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
Personal Loan Lenders In Edmonton
Many people in Edmonton struggle to keep up with their payments every month. Also, many people simply cannot afford to cover an emergency such as car troubles, job loss, or other unexpected expenses. This can leave people in a very precarious financial position.
Thankfully, there are many lenders in Edmonton and other cities alike that are capable of offering personal loans for individuals who need cash quickly.
Loans Canada
Loans Canada is an online platform that can help you find the best lender and loan product based on your financial and credit profile. Personal loan shopping with Loans Canada is quick, simple, and convenient, and there’s no cost to use the service. Simply input a few pieces of information, and get multiple offers from different lenders.
Whether you have bad credit or poor finances, Loans Canada’s network of bad credit lenders may be helpful. Simply complete an application online and you’ll get an approval notification within 1 to 2 business days, then receive your funds 1 to 3 business days later.
Pros Of Loans Canada
- Many personal loan options for borrowers with bad credit
- Interest rates start as low as 2.99%
- Quickly populates lenders and loan options according to your profile
- Rated A+ with the BBB
Cons Of Loans Canada
- Not a direct lender
- High rates for bad credit borrowers
Fairstone
Fairstone is an online lender that’s been in the lending industry for a century with more than 230 locations across Canada. The fintech firm provides secured and unsecured personal loans and debt consolidation loans.
While you’ll need fair to good credit for the loan products offered by Fairstone, you can get a free no-obligation quote to see if and how much you may qualify for.
Pros Of Fairstone
- Loan amounts up to $50,000
- Flexible loan terms from 6 months to 5 years
- No early prepayment penalty fees on unsecured loans
Cons Of Fairstone
- High rates up to 25.99% for secured loans and 39.99% for unsecured loans.
- Secured loans have a prepayment penalty
easyfinancial
easyfinancial is an online lender that launched in 2006 and now has over 400 physical locations across Canada. The company offers several loan options, including personal loans, home equity loans, and auto loans. The entire loan shopping, application, and approval process takes place online, with no need to visit a brick-and-mortar location.
easyfinancial focuses on bad credit borrowers who may find it difficult to get approved with a conventional lender. More specifically, underserved borrowers, like newcomers to Canada, students, and bad or no credit borrowers, may find better luck with easyfinancial.
Pros Of easyfinancial
- Secured and unsecured loans between $500 – $100,000
- Quick application and approval process
- Bad and no credit borrowers are eligible
Cons Of easyfinancial
- Potentially high APR’s up to 35%
Mogo
Mogo is an alternative lender that provides several financial products and services, including personal loans, home loans, cryptocurrency, credit score monitoring tools, and identity protection. The fintech firm also offers a prepaid card that can help Canadians establish good credit, as well as MogoTrade, a commission-free trade and investment platform.
Pros Of Mogo
- Loan amounts up to $35,000
- Competitive interest rates for consumers with fair to good credit, as low as 9.9%
- Quick rate quotes
- 100-day money-back guarantee (interest and fees refunded if you have a change of heart within 100-days.)
Cons Of Mogo
- High rates for borrowers with bad credit
- 100-day money-back guarantee not applicable to all loans
Spring Financial
Spring Financial is an online lender that’s been around since 2014. The firm offers loan products designed to suit consumers with fair or bad credit. Borrowers can use Spring Financial’s personal loan or credit-builder loan to build and improve their credit scores.
Loan amounts range from $500 to $15,000, and loan terms range between 9 to 48 months.
Pros Of Spring Financial
- Application, approval, and funding process is 100% online
- Funding in as little as 24 hours
- No early prepayment penalties
- Excellent customer support
Cons Of Spring Financial
- High interest rates for borrowers with bad credit
What Are The Requirements of A Personal Loan In Edmonton?
To qualify for a personal loan in Edmonton, you’ll need to meet the following criteria:
- Be the age of majority in your province or territory
- Be a Canadian citizen or a permanent resident
- Have an active bank account
- Have a steady income and continuous employment
- Meet the minimum credit score according to the specific lender
Steps To Apply For A Personal Loan In Edmonton?
When considering borrowing money from a personal lender in Edmonton, you can follow these steps for a smooth process.
Step 1. Check Your Credit Score
Before you apply for a personal loan in Edmonton, you should first check your credit scores to see how you stand as a borrower. If you have poor credit, then you’ll either want to wait before applying for a loan and improve your credit or apply with a bad credit personal loan lender.
Step 2. Get Loan Quotes
To avoid any unnecessary hard inquiries, it’s best to get a free loan quote. This will allow you to compare multiple loan offers and choose one that best meets your needs. If you don’t have time to apply to multiple lenders, you can also use a loan comparison platform, where you can get multiple loan offers from different lenders with a single application.
Step 3. Apply For Loan
Once you’ve chosen a lender to work with, simply complete the application and wait for the approval. If approved, you should receive the funds in as little as a day to a few days. Funds are typically sent via direct deposit or e-transfer.
Cost Of A Personal Loan In Edmonton
When calculating the cost of a personal loan, you’ll need to look at the interest rate, loan fees, and term length.
