Compare The Best Providers For Consumer Proposal Montreal November 2021

Written By Bryan Daly
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 19.99% 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%+  6 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Fina Capitale
Up to $50,000 14% - 34% Up to 60
Up to $50,000
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 Financial
Up to $50,000 19.99% - 39.99% 6 - 120 Months
Up to $50,000
LendingMate
$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
LoanMeNow
$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
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 Capital
$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
$25,000 - $150,000 1% monthly 12
$25,000 - $150,000
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 ...

Despite Montreal being one of the cheaper Canadian cities to live in, your expenses can still get ahead of you. Unfortunately, while a bit of debt isn’t the end of the world, a lot of it can cause lasting damage to your finances and credit. When that happens and simple methods of repayment aren’t working, more extreme measures might be necessary to prevent the situation from getting any worse.

One of the more drastic, but helpful debt management products available to consumers in Montreal is the consumer proposal.

Knowing When to File a Consumer Proposal in Montreal

A consumer proposal is a legally binding contract that can be struck between you and the creditors you owe outstanding debts to. If your creditors find the proposal acceptable, you’ll have the opportunity to pay back a large portion of what you owe, rather than the full amount. Before you choose this route, however, it’s important to be aware that a consumer proposal can have a significant negative impact on your financial profile.

It’s best not to consider a consumer proposal in Montreal unless:

  • You are currently under so much debt that no conventional solutions will work (i.e. debt consolidation loan or program, debt settlement, etc.)
  • You have a minimum of $5,000 and a maximum of $250,000 in consumer debt
  • You have a steady source of employment and the ability to make payments on a monthly basis for what could be several years
  • You’re trying to avoid declaring personal bankruptcy
  • Your debts are mostly unsecured, such as:
    • Credit card debt
    • Unsecured loans
    • Personal lines of credit
    • Non-federal student loans
    • Utility, internet, cable, and cell phone bills

The Effect On Your Debt

Once your proposal has been agreed upon, your repayment will be done via a series of monthly installments. The length of your payment schedule will vary depending on your debt amount and the current state of your finances.

However, as we mentioned, only unsecured consumer debt can qualify for the process. Most secured debt, that’s tied to collateral, as well as some forms of government debt will not be eligible. This includes (but isn’t limited to):

  • Mortgage payments
  • Car loan debt
  • Unpaid home equity loans and HELOCs (home equity lines of credit)
  • Child support and alimony payments

If all goes well, your outstanding consumer debt balance should be drastically reduced, hopefully, eliminated altogether. In order to stay on track toward your debt repayment goals, it’s essential to make all your payments on time and in full.

Click here to discover ways of conquering your high-interest consumer debt in 2019.

Marble Financial
Want to pay off your consumer proposal and start building credit faster?
LEARN MORE

A Rundown of the Consumer Proposal Process in Montreal

Although you may now have an idea of what a consumer proposal is, we’ll give you a basic rundown of the actual process so that there will be no confusion on your part.

Here’s how a typical consumer proposal in Montreal may go:

  • You’ll need to start by finding a licensed insolvency trustee; a government regulated professional tasked with providing solutions that discharge borrowers from unmanageable debt (this includes bankruptcies).
  • Once you’ve hired a trustee, you’ll need to explain your debt situation to them and provide proof that you cannot possibly pay off your full outstanding balance.
  • The trustee will then draw up an appropriate proposal and offer it to your creditors on your behalf.
  • Your creditors meet to discuss the proposal and vote on whether it’s agreeable or not. They must accept or reject it within 45 days.
  • If they accept, the proposal will be filed, making it a matter of public record under the Bankruptcy and Insolvency Act of Canada. During that time, all collection efforts, wage garnishment, mounting interest and penalties against you will stop.
  • You’ll begin making monthly payments, each of which you’ll pay toward your trustee, who will send them to your creditors. The overall cost of the process will include a legal fee for your trustee’s services.
  • The maximum time within with you must complete all your consumer proposal payments is 5 years in Canada. You may also be able to pay it earlier than that.

Wondering what happens if you can’t afford your consumer proposal in Montreal? Find out here.

The Effect on Your Credit

Although a consumer proposal is an effective way of getting rid your consumer debt, it can also damage your credit.

Here’s what that damage might look like:

  • Once the proposal goes through, the process will be reported to Canada’s two main credit bureaus (Equifax and TransUnion).
  • Your credit rating will drop down to an R7, a category reserved for borrowers who are making payments toward a special debt settlement procedure.
  • Your credit score will also decrease significantly, the margin of which is dependant on the credit bureau you’re looking at, as each holds a different version of your credit score.
  • After your proposal is complete, a record of it will remain on your credit report for 3 years. If it took the full 5 years for you to finish your payments, this means that your credit will be affected for a total of 8 years.

While it won’t be impossible to get approved for a loan or other credit product during a consumer proposal, it will certainly be more difficult than for someone who has never gone through the process. That’s because when you apply, your potential lender may check your credit, see your consumer proposal and damaged score, and determine you’re not creditworthy.

Check out some fast ways of rebuilding your credit after a consumer proposal in Montreal.

Canadian Credit ScoreCheck out this infographic to learn more about credit scores. 

Consumer Proposal vs. Bankruptcy

A consumer proposal, while risky for your finances, is still a better option than declaring personal bankruptcy. Although both solutions involve a similar legally binding payment process, the overall outcome and financial result of each will be significantly different.

Similarities

  • Declaring bankruptcy also involves hiring an insolvency trustee to file a motion toward the Court on your behalf, which will also be regulated under the Bankruptcy and Insolvency Act.
  • If all goes well, your creditors will be legally obliged to cease their collection efforts against you.  
  • Your unsecured consumer debts will also be paid off through installments, over a payment schedule that can last several years.
  • Your credit will also be damaged for a lengthy amount of time following the final bankruptcy discharge date.

Differences

  • Although you must have a minimum of $1,000 of unsecured debt to be eligible, there is no debt limit when it comes to bankruptcy.
  • Instead of going to your creditors, your trustee will send your payments directly to the Court. The cost of your bankruptcy may also be more expensive than a consumer proposal in Montreal.
  • Depending on your gross monthly income, you may have to start making surplus income payments, in addition to your regular bankruptcy payments.
  • If you have assets, such as your house, car, or RRSPs, you may have to surrender them as payment (which doesn’t happen with a consumer proposal).
  • Your credit rating will drop to the worst level of R9. Your credit score is likely to decrease further than with a consumer proposal.
  • A record of the bankruptcy will stay on your credit report for 7 years each time you have to file.

Even though it can be difficult to secure new credit during and after the consumer proposal process, the final result of bankruptcy will be far worse, making it next to impossible until you can restore your credit. Only consider bankruptcy when no other debt management product, including a consumer proposal, will help. Speak to a financial advisor to know when bankruptcy is appropriate for you.

Here’s how much it would cost you to file for bankruptcy for the second time in Canada.

Filing for a Consumer Proposal In Montreal

If you’re looking for information about consumer proposals in Montreal, don’t forget to reach out to Loans Canada. We’re always here to help you with your debt relief needs. Be sure to contact us today!   

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