How To Finance An iPhone In Canada

Smartphones can do just about anything these days, which is why a lot of Canadians stay up-to-date with the latest models. However, the prices of most smartphones are enough to make many people shy away from buying them. For instance, an iPhone can cost anywhere between $600 to $1,400 depending on the model.  While it is one of the most popular and versatile phones on the market, purchasing one outright is not always feasible.

If you’re looking to buy an iPhone but aren’t sure whether you’ll be able to afford it outright, here’s an article with some helpful information about how to finance an iPhone in Canada.

How To Finance An iPhone In Canada

Although some models are pretty expensive, there are several types of iPhone financing you can acquire in Canada with the right qualifications. 

Can You Finance An iPhone Through A Personal Loan? 

You can use a personal loan from a bank, credit union or alternative lender to finance an iPhone. Personal loans typically have an APR of 2% – 46%, which is assigned based on your creditworthiness. 

To finance your iPhone with a personal loan, simply use the cash you’re approved for to pay for the phone. Your lender will provide you with a lump sum of cash via direct deposit or email transfer which you can use to buy your iPhone, then repay in installments over a period of time.

Benefits Of Financing An iPhone With A Personal Loan 

• Applicants with bad credit can still get a personal loan if they apply with an alternative lender. 
• Personal loan terms, rates and conditions are more flexible than phone carrier plans.
• If you obtain a low rate, your personal loan payments may be cheaper too. 
• With a personal loan, you’re not locked into a cell contract, meaning you’re free to change or cancel plans without penalty. 

Drawbacks Of Financing An iPhone With A Personal Loan

• Bad credit or a low income can get you denied for large loans and low rates. Before applying for a personal loan, it’s best to check your credit score and ensure it meets your lender’s requirements.
• Some lenders have minimum loan amounts, so if your iPhone costs less than that amount, you may have to take on more debt than necessary which isn’t ideal.

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Loans Canada

Amount

Up to $50,000

Rate

Prime to 46.96%

Term

3-60 months

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iCash - Best Quick Option

Amount

Up to $1,500

Rate

15% - 17%

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Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.

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Fora - Best Overall

Amount

$1,000 - $15,000

Rate

19.9% - 34.9%

Term

Varies

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If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed. Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.

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Spring Financial - Best User Experience

Amount

Up to $35,000

Rate

9.99% - 46.96%

Term

9 - 78 Months

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Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly. With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.

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Fairstone Financial - Best For Homeowners

Amount

Up to $60,000

Rate

19.99% - 39.99%

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6 - 120

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Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.

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Bree - Best Interest-Free Option

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Up to $350

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No Cost!

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-

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If you’re short on cash, Bree offers cash advances of up to $350 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.

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Mogo Finance - Highest Approval Chance

Amount

Up to $5,000

Rate

9.9% - 47.72%

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-

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The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.

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easyfinancial

Amount

$500 - $100,000

Rate

9.99% - 46.96%

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Varies

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LoanMeNow - Best For Low Credit

Amount

$500 - $1000+

Rate

28% to 32%

Term

3 Months

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LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.

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SkyCap Financial - Best Alternative Option

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$500 - $10,000

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Term

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SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $10,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.

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Nyble - Best Credit Building Help

Amount

$250

Rate

No Cost!

Term

-

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Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.

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goPeer

Amount

$1,000 - $25,000

Rate

7.5% - 31.5%

Term

36 - 60 months

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Can You Finance An iPhone Through Carrier Financing?

Whether it’s your first phone plan or you’re switching providers, you’ll find plenty of different iPhone financing options with any of Canada’s major cell carriers, like Rogers, Bell and Telus. Most can offer you 0% interest for a limited period and other signup bonuses if you agree to buy a contract, most of which last around 2 years. 

Benefits Of Financing An iPhone Through A Cell Phone Carrier 

• You can usually trade in older phones for discounts on new ones.
• Large companies may offer a selection of iPhones and payment plans.
• Negotiating, fast online purchasing and same-day pickup are also possible.

Drawbacks Of Financing An iPhone Through A Cell Phone Carrier 

• Some carriers charge hefty fees to activate or upgrade an iPhone.
• If you apply with bad credit, you might not be eligible for 0% APR or other perks. 
• You’re locked into a contract until your balance is fully paid (includes upgrades). If you’d like to break your contract early, there may be penalty fees.    

Can You Finance An iPhone Through Apple Canada Financing?

Apple Canada offers financing plans for new, old and certified refurbished iPhones. If you shop on their website, you can get $0 down financing through Apple Canada and PayBright. Plans come with instant approval, 0% APR for 24-months (with a minimum purchase of $99) and no additional fees. Just finance an iPhone in 24 equal payments.

