Consumer Capital Canada Reviews, Ratings And Fees November 2021

Based on 10
Customer Reviews
WEBSITE
https://www.consumercapitalcanada.ca/
PROVIDER DETAILS

Who Is Consumer Capital Canada

Consumer Capital Canada is a Canadian alternative lender that is committed to helping consumers gain access to fast and affordable loans that fit your unique needs. Whether you’re looking to cover the cost of an unexpected expense or need to make a large purchase, Consumer Capital Canada can help by offering personal loans from $500 to $12,500.

Apply using Consumer Capital Canada’s fully online application. You can even sign your documents and receive your funds all online and from the comfort of your home.

What are the Eligibility Requirements? 

In order to be eligible for a personal loan with Consumer Capital Canada, you, the applicant, must meet the following requirements: 

  • Be a Canadian resident 
  • Be 18 years or older (except QC, NT, YT, NT)
  • Have a monthly income of at least $1600 gross
  • Have a primary income (employment income, pension, disability, self-employment, maternity leave, or EI)
  • Must not be in debt management/counselling, bankruptcy, or consumer proposal

What Documents Do I Need to Apply?

During the application process, you will need to provide the following documentation. 

  • Government-issued photo ID to verify personal identity
  • Proof of income 
  • Banking information

What Can You Use Your Personal Loan For?

A personal loan can be used for a number of different reasons and can often help in financial emergencies. Though it can be used for almost anything, it is recommended that you use it for essential needs only. For example, a personal loan is well used when you use it to:

  • Consolidate debt
  • Pay for medical bills
  • Pay for an emergency or unexpected expense
  • Pay for a funeral
  • Home improvements
  • Car repairs

Benefits of Applying for a Personal Loan with Consumer Capital Canada

  • It has a fast and simple application process. Applications can be completed in 5 to 15 minutes. 
  • Everything can be done electronically. Application, verification, and funding can all be done online.  
  • Consumer Capital Canada offers competitive interest rates ranging between 19.99% to 34.99%.

Costs to Consider when Applying for a Personal Loan

When you apply for a personal loan there are 3 main factors you should consider before signing the contract. 

  • Interest rates: The interest rate is one of the most important factors to consider when taking on a loan, as it dictates how much money you will be paying to borrow. At Consumer Capital Canada, personal loan interest rates range from 19.99% to 34.99%. 
  • Repayment Term: The longer your repayment term is, the more interest you will pay, but the lower and more affordable your payments will be. Similarly, the shorter your repayment term is, the less interest you will pay, but your monthly payments will be higher. At Consumer Capital Canada, personal loan terms range from 24 months to 60 months.
  • Fees: Along with the interest, your lender may charge you origination fees, administrative fees and other related fees. These are important to consider as they can add up quickly and affect the cost of your loan.

Consumer Capital Canada FAQs

What is the application process like?

The whole process can be broken down into 3 steps:
  • Fill out the online application form
  • Provide supporting documents (i.e. government-issued photo identification, banking information, and proof of income) 
  • Wait for your money to be deposited straight into your bank account (given that you are approved)

How long does the application process take? 

Consumer Capital’s application form is fast and easy to complete. It can be completed on your computer or your mobile in as little as 5 minutes. 

Will I be charged a fee for extra payments? 

At Consumer Capital you can pay your loan off at any point in time, risk-free. Extra payments will not be charged a penalty or any additional fees.

Should I consolidate my debt with a personal loan?

Consolidating high-interest debt with a personal loan is a good way to lower your costs and manage your debts. Personal loans often have lower interest rates, which help you save on interest. Moreover, personal loans have a longer repayment period than high-interest debts like credit cards and payday loans, which make payments more affordable. 

Why do you need my banking credentials?

Consumer Capital Canada does not need your banking credentials. It only requires you to verify ownership of your bank account through a 128-bit SSL encrypted secure portal or by providing certain banking documents. 

How much money can I borrow? 

Consumer Capital Canada offers personal loans between $500 to $12,500 dollars. The amount you qualify for depends on how well you meet their requirements. 
Services

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Eligibility
Requirements & Documents

Personal Loan

  • $500 to $12,500
Interest Rate
  • 19.99%+
Term (Months)
  • 12 - 60
Funding Time
  • 24 to 48 hours
Funding Method
  • Direct deposit
Repayment Options
  • Automatic debit
  • Canadian resident 18 years or older (except QC, NT, YT, NT)
  • Minimum monthly income $1600 gross
  • Primary income is either employment income, pension, disability, self-employment or EI income (seasonal and maternity leave)
  • Must not be in debt management/counselling, bankruptcy, or consumer proposal
  • Proof of income (can be bank statement)
  • Pre-authorized debit form or void cheque (can be replaced with bank statement)
  • 1 government-issued photo ID
Reviews

Reviews & Ratings

See what others have to say about Consumer Capital Canada

I would not recommend this company. I had a loan on a 4-year term with them and I paid it off in 1.5 years. Something came up and I needed another loa... read more

- D M (August 19, 2021)

Process is fast and easy to get the loan however customer service after the fact is next to impossible. No way to arrange any extra payments to try an... read more

- LJ (August 19, 2021)

Loan was quick and easy to get I was approved same day and got the money the next day. Since then I’ve found it hard to get any information from... read more

- Jason W (January 18, 2021)

I have had a loan with Consumer capital Canada for a couple of years I have been trying to reach them on the phone since early august with zero result... read more

- Steven Foster (October 20, 2020)

I applied for the loan on thursday morning, submitted all documents as requested and I got the funds the next day. Absolutely swift and fantastic serv... read more

- Ralph (November 25, 2019)

I applied Friday night. The next day a representative emailed me that I am approved for a certain amount and asked for more documents. I submitted the... read more

- Peter (October 16, 2019)

If you are stressed and in a hurry for funding. I wouldn’t recommend this company. Been waiting a week for them to review documents. After runni... read more

- Allison (October 16, 2019)

Very professional. You get your money quickly. The interest rate is a little high but what loan or credit card isn’t?

- Casandra Palladini (September 3, 2019)

Very happy with this company! I got my loan within 24 hours! After reading reviews after already submitting my info i was worried i wouldnt get anythi... read more

- Nicole (August 15, 2019)

Found to be very professional. I would recommend them anytime…

- Dave (June 12, 2019)

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