Best Personal Loan Rates for November (Canada)

When they need financing, Canadians can apply for personal loans and receive the amount they need safely to overcome their financial issues.

Types of Personal Loans

  • Unsecured Loans: Those types of loans do not require the borrower to pledge an asset as security to guarantee the loan. They usually come up with higher interest rates and applicants with higher credit scores are more likely to be approved.
  • Secured Loans: Those types of loans require the borrower to pledge an asset (house, car, valuable jewelry) as collateral to guarantee the loan. They usually come up with lower interest rates and are easier to qualify but borrowers have the risk of losing their asset if they default on the loan.
  • Reverse Loan/ Cash Secured Savings Loan: Customers can deposit the money that they may want to borrow later and withdraw that amount as a loan to cover emergency expenses afterwards.

How To Apply for a Personal Loan in Canada?

Applicants need to meet the minimum eligibility criteria:

  • Being a Canadian citizen or permanent resident
  • Not being a resident of Quebec or Saskatchewan (for some lenders)
  • Being at least the majority in the province they live in
  • Having no record of a bankruptcy or consumer proposal
  • Having a minimum 12 months of Canadian credit history (depends on the lender)
  • Meeting minimum credit score requirements
  • Having a valid account with a Canadian bank
  • Having a valid e-mail address

Once they found eligible, applicants need to verify their bank accounts and provide necessary documentation including:

  • Proof of income (recent pay stubs)
  • Proof of identity (drivers licence, photo ID or passport)
  • Proof of residence (recent utility bill)

Best Personal Loan Rates for November 2019 in Canada

  • Loan Connect Unsecured Short-term Personal Loans: Customers can borrow starting from $500 up to $50,000 to repay within 60 months with an interest rate ranging between 4.8% and 46.96% due to their credit profile and other factors.
  • Refresh Financial Cash Secured Savings Loans: Customers can borrow starting from $1,200 up to $5,500 to repay within 60 months with an interest rate ranging between 7.26% and 29.95% due to their credit profile and other factors.
  • Ferratum