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Business Loans Alberta 2020

Compare the best lenders in this region:
ProviderRating
ECN Capital -
SimplyBorrowed -
Pebble Cash -
Refresh Financial 5 / 5
Go Peer -
North’n Loans -
MDG -
Loan or Credit -
Flexiti Financial -
FinanceIT -
Diamond Financial Services -
Climb 5 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 4 / 5
DMO Credit 5 / 5
Credit 700 2 / 5
Credit2Go 3 / 5
Ledn 5 / 5
ATB Financial 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fast Access Finance 5 / 5
Fairstone 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 3 / 5
BC Loans 3 / 5
Urgent Loans 4 / 5
easyfinancial 2 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 4 / 5
Speedy Cash 5 / 5
ProviderRating
Clearbanc -
GE Capital -
We Can Financial -
Wajax Equipment -
Key Equipment Financing -
Corl -
Yellowhead Equipment Finance Ltd -
Specialty Truck Financing -
Travelers Financial -
Peel Financial -
Pioneer Financial Services -
Polaris Leasing -
Patron West -
Payability -
Planet Financial -
Rise -
Merchant Growth -
Onesta -
Lionhart Capital -
Lift Capital -
Leaseline -
Lease Direct -
John Deere -
Hitachi Capital Canada -
Guardian Leasing -
Export Development Canada -
Essex Lease Financial Corporation -
Equilease -
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
ATB Financial 5 / 5
Meridian Credit Union 3 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 3 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
SkyCap Financial 4 / 5
Thinking Capital 5 / 5
ProviderRating
WeFinanceCars -
Walker Financial Services -
Rifco -
National Powersports Financing -
LMG Finance -
Loans2Go -
iA Auto Finance -
Gamache Group -
Royal Bank of Canada (RBC) 5 / 5
Laurentian Bank of Canada 5 / 5
National Bank 5 / 5
Desjardins 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Daimler Truck Financial -
DealerPlan Financial -
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Calmont Leasing -
Car Loans Canada 5 / 5
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Instant Loans Canada -
Fast Access Finance 5 / 5
BHM Financial 3 / 5
ProviderRating
Mortgage Alliance -
Paradigm -
Verico -
True North Mortgage -
Tangerine -
Think Financial -
Turnedaway -
REICO -
Motusbank -
Mortgage Architects -
Keystone Finance Solutions -
IntelliMortgage -
Invis -
Equitable Bank -
Dominion Lending Center -
Fisgard Asset Management -
First National -
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5
ProviderRating
BDO 5 / 5
MNP 3 / 5
Full Circle Debt Solutions Inc 5 / 5
Consolidated Credit 5 / 5
4Pillars 5 / 5

While Alberta is largely known for its oil and agricultural industries, there are countless more businesses that call the province home. One of the main things that all businesses have in common, regardless of what industry they belong to, is the need for funding. And unless you were lucky enough to have a significant amount of start-up cash from your team or even a hefty investment, there is a good chance you will require a business loan.

Can you get a small business loan based solely on an idea? Find out here.  

A business loan isn’t all that different from any other type of loan, just that it is used to fund your business in some way. These loans can be for a variety of different amounts and can be secured from banks, lenders, and credit unions. Even if your company doesn’t need one at this minute, it is still good to become familiar with them so you know what to expect should your business need new capital.

Business Financing Options

How to Use a Business Loan?

People who get standard loans can use them for anything from tuition to a vehicle. There is a lot of flexibility with most loans, and this extends to business loans as well. There are no limits to what you can use it on, as long as it is related to your business. For example, you can use a business loan for:

  • Marketing expenses or other business-related expenses
  • Hiring new employees and training them effectively
  • Expanding your operations by opening another location or making your current one more efficient
  • Purchasing new equipment that would be out of the question without some additional funding

Of course, you should only get a business loan if you truly do need one. While it can feel good to invest in the long-term success of your business, remember that you are borrowing the money and will need to pay it back, plus interest. Now, this doesn’t mean you should wait until an emergency to get a business loan, but just be smart about it.

Click here if you’re thinking about applying for a personal loan in Alberta.

Types of Industries That Can Use Business Loans in Alberta

Just as you can use a business loan for nearly anything you want, there are also no rules as to what sort of business can get a loan. As long as you run a licensed business that has been up and up and running for several months, you should have no trouble applying for a business loan. Any number of businesses from any industry can apply for a loan, including:

In reality, we could list nearly every type of company from every industry and most would not only greatly benefit from a business loan but will more than likely require one at some point.

Business Loan Check List

Tips to Give Yourself The Best Chance of Approval

While getting a business loan (even with bad credit) is possible, it is not a guarantee. So if the success and livelihood of your business is at stake with the acceptance or denial of your loan application, you need to do all that you can to get approved. In order to help, we have a few tips here that can help you get the best chance of being approved:

  • Spend time working on your credit before applying. You should eliminate any large debts you have, and make sure you make all payments on time. You want your credit (both report and score) to be as good as possible before applying, to get the largest loan possible and the lowest interest rate possible. Shopping for low-interest rates? Read this first.
  • Visit or contact a variety of different lenders before making a choice. If you only speak to one, you might be missing out on great deals or lower rates from other lenders. Not only that but visiting numerous lenders will give you a better chance of approval than simply visiting one and applying.
  • You will want to fix up your business plan before applying, as many lenders will require you to share your business plan with them if you want a loan. You should be as clear, concise and detailed as possible.

Looking for a bad credit loan in Alberta? Try reading this.  

Finding the Best Business Loan in Alberta

If you feel like your business could benefit from a business loan, don’t hesitate to contact Loans Canada. We will be able to help you find the best loan for your business, no matter your needs or requirements.

FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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Posted by
After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Kale has focused on writing about finance, technology, cryptocurrency, entertainment, and sports. Kale work has been published on Yahoo, RentHop, the Regina Leader-Post, and ReboundFinance.com. Kale loves to create a wide variety of personal financ...

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