Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- Up to 34.99%
- Term
- Up to 60 months
Taking out a loan can be a smart way to manage a big expense, but with so many options, finding the right fit isn’t always easy. This guide will simplify the process and help point you toward a loan and repayment plan that aligns with your financial situation.
Getting A Loan In Quebec? Here’s What’s Worth Checking Out
Several loan options are available to Quebec residents, including the following:
Personal Loans
With a personal loan, you can borrow a certain amount of money that can be used for various purposes, including debt consolidation, car repairs, and home improvements. Funds are repaid in regular installment payments, including principal and interest, over a set term. Personal loans are often unsecured, which means you don’t need to offer collateral.
Your interest rate is determined by factors such as your credit score, income, and the lender’s terms. Once approved, the loan amount is deposited directly into your account, and repayments begin and continue until the full amount is repaid.
Personal Loan Features
| Loan Amounts | $500 — $35,000+ |
| Interest Rates | 9.99% — 35% |
| Loan Terms | 3 – 60 months |
Learn more: Best Personal Loans In Canada
Lines Of Credit
A line of credit is a flexible form of revolving credit that lets you borrow up to a specific limit as needed. You’re only charged interest on the amount you use. Once you repay the borrowed funds, they become available again.
A credit line offers a convenient way to manage unpredictable expenses without the need to reapply for financing as the need for extra money comes up.
Line Of Credit Features
| Loan Amounts | $5,000 — $100,000+ |
| Interest Rates | Typically variable rates, which are based on the lender’s prime rate |
| Loan Terms | Open-ended; can be paid back any time |
Learn more: Best Line Of Credit Rates In Canada
No-Interest Cash Advances
Several financial apps are available in Canada that offer no-interest cash advances and flexible lines of credit. These tools let you access funds fast without paying any interest, making them a handy and affordable solution for short-term financial needs.
A couple of great options include the following:
| Bree | Bree offers up to $500 in interest-free cash advances with no credit checks, helping consumers avoid overdraft fees. |
| Koho Cover | KOHO Cover offers instant cash advances of up to $250 with no interest charges. It’s designed to help consumers cover unexpected expenses and avoid NSF fees. |
| Money Up | MoneyUp is an app offering instant lines of credit up to $1,000 with no credit check, designed to help users manage finances and access quick funds. |
| Nyble | Nyble is a credit-building platform that provides a zero-interest line of credit of up to $250 and free credit score tracking. |
Payday Loans
A payday loan is a short-term borrowing option that provides up to $1,500, typically repaid in a single lump sum by your next payday. Loan terms are very short and are typically no longer than 62 days.
While approval is fast and no credit checks are required, the very high fees and tight repayment window make payday loans a costly choice. It’s best to explore other, more affordable alternatives first before opting for a payday loan.
| Note: Payday loans are difficult to find in Quebec. This is because lenders in the province are not permitted to charge any more than 35% APR, which doesn’t make these small loans very profitable. |
Payday Loan Features
| Loan Amounts | Up to $1,500 |
| Interest Rates | Up to 35% APR |
| Loan Terms | No longer than 62 days |
Learn more: Payday Loans Quebec
Thinking About Applying For A Loan? This Is What Lenders Expect
While loan requirements can differ by lender, most loan providers in Quebec look at the following factors:
- Residency: You must live in Quebec.
- Income & Debt-To-Income (DTI) Ratio: You must show proof that you earn enough to cover both loan payments and your current bills.
- Employment: A steady job for at least 3 to 6 months is preferred. However, payday lenders often accept non-employment income, such as government benefits or pensions.
- Credit Check: Many lenders check your credit history, though payday lenders usually skip this step.
| Can You Qualify With Bad Credit? Yes, you can get approved for a loan with bad credit. However, you’ll need to apply with an alternative lender, as traditional loan providers require good credit. |
Learn more: Personal Loan Eligibility Requirements For Bad Credit Lenders
How To Apply For A Loan In Quebec
To apply for a loan, follow these steps:
Step 1: Decide What You Need
Determine what you need the money for. For instance, are you looking to consolidate debt? Do you need to repair your car? Are you looking to update your home?
