Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

Getting approved for a personal loan can be difficult if you don’t have the credit or financial profile that traditional lenders typically look for. This can be even tougher for young adults who haven’t had the chance to develop solid credit or a sufficient income, or newcomers to Canada who are just starting to build roots in their new home.

QuadFi may be a suitable alternative for borrowers in these situations. The online lender offers personal and newcomer loans for Canadians and permanent residents who need a little extra money to cover a large expense without having to jump through hoops to get approved.

Let’s take a closer look at the relatively new online lender, its loan types, and how to apply.

Who Is QuadFi? 

Launched in 2018, QuadFi is a Toronto-based online lender that focuses on providing financial services to underserved Canadians, including new immigrants to Canada and young adults. First-generation immigrants founded QuadFi. These immigrants recognized the difficulty that certain borrowers faced when applying for loans and credit products at conventional financial institutions.

Rather than using your credit report which may have outdated or inaccurate information, QuadFi makes use of alternative data, AI, open banking, and machine learning models to help them verify and approve their clients for loans. The goal is to make affordable loans more accessible, especially for those who may be stuck with higher interest rates simply due to their lack of credit history.

Borrowers can then use these funds to start a business, enroll in college or university, or cover the expenses of family life. 

Types Of Loans Offered By QuadFi 

QuadFi offers two types of loans, one of which is specifically designed for newcomers to Canada. 

Newcomer Loans 

QuadFi’s newcomer loans are designed specifically with new immigrants in mind. Depending on the situation, newcomers often don’t have any credit to back them when applying for a loan, which can make it extremely difficult to get approved. QuadFi’s newcomer loans were developed to help new immigrants build credit here in Canada while taking advantage of their affordable rates and no fees. 

Installment Personal Loans

QuadFi also offers personal loans between $5,000 and $50,000 to those who qualify. The loan amount (plus interest) is repaid over a set period of time (36 or 60 months) via regular installment payments. Instead of using typical financial and credit information that banks and credit unions use to verify a borrower’s creditworthiness, QuadFi uses other types of data to make a decision about an applicant’s ability to repay the personal loan. 

Whether you’re a newcomer to Canada, a student, or someone with bad credit, you can still qualify with QuadFi to cover any expense you have. 

Features Of QuadFi Loans

There are a number of advantages to QuadFi’s loans, including the following features:

No Commitment Prequalification

Get pre-qualified within minutes with no commitment. Just answer a few simple questions to help QuadFi get a sense of your financial profile, and you’ll be quoted the fairest possible rate. 

Low Rates

QuadFi’s interest rates are as low as 5.99%, which is very competitive compared to personal loan rates with other alternative lenders. This makes it a great choice for debt consolidation. The company uses a unique model that takes multiple factors into account, including alternative financial information and even academic performance. Taking a variety of factors into consideration, QuadFi comes up with an accurate and fair rate for each borrower.

Long Terms And Large Loan Amounts

QuadFi offers 36- or 60-month loan terms, giving you plenty of time to repay your loan. With QuadFi, you can also get loans for as much as $50,000 (and as little as $5,000), depending on your needs and your financial capabilities. 

No Credit Score Required

One of the great things about QuadFi’s loans is that there’s no need to have an excellent credit score, which is traditionally the most important factor that conventional lenders look at before approving loan applications. Even with a bad credit score (or no credit at all), you can still get approved for a loan with QuadFi, as long as all other factors in your financial life are relatively healthy.

Co-Signer Not Required

Some lenders may not approve a loan application without a co-signer added to the contract. But because QuadFi uses unconventional data to determine your ability to secure a loan, you do not need a co-signer to get approved. That said, having a co-signer can still increase your chance of qualification. 

No Prepayment Penalties

Many loans come with prepayment penalties if you pay off your loan before the term ends. But QuadFi does not charge any prepayment penalty fees if you’re able to pay down your loan early at some point.  

QuadFi Loan Overview

Loan TypePersonal loansNewcomer loans
Interest Rate5.99% and up5.99% and up
FeesNo No 
Loan Terms36 and 60 months36 and 60 months
Pay Loan Off Early?Yes (no prepayment penalty)Yes (no prepayment penalty)
Loan Amounts$5,000 – $50,000$5,000 – $50,000
Minimum Requirements-Be over 18
-Have Canadian citizenship or permanent resident status
-Be over 18
-Have Canadian citizenship or permanent resident status
-Have been in Canada for 5 years or less

How To Apply For A QuadFi Loan

The QuadFi Loan application process is simple. It just takes a few minutes, and you’ll be pre-qualified with no commitment required. Just follow these steps. 