- The Interest Rate – The higher the interest rate, the more interest you’ll pay. To secure a low-interest rate you can try improving your credit scores, income and debt level.
- Loan Fees – It’s important to also factor in the fees associated with the loan as it can greatly increase the cost of the loan. Before signing the loan agreement, be sure to review certain fees, such as administrative fees, loan origination fees, late payment fees and prepayment fees.
- Term Lenght – While longer terms lead to lower payments, they also cost more in interest over the life of the loan. In general, it’s recommended you choose a term you can comfortably afford, rather than the one that gives you the lowest payments.
| 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 |
Can I Get A Personal Loan In Edmonton With Bad Credit?
If you have bad credit, you’ll have better luck applying for a personal loan in Edmonton with an alternative lender, as opposed to a bank. Luckily, there are many online lenders that cater specifically to bad credit borrowers.
Some of these alternative lenders may require a credit check, though your score may not play a key role in your ability to secure a personal loan. Other lenders may not require a credit check at all.
Rather than focus on credit scores, these lenders place more emphasis on other factors to determine your ability to get approved for a loan, such as the following:
- Income
- Job stability
- Bank account
Keep in mind that bad credit loans typically come with much higher interest rates.
Can I Get A Personal Loan In Edmonton With No Credit Check?
As mentioned, some alternative online lenders may not look at your credit score at all. That means you may get approved with bad credit or no credit. These lenders are suitable for those who have not yet had the chance to establish credit, such as new immigrants and students.
Like bad credit loans, no credit check loans typically mean that lenders will look at other criteria in place of your lack of credit. You’ll also be charged higher interest rates and may not qualify for high loan amounts with these types of personal loans in Edmonton.
Can I Get A Personal Loan In Edmonton With No Bank Verification?
Lenders in Edmonton generally require an active bank account for funding and repayments. Your bank information is also used by lenders to verify your financial information. That said, a bank account may not always be needed to secure a personal loan in Edmonton with a “no bank verification” loan.
As the name suggests, a no bank verification loan does not require bank account documentation to be verified by the lender. However, you’ll still have to prove your income when applying.
How To Increase Your Chances Of Qualifying For A Personal Loan In Edmonton?
- Consider A Secured Loan – To help increase your chances of qualifying you can offer up an asset as collateral for the loan. The added security reduces the risk for the lenders as the lender will be able to legally take possession of the collateral if you default on the loan. This can not only help improve your odds for approval but also lead to a higher loan amount and lower interest rates.
- Get A Cosigner – You can also get a cosigner to sign the loan. A cosigner basically promises to take responsibility for the loan in the event the borrower defaults. As such, lenders may be more willing to accept you as a borrower.
Loans Canada Lookout
LOOKING OUT FOR YOUR BEST INTEREST
Watch Out For Hidden Fees In Personal Loan Contracts
READ ARTICLEWhat Can You Use A Personal Loan For In Edmonton
So what exactly can a personal loan be used for in Edmonton? Well, the good news is that there are no real limits as to what you can use a personal loan for. It is truly up to each individual when it comes to what you want to use a loan for. This includes:
- Consolidating your debt
- Emergencies (whether they are health-related or repair-related)
- Travel
- Medical bills
- Large purchases
- Household repairs
Of course, whatever you use the loan for, be sure it is something you actually need. Borrowing money in Edmonton for something you only want is a good way to create unnecessary debt. Also, be sure that the loan amount is affordable for you. You will have to pay back the loan in full plus interest, so be careful with how much you borrow.
Can A Personal Loan Help Improve Your Credit In Edmonton
While having good credit helps you get a better loan, did you know you can actually use a loan to improve your credit scores? Part of improving your credit is making payments on time. So technically, paying off a personal loan on time and in full can help increase your credit.
Of course, the first step is to find a lender willing to work with someone who has bad credit. Thankfully, most cities including Edmonton have numerous lenders willing to work with those with low or no credit. Also, you want to be sure that you find a lender that actually reports to a credit bureau so that your progress and improvements will be shared.
Once you find the right lender in Edmonton, be sure to only take on a loan that you can afford and can repay with ease. Once the correct terms have been decided on, be sure to make payments on time and be responsible. If you miss payments or make them late, it will actually hurt your credit, not improve it.
What Is A Personal Loan?
A personal loan is a fixed amount of money that you borrow from a bank, online lender, or credit union. The loan is repaid over a period of time in equal installments with added interest. Whether you live in Edmonton, Toronto, or Montreal, the period of time it will take you to pay off the loan depends on the amount borrowed, the interest rate and your term length.
In general, Edmonton personal loan lenders offer loans between $500 up to $35,000 or more. Interest rates can vary between 3% to 46.96% on average and loan terms between 6 months and 5 years.
Edmonton Personal Loan FAQs
Can I get a no credit check personal loan in Edmonton?
What credit score do I need to get a personal loan in Edmonton?
What documents do I need to get an online personal loan in Edmonton?
How will I receive my loan?
How large of a personal loan can you get in Edmonton?
Bottom Line
A personal loan can help cover a number of financial expenses and emergencies in Edmonton. If you are in the market for a personal loan in Edmonton, be sure to use the Loans Canada comparison tool to find the best offers.
