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Can I still apply for a personal loan during the coronavirus COVID-19 outbreak?

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Can I still apply for a personal loan during the coronavirus COVID-19 outbreak?

Written by Cris Ravazzano
Fact-checked by Caitlin Wood

Can I still apply for a personal loan during the coronavirus COVID-19 outbreak?


Coronavirus Covid-19

A quick update for those of you searching for financial support during these difficult times.

COVID-19 has been dominating the news for a couple of weeks now. As the days go by, we’re noticing more and more people being financially hurt by COIVD-19, due to a number of economic factors like disruptions in the global supply chain, reduced business activity, shaking stock markets, and drops in oil prices. Despite government income assistance, some Canadians may require additional funds such as personal loans to assist them during the pandemic. But with the closures and restrictions imposed on so many businesses, can you still apply for one? 

Are Lenders Still Operating?  

Yes, despite the closure of many non-essential businesses, financial institutions, grocery stores and pharmacies are still open to the public. If you’re currently struggling financially and need some help to alleviate some of the pressure, a personal loan is a viable option. Most of the lenders on our network are still operating, which means that if you are searching for a loan you can still apply for a loan with Loans Canada.

Here are some quick links to our loan application forms:

Loan Type
Unsecured Personal LoanMore InfoApply Now
Debt Consolidation LoanMore InfoApply Now
Car Repair LoanMore InfoApply Now
Guarantor (Cosignor) LoanMore InfoApply Now
Consumer Proposal Payoff LoanMore InfoApply Now
Credit Rehab Savings LoanMore InfoApply Now
Small Business LoanMore InfoApply Now
Car LoanMore InfoApply Now

When Should You Apply For a Personal Loan?

Lack of an Emergency Fund

If you do not have an emergency fund and are expecting to be laid off or have your hours reduced due to COVID-19, you should put all your strength into building an emergency fund while you can. This can help ease the financial burden you will face if you lose your job or have your hours cut If you don’t have that luxury, and are already experiencing income loss, then a personal loan is a good alternative to cover costs.   

You’re Laid off and the Government Assistance Can’t Cover Your Future Costs

A personal loan is also a good alternative when the financial assistance the government provides isn’t enough to cover your costs. While trimming your expenses to the bare minimum is one way of reducing costs, sometimes you just need some extra money to get you through the next couple of months. 

How Can a Personal Loan Help?

There are a number of reasons personal loans are a popular choice amongst consumers for debt-consolidation and purchasing expensive products. 

Repayment period: Personal loans typically have a repayment period of 1 to 3 years, giving you ample time to repay certain debts or expenses. It also gives you time to rebuild your finances and find a new source of income. 

Versatility: Personal loans are also very versatile, in terms of who offers them and what you can use them for. Many lenders provide personal loans to people with varying financial profiles. So, if you have a history of bad credit, good credit or are unemployed, there are lenders who will provide you with funds to help you. Personal loans can also be used for anything you need, there are no rules or restrictions on what you can or cannot cover.

Interest Rates: Personal loans have a much lower interest rate than credit cards, making it a popular choice when consolidating high-interest debts. 

Why Choose Loans Canada? 

At Loans Canada, we put you in touch with a number of lenders your file is eligible for with just one application. We make the loan search process a breeze with our lender review database. It allows you to evaluate hundreds of lenders on a number of factors in one click. That paired with our financial education blog, you will have all that you need to make an informed decision.  

Keep Up To Date On COVID-19

Frequently Asked Questions

How much money can I qualify for? 

Most lenders can provide up to $35,000 dollars, but the amount you receive depends on numerous factors like your credit score, credit history, income, job stability, your debt amount, etc. The better you look on paper the more money you will qualify for. 

How can Loans Canada help me find a personal loan? 

You can submit a request to be matched with a personal loan provider here. Once you have submitted a request you’ll be automatically matched with a lender that meets your unique needs. 

How long does it take to get a personal loan? 

It can take less than a day to be funded, depending on the lender you work with. 

Is the government of Canada providing loans? 

The government of Canada announced several forms of income support for Canadian workers affected by the COVID-19 outbreak, you can read more about this support here. In addition, the government has also created a service called COVID-19 Emergency Loan Program. This loan program is to help Canadians who are abroad come back home. 

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