- Any credit accepted
- Rates from 6.99%
- Doesn't affect your credit
- Loans up to $50,000
- Re-establish your credit
- Apply once, get multiple options
Whether you have bad credit, great credit, are looking to consolidate debt or make a large purchase, when it comes to getting a personal loan in Quebec, you have many options to choose from.
These kinds of loans typically come in lump sums of money, which are provided by lenders and paid back in installments. Depending on how your lender does business, personal loans in Quebec are most often deposited directly into your bank account upon approval.
You can then use your personal loan for almost any cost. For example:
In Quebec, the two main types of personal loans available are secured and unsecured. Depending on your financial situation and how large of a loan you’re looking for one may be more suitable for you than the other.
An unsecured personal loan is the most common type of personal loan in Quebec. Those interested in an unsecured personal loan should apply with a lender who they trust, submit all the necessary documents, and meet all the requirements. Lenders rely on credit scores and monthly income to approve unsecured loans. Interest rates may be higher because no collateral is necessary, but this will depend on the borrower.
A secured personal loan requires the borrower to provide some type of collateral to secure the loan. Typically this is a vehicle, but can be anything of value that the lender is willing to accept. Because the loan is secured, borrowers may qualify for larger amounts and even lower interest rates. Providing collateral is also a way for bad credit borrowers to get approved for a loan.
Firstly, you should find yourself a lender with a good reputation. Make sure they’re legitimate by reading customer reviews and looking up their company name in the B.B.B. (Better Business Bureau) database. Once you’ve found a lender you trust, make sure you meet their minimum requirements. Keep in mind that all lenders approve applications differently, but these are some of the most common requirements in Quebec.
Trying to compare lenders in Canada? Read this.
The maximum interest rate a lender can charge for a personal loan in Quebec is 60%. But, when considering how much a loan is going to cost you, you need to consider more than just the interest rate. What fees are you being charged? How long is your loan term? Can you comfortably afford the monthly payments? And finally, once the loan is paid off, will the total cost be worth it?
Short-Term Loan | Long-Term Loan | |
Loan Amount | $20,000 | $20,000 |
Loan APR | 13.5% | 13.5% |
Loan Term Lenght | 24 months | 60 months |
Monthly Payment Amount | $955.54 | $460.20 |
Total Paid | $22,932.96 | $27,612 |
Total Interest Paid | $2,932.96 | $7,612 |
This depends on your lender’s specific requirements. For instance, most prime lenders in Quebec, such as banks, set a minimum amount of personal loan money you’re allowed to apply for, sometimes $1,000 or more. Alternative or private lenders, on the other hand, might allow you to apply for less.
However, the amount you actually qualify for will depend on your overall financial health such as your credit, income, debt-to-income ratio and job stability. If these elements look healthy, you could be approved for a large unsecured loan.
Credit score requirements depend on the personal loan lender you’re applying with. Generally, banks and other traditional financial institutions in Quebec will require high credit scores. On the other hand, alternative lenders in Quebec are more lenient and will accept borrowers with good or bad credit scores.
Borrowers with credit scores of 680 or more are considered to have good credit and will have an easier time qualifying for a personal loan in Quebec. Moreover, borrowers with good credit scores can benefit from lower interest rates, longer terms and larger loan amounts.
Whether you should use a credit card instead of a personal loan depends on your financial situation and the type of purchase you’re making or the expense you’re trying to cover.
Each province has its own personal loan rules and regulations to protect consumers from predatory lenders. When dealing with a lender, they must:
If you’ve read this and you’ve decided that a personal loan is the way to go, all that’s left for you to do is apply. The Loans Canada Team is here to help you every step of the way and introduce you to the right source of personal loans in Quebec.
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