Loan Places In Canada

Loan Places In Canada

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated July 15, 2022

If you’re light on cash this month, taking out a loan can help when you’re dealing with large emergency costs, like home repairs or paying your rent. A loan can be more cost-effective because you’re able to pay it back in installments. Luckily, there are plenty of reliable lenders in every province and territory that can offer you a loan, as long as you have the financial aptitude to make your payments on time. 

Thinking about applying for a loan? Here are the best loan places in Canada.

Best Loan Places In Canada

To find the best loan place in Canada, research is key. Be sure you’re applying with a trustworthy company and that you’re eligible for the loan. If a lender seems sketchy or doesn’t offer good rates and conditions, do some research to compare other loan offers.

Filters

Loans Canada

Amount
Up to $50,000
Rate
2.00% to 46.96%
Term
3-60 months

Loanz

Amount
$1,000 - $15,000
Rate
29.9% - 46.9% APR
Term
12 - 60 months

Symple Loans

Amount
$5,000 - $50,000
Rate
6.99% - 22.99%
Term
Up to 84 Months

Spring Financial

Amount
Up to $15,000
Rate
14.99% to 46.96%
Term
6 - 12 Months

goPeer

Amount
$1,000 - $25,000
Rate
7.5% - 31.5%
Term
36 - 60 months

Cash Money

Amount
$1,500 – $10,000
Rate
Varies by province
Term
Varies by product (up to 60 months)

Lendful

Amount
$5,000 - $35,000
Rate
Starting at 9.99%
Term
6 - 60 Months

Loan Away

Amount
Up to $5,000
Rate
19.9% to 45.9%
Term
6 - 36 Months

LoanMeNow

Amount
$500 - $1000+
Rate
28 to 32%
Term
3 Months

Consumer Capital Canada

Amount
$500 - $12,500
Rate
19.99% to 34.99%
Term
No minimum term

Mogo Finance

Amount
$300 – $35,000
Rate
9.9% - 47.72%
Term
3 - 60 Months

Fairstone Financial

Amount
Up to $50,000
Rate
19.99% - 39.99%
Term
6 - 120 Months

Types Of Loan Places Near Me

Here are some of the most common loan places you can apply for a loan in your region:

Banks

Banks are one of the most common loan places Canadians will apply for loans since they already know how things work. That way, they’re guaranteed some security and added convenience, especially if they’re already a client with that bank. 

The problem is that traditional financial institutions have tough requirements and often charge high service fees, particularly for applicants with poor credit.    

Credit Unions

Joining a credit union might be a better loan place than a bank because they have lower requirements. That said, potential borrowers must meet very specific criteria to qualify, like being related to an existing member or living in a certain region.   

Payday Lenders

If you can’t qualify at the loan places mentioned above due to bad credit or a low income, you can apply with a payday lender. These lenders offer small loans of $100 – $1,500 with minimal requirements and short terms of 14-30 days. However, be aware that payday loans have sky-high interest rates and fees. 

Pawn Shops 

Pawn shops are another loan place you can get a small loan. Pawn shops will typically accept jewelry, electronics and other valuables as collateral for a loan with no credit check. Be careful here too, since pawn shops charge very high rates and are legally allowed to sell your item if you don’t pay on time.   

Online Loan Places

If you’re having trouble qualifying with your bank or credit union, you could try looking into online loan places. These loans are offered online by alternative or private lenders.

These digital loan places may offer easier requirements, faster approval times and more adjustable conditions than financial institutions. However, their rates may be more expensive than a bank.    

Credit Card Cash Advances

If you own a specific type of credit card, you can borrow money from it without having to apply. While you’ll receive the funds instantly, credit card cash advances are expensive because the provider will charge you an additional interest rate (on top of your regular APR). Plus, they may add that interest and a withdrawal fee as soon as you borrow.   

What Do You Need When Applying For A Loan?

Every lender has different requirements when it comes to their customers but to apply with a loan place in Canada, you’ll generally need the following elements:

  • 1 or 2 pieces of government photo ID (driver’s license, passport, etc.)
  • Your full name, phone number, Social Insurance Number (SIN) and email
  • Your most recent 90 days of bank statements and pay stubs from work
  • A recent utility bill with your home address on it
  • A minimum monthly income of around $1,000 – $2,000
  • A Canadian bank account with direct deposit and online access

Don’t forget, you must be a permanent resident and at least 18 – 19 years old to apply.    