The purpose of the loan, as well as the loan amount needed to cover your expenses, should be carefully considered before choosing your specific loan type and the exact amount you want to borrow. It’s best to borrow only what you need and not a penny more to avoid overleveraging yourself and adding more debt to your pile than necessary.
Step 2: Check If You Qualify
Find out the exact loan criteria the lender requires, and make sure you meet these criteria. For instance, if you have bad credit, make sure the lender you’re considering accepts low credit scores.
Applying with a bank when you have bad credit, for instance, will likely wind up in loan denial. Instead, you may want to focus on alternative lenders in this case.
Step 3: Fill Out A Simple Form
The easiest and fastest way to apply for a loan is by using an online loan comparison platform like Loans Canada. With this option, you can quickly find top-rated lenders in Canada and submit a request directly through this platform. The application process is quick and secure, and you’ll be matched with the best available offers.
Step 4: Get A Quick Answer
The amount of time you have to wait for approval depends on the lender. That said, some lenders respond in as little as a few minutes. Be sure to carefully review the loan contract, then sign it.
Step 5: Get Funded
Funds are often directly deposited into your bank account or sent via e-transfer.
Can I Get Guaranteed Loan Approval?
No, lenders cannot guarantee loan approval. Any lender that promises approval without checking into your finances should be avoided. Legitimate lenders will always do some sort of vetting before extending a loan — even payday lenders.
That said, there are steps you can take to improve your odds:
- Watch Your Debt-To-Income Ratio: Keep your DTI ratio to under 35% by managing monthly debt payments in proportion to your income.
- Get A Cosigner: A financially stable cosigner with strong credit can strengthen your application if you have bad credit or lower income.
- Pick The Right Lender: Some lenders may be more flexible with credit and income requirements. Find one that fits your financial profile.
| Struggling With Bad Credit? If a low credit score is standing between you and the funds you need, it’s time to take action. Take some time to strengthen your credit score before applying for a loan by using credit-building tools like secured credit cards, savings loans, and rent reporting services. A higher credit score means better chances of loan approval and lower interest rates. |
How Can You Find The Right Lender In Quebec?
There are plenty of shady lenders in Quebec trying to take advantage of unsuspecting borrowers, especially in the high-cost credit space. If you’re suddenly offered a large loan with ultra-low interest rates — even when you didn’t expect to qualify — take a step back. Chances are, it’s too good to be true.
Trust your instincts, do some homework, and never rush into a loan contract. Legitimate lenders don’t hand out money without first verifying your income or credit.
You can use Quebec’s online business register to search for a company — including lenders — to get more information about them before applying for a loan.
| Are You A Victim Of Loan Fraud? Act Fast If you’re facing loan or identity fraud, it’s important to take quick action. Here’s who you need to contact right away: Your Bank: Report suspicious activity and secure your accounts. Credit Card Providers: Flag fraudulent charges or accounts. Local Police: File an official police report to begin an investigation. Credit Bureaus: Alert Equifax and TransUnion to protect your credit profile. Any Organizations Where You Hold Accounts: Notify any entities that have your personal info or credit accounts to let them know your data may have been compromised. Reach out to the Office de la protection du consommateur (OPC) for assistance and additional guidance: – 400 Bd Jean-Lesage bureau 450, Québec, QC G1K 8W4 – Telephone: Montréal: (514) 253-6556 Québec: (418) 643-1484 Other areas: 1 (888) 672-2556 Learn more: https://www.opc.gouv.qc.ca/contact/consommateur/ |
Can I Apply For A Loan In-Person?
