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Business Loans Quebec 2020

Compare the best lenders in this region:
ProviderRating
ECN Capital -
SimplyBorrowed -
Pebble Cash -
Prêt Express 911 -
Refresh Financial 5 / 5
Go Peer -
North’n Loans -
MDG -
Loan or Credit -
Flexiti Financial -
FinanceIT -
Diamond Financial Services -
Climb 5 / 5
Fresh Start Finance 4 / 5
Payday King 2 / 5
Private Loan Shop 5 / 5
Money Provider 5 / 5
Lendful 3 / 5
Health Smart Financial Services -
Fina Capitale 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Cash Depot 5 / 5
Credit 700 2 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Fairstone 4 / 5
Lending Mate 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
Loan Me Now 4 / 5
Urgent Loans 4 / 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 -
Lift Capital -
Leaseline -
Lease Direct -
John Deere -
Hitachi Capital Canada -
Export Development Canada -
Essex Lease Financial Corporation -
Equilease -
Alliance Financing Group LTD -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
Meridian Credit Union 3 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Desjardins 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
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
Baron Finance 5 / 5
B2B Bank 3 / 5
AOne Financial Solutions 5 / 5
Lendified -
IOU Financial 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
WeFinanceCars -
Walker Financial Services -
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 -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada 5 / 5
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
BHM Financial 3 / 5
ProviderRating
Mortgage Alliance -
Paradigm -
Verico -
True North Mortgage -
Tangerine -
Turnedaway -
REICO -
Mortgage Architects -
Keystone Finance Solutions -
IntelliMortgage -
Invis -
Equitable Bank -
Dominion Lending Center -
First National -
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
ProviderRating
BDO 5 / 5
MNP 3 / 5
Raymond Chabot 5 / 5
Full Circle Debt Solutions Inc 5 / 5
Consolidated Credit 5 / 5
4Pillars 5 / 5

Establishing, expanding or otherwise improving your business? No problem! Loans Canada is here to set you up with the best sources of business loans in Quebec. No matter what type of industry your business is based around, rest assured that there’s a loan for you.

Canadian Business Loans
For more information about loans in Quebec, click here.

How Can I Use My Business Loan In Quebec?

Excellent question! You can use your new loan in just about in any area of your Quebec business, including but definitely not limited to:

  • Buying equipment of almost any kind
  • Buying upgraded versions of your equipment after your current supplies break
  • Switching locations or expanding your business with secondary locations
  • Financing any additions, renovations or repairs your locations require
  • Creating or maintaining an online service for sales and distribution purposes
  • Compensating all your employees
  • Buying staff uniforms
  • Paying for advertising (pamphlets, billboards, television segments, etc.)
  • Financing the cost of any company vehicles (purchase, maintenance, fuel, etc.)

Business Loan Check List

Applying For a Business Loan In Quebec

How can I find the right lender?

  • Before you apply anywhere, make sure to do lots of research. There are many lenders all over Quebec that offer business financing of all kinds. Some offer different services, payment rates, loan schedules, etc. Comparing lenders in Canada? Read this first.

What does my lender need to look at when I apply? 

  • Your lender needs to know, first and foremost, that you can pay them back in full, including any interest and extra fees involved. For that reason, they’re likely to look at the strength of your:
    • Income and employment history (to see if you can afford your payments)
    • Debt and payment history (to see if you already owe money to other lenders and how efficiently you’ve been paying your bills
    • Credit report, credit score, credit rating and credit history (to see how you’re handling your other credit products)
    • The value of your assets/collateral, if any (securing the loan against your home, car or other property is optional, but may help you earn approval and a lower interest rate
    • The financial strength of your co-signer, if any (another optional tactic for approval and interest rate savings is to have someone with good finances/credit to co-sign your loan)
    • Your business plan (to know how you will invest your business loan and how much profit you’re expecting to make)

Why do lenders examine my credit?

  • Your lender might request a copy of your credit report from one of Canada’s main credit bureaus (Equifax and TransUnion). Your report contains a record of all your actions as a credit user over several years. They do this because they want to check your:
    • Personal Profile (This simply helps them confirm your Quebec residency, social insurance number, citizenship, etc.).
    • Credit Score (This 3-digit number, ranging from 300-900, gives them a basic idea of how responsible you’ve been as a credit user).
    • Credit Rating (When you use credit with other lenders, they’ll give you a rating based on your payment activity. A good rating usually means you’re trustworthy with credit).
    • Credit History (Most of your credit transactions stay in your history for a number of years, letting your lender know how you’ve handled your credit in the past, present and potentially in the future).

Does it matter what my credit score is?

  • Generally speaking, yes. While some lenders don’t check your credit as part of their application procedure, business loans in Quebec can be relatively large, so they’ll want to confirm that you’ve been and will likely continue to be a responsible credit user.
    • A score of 650 or above means you have “good credit”, meaning you should receive better approval chances and interest rates.
    • A score of 620 or less means you have “bad credit”, meaning you could receive worse approval chances and interest rates.

Click here to discover some ways of fixing or improving your credit score.

Alternative Business Financing Options

Small business loans in Quebec aren’t the only business financing options available through Loans Canada. In fact, when you apply, you can also gain access to:

  • Merchant cash advances
  • Commercial mortgages
  • Equipment financing
  • Asset-based financing

Quebec Business Owners, Loans Canada is Here

If you’re living in Quebec and you’re looking to do right by your business, you can do just that when you apply with us! Simply click the link below and you’ll only be minutes away from the right business financing for your industry 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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