Compare The Best Providers For Short Term Loans Quebec November 2021

Written By Lisa Rennie
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 22.99% 24 - 60
$1,000 - $3,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Credit Matik
$250 - $1,250 22% 3 - 6
$250 - $1,250
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Prêt Express 911
$250 - $1,250 22% APR -
$250 - $1,250
Refresh Financial
$1,600 - $25,000 19.99% APR 36 - 60
$1,600 - $25,000
goPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Lendful
$5,000 - $35,000 9.9%+  6 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Fina Capitale
Up to $50,000 14% - 34% Up to 60
Up to $50,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash Depot
$300 - $1,500 32% APR 3 - 5
$300 - $1,500
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Fairstone Financial
Up to $50,000 19.99% - 39.99% 6 - 120 Months
Up to $50,000
LendingMate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
LoanMeNow
$500 - $1000+ 28%-32% 3
$500 - $1000+
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Loop
- - -
-
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Desjardins
Up to $100,000 - -
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Capital
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 29.99% 12 - 72
$1,000 - $3,000
Alphera Financial Services
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
$25,000 - $150,000 1% monthly 12
$25,000 - $150,000
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Turnedaway
- - -
-
REICO
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

For those living in Quebec who find themselves struggling to cover a pressing expense every now and then, a short term loan might be the option you’ve been looking for. Regardless of what expense has suddenly fallen on your lap, a short term loan in Quebec may be just what you need to bail you out of your financial situation.

Looking for a regular loan in Quebec, take a look at this other article.

What is a Short Term Loan?

Short term loans are basically loan products that require full repayment within a relatively short period of time. Typically, these loan terms are for anywhere between one and two years.

During this time, the loan balance must be repaid in installments over regular pay periods. Each payment includes a principal portion as well as an interest rate portion. The payments are made until the full balance is repaid.

The interest rate charged will depend on several factors, including your credit score, income, debt load, and the lender supplying you with the loan.

Are Short Term Loans the Same as Payday Loans?

It’s not uncommon for short term loans to be confused with payday loans, mainly because of their short repayment periods. But they are completely different loan products and here are the main ways in which they differ:

Repayment – As mentioned earlier, short term loans are repaid in installments until full repayment is due. Payday loans, on the other hand, are repaid in one lump sum, usually by the time borrowers receive their next paycheck.

Interest rate – Short term loans in Quebec typically come with higher interest rates than conventional long-term loans, but they pale in comparison to the interest rates that come with payday loans. Lenders in the payday loan sphere charge borrowers upwards of 500% or more in interest, making payday loans a much more expensive loan product.

Approval requirements – Short term loans are relatively easy to get approved for in comparison to conventional loans, but payday loans are usually approved with far fewer requirements needed. Payday lenders don’t usually ask for anything more than a person’s income, age, and contact information.

How to Break The Payday Loan CycleNeed to break free of the payday loan cycle? Check this out

What is the Approval Process For Short Term Loans?

Generally speaking, lenders will want to assess the following factors before approving you for a short term loan in Quebec:

Income – Obviously, lenders will want to make sure that you will be able to afford your loan repayments. As such, they will want to see what your income is like and compare it to the amount of money you wish to borrow.

Making a low income? Here’s how you can get out of debt fast.

Debt – The amount of debt that you have on the books can make it more difficult for you to repay your loan. Even if your income is high, your outstanding debt obligations could be taking up much of what you bring in every month. Ideally, your debt amounts should not be too much relative to your income in order to get approved for a short term loan in Quebec.

Credit Score – Lenders prefer to work with borrowers with good credit scores. The higher the credit score, the better. This shows lenders that borrowers are responsible with their debt and have a history of making timely payments in full every billing period.

On the other hand, a low credit score is usually reflective of a bad payment history whereby payments have been late or missed. Low credit borrowers are considered riskier in the eyes of lenders, making it more likely that a loan application would be denied.

Can I Get Approved For a Short Term Loan With Bad Credit?

Getting approved for a short term loan in Quebec will prove to be more difficult with bad credit. That said, it’s still possible. If you have bad credit and are looking for a short term loan, you may have more success by working with a lender who deals specifically with bad credit borrowers.

Rather than focusing on credit scores, these lenders will place more emphasis on income and debt. If you can show bad credit lenders that you have a healthy income and a relatively low debt load, you may be able to qualify for a bad credit loan.

However, it should be noted that borrowers with bad credit are sometimes charged a higher interest rate than borrowers with good credit.

In addition, it’s important to be on the lookout for lenders who claim to guarantee approval for short term loans. Legitimate lenders cannot guarantee loan approval without looking into the credentials of borrowers. Any lenders who promise loan approval up front are likely involved in scams and should be avoided.

Trying to identify a loan scam? Watch this video.

If time is on your side, you’d be well advised to take steps to improve your credit score before applying for a loan. A higher score will afford you with more options when it comes time to apply for a short term loan, and you’ll have a much better chance of getting approved with more favourable loan terms.

There are several things you can do right now to give your credit score a boost over the next few months:

  • Make all payments on time every month
  • Make payments in full
  • Utilize no more than 30% of your credit card limit
  • Don’t close out any old credit accounts that still have outstanding balances on them
  • Pay down your debt

The True Cost of BorrowingDo you know what the true cost of borrowing is? Find out here

What Can I Use a Short Term Loan For?

There are seemingly endless ways to use the funds from a short term loan in Quebec, including any one of the following:

  • Car repairs
  • Home improvements
  • Last minute emergencies
  • Travel expenses
  • Building credit

Whatever pressing expense you need to cover, the funds from a short term loan can help.

For more information about the expenses, you can tackle with a short term loan, click here.

Frequently Asked Questions

How large can a short-term loan be? 

Short-term loans come in a variety of forms. $1500, or less, is the typical loan amount. The terms of these types of loans are usually 2 to 8 weeks, although up to 3 months is not uncommon. Short-term loans can take the form of a payday loan, a credit card, or a personal loan. Shorter terms mean higher interest rates. Credit cards and personal loans usually clock in between 10% and 36% APR, not exceeding the max allowable rate of 60%. Rates of 500% or more are typical of payday loans since they have the shortest terms in this category. Quebec is one of the only provinces that doesn’t designate special interest rates for payday loans, effectively making them unavailable in the province. 

I have poor credit. Can I still qualify for a short-term loan in Quebec? 

In many cases, you can still qualify for a short-term loan even if you have a bad credit history. Some providers don’t use a credit check to approve your short-term loan. They’re more concerned with short-term financial health to see if you can afford the payments. This typically means you’ll need to do additional verifications for your identity, banking details, address, and source of income. Another way to get approved is by securing your short-term loan with collateral, such as a vehicle. Likewise, backing a secured credit card with a security deposit is another way to get short-term credit while also rebuilding your credit history. 

What happens if I pay off my short-term loan early?

Paying off a short-term loan early can save you money. Most credit cards, for example, have a grace period during which you pay no interest so long as you pay in full before the next due date. However, keep in mind that cash advances on credit cards accrue interest immediately. Personal or installment loans shouldn’t have a penalty if the contract states they are open-end agreements. However, closed-end or fixed-term loans may have a penalty for paying them off early. Consult with your provider to determine this. 

Apply Today For a Short Term Loan In Quebec

Not every loan type is right for everyone, which is why you should do your due diligence to apply for the one that suits your specific financial situation. If you’re ready to apply for a short term loan, be sure to get in contact with the professionals at Loans Canada today to find the best short term loan product for you.

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