Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 35%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% – 34.99%
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- 12.99% – 34.99%
- Term
- 9 – 60 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
Life comes with many recurring expenses, especially in Victoria, where the cost of living has been slowly increasing along with the city’s popularity. Although such costs can often be dealt with using cash or credit cards, sometimes they can be too large to handle with conventional means. Now and again, an alternative form of financing is required to cover high-cost items with an affordable payment plan. If that’s the case for you, a personal loan might be the perfect solution.
Where Can You Get A Personal Loan In Victoria?
One of the best things about personal loans is that you can find them through many different lenders throughout Victoria. Generally, they are available with both prime lenders, such as banks and credit unions, as well as subprime lenders, like alternative and private lenders.
- Banks – The Big Five Banks and other traditional financial institutions offer personal loans in Canada. Banks usually have strict requirements for approval, but they often charge much lower interest rates than subprime lenders.
- Credit Unions – Credit Unions also offer lower interest rates but you have to be a member to be eligible.
- Private Personal Loan Lenders – Private lenders also offer personal loans, but they usually charge much higher interest rates. However, they have flexible requirements making them easier to qualify for if you have bad credit or poor finances.
How Much Can You Borrow Through A Personal Loan In Victoria?
The amount you can get approved for is typically based primarily on your income, debt-to-income ratio, credit health, and the value of your assets (if you offer any). However, most lenders offer personal loans as low as $500 up to $35,000 and more.
How Will You Recieve The Personal Loan In Victoria?
Your personal loan will either be deposited as a lump sum directly into your bank account or via e-transfer. Although wait times will vary from lender to lender in Victoria, you can expect to receive your funds as early as 24hours up to several business days following the approval of your application.
How To Repay Your Personal Loan Back In Victoria?
Personal loans are installment-based, meaning you will pay back your money in equally divided payments, plus interest and fees. While many borrowers choose to pay on a monthly basis, many lenders in Victoria will give you the option of paying in weekly, bi-weekly, or accelerated installments. Payments are generally repaid through automatic debits by the lenders.
Learn more: Personal Loan In British Columbia
Personal Loan Regulation In Victoria
| Max Interest Rate | In BC, there is no maximum interest that a high-cost credit lender can charge, as long as the APR does not exceed 35%, as per Section 347 of the Criminal Code. |
| Fee Caps | While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 35% APR. |
| Do Lenders Require A License? | High-cost credit lenders must be licensed in BC and comply with requirements under the Business Practices and Consumer Protection Act. This license number must be clearly displayed on the high-cost credit lender's storefront or website. |
| Debt Collection Rules | When collecting debt, high-cost credit lenders have rules to follow under the Business Practices and Consumer Protection Act. Lenders cannot: - Collect a debt payment before the due date. - Require information that would give the lender direct access to a borrower's bank account. - Use account information for any purpose other than to process a pre-authorized payment. - Use threatening, intimidating or coercive language in an attempt to collect unpaid debt. - Communicate with the borrower's family, neighbours, friends, or employer in a manner that is considered harassment. - Collect debt payments until the borrower has been informed in writing. - Communicate with a borrower to collect a debt until five days after written notice has been provided. |
Requirements For A Personal Loan In Victoria
Each lender has its own requirements for a personal loan in Victoria, but there are still some common factors each lender will generally consider.
- Income and Employment – Lenders usually like to see that you have a steady source of employment and income
- Credit – Your lender will also evaluate your credit to assess your creditworthiness.
- Security – Some lenders may require you to provide collateral to secure the loan or a cosigner to reduce your risk.
Can You Get A Personal Loan In Victoria With Bad Credit?
Yes, you can get a personal loan with bad credit. However, you’ll need to apply with a private lender or a credit union as most banks don’t accept bad credit. These alternative lenders base their approval on your overall financial health and may charge a higher interest rate.
Learn more: Personal Loan Eligibility Requirements For Bad Credit Lenders
Can You Get A Loan On Employment Insurance (EI)?
Yes, it’s possible to get a loan while on EI. Alternative lenders and credit unions are often more flexible and willing to provide loans to individuals on EI.
However, these types of loans typically come with higher interest rates and stricter loan terms compared to regular loans. Make sure you carefully review the loan terms and determine whether you can manage your repayments while on EI.
