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Loans Surrey 2019

Compare the best lenders in this region:
ProviderRating
Climb -
4 / 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 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 5 / 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 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Evolocity 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
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
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

Surrey, like most neighborhoods in British Columbia, is becoming a hotbed for real estate, which has driven the general cost of living up amongst its residents. Since not everyone can afford to pay for their daily expenses with just their savings and credit cards, a loan may be necessary for many.

Traveling or going on vacation? Read this first.

Deciding Between an Unsecured or Secured Loan

While most banks, credit unions, and other financial institutions offer some form of a loan, there are also many private and alternative entities who deal exclusively with these products.

The lender you choose may even offer a variety of loan options that can be used for all sorts of purposes, such as debt consolidation, mortgaging a home, leasing or purchasing a car, or even standard expenses like groceries. When you apply, you’ll request a specific amount of money and once approved, you and your lender will come up with a repayment plan that works for your finances.

Most lenders will also give you the option of applying for an ‘unsecured’ or ‘secured’ loan, both of which can impact your finances in different ways. We’ve included an explanation of each loan type so you’ll have an easier time choosing the one that best suits you.

Unsecured Loans

An unsecured loan is when you apply without any security, also known as offering collateral. This may be the case when you request a relatively small amount of money or if you have positive financial history, such as a high income or excellent credit. Essentially, the less of a risk you impose on the lender, the easier it will be to access larger unsecured loan amounts.

However, it’s important to know that unsecured loans often come with higher interest rates than secured loans because there’s more risk involved when the lender has no collateral to sell in the event that you default (don’t make your payments). Be sure to factor this extra cost into your budget and make certain that you can afford it.

Secured Loans

On the other hand, by offering up collateral during the application process, you’ll be securing the loan. Some lenders may even require this kind of security before they can approve you, especially when you’re applying for a significant loan amount, like with a mortgage, car loan, or large personal loan. Again, the more risk you pose, the more collateral may be necessary.

That said, since offering loan security lessens the risk on the lender, they’ll be more likely to approve you and give you a lower, more affordable interest rate. It can even give you more negotiating power when it comes to your payment plan.

Nevertheless, you must be even more cautious with secured loans because your lender will temporarily own the rights to whatever asset you offered. If you default on too many payments and your lender feels you won’t pay them back, they will legally be allowed to seize the asset and sell it to recuperate their loss.

Personal Loans Application Check List

Increasing Your Chances of Approval

Remember, the more confidence your lender has that you will adhere to your payment plan, the better the overall results for your loan will be, and vice versa. After all, if you default, they could potentially lose a lot of money.

Therefore, they’ll generally start the loan process by inspecting your employment record, gross monthly income, credit report, and other related financial factors to determine your level of creditworthiness. In order to qualify, it’s best to present strong financial aptitude or, at the very least, compensate for weaker financial health by offering solid security.

To increase your chances of approval and earn a lower interest rate, you might want to take some of the following steps before applying:

  • Compare lenders and find one with reasonable borrowing restrictions
  • Organize any personal or financial information that’s required
  • Gather recent bank statements and pay stubs to showcase your income
  • Improve your credit score, if necessary
  • Find a way to increase your income (if it’s currently insufficient)
  • Find a cosigner with better finances (optional, but helpful)
  • Pay down any existing debts you have
  • Get your assets evaluated to confirm their value

Video: Payday Loans vs. Installment Loans

Prime vs. Subprime Lenders

Remember, there are many lending institutions out there and each of them will have varying standards for loan approval. For example, having a monthly income of less than $1,500 or a credit score under 600 for some lenders, but not for others.

Traditionally speaking, however, you’re likely to run into two different kinds of lenders. Make sure to do a lot of prior research into both before you make your decision.   

Prime Lenders

Banks, credit unions, and other large-scale institutions are known as ‘prime lenders’ and they usually have strict borrowing regulations. So, if your income or credit score falls below their designated threshold, it can lead to your application being rejected, unless you’re able to offer good collateral or find a reliable cosigner.

Click here to learn the difference between a bank and a credit union.  

Subprime Lenders

If you don’t qualify or don’t want to apply with a prime source, you can also choose an alternative, private, or bad credit institution, also known as a ‘subprime’ lender. Instead of having a bunch of banking services, most subprime lenders will offer specific loan options, such as installment loans, debt consolidation loans, or payday loans.

Many subprime lenders won’t be as focused on your employment status or credit score. As long as you can prove that your income will support your loan payments, fees, and interest rate, you’ll generally have a less difficult time getting approved.

How to find the best loan for your needs this year! Click here.

Avoiding Loan Scams

Another reason it’s important to research a lender properly is that there are many scammers lurking within the realm of personal finance. This a particular problem with some subprime lenders, because it can be harder to confirm their legitimacy.

Many borrowers with weaker finances, having been rejected by their bank, will turn to these kinds of places for help. Their desperate need for financing can then leave them vulnerable to manipulation, leading to fraud, identity theft, and their money being stolen.

Here are a few telltale signs that your ‘lender’ is actually a scammer:

  • They don’t have an address
  • They’re not listed in the Better Business Bureau database
  • They refuse to give you information about all costs associated with the loan
  • They use threatening language or force you to give up your banking information
  • They charge you a fee or ‘loan insurance’ before your loan is actually deposited, which is an illegal practice in Canada

If you think you’ve been scammed or you’re a victim of fraud/identity theft, contact your financial institution immediately to have your information modified, cancel any credit cards that may be compromised, then contact the proper authorities.

Need the Right Loan in Surrey?

If so, don’t hesitate to get in touch with us at Loans Canada. We’re ready and willing to connect you with the best lenders in your area. Contact our network today for more information about the loan process or apply when you’re ready!

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
Bryan completed the Cinema, Video, and Communications program in Dawson College and holds a Bachelor’s Degree in English Literature & Creative Writing from Concordia University. Bryan covers a wide range of topics for Loans Canada, including credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our plan...

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Note:

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.