Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score
đź“… Last Updated: April 5, 2023
✏️ Written By Loans Canada
🕵️ Fact-Checked by Caitlin Wood

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 46.96%. 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

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2022/02/Million-Dollar-Mortgage.png
Can You Afford A Mortgage For A Million Dollar Home In Canada?

By Corrina Murdoch

Do you need a mortgage for million dollar home? Find out how much income you'll need, and what the monthly payments will be like.

https://loanscanada.ca/wp-content/uploads/2016/01/loan_payment-1.png
What Happens When I Can’t Make My Loan Payments?

By Caitlin Wood

Are you missing loan payments? What happens If you can't pay your loan? Finf out what happens and what you can do.

https://loanscanada.ca/wp-content/uploads/2021/09/Is-There-Such-A-Thing-As-Good-Debt.png
Good Debt vs Bad Debt

By Lisa Rennie

What's the difference between good debt vs bad debt? What factors determine whether debt can be considered good vs bad? Find out...

https://loanscanada.ca/wp-content/uploads/2023/11/Neo-Financial-Savings-Account.png
Our Review Of The Neo High-Interest Savings Account In 2024

By Trevor O'Hagan

The Neo financial savings account is the perfect way for you to build an emergency fund, save for a down payment, or build a nest egg.

https://loanscanada.ca/wp-content/uploads/2021/12/best-air-miles-credit-card-canada-.png
Best Air Miles Credit Cards In Canada

By Lucas Elliott

Discover the best air miles credit card in Canada for 2023. Compare annual fees, bonus earn rates, sign-up bonuses, and travel perks.

https://loanscanada.ca/wp-content/uploads/2021/07/High-Cost-Credit-Legislation-in-Canada-1.png
Borrower Rights: High-Interest Loan Legislation In Canada

By Mark Gregorski

To better protect vulnerable borrowers, provinces have enacted legislation that sets boundaries on what alternative lenders can and can’t do.

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

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card