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Loans Newfoundland and Labrador

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Written by Bryan Daly

Best Loans Newfoundland and Labrador (Online) 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Customer First Financing
$500 - $7,500 - -
$500 - $7,500
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Provider Loan Amount Rate Term (Months) Rating
Loop
- -
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Alphera Financial Services
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Dominion Lending Center
- - -
-
First National
- 2.84% - 7.30% -
-
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Newfoundland and Labrador is Canada’s easternmost province, home to just over 500,000 citizens. Situated on the coast of the Atlantic Ocean, the province is made up of the island of Newfoundland and the mainland of Labrador, which are divided by The Strait of Belle Isle. With over 97% of its population being English-speaking, Newfoundland and Labrador is reported as the country’s most homogeneous population in terms of its linguistics.

Since the start of the 21st Century, Newfoundland and Labrador has experienced an economic boom due to its production of natural resources like oil and minerals. In fact, an estimated 55% of Canada’s iron ore is known to come from the province. When travelling by boat up the eastern coast, Newfoundland and Labrador is a great place to see spectacular icebergs. Recently, evidence of a Norse Viking settlement was discovered at L’Anse Aux Meadows, situated at the northern tip of Newfoundland. The city of St. John’s, Newfoundland is also the birthplace of the famous Canadian folk band, Great Big Sea.

Looking to apply for an installment loan in Newfoundland and Labrador? Read this.   

Loan Tips

There are lots of things that can make life complicated. However, getting a loan doesn’t need to be one of them. Follow these loan tips to make the process easier:

  • Always read the fine print before you sign any contracts. Most lenders aren’t trying to scam you out of your hard earned money, but there might be some hidden fees or stipulations that you should know about.
  • Be proactive if you’re having difficulty with repayment. Making a late payment or missing one entirely has a direct, negative affect your credit score. If you know you won’t be able to make an upcoming payment, inform your lender, chances are they’ll be able to adjust your payment amounts and/or repayment schedule.
  • Consider finding a cosigner for your loan. If you can’t seem to get approved for a loan by yourself because of your low credit score or income, you could always ask a trusted friend or family member to cosign your application.
  • Ask about making extra payments. Not all lenders will allow borrowers to pay off their loans sooner than expected, but it’s always in your best interest to ask anyway, it could end up saving you a lot of money down the line.
  • Remember that taking out a loan, even it’s for something you need, means you’ll be putting yourself in debt. A loan can be a useful tool when handled responsibly. However, carrying around too much unpaid debt is never a good idea. Before you take out a new loan, always make sure you’re financially secure enough to handle it.

Take a look at these debt management tips for credit users. 

How Will You Use Your Loan?

We never know what life is going to throw our way, which is why it’s so important to know what your options are. From financial emergencies to common expenses, rest assured that there is a loan for your situation. Here are some of the more common loan types that Newfoundland and Labrador residents use:

  • Debt consolidation loans
  • Business loans
  • Personal loans
  • Emergency loans
  • Home renovation loans
  • Medical loans
  • Wedding loans
  • Student loans
  • Tax debt loans
  • Car loans
  • Bridge loans
  • Vacation loans
  • Repair loans

Did you debt consolidation loan application get denied? Here’s what to do

The True Cost of BorrowingEver wonder how much it truly costs to be a borrower? Check out this infographic.

Increasing Your Chances of Getting Approved

Unfortunately, if it’s obvious to a potential lender that you’ll have trouble handling any more debt, you may not get approved. This is, of course, refers to banks and other traditional financial institutions, where lending policies are quite strict. However, most consumers can get approved if they can prove that they’ll be able to keep up with their payments. Better yet, there are steps you can take increase your chances of gaining access to the financing you need:

  • Choose the right lender for your unique financial situation. Applying with a lender who doesn’t offer the loan, interest rate, or payment terms you’re looking for won’t increase your chances of getting approved. Instead, find a lender that offers terms that will adhere to the money you’re already earning.
  • Pay off any other outstanding debts! Don’t take on any more debt than you can handle. Before applying, it’s important to take care of any other debts you might have. Not only will this reduce your future debt load, it also shows your lenders that you can be financially responsible.
  • Request a copy of your credit report. Another important step to take before applying for any credit product is to examine your credit report. This way, you’ll have a better idea of how you’ll handle your loan debt.
  • Dispute any errors you find on your report. Any errors on your credit report can cause serious, lasting financial problems, including preventing you from getting approved in the future. If you do spot an error, you can dispute it with your credit bureau and have them correct it.