While most alternative lenders operate online, some offer in-person loan services. If you prefer face-to-face assistance, you can apply at a physical location with lenders such as the following:
| Locations | |
| Fairstone | – 630 René-Lévesque Blvd W #1400, Montreal, Quebec H3B 1S6 – 2800, avenue Saint-Jean-Baptiste, bureau 160, Québec, QC G2E 6J5 – 520 Bd Saint-Joseph #5, Drummondville, QC J2C 3C6 – 2677 Bd Casavant O, Saint-Hyacinthe, QC J2S 8B8 Find a Fairstone branch near you. |
| easyfinancial | – 552 Wilfrid-Hamel Blvd O11A, Québec City, Quebec G1M 3E5 – 999 Chem. des Quatre-Bourgeois Unit 11, Québec City, Quebec G1W 4S6 – 1805 Saint-Martin Blvd W, H7S 1N2, Laval, QC – 3493 Notre-Dame West, Montreal, QC H4C 1P3 Find an easyfinancial branch near you. |
| Money Mart | – 6375 rue Sherbrooke Est, Montréal, QC H1N1C4 – 4052 rue Jean Talon Est, Montréal, QC H2A1Z1 – 434 boulevard St-Joseph, #A, Gatineau, QC J8Y3Y7 – 505 boul. des Laurentides, Laval, QC H7G2V2 Find a Money Mart branch near you. |
Don’t Forget To Take This In Consideration Before Applying For A Loan
Before taking out a loan in Quebec, be sure to consider the following first:
Is Getting A Loan The Smart Move Right Now?
Before completing a loan application, it’s important to consider whether taking on more debt is worth it. Here are a few scenarios when the pros of applying for a new loan outweigh the cons:
- Spread out the costs of a big expense: If you have a large expense to cover and the purchase simply can’t wait, splitting the cost up into installments can help you fund the purchase, making payments fit in better with your budget.
- Covering emergency expenses: A last-minute, urgent expense may catch you off guard financially. In cases like this, a loan might be worthwhile, as long as you can afford to repay it.
- Cover rent or other essentials: Certain bills cannot be paid late, or you’ll face consequences. Things like rent and utilities need to be paid on time, but if money is tight, a quick loan can be a lifesaver.
Compare Loan Offers & Get Pre-Approved
Take a few minutes to compare lenders and their offers to see where the best deal lies based on your financial and credit profile. Luckily, you can do this quickly and easily using an online loan comparison platform like Loans Canada.
Getting pre-approved should also be part of the initial process, as it tells you what you can get approved for. That way, there are no unpleasant surprises when you formally apply.
Do You Have A Bank Account?
Having a bank account is a standard loan requirement. Lenders often use instant bank verification (IBV) to instantly verify your income, spending habits, and account activity, which speeds up approval and reduces paperwork. A bank account is also needed so lenders can deposit funds and set up automatic repayments.
Fortunately, opening a bank account in Canada is easy and can be done for free. In fact, many online banks even offer unlimited transactions along with zero monthly fees.
Learn more: Where Can You Get Free Bank Accounts In Canada?
How Much Will Your Loan Cost You?
Understanding the full cost of a loan ensures that you don’t take on more financially than you can handle. Loan costs depend on the following factors:
- Interest rate: A higher rate means you’ll pay more in borrowing costs over time, which can significantly increase the total amount repaid.
- Loan term: Longer terms may reduce monthly payments but mean more interest paid, increasing the overall cost.
- Loan amount: Larger loans not only increase the total amount you have to repay, but they may also come with higher rates or stricter lending requirements.
Personal Loans vs. Payday Loans vs. Lines of Credit: What’s The Difference In Cost?
How do the costs of personal loans, payday loans, and credit lines compare? The following table illustrates an example of cost differences for a $1,500 loan:
| Loan Type | Interest Rate (APR) | Term | Required Payment | Total Payment |
| Personal Loan | 9.9% | 12 months | ~$132/month | ~$1,584 |
| Payday Loan | $14 per $100 borrowed* | 14 days | ~$1,710 (paid in a lump sum) | ~$1,710 |
| Line of Credit | 14.9% | Revolving | ~$135/month | ~$1,620 (if paid over 1 year) |
Note: Calculate your loan cost with Loans Canada’s online loan calculator.
Need More Financial Help? Consider These Financial Assistance Programs
| Social Assistance Program | Learn More |
| Social Solidarity Program | Learn More |
| Basic Income Program | Learn More |
| Rent Supplement | Learn More |
| Low-Rental Housing | Learn More |
Bottom Line
If you live in Quebec and are in the market for a loan to purchase a house, consolidate debt, or even cover the cost of an unexpected expense, Loans Canada can help. We work with a wide variety of lenders and can match you with the one that fits your needs. From personal loans to credit lines, to payday loans and beyond, there’s a financing solution that’s right for you.
