Frequently Asked Questions

Loans Canada
Author:
Loans Canada
Loans Canada
Expert Contributor at Loans Canada
Caitlin
Reviewed By:
Caitlin
Caitlin Wood, BA
Editor-in-Chief at Loans Canada
Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:
  • Personal finance
  • Consumer borrowing
  • Credit improvement
  • Debt management
📅
Updated On: January 1, 2025
Get a free, no obligation personal loan quote with rates as low as 9.99%
Free quote with no impact to your credit

What happens after I apply?

Shortly after you submit your application or callback request one of our partners will contact you to discuss the services you are looking for and the options available to you. The agent assigned to your application is a fully trained professional ready to assist you with all of your requirements. Loans Canada will not begin to work on your file before first directly speaking to you about your financial needs.

How can I speed up the application process?

After you submit your application or callback request you might be asked to submit some documents. This will depend on the product you are interested in. If such a request is made you should strive to get the required documents in as soon as possible so that the agent looking after your application can proceed with the approval process as quickly as possible. You will only be asked to provide documents that are necessary or required by law to complete your file. Loans Canada protects your privacy.

How do I know if I’m approved?

You will be notified as soon as your application is approved. One of our partners will call you and e-mail you to inform you that your application was approved. Loans Canada strives to provide its customers with the fastest approval times in the country.

Will you check my credit score after I apply?

You must provide consent before Loans Canada or its affiliates can check your credit score. Depending on the application you select, consent to check credit may be requested on our website but it is not a requirement for your application.

Do you service the self-employed?

Yes. Loans Canada is a specialist and industry leader in loans and financial solutions for self-employed individuals.

I’m a recent immigrant. Can I still apply?

Yes. Even if you have no credit history we will be able to pair you with a great financial product at a competitive rate.

I’ve been rejected by a bank. What do I do?

If you’ve been rejected by a bank please note that there are still many options available to you. We recommend that you try again with us: you’ll benefit from better rates, more products and more options. One of the great things about Loans Canada is that we have relationships with many banks and other lending institutions. We also have a large array of private lenders ready to assist you. We have relationships in place to pair you with the best solution available.

Why is my lender asking for a deposit?

Neither Loans Canada nor its other partners will ever require you to pay a deposit for an unsecured loan. In fact, this is a common scam and scammers may at times impersonate other, legitimate firms to trick individuals into sending them money. If you are being asked to pay an “insurance deposit” through pre-paid cards or other unusual methods, please be very careful as it is very difficult for you to get your money back. For more information on how to protect yourself, read this article.

The APR on the borrowed amount from our lenders can range between 3% and 35%. The payback period can range between 3 months and 5 years for personal loans, for all provinces in Canada including: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador.

In the case of a default on your loan, your payment plan may be terminated and different collection methods may be employed to collect your remaining balance. Outstanding debts will be pursued to the full extent of the law. Our lending partners employ fair collection practices.

Lastly, if you wish to renew your loan you may do so after your loan is repaid in full.

Special Offers

Recognized As One Of Canada's Top Growing Companies

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2025/10/BNPL-Vs.-Personal-Loan.png
BNPL Vs. Personal Loan? Here’s Why Personal Loans Win

By Lisa Rennie
Updated on October 8, 2025

BNPL services and personal loans can both be used to fund a purchase. But which option is best? Read on to find out more.

https://loanscanada.ca/wp-content/uploads/2017/01/finances-after-marriage.png
Should You Combine Finances After Marriage?

By Sandra MacGregor
Updated on October 7, 2025

Should you combine your finances after marriage? Find out what happens to your debt, credit, and other finances when you get married.

https://loanscanada.ca/wp-content/uploads/2022/02/How-To-Get-A-Loan-From-The-Bank.png
How To Get A Personal Loan From A Bank

By Lisa Rennie
Updated on October 7, 2025

Are you in need of extra cash to cover a pressing expense? Read on to find out how to get a personal loan from a bank in Canada.

https://loanscanada.ca/wp-content/uploads/2019/12/Cash-Advance.png
What Is A Cash Advance In Canada?

By Lisa Rennie
Updated on October 6, 2025

Whether you're looking for quick cash or need to cover an unexpected expense, a cash advance can help. Read on to find out more.

https://loanscanada.ca/wp-content/uploads/2025/10/line-of-credit-bad-credit-1.png
Can You Get A Line Of Credit If You Have Bad Credit In Canada?

By Lisa Rennie
Updated on October 2, 2025

Can you get a line of credit if you have bad credit in Canada? This blog explains how you can, and the potential perks and drawbacks.

https://loanscanada.ca/wp-content/uploads/2022/07/Cash-Secured-Loan-1.png
Your Guide To Secured Loans In Canada

By Lisa Rennie
Updated on October 2, 2025

If you struggle with self-discipline while building savings & good credit, a cash secured loan may be perfect for you. Learn more here.

https://loanscanada.ca/wp-content/uploads/2025/09/Top-Growing-Companies-2025-Blog-3.png
Loans Canada Places No. 137 on The Globe and Mail’s Seventh Annual Ranking of Canada’s Top Growing Companies

By Priyanka Correia, BComm
Updated on September 26, 2025

Loans Canada is proud to be recognized as one of the Globe and Mail’s Top Growing Companies list for the third time.

https://loanscanada.ca/wp-content/uploads/2025/09/apple-financing.png
Apple Financing Options In Canada: What You Need To Know

By Lisa Rennie
Updated on September 24, 2025

Looking to buy an Apple product but the price tag is a bitt too steep? Consider Apple financing in Canada. Check out this post to learn more.

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers