Compare The Best Providers For Loans London October 2021

Written By Lisa Rennie
Renovation Financing

RenFi Home Loans

Renfi Capital is a lender that specializes in home renovation loans. It is the fastest mortgage lender in Ontario. They offer loans ranging from $25,000 to $150,000, with interest only payments at the low rate of 1% per month. Renfi works with a much wider range of credit types than conventional lenders.

Their platform is entirely online, making it easy, fast and secure.

  • $25,000 - $150,000 loans
  • Low credit scores accepted
  • Low rate of 1% a month
  • Open loan
Easy
Apply in 3 minutes, fully online process
Fast
15 minute approval, 72 hour funding
Secure
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SPONSORED
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Afterpay
Varies 0% 6 or 8 weeks
Varies
Ganaraska Financial Credit Union
Up to $25,000 (unsecured) 3.99% and up Up to 84
Up to $25,000 (unsecured)
Spring Financial
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Lendle
up to $2,000 0% -
up to $2,000
PayBright
- 0+ 2 - 60
-
Moves Financial
$2,500 15.65% AIR 13 - 26
$2,500
Score-Up
- - -
-
LendCare
- - Up to 60
-
X-bankers
$5,000+ - Up to 60
$5,000+
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
goPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Instant Payday Canada
- 15% - 19% -
-
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 18.99% - 24.99% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Mr. Payday
$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Meridian Credit Union
Up to $35,000 5.15%+ -
Up to $35,000
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Loan & Go
$250 -$1,250 29% 3 - 6
$250 -$1,250
Lendful
$5,000 - $35,000 9.9%+  6 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash 4 You
$1,000 -$15,000 46.93%  12 - 60
$1,000 -$15,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit Club
$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
Fairstone Financial
Up to $50,000 19.99% - 39.99% 6 - 120 Months
Up to $50,000
LendingMate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
LoanMeNow
$500 - $1000+ 28%-32% 3
$500 - $1000+
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
CashMoney
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
Accelerated Payments
- - -
-
Loop
- - -
-
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
SNAP Financial Group
- - -
-
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Toronto Truck Loan Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Guardian Leasing
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
PACE Credit Union
- Competitive -
-
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
DUCA Credit Union
- - -
-
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Desjardins
Up to $100,000 - -
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money Line Capital
$5,000+ 4.9% - 24.99% 18 - 48
$5,000+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Capital
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
SafeLend
Up to $50,000 8.99 + 12 -72
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Advantagewon
- - -
-
Helium Loans
$500 - $50,000 - 24 - 60
$500 - $50,000
Go To Loans
$500 - $10,000 + 29.95% up to 48
$500 - $10,000
Alphera Financial Services
- - -
-
Go Auto
- - 12 - 96
-
Eden Park
- 11.9% - 22.9% Up to 84
-
Auto Loan Solutions
- 0% - 29.5% -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
Leisure Trailer Sales
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital Savings
- Starting at 4% Up to 84
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Dixie Auto Loans
- - -
-
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
$25,000 - $150,000 1% monthly 12
$25,000 - $150,000
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
Spring Financial
Up to $15,000 - -
Up to $15,000
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Mogo Finance
$300 – $35,000 2.20% - 2.54% 36 - 60
$300 – $35,000
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Northwood Mortgage
- 2.74% - 4.45% 12 - 120
-
Matrix Mortgage Global
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
Finser Mortgages
- 2.79% - 4.45% -
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Manzil
up to 4,000,000 3.49% - 5.49% 12 - 300
up to 4,000,000
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Capital Direct
$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Is money a little tight these days? Are you finding it tough to pay some of your bills? Has a big expense come your way?

In any one of these cases, a loan might come in handy. Loans come in many different forms to serve various purposes and consumers with different financial needs. Depending on your specific circumstances, a loan may be exactly what you need to get yourself out of a financial predicament.

Read on to find out more about loans in London, Ontario and which one might be best suited for your situation.

The loan application mistakes everyone should know about, click here.

How to Get Approved For a Loan in London

In order to get approved for a loan in London, your lender will assess the following factors:

  • Credit score
  • Deposit amount
  • Debt load
  • Income

Ideally, you’ll need a credit score of at least 650 to get approved for a conventional loan from a traditional lender. Any score less than that might make it more difficult to secure a loan.

Your debt load relative to your income will also impact your ability to secure a loan. The more debt you have on your plate, the more of your income will be dedicated to covering your outstanding bills, leaving less available to pay your new loan payments.

As such, a smaller debt load will increase the chances of getting approved for a loan.

Check out this article to learn how to avoid being rejected for a loan.

How to Increase Your Chances of Getting Approved For a Loan in London

While there are loans readily available to consumers who need them, it can be challenging to get approved because of stringent loan requirements. Although some consumers might have the financial profile needed to secure a loan, others might not have the credit strength needed to get approved.

So, how can you increase your chances of getting approved for a loan in London?