1. Answer A Few Questions

To find out what type of rate you can get, you’ll first need to answer a few questions. Your answers will help QuadFi determine your financial profile, which will play a role in your eligibility and the rate you may qualify for. 

2. Select The Loan Type

Once you input your information, QuadFi will provide you with your loan options. From there, you can choose your loan and the term length that best fits your needs and proceed with the application if you so choose. 

3. Receive Your Funds 

Before approving and funding the loan, QuadFi will want to verify your information, so you’ll need to go over a few documents and sign them if all is accurate. Once your information has been verified, you’ll receive your funds within 48 hours. 

QuadFi Eligibility Requirements

Depending on the type of loan you choose, the qualification requirements vary slightly. Below are the minimum requirements for QuadFi’s personal and newcomer loan. 

Minimum Requirements For Newcomer Loans 

To qualify for a newcomer loan, you must meet the following:

  • Be over the age of 18
  • Be a Canadian citizen or permanent resident
  • Have been in Canada for 5 years or less

Minimum Requirements For Personal Loan 

To qualify for a personal loan, you must meet the following:

  • Be over the age of 18
  • Be a Canadian citizen or permanent resident

No credit score or minimum income is required to qualify for either loan type. 

Type Of Documents Required 

To verify your information, QuadFi may ask for the following:

  • Employment information
  • Statement of assets
  • Academic records

Cost Of A QuadFi Loan

Most loans come with fees, such as loan origination fees, payment processing fees, and early prepayment penalty fees. However, QuadFi does not charge for any of these. The only thing that you’ll need to pay is interest over the term of your loan and a fee for any missed payments

The following table illustrates and compares the costs of a $10,000 loan versus a $25,000 loan with a 5.99% rate and 60-month term length:

$10,000 Loan$25,000 Loan
Monthly Payment$193.33$483.32
Total Interest$1,599.8$3,999.2
Total Loan Cost$11,599.8$28,999.2

Final Thoughts

If you’re in need of some extra cash to cover a large expense but are struggling to get approved for a loan from a traditional lender, QuadFi may be a great alternative to consider. Newcomers to Canada and students and other young adults who have a thin credit profile may find QuadFi’s unique lending criteria easier to meet in order to get approved for a much-needed loan. 

QuadFi FAQs

How long does approval and funding take? 

Approval can take as little as a few minutes after you’ve answered a few questions about yourself. You should receive your money within 48 hours after loan approval. 

Are there any loan fees?

The only fee you may need to pay is for missed payments. Other than that, you’ll only have to pay interest on your loan amount. 

What’s the difference between a personal loan and a newcomer loan? 

The only difference between these loan types is that the newcomer loan involves the assessment of alternative information from outside Canada. Otherwise, you can qualify for either loan if you’re 18 years of age and older and a Canadian citizen or permanent resident. 

Where are QuadFi loans available? 

QuadFi loans are currently available to residents of Ontario, BC, and Alberta. 

Are there any restrictions on what you can use the loan for? 

The funds received from a QuadFi loan can be used for any expense, such as a home renovation, vehicle purchase, wedding, family vacation, and so forth. 
Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

More From This Author

Special Offers

More From Our Experts
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.
Alberta Aids To Daily Living (AADL)

By Corrina Murdoch

Many who are eligible for the Alberta Aids to Daily Living program remain unaware of it, despite the assistance it can supply.
GenuTax Review

By Trevor O'Hagan

Discover our GenuTax review: a user-friendly, free Canadian tax software. Perfect for simple filings with step-by-step guidance and CRA certification.
Should You Choose A Short-Term For Your Mortgage In 2024?

By Lisa Rennie

*This post was created in collaboration with Mortgage Maestro. Homeowners with mortgage terms coming due soon could be faced with significantly higher...
HSBC Mortgage Fraud: Has It Affected The Housing Affordability Crisis?

By Maidina Kadeer, BA

Have you heard about the HSBC mortgage fraud? Check out how this complex scam may have affected mortgage prices in Canada.
Best Budgeting Apps In Canada 2024

By Trevor O'Hagan

Check out the top budgeting apps currently available to Canadians and learn how to budget, set goals, and save your money.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Expert Tips
And Advice

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card