Benefits Of Financing An iPhone Through Apple Canada 

• Trade-ins may be possible.
• If you qualify for extra financing, you can use it toward other Apple purchases.
• Financing is available for other Apple products, like iPads and Mac computers. 
• Good credit can get you a better payment plan and 0% interest for 24 months.  

Drawbacks Of Financing An iPhone Through Apple Canada 

• Interest rates vary according to your credit (worse credit means no 0% financing).
• Once your 0% financing term ends, you may have to start paying interest again. 

Can You Use Your Credit Card For iPhone Financing?

It might be easiest and most convenient to buy your iPhone and cell plan using separate credit card transactions. Generally, credit cards come with interest rates between 18% and 22%, so this can end up being one of the more expensive options. But rather than getting locked into a cellular or loan contract, financing an iPhone with a credit card can be advantageous due to the following benefits. 

Benefits Of Financing An iPhone With A Credit Card

• Some credit cards give you great rewards and bonus perks. 
• Using your card and paying your bills responsibly can be good for your credit scores.

Drawbacks Of Financing An iPhone With A Credit Card

• Certain cards have high rates of around 19.99% (9% – 15% for low-interest cards).
• The sales price of some iPhones could exceed your credit card limit. 
• It can be tough to qualify for a credit card if you have bad credit or a low income.

Additional Reading

Watch Out For The Cell Phone Delivery Scam

How to Unlock Your Cell Phone For Free

Can I Get Out Of My Phone Contract Early?

Can You Finance An iPhone Through Retailer Financing?

You can also finance an iPhone at many popular stores, like Walmart, The Source and Best Buy. These places may offer gift cards, 0% financing for limited periods (subject to approved credit) and other incentives to get new clients. Keep in mind that big-box stores sometimes use third-party payment services and lenders that charge 20% – 30% APR.

Best Buy iPhone Financing

You can easily finance an iPhone using a Best Buy Card (provided by Fairstone). Watch out, as this program comes with some high administrative fees of $29.99 – $99.99, depending on your payment term. Best Buy interest rates:

• 0% interest for 3 months on purchases of $149.99 or more
• 0% interest for 6 months on purchases of $299.99 or more
• 0% interest for 12 months on purchases of $399.99 or more
• 0% interest for 18 months on purchases of $999.99 or more

The Source iPhone Financing

The Source lets you finance an iPhone in 12 or 24 equal payments monthly payments with purchase of at least $200. Since they’re partnered with PayBright, additional service fees may apply, as well as these interest rates:

• 9.95% – 19.95% APR after promotional periods     

Walmart iPhone Financing

If you have a Walmart Rewards Mastercard and make a purchase of at least $200, you can finance an iPhone in 6 equal payments at 0% APR. While Walmart doesn’t work with any third-party providers, their service costs include:

• 19.89% interest after promotional periods
• 2.5% activation fee 

Cost Of Financing An iPhone 

Here’s a quick comparison to display the potential cost of iPhone financing in Canada. As an example, let’s say you’re buying a basic iPhone 13 with 128 GB of storage space: 

iPhone Financing Tips

Here are some things you can do to save money when financing an iPhone in Canada:

• Don’t Break Your Current Contract – If you’re in the middle of a cell contract, you could pay a penalty to terminate it early, so it’s better to wait until your term is over, then negotiate with your current carrier or switch providers entirely.  

• Use Your Old Phone – If your old iPhone is in good shape, some cell carriers and retailers will allow you to trade it in for a lower price on a new iPhone. At the very least, you could score a 0% APR deal on iPhone financing for a limited time.

• Reduce Your Storage Space – The more storage space you want, the higher your iPhone’s sales price will be. So, if you don’t need lots of space for media or already have a place to back up your data, try an iPhone with less storage.

• Buy A Cheaper Model – You can also try downgrading your iPhone. Even though you may not have access to all the same perks as the top iPhones provide, buying an older or certified refurbished model can save you hundreds of dollars.

How Much Does An iPhone Cost In Canada? 

Apple offers a number of iPhone models varying in size and data storage. The more robust and high-performing you want your iPhone to be, the more it’ll cost you. Right now, iPhones go for $849 to $1,399. While you may luck out and find an older or used model from a third-party provider, not everyone can afford to purchase a new iPhone.

iPhone Financing FAQs

Wondering If You Should Finance An iPhone?

Despite their quality mechanics and user-friendliness, there’s no denying how pricey iPhones are, even if they’re older or used. Don’t worry, there are plenty of affordable ways to finance an iPhone in Canada, as long as you’re financially prepared. Otherwise, an iPhone might not be for you. Contact your phone provider for more information.