  • Pay down your debt to reduce your debt load
  • Come up with a higher deposit amount
  • Improve your credit score by paying all bills on time, not maxing out your credit card, and paying your credit card bills in full every month
  • Make sure your loan application is complete, accurate, and truthful
  • Offer collateral
  • Get a cosigner
  • Be flexible with what your lender wants

Canadian Credit ScoreInterested in how your credit score is calculated? Take a look at this infographic.

Interest Rates on Loans London

The interest rate on your loan is perhaps the most important factor to consider. After all, it will determine how much you will have to pay over the life of your loan. The lower the rate, the more affordable the loan will be. As such, you’ll want to shop around with different lenders in London to get the best rates.

You may also want to negotiate the rate you need or want. Just because your lender offers you a specific rate doesn’t mean you necessarily have to accept it right off the bat.

Instead, try negotiating with the lender and point out some of the positive traits on your financial and credit profile. Or come up with a more valuable asset to be used as collateral to see if your lender in London is willing to bring the rate down.

The best way to reduce the rate you’re offered is to go in with a strong credit rating and financial profile. With a good income, a lower debt load, and a high credit score, you stand a much better chance of being offered a low-interest rate.

Secured Vs. Unsecured Loans

What’s the difference between a secured and an unsecured loan?

Secured loans are backed by collateral. That means you would be required to offer an asset of value that your lender would be able to repossess in the event that you are unable to pay for your loan. Secured loans are less risky for lenders in London as a result and therefore tend to come with lower interest rates.

20 different ways to secure a loan, find out here.

Unsecured loans are those that do not require any collateral to back up the loan. As such, these types of loans are riskier and therefore tend to come with a higher interest rate to offset the risk that the lender is taking on. Unsecured loans are more difficult to get approved for and require more stringent lending criteria.

Loan Scams to Watch Out For in London

While loans are supposed to help get consumers out of a financial pickle, there are some lenders in London who are out there simply to scam unsuspecting borrowers. Here are some common scams to keep an eye out for:

Guaranteed loans – Any time a lender in London or anywhere in Canada guarantees loan approval without even looking at any component of your financials is a huge red flag. Reputable lenders will want to make sure that the people they lend money to are capable of making payments to repay the loan amount in full.

Neglecting to assess borrowers simply puts them in a situation to continuously have to borrow more and more, which leads to a cycle of debt that’s tough to climb out of.

Bait and switch – Some scammy lenders will convince borrowers in London that they’re getting a great deal on a loan, only to change the loan terms to predatory ones along with extremely high rates. That’s why it’s so important to check the fine print before you sign on the dotted line.

Lenders with no physical address – All legitimate leaders – including online lenders – should have a physical address for contact purposes. If a lender is not transparent about where they operate out of, consider that a bad sign that the lender is likely a scammer.

Requiring upfront fees – No professional lender should be asking their borrowers for an upfront fee. Some lenders in London will include their upfront fees in the form of a down payment, credit check fee, or administration fee, so be sure to keep your eye out for this. Legitimate lenders will only charge their clients in the form of a commission that’s taken out after the loan closes.

If you feel as though you’ve been frauded by a scammy lender, there is help available. Be sure to report any fraudulent activity to the provincial government.

The True Cost of BorrowingDo you know what the true cost of borrowing is? Find out here.

Alternative Lender Options in London

If you’re unable to get approved for a conventional loan in London because of a bad credit score or too much debt, there’s still help out there. Alternative loan options are available for those in London who can’t qualify by going the traditional route.

Private and alternative lenders in London work with bad credit borrowers and provide loans based on factors other than credit scores. These lenders in London will place more weight on things such as your income, assets, deposit amount, collateral, and your financial habits over the recent past.

As such, these loans are easier to get approved for. However, they tend to come with a higher interest rate because of the increased risk that these lenders assume when working with bad credit borrowers.

What Happens After You’re Rejected By a Bank?

If the bank turns you down for a loan, find out why. Knowing exactly what the reasons are for your loan application being denied can help you make the necessary adjustments the next time to apply for a loan London.

If it’s because of your credit score, take steps to improve it. You can do this by:

  • Paying your bills on time
  • Spending less than 30% of your credit card limit
  • Paying your credit card bills in full
  • Avoiding new loan applications
  • Keeping old credit lines open
  • Pulling your credit report to look for errors to be fixed

If you were turned down because of your income, consider looking for a better-paying job, ask for a raise, or take a side hustle to get your income up.

If it’s because your debt load is too high, make every effort to pay it down and reduce it.

Once your financial situation is healthier, you may be in a much better position to get approved for a loan in London. Otherwise, you may have to go the route of an alternative bad credit lender.

Need a Loan in London?

If your current bank account isn’t beefed up enough to cover the cost of a large expense that you’re facing, a loan might be the right option. If you need a loan, get in touch with Loans Canada. We’ll guide you to the right loan product and lender that can get you the funds you need. Call Loans Canada today!

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