HELOC Quebec

Compare and Save With Loans Canada

Written by Bryan Daly

Best HELOC Quebec (Online) August 2021

Lender directory

Compare the providers in this region

Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 22.99% 24 - 60
$1,000 - $3,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Credit Matik
$250 - $1,250 22% 3 - 6
$250 - $1,250
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
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
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 $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
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
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Loop
- - -
-
Core Capital Group Inc
- - -
-
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
- - -
-
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 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
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
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 29.99% 12 - 72
$1,000 - $3,000
Alphera Financial Services
- - -
-
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
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
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
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
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
-
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 Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 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
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
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 ...

Note: Loans Canada does not arrange or underwrite mortgages or any other financial service. We are a simple referral website that provides free educational resources to help Canadians make better decisions.

Are you currently mortgaging a home in Quebec? We have good news for you because your mortgage payments are valuable in more ways than one. Not only can a Quebec mortgage help you afford the home of your choosing, but you can also use it to access your valuable home equity. If you own a home, you may be able to use the equity you’ve built up to take on a HELOC in Quebec. 

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

Home Equity and Second Mortgages

Accessing your home equity and applying for a second mortgage are two processes that are directly related. Below, we’ve included a short summary of each process so that you can learn how to use your own home equity to your advantage.

Home Equity

Essentially, your home equity is the amount of your principal mortgage that you’ve managed to pay off, coupled with the estimated real estate value of your home as it sits currently. The more of your mortgage you pay the more equity you’ll gain access to. Part of the process of determining how much equity you have also involves an appraisal of your property. This means that if your home is in good shape and your neighborhood increases in value, you can stand to earn some extra equity. Once you have at least 20% equity in your home, you can use it to take out a second mortgage, which we’ll explain below.

Planning to refinance your mortgage? Check out our appraisal checklist.

Second Mortgages

The idea of applying for a second mortgage can be a bit hard to understand if you’ve never discussed the idea with your mortgage broker, lender, or financial advisor. You may hear the word “second” and assume the procedure involves taking out an additional mortgage on your home for whatever reason. However, the term “second mortgage” is more of an expression than anything. A second mortgage actually refers to the process of accessing your home equity, which is typically done by applying for a home equity loan or a home equity line of credit (HELOC).

Want to know how you can apply for a second mortgage in Canada? Take a look at this.

The term “second” mortgage only applies if you take out a home equity loan or HELOC while you’re in the middle of your original mortgage amortization. That’s because, if your primary mortgage is not completely paid yet, your chosen equity product will fall into the second claim position. You can even apply for a home equity loan or HELOC in Quebec through an alternate lending source (other than your bank or primary lender) if you’re trying to secure better rates or for any other reason. It’s good to know, however, that interest rates on second mortgages are usually higher than with first mortgages, simply because your mortgage lender is taking a significant risk with a borrower who’s already in the process of paying for a first mortgage. That being said, if you manage to pay off your entire first mortgage, your home equity loan or HELOC can be placed in the first position, which may earn you a lower rate and save you some money over time.

The True Cost of Borrowing
Ever wonder what the true cost of borrowing is? Take a look at this infographic

Home Equity Loans

As we said, there are two main credit products that homeowners can apply for in Quebec once they’ve built up at least 20% home equity. The first is a home equity loan, which allows you to access up to 80% of your available equity. Similar to a traditional installment loan, a home equity loan will be deposited into your bank account via a lump sum of cash. The loan also comes with a fixed interest rate, a payment schedule of around 10 years or less, and a set due date by which you’ll have to pay your full outstanding loan balance (all these components can be discussed with your lender).

Click here to see an explanation of fixed and variable rate loans.  

Following approval, the loan will be secured against your home. Be careful, because turning your home into collateral means that you’ll lose it if you continually default on your home equity loan payments. Once you’ve secured your loan, however, you’ll be able to calculate exactly how much you’ll pay for your loan in total, which will help you draw up the right budget. Afterward, the loan funds are better invested toward:

  • Dealing with large amounts of unpaid consumer debt
  • Tackling emergency expenses (car-related problems, lack of rent money, etc.)
  • Paying for elective medical procedures or important medications
  • Any other large costs that require immediate payment

Want a loan to lease or purchase equipment for your Quebec business? Check this out.

HELOCs In Quebec

While a home equity loan can be beneficial in many ways, a HELOC is equally helpful because it allows you to draw from a revolving credit line in whatever amounts you’d like. You can then pay those funds back in monthly increments, just like a credit card. In fact, a HELOC in Quebec can be an even better credit product because you usually have a longer payment schedule (sometimes 20 years). HELOCs also come with a minimum payment option, again like a credit card, so that you can avoid penalties for defaulting, even if you don’t have enough money to cover your outstanding balance completely. Unlike a home equity loan, however, your HELOC will usually be accompanied by a variable interest rate (fixed rates are possible with some lenders), which will go up and down in accordance with the Bank of Canada’s market rate (otherwise known as “prime rate”). While you won’t be able to calculate your loan payments as easy (because they’ll vary according to how much credit you’ve used that month), you could stand to save some money if the prime rate goes down during your payment term. Additionally, you’ll only have to pay interest on the credit you’ve used, not on your loan payments as a whole.

Opening a regular line of credit? Look here to learn how you can get the best rates.   

More closely related to a secured loan, however, your property may also be foreclosed and sold as collateral if you stop making responsible payments. Are you comfortable with that level of risk? If you are, it’s probably better to invest your HELOC in Quebec toward:

  • Any recurring or varying costs (home or vehicle repairs, frequent bills, etc.)
  • Increasing the value of your property (renovations, additions, landscaping, etc.)
  • Paying for your ongoing educational costs (books, school supplies, tuition, etc.)
  • Dealing with your revolving bills (credit cards, a regular line of credit, etc.)
  • Other expenses that are too large for your monthly income or credit card limits.
  • Building and/ or improving your credit score with a longer payment schedule.      

Trying to avoid the foreclosure process in Canada? Read this first.

Frequently Asked Questions

Are there any fees related to a home equity line of credit?

There can be more than interest charges when it comes to a home equity line of credit (HELOC). Many lenders charge appraisal fees, lien search and registration fees, and other admin fees, just for the approval process. You may optionally want to add associated insurance coverage which means paying the premiums. Cancellation of your HELOC may require a discharge fee to remove the lien on the house.

What are the different types of home equity lines of credit?

Home equity lines of credit (HELOC) can be categorized in two ways. The first is a HELOC combined with a mortgage. The credit limit on such HELOCs will go up as you make payments towards the mortgage principal. The second type is a stand-alone HELOC which is independent of a mortgage. In either case, the maximum available credit cannot exceed 65% of the home’s value. HELOCs can also vary in what types of sub-accounts they offer, such as credit cards, car loans and personal loans.

What are the requirements for a home equity line of credit?

In order to qualify, lenders typically expect you to have a stable income, acceptable credit, and a manageable debt-to-income ratio. Depending on the configuration of the home equity line of credit, you may be asked to have a home equity of at least 20% to 35%, or make an equivalent down payment. In addition, proof of homeownership, mortgage details, and a home value assessment may also be required.

The Best HELOC For Quebec Homeowners

If you’ve been wondering how to use your home equity, one of your best choices is a HELOC in Quebec. For debt consolidation, bill payments, home maintenance needs, and other related expenses, a home equity line of credit can be the perfect financial tool. As always, Loans Canada is here to help you secure the best home equity lines of credit in your province. Apply today!

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