In addition to EI, some lenders may consider other non-employment income sources for loans:
- Disability benefits
- Canada Child Benefit (CCB)
- Canada Pension Plan (CPP)
- Old Age Security (OAS)
- Guaranteed Income Supplement (GIS)
Learn more: How To Get Payday Loans With Government Benefits Canada
How To Increase Your Chances Of Qualifying For A Personal Loan In Victoria
If you’re looking to apply for a personal loan in Victoria, consider the following to boost the odds of loan approval:
- Improve Your Credit Score: Lenders look for higher credit scores as part of their loan criteria, The higher your score, the better your chances of securing a personal loan in Victoria.
- Use An Asset To Secure The Loan: Securing a loan with a valuable asset reduces the lender’s risk. In turn, the loan may be easier to qualify for.
- Get A Cosigner: If you have bad credit, consider adding a cosigner to the loan contract, The cosigner is someone with good credit who promises to take over loan payments in case you default. This can help improve the odds of loan qualification.
Places To Help You Get A Job
While you may be able to apply for a loan without being employed, you’ll boost your odds of loan approval if you’re working.
If you’re having trouble finding a job, here are a few employment agencies in Victoria that can help:
| Agency | Services | Location |
| Better Choice Staffing | – Temporary and permanent placements – Personalized career counselling – Job search assistance | 1124 Blanshard St, Victoria, BC V8W 2M7 |
| Red Seal Recruiting Solutions | – Permanent and temporary job placements – Interview assistance – Resume submission – Online job board | 3450 Uptown Blvd #301, Victoria, BC V8Z 0B9 |
| Pathfinder Recruitment Group | – Online job board – Resume building – Customized recruitment solutions | 800 Yates St, Victoria, BC V8W 1L8 |
Victoria, BC Government Employment Assistance Offices
Government-backed employment centres are available in Victoria, BC to help you find a job. Here is a list of such programs and services in the city:
- Employment and Assistance Office: In addition to providing income and disability assistance, the Employment and Assistance office also provides referrals to employment services for those looking for work. The office is located at 614 Humboldt St, Victoria, BC V8W 1A4.
- WorkBC Centre – Victoria: This agency offers a range of employment services to help local job-seekers. The office is located at 1483 Douglas Street, Unit 201, Victoria, BC V8W 3K4.
- BC Employment and Assistance (BCEA) Office – Victoria: This agency provides income assistance and employment referral services. The office is located at 908 Pandora Ave, Victoria, BC V8V 3P3.
Government Financial Assistance Programs
Learn more: Government Benefit Programs
Other Financial Assistance Programs In Victoria, BC
If you can’t get a personal loan in Victoria because of bad credit or would prefer a solution that doesn’t require taking on more debt, there are some Victoria-specific programs you can rely on.
To make it easier for you to find such services in your area, you can use an online service like www.211.ca to help. This resource includes a variety of services in Victoria, including support programs for employment, disability, utilities, rent assistance, and others.
To help you get started on your search, we’ve compiled a list of available services and support programs in Victoria, BC:
Rent Assistance. The Rental Assistance Program helps low-income residents of BC with their rent. The amount you can get from the program depends on several factors, including your income, family size, and the rent amount you pay.
Utility Assistance. The Energy Conservation Assistance Program (ECAP) is offered by BC Hydro offers free energy-saving products, rebates, and advice to help improve the comfort and energy efficiency homes. There is also a Customer Crisis Fund available for those facing utility disconnection.
Housing Shelters. If you’re facing homelessness, there are several shelters available in Victoria to help provide temporary housing. Here are just a few:
- Sandy Merriman: 809 Burdett Avenue, Victoria
- Salvation Army ARC: 525 Johnson Street, Victoria
- Out of the Rain Youth Shelter: 1450 Elford Street, Victoria
- Our Place Shelter: 919 Pandora Ave, Victoria
Food Banks. Local residents of Victoria who are struggling to cover the cost of groceries can find several food banks in the city:
- Free Food Fridge: Connection Point Church and Resource Centre, 103-737 Goldstream Avenue, Victoria
- The Mustard Seed Food Bank: 625 Queens Avenue, Victoria
- Community Kitchen: 231 Regina Avenue, Victoria
Need a Personal Loan in Victoria? Let Us Know!
Looking to compare lenders and choose the best personal loan option for your unique needs, Loans Canada can help. We’re committed to helping all Canadians, regardless of their credit, find the financial products they need. Contact us today for more information or apply below when you’re ready!
