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📅 Last Updated: April 3, 2023 ✏️ Written By Bryan Daly 🕵️ Fact-Checked by Caitlin Wood
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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.
What Are Personal Loans?
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:
- Paying off your tuition or your children’s education
- Buying a decent used vehicle or making repairs to your existing one
- Hiring contractors, plumbers, electricians, etc. to maintain, renovate or repair anything in your home
- Financing an excursion or vacation
- Paying for any voluntary medical procedures, treatments, necessary medications, or other medicinal expenses that your insurance doesn’t cover
- Ridding yourself from the burden of your other debts and bills
What Types Of Personal Loans Can I Get In Quebec?
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.
Unsecured Personal Loans
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.
Secured Personal Loans
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.
Personal Loan Requirements In Quebec
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.
- Proof of identity (usually two pieces of government-issued identification)
- Personal information
- Date of birth
- SIN
- Home address
- Phone number
- A bank account that has been active for at least three months (depending on the lender)
- Employment/ income information
- Three months of bank statements
- Proof of employment from employer
- Specific monthly income requirements
- Lenders have their specific monthly income requirements, usually, this means making above a certain amount each month.
- Specific credit score requirements
- While some lenders may not check credit, others will. For example, a lender may require you to have a credit score above 600 to qualify.
Trying to compare lenders in Canada? Read this.
Cost Of A Personal Loan In Quebec
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 |
How Much Can You Borrow From A Personal Loan Lender In Quebec?
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.
What Credit Scores Do You Need To Get A Personal Loan In Quebec?
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.
Should I Use A Credit Card Instead Of A Personal Loan?
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.
Use A Credit Card If
- The Expense Is Small – Credit cards are a good option for smaller purchases that you know you won’t have trouble paying for them within the same credit card billing cycle.
- You Want To Earn Points – You’re trying to earn reward points, discounts, and other benefits that come with specialty credit cards.
- You Have Low-Interest Introductory Offer – If you’re consolidating your credit card debt through a “balance transfer” credit card, it may be worth it if they offer a better rate than the personal loan.
Use A Personal Loan If
- The Expense Is Large – If you’re attempting to pay for a much larger expense, a personal loan would be the better option. You’ll get to benefit from longer repayment terms which would result in lower monthly payments.
- The Interest Rate Lower – You may qualify for a personal loan with an interest rate that is lower than a credit card. This can save you money on interest.
- Flexible Payments – You’ll have the option of paying through installments other than monthly ones (semi-monthly, weekly, bi-weekly, and monthly).
Personal Loan Rules And Regulations In Quebec
Each province has its own personal loan rules and regulations to protect consumers from predatory lenders. When dealing with a lender, they must:
- Have A Quebec Licence Number – When dealing with a private personal loan lender, they must have a license number to legally operate in Quebec.
- Provide A Contract In Your Prefered Language – The lender must provide the contract in the language you prefer.
- Follow Interest Rates Regulations – In Canada, including Quebec, personal loan lenders cannot charge interest rates over 60%.
Personal Loan Alternatives
- Quebec Social Assistance – Quebec offers low-income citizens financial assistance for food, shelter and other basic necessities through its Social Assistance Program. Depending on your family composition, you can get up to $1,500 as a single adult to $2,500 as a family.
- Quebec Resettlement – Government Assisted Refugee (GAR) – If you’re a confirmed Convention Refugee, you may be eligible for financial support through Quebec’s GAR program.
- Disability Assistance – If you’ve become disabled due to a work-related or traffic accident, then you may be eligible for financial assistance through the CNESST.
Quebec Personal Loan FAQs
How do I improve my chances of being approved for a personal loan in Quebec?
If you have bad credit, you can try applying with an alternative lender in Quebec. They base their approval on your overall financial health rather than just your credit score. If you’d like to further increase your chances of approval, you can put up an asset as collateral or get a cosigner. Both of these options will provide your lender with extra security, thus increasing your odds of approval.
Should I get a personal loan or a payday loan?
A payday loan is the most expensive way to borrow money due to its high-interest rates and very short repayment period. A personal loan on the other hand is a much better option. They can not only provide you with a higher loan amount to cover any expenses, but they have lower interest rates and flexible repayment options. Whenever possible, you should choose a personal loan over a payday loan.
Can I qualify for a personal loan in Quebec if I lost my job?
While uncommon, there are lenders in Quebec who will grant you a loan despite being unemployed. These lenders typically provide loans to people who are receiving income in a non-traditional way, such as Canadian Child Benefit (CCB), pension, employment insurance (EI) and other government and provincial financial assistance programs. However, due to the additional risk these lenders take, their loans are often come with high-interest rates.
Can I get a payday loan in Quebec?
Yes, you can get a payday loan in Quebec, however, there are strict regulations in place that payday lenders must abide by. Unlike, the rest of Canada, Quebec payday lenders can only charge up to 35% AIR. Loans cannot exceed $1,500 and terms cannot be longer than 62 days.
How long does it take to get a personal loan in Quebec?
Most online personal loan lenders have an easy application process that can be completed in a few minutes. If you’re approved for the loan, it can take as little as a few minutes to a day before you receive your funds.
I’m Interested, What’s Next?
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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