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Personal Loans Vancouver 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

Vancouver is known to be the most expensive city to live in Canada.  So it’s no surprise that Vancouver is a hub of credit product activity. One type of product that’s readily available to Vancouver borrowers is the personal loan. While there are other loan types for credit users, a solid personal loan can be the best way to deal with:

  • Unexpected or emergency costs
  • Big purchases that are too expensive for your income or bank account
  • Renovations, additions, and household maintenance
  • Car related expenses (purchase, repairs, fuel, etc.)
  • Medical costs that aren’t covered by your Medicare or insurance
  • Personal or business-related travel costs

Want to know more about loans in Vancouver? Read this.

The Differences Between Credit Cards and Personal Loans

Another, more common credit product seen in Vancouver is the credit card. A valuable tool in many financial situations, credit cards are revolving credit and can be very effective when used responsibly.  On the other hand, a personal loan involves repaying the amount borrowed over a specific period of time in equal installments. Wondering which product will work best for you? Below, we’ve provided some scenarios where each product might be a better choice.

Credit cards may be a better option when:

  • You’re charging less expensive, consumer debt items (clothes, gifts, etc.)
  • You’d rather not withdraw cash from your bank account immediately
  • You want to build credit through lengthy, responsible payment history
  • You’d prefer having the option of a minimum monthly payment
  • You only want to pay interest on the amounts you’ve borrowed
  • You’re using the benefits some cards offer (reward points, balance protection insurance, store discounts, etc.)

Personal loans pay may be a better option when:

  • You want to avoid using too much credit (overspending is easy with credit cards)
  • You want to avoid a higher possibility of theft or fraud
  • You’d rather have loan cash than a revolving credit limit
  • You’re comfortable with a specific loan amount and interest rate
  • You’d like the option of negotiating a longer or shorter payment schedule
  • You’d prefer that your loan is divided into equal installments, so you’ll know exactly how much to pay each month

Personal Loans Application Check List

How to Apply for a Personal Loan in Vancouver

The personal loan application procedure in Vancouver can be relatively straightforward, depending on how your particular lender operates. That being said, it’s important to be prepared for the financial inspection process by:

  • Comparing lenders and choosing the right one for your financial situation
  • Organizing and updating all relevant personal and financial documents
  • Increase your income and savings as much as possible
  • Reviewing a free annual copy of your credit report from Equifax and TransUnion
  • Disputing any errors you come across in your report
  • Improving your credit by making responsible payments, reducing your credit utilization ratio, etc.

The Required Credit Score for Personal Loan Approval

Canadian credit scores range on a scale from 300-900 and are used by lenders as part of their procedure for determining your creditworthiness. Generally, a score of 650 or higher means you have good credit and will give you the best chances of both approval and a reasonable interest rate. While plenty of Vancouver lenders will approve you with a lower score, your interest rate may be higher because bad credit can signify to them that you’re not a responsible borrower.

How to Collect Your Personal Loan Money in Vancouver

Typically, personal loan funds are directly deposited into the borrower’s bank account. That being said, every personal loan lender  in Vancouver operates differently, so make sure to ask them about their particular procedures before you apply.

Take a look at the secrets your bank doesn’t want you to know.

What do Vancouver Lenders Examine to Determine Your Loan Amount 

Like we said, most lenders in Vancouver will have a slightly different way that they go about dealing in personal loans. For instance, banks and credit unions have strict lending policies, so you’ll need to be a strong financial candidate to receive a large loan. On the other hand, alternative, private, and bad credit lenders are sometimes more lenient, so it might be easier to get approved if you’re not financially strong. Generally, however, the amount of personal loan money and the interest rate you receive will depend on elements such as:

  • How high your income and net worth are
  • The state of your credit score, credit rating, credit report, and credit history
  • The probability that you’ll default (don’t honor your loan agreement)
  • If you’re offering up valuable assets (home, vehicle, etc.) as collateral
  • The financial strength of your cosigner (optional but helpful)

Canadian Credit ScoreInterested in more information about how your credit score is calculated? Click here

What a Personal Loan Can Do For Your Credit Health

When you live a an expensive city like Vancouver, it is easy to get caught up in debt or prolong bill payments. So taking out a personal loan  in Vancouver to help you pay for things that are important to you, can also be an excellent credit improvement tool when used responsibly. During your payment schedule, you can fix or grow your credit when you:

  • Choose an appropriate, reputable lender with legitimate credentials, who works with at least one of Canada’s credit reporting agencies
  • Only apply for a large enough loan to cover your essential expenses (never apply for a loan that you’re not sure you can afford!)
  • Pay all your installments in full and on time, start to finish
  • Avoid other debts that could leave you with insufficient income or savings for loan repayment purposes

Want to know Canada’s average credit scores by province? Check this out.

Loans Canada Recommends…

Remember,  when applying for a loan in Vancouver or any other city, it’s extremely important for your financial health to apply for the right loan and use it responsibly. That’s why we only recommend personal loan if you’re:

  • 100% certain you can afford all payments, interest rates, and other fees
  • Comfortable with the months, possibly years that a personal loan can take to pay
  • Looking for a simple way to improve your credit score
  • Dealing with a financial emergency that requires swift attention
  • Trying to eliminate other high-interest debts (credit cards, lines of credit, etc.)  
  • Trying to cover essential expenses (groceries, utility bills, etc.) of varying amounts (not consumer goods or other unnecessary items)

Read this to know the difference between a personal loan and a line of credit.

Looking For a Great Lender in Vancouver?

If you’ve picked Loans Canada for your personal loan needs in Vancouver, then you’ve made a wise choice. Contact us today or apply below if you’d like to be connected with the right lender for your needs.

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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