Personal Loans Quebec

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Written by Bryan Daly

Best Personal Loans 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.

Quebec, like any other province in Canada, has plenty of inhabitants who rely on mortgages, credit cards, and other kinds of credit products to get by. Another product that’s frequent amongst Quebecers and that you may not have heard about is the personal loan.

Living in Quebec City? Take a look at this.

What Are Personal Loans and How Can I Receive Mine?

These kinds of loans typically come in lump sums of money, which are provided by lenders and paid back in installments. Depending on how your lender does business, personal loans in Quebec are most often deposited directly into your bank account upon approval.

You can then use your personal loan for almost any cost. For example:

  • Paying off your tuition or your children’s education
  • Buying a decent used vehicle or making repairs to your existing one
  • Hiring contractors, plumbers, electricians, etc. to maintain, renovate or repair anything in your home
  • Financing an excursion or vacation
  • Paying for any voluntary medical procedures, treatments, necessary medications, or other medicinal expenses that your insurance doesn’t cover
  • Ridding yourself from the burden of your other debts and bills

Personal Loans Application Check List

What Do I Need in Order to Apply For a Personal Loan In Quebec?

Firstly, you should find yourself a lender with a good reputation. Make sure they’re legitimate by reading customer reviews and looking up their company name in the B.B.B. (Better Business Bureau) database. If you confirm they are lawful, you can prepare yourself to apply with these simple steps:

  • Be certain that your credit is in good shape. Examine your credit report and request your credit score through our country’s two major credit reporting agencies (TransUnion Canada and Equifax Canada)
  • A credit score of 650 or above is where you should aim to be for the best chances of approval. If your score is below 650 it’s best to wait until you can raise it again. If not, be aware that you may pay a higher interest rate
  • Get an approximate calculation of how large of a loan you want and how much you would be able to afford given your present income and employment.
  • Review your finances. Ask your lender what personal and banking information they may need, then organize and update said information accordingly
  • Pay off your other debts first! Otherwise, your personal loan may only land you in further, more serious debt.

Trying to compare lenders in Canada? Read this.

Are There Other Factors That My Lender Will Look At?

Always ask your lender about their application, approval, and payment procedures before you make them your first choice. Here are some of the possible sectors of your background they might look at:

  • Your employment record (to confirm that you can hold a steady job)
  • Your collective income and recent bank statements (to know if you can properly afford your loan)
  • Your credit score, report, rating, and history (to judge you as a credit user and determine the possibility of you defaulting or missing payments)
  • Your history of previous and present debts (to find out how good you are at paying back what you owe)
  • Your existing assets, like your car, house, or another piece of real estate (you can often secure a better interest rate by offering valuable collateral compensation)

To find out how using collateral can help you qualify for a loan, click here.

How Large of a Loan Can I Collect?

This again hinges partly your lender’s specifications. For instance, most prime lenders in Quebec, such as banks, set a minimum amount of personal loan money you’re allowed to apply for, sometimes $1,000 or more. Some alternative or private lenders might allow you to apply for less. However, the amount you’re actually approved for will mostly depend on the state of your credit and finances. If these elements look healthy, you’ll be approved for more, even up to $100,000 in some cases. If not, you’ll be approved for less. If your credit and income are terrible, your chances of approval, in general, will diminish.

Canadian Credit ScoreCheck out this infographic for more information on how your credit score is calculated. 

Why is My Credit Score So Important?

Not only is good credit an essential part of living a healthy financial life, but it also gives you a better shot at approval for a personal loan in Quebec. As we said, a credit score of 650 or more is what you should aim for when you apply, because:

  • Your lender may see your good score and grant you a lower interest rate, potentially saving you money over the course of your loan term.
  • Your lender then reports your payment activity to TransUnion or Equifax, who will update your credit respectively.
  • Punctual, full payments will raise your credit score. Late, short and defaulted payments will diminish it.
  • The higher your credit score is and the stronger your credit report looks, the easier it will be to get approved for future loan products and favorable interest rates.

Are There Situations Where My Credit Cards Are More Beneficial?

Generally speaking, a credit card might be a better choice if:

  • The expenses are smaller and you won’t have trouble paying for them within 30 days (such as regular consumer goods)
  • You’re trying to earn reward points, discounts, and other benefits that come with specialty credit cards
  • You’re consolidating a reasonable amount of debt using a “balance transfer” credit card
  • You’re good at avoiding mass amounts of consumer debt and don’t usually go over your revolving credit limit

However, a personal loan in Quebec might be a better choice if:

  • You’re attempting to pay for a much larger expense ($1,000 or more)
  • You’re trying to consolidate a debt of a similar amount
  • You’re looking for a credit product with a lower interest rate
  • You’d rather have a set limit of loan money and know exactly how much you’ll pay by the end of your payment term
  • You’d like the option of paying through installments other than monthly ones (semi-monthly, weekly, bi-weekly, etc.)

What Does the Loans Canada Team Recommend?

At Loans Canada, we feel that you should spend your loan the way you see fit. As long as you’re being responsible and making your payments as scheduled, taking out a personal loan in Quebec can be a responsible way to afford a large or unexpected expense. 

Click here to learn how your payment history affects your credit score.

Frequently Asked Questions

How do I improve my chances of being approved for a personal loan in Quebec?

If you have bad credit, you can try applying with an alternative lender in Quebec. They base their approval on your overall financial health rather than just your credit score. If you’d like to further increase your chances of approval, you can put up an asset as collateral or get a co-signer. Both of these options will provide your lender with extra security, thus increasing your odds of approval.

Should I get a personal loan or a payday loan?

A payday loan is the most expensive way to borrow money due to its high-interest rates and very short repayment period. A personal loan on the other hand is a much better option. They can not only provide you with a higher loan amount to cover any expenses, but they have lower interest rates and flexible repayment options.  Whenever possible, you should choose a personal loan over a payday loan.

Can I qualify for a personal loan in Quebec if I lost my job?

While uncommon, there are lenders in Quebec who will grant you a loan despite being unemployed. These lenders typically provide loans to people who are receiving income in a non-traditional way, such as Canadian Child Benefit (CCB), pension, employment insurance (EI) and other government and provincial financial assistance programs.  However, due to the additional risk these lenders take, their loans are often come with high-interest rates.

I’m Interested, What’s Next?

If you’ve read this and you’ve decided that a personal loan is the way to go, all that’s left for you to do is apply. The Loans Canada Team is here to help you every step of the way and introduce you to the right source of personal loans in Quebec. 

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