- 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
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 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.
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.
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.
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.
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.
To qualify for a personal loan in Edmonton, you’ll need to meet the following criteria:
When considering borrowing money from a personal lender in Edmonton, you can follow these steps for a smooth process.
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.
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.
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.
When calculating the cost of a personal loan, you’ll need to look at the interest rate, loan fees, and term length.
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 |
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:
Keep in mind that bad credit loans typically come with much higher interest rates.
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.
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.
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:
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.
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.
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.
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.
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