How To Find And Choose A Loan Place Near Me?

To find a legitimate and affordable loan place in your province or territory, follow these steps:  

  • Step 1) Use Google To Search For Lenders In Your Area – Use Google or any other web browser to start your research. You’ll probably find many different loan places listed. Some loan places may only be available online while others may give you the option to visit in person. Before choosing, make sure to check customer reviews and look them up in the Better Business Bureau (BBB) database too.  
  • Step 2) Compare Lenders – It’s also smart to compare multiple loan places online and in your region. There are many deals out there, so consider more than just your interest rate. For instance, does the lender offer secured (collateral) or unsecured (no collateral) credit and how fast can they deposit your funds?  Most loan places also offer online quotes which can help you compare offers and secure a rate.  
  • Step 3) Prepare Your Documents – When you apply for a loan, lenders may ask for various documents such as a bank statement or pay stub (proof of income), a utility bill (proof of residence) and a government photo ID (proof of age/identity). To be eligible for any loan place, you must be a Canadian citizen and at least the age of majority in your region (18 – 19+). 
  • Step 4) Apply Not sure if it’s safe to apply for a loan online? In that case, you can always visit a loan place in person. Just be sure to check their opening hours and compare their loan conditions to those of several other lenders before you go.       

Are There Online Loan Places For Bad Credit?

When your credit score is in the 300 – 600 range, it’s tough to get approved by prime lenders like banks, because they don’t really accept borrowers with bad credit. That’s particularly true if your credit is low due to a history of missed payments. As someone with bad credit, you simply present too much risk for them to take you on as a client.   

Thankfully, there are many online loan places that can approve you for funding, despite your bad credit. These loan places are often privately owned and, as a result, they’re able to set easier standards. Online lenders tend to be more concerned with your income and some might not check your credit at all. 

Watch Out For High Rates & Scams  

As mentioned, you should always be wary of scams when searching for online loan places. Since many alternative lenders are private, it’s harder for the government to regulate them, which can lead to a lot of theft and fraud. Additionally, alternative lenders may ask you for collateral and charge you a high-interest rate if you have bad credit.  

Benefits Of Online Loan Places

Once you’ve found a trustworthy and cost-effective online loan place to apply, there could be a variety of benefits to take advantage of, including but not limited to: 

  • They’re Open 24/7 Most online loan places have an automated system that lets you apply for a loan whenever you want, from any part of Canada, as long as you have the required documents. Keep in mind that it could take a few days for the lender to actually deposit your funds if you apply on a weekend or holiday
  • They’re Convenient – Applying for a loan online can be much easier than doing it in person. You just need to fill out some basic information, then send in your application and wait for a response. Plus, if you have access to the internet or cellular data, you can apply from anywhere using a computer or smart device.   
  • Lenders Accept Bad Credit One of the best things about online loan places is that they’re normally more lenient than physical lenders, like banks and credit unions. If you’re making a reasonable income, you can potentially qualify for a loan, even when you have bad credit or a history of debt problems. 
  • Instant Pre-Approval – Most online loan places have an instant pre-approval process too. This will give you an idea of what kind of loan, payment plan and interest rate you’ll qualify for. Remember that the quote you get may not be 100% accurate to the real conditions of the loan and you’re not obligated to accept it. 

Loan Place FAQs

Do loan places near me accept the child tax credit as income?

It depends on which loan place you apply with. Most banks and credit unions won’t accept the child tax credit because it’s not as large or steady as a real source of employment income. However, some alternative/private lenders will if it’s enough to cover your payments.

Is there a loan place that accepts disability payments as income?

The same principle goes for other types of government financial support, like disability payments. Being disabled could mean you’re unable to work and some lenders will understand that. Just remember to have the right documents on-hand when you apply.

How do I find a payday lender in my area?

The availability of payday lenders depends on where you live. For example, some areas have banned or limited payday loans due to their high rates and ability to cause debt. However, you can still find online and in-store payday lenders in most parts of Canada. 

Searching For A Good Loan Place?

Then don’t worry, because you can find hundreds of solid loan places all over Canada, both online and in person. Borrowing a loan is a serious responsibility and you should only go through with it if you’re totally prepared to handle the costs. A big part of that preparation is making sure that you choose the best loan places in Canada. 

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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