Read this to learn how you can dispute an item on your credit report.   

Protecting Your Personal Information

Privacy and fraud are serious issues that everyone needs to stay informed about. It can only take one small mistake on your part and your personal information could be compromised. Here are a few tips that you can follow to protect your personal information.

  • Always inform your bank and lenders when your address changes. Any mail you receive from these organizations typically contains your personal information. A fraudster can use this information to access your finances.
  • If you lose your debit or credit card, or you feel that it may have been stolen, inform your bank/credit card company. A thief can do quick damage to your finances with your debit or credit card. So, if you think you’ve lost or had your cards stolen, get your bank/card company to cancel them immediately, even if it’s just a precaution.
  • Never allow anyone to access to your bank account. Even your friends and family might unintentionally make a mistake that leaves you vulnerable to fraud or identity theft.  
  • When you use an ATM, never leave your receipt behind. Your receipts also contain some sensitive financial information. When completing an ATM transaction, never leave your receipt anywhere nearby, even in the trash. If you don’t need your receipt, at least take it with you and destroy it properly.
  • Always hide your PIN. When using an ATM or Interac/credit card machine, make sure no one is behind you looking over your shoulder. Also, never write your pin down or choose numbers that are easy to figure out (birth dates, etc.)

For more information about debt card fraud and how to avoid it, click here

Dealing With Fraud

Unfortunately, identity theft or consumer fraud can happen to anyone. These criminals do not discriminate and will not hesitate to steal from you or apply for credit products using your personal information. Here are some of the most common types of fraud:

If you’re currently dealing with fraud or know someone that is, get in contact with the following organizations.

  • The Canadian Anti-Fraud Centre to inform them of the fraudulent activity.
  • Your local police to create a report and request that an investigation is opened up.
  • Both of Canada’s major credit bureaus (Equifax and TransUnion) to review your credit report and place a fraud alert on your file.

The government of Newfoundland and Labrador provides information for its citizens concerning consumer protection on their Service NL website. If you’ve become a victim of fraud or identity theft, or if you want to learn ways of preventing it, visit:

Service NL

PO Box 8700

St. John’s, Newfoundland and Labrador A1B 4J6

Telephone: 709-729-4834

Toll-Free: 1-877-968-2600

Fax: 709-729-6998

Email: gsinfo@gov.nl.ca

Website: www.gs.gov.nl.ca/index.html

Frequently Asked Questions

How do I ensure I qualify for a loan in Newfoundland and Labrador?

There are many ways you can improve your chances of being approved for a loan in Newfoundland and Labrador. For one, you can increase your credit score by making full on-time payments and reducing your level of debt. If you need a loan now and don’t have the time to increase your credit score, you can secure your loan with an asset or get a co-signer. This will provide your lender with additional security in case you default on your payments. 

How do I know I’m getting the best loan offer? 

The interest rate and fees charged are some of the most important factors to consider when choosing a loan offer. The lower the rate and fees, the less it will cost you. In addition to that, you should evaluate the repayment terms and fees. Flexible repayment terms can provide you with payment options that are affordable and in line with your financial situation. 

How do I apply for a bad credit loan in Newfoundland and Labrador?

There are many alternative lenders in Newfoundland and Labrador who provide bad credit loans. These lenders can mostly be found online. To apply, most simply require you to fill out an online application form with your personal, financial and banking details. Once submitted and approved, you can expect your funds within a few days.

The Loans You Need, No Stress Added!

Are you looking for the right financing in Newfoundland and Labrador? Good news! You’ve come to the right place! Loans Canada is here to help!

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