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Credit Improvement Quebec

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Written by Bryan Daly

Best Credit Improvement Quebec 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
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
Prêt Express 911
$250 - $1,250 22% APR -
$250 - $1,250
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
Go Peer
$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
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $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
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
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
Fina Capitale
Up to $30,000 28% - 32% 1 - 3
Up to $30,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash Depot
$300 - $1,500 32% APR 3 - 5
$300 - $1,500
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
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
Provider Loan Amount Rate Term (Months) Rating
BarterPay
- - -
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
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
- - -
-
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
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 5.49% - 22.79% 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
Desjardins
Up to $100,000 - -
Up to $100,000
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
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
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
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
- - -
-
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%+ -
-
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
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
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
Keystone Finance Solutions
- - -
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
First National
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
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...
Raymond Chabot
Bankruptcy, Consumer Proposal
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 ...

For many borrowers in Quebec, it will be necessary one day to apply for a personal loan, credit cards, or even a mortgage. While any of these products can be harmful to your finances when not managed properly, they can certainly benefit you when you use them responsibly.

Want some more information about loans in Quebec? Look for it here.  

Credit improvement is essential when you’re trying to live a healthy financial life. Having bad credit not only makes you look like an untrustworthy borrower, but it also causes high-interest rates and worse, potential debt in the event that you do manage to secure a credit product of any kind. So, before you start applying for any credit product and are looking for help with credit improvement in Quebec, we have the advice you need.

Elements that Damage Your Credit

Before we delve into the ways you can improve your credit in Quebec, it’s best to learn about the habits that can harm it in the first place. This way, you should be able to fix your credit once it’s been damaged and hopefully improve your financial habits in the future.

How Does Bad Credit Affect Daily Life?To see how bad credit can affect your daily life, check out this infographic.
Some of the main causes of damaged credit include, but aren’t limited to:
  • Making late or short payments, missing payments completely or defaulting on your loan in some other way, particularly when it comes to your credit card bills.
  • Your credit utilization ratio (the amount of debt you carry vs. your available credit) is too high. It’s recommended that you stay below 30-35% of your credit limit.
  • Carrying too much debt in general, spread over many accounts. Make sure to learn about your debt-to-income ratio.  
  • Applying for new credit numerous times within a few months, as every hard inquiry into your credit report drops your credit score by a few points.
  • Filing for consumer proposals, bankruptcies, and other financial delinquencies.
  • Not correcting any errors you may have missed on your credit report.
  • Cancelling old credit cards and applying for new ones just because they offer “perks”. The older and healthier your credit accounts are, the better.

Want to know what kinds of people can see your credit report? Find out here.

Credit Score Ranges

One of the best ways to help with credit improvement in Quebec is to know what qualifies as a good and bad credit score. Your Canadian credit score ranges from 300-900 and is one of the main ways that a lender can judge your creditworthiness.

Good Credit Score (680 – 900)

A credit score of 680 or higher means you have good credit, along with the best chances of approval and the lowest interest rates for any future credit products. While you can still be approved if your score is lower than 680, your approval chances and interest rate could be worse, particularly on more expensive products, such as mortgages and car loans.

Click here to learn what the minimum credit score for mortgage approval in 2018 is.  

Bad Credit Score (300 – 620)

When your score falls below the 620 mark, you’ll be entering the bad to terrible credit range. If you are at that level and need a loan (or other product) quickly, don’t worry, there are plenty of bad credit lenders in your area. However, before you apply for a bad credit product, it’s once again important to factor in the probability of higher interest rates and more strict payment terms. Understandably, your lender needs to take the proper precautions when lending to a client who, at least in their eyes, may have trouble keeping up with their payments.

Canadian Credit ScoreTo learn more about how your credit score is calculated, click here.

Information Contained Within Your Credit Report

A credit report is a collection of all your credit-related activity over a certain number of years. You can request a free yearly copy of your report from either of Canada’s two main credit reporting agencies (Equifax and TransUnion). Doing this is a good way of checking your financial health and dispute any incorrect information that may also be damaging your credit score, both of which can help if you’re interested in credit improvement in Quebec. Lenders may also examine your report whenever you apply for a new credit product, such as an installment loan, to judge your approval chances.

Read this to know how long information stays on your credit report.

Lenders will also use your credit health as a basis for which to calculate the interest rate they’ll give you, if and when they approve your application. Some other elements contained within your report include your:

  • Personal profile/information
  • Credit score (which you yourself can request for a small fee)
  • Credit rating
  • Payment history
  • Record of delinquency (if any)

What’s the difference between your credit score and rating? Discover the answer.

Factors That Affect Your Credit Score

How is a credit score calculated?

Changing Your Spending Habits For the Betterment of Your Credit

If your credit needs a lot of improvement, don’t worry. It’s always possible to reverse your bad credit situation. However, it does take a lot of hard work and dedication. Here are some changes in your spending habits that you should be committed to:

  • Paying all your credit account bills on time and in full – This includes credit cards, lines of credit, mortgages, or any other credit products you’re actively using. Any of these products can come with a steep penalty for any short, late or missing payments.
  • Increasing your income – Asking for a raise or finding a second job, while not always convenient, can be extremely beneficial when you’re trying to stay out of debt and keep your credit healthy.
  • Creating a proper budget – If your unhealthy credit is caused by financial disorganization, you can stay on track is by budgeting efficiently. Your budget should contain all your regular monthly expenses, even if some of those costs are only estimations. This will also help you decide which credit products will benefit you and which ones only cost you more.

Need more debt management tips? Take a look at these.

Products For Credit Building and Credit Improvement In Quebec

Often enough, improving your damaged credit is easier said than done. Your own credit may have even gotten to the point when fixing it by yourself is not a possibility. In that case, there are a few credit building and improvement products in Quebec that you can take advantage of, including but not limited to:

  • Secured credit cards
  • Credit Rehabilitation Savings Programs
  • Credit counselling

How is a secured credit card different from a prepaid credit card? Find out here.

Need to Improve Your Credit? Start Today With Loans Canada

If you’ve been looking for ways to build or improve your credit in Quebec, we have good news for you! The Loans Canada Team is always around to help you get connected with the right debt management solutions and credit improvement products for your needs.

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