BC is the regulatory body that governs various consumer transactions in the province. The agency inspects regulated businesses and ensures that they are properly licensed, responds to consumer questions and complaints, investigates potential consumer law violations, and provides information on the rights of consumers and businesses.
If you feel that your rights as a consumer in Vancouver have been violated or have questions about your rights, you can contact the Consumer Protection BC:
- By telephone: 1-888-564-9963
- By email: operations@consumerprotectionbc.ca
- In person: 4946 Canada Way, Suite 200, Burnaby, BC
Vancouver Personal Loans FAQs
How can I collect my personal loan money from my Vancouver lender?
What documents do personal loan lenders need?
- One piece of government-issued I.D.
- Proof of address
- 3 months’ worth of bank statements
- Proof of income
What credit score do I need to get a $5,000 personal loan?
Can a personal loan help you build credit?
Bottom Line
If you’re in need of a personal loan in Vancouver, there are plenty of options available to you. Whether you have bad credit or good credit, you can get a loan with an alternative lender within a few hours to a couple of days. Apply with Loans Canada today and get multiple loan offers to choose from.
