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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?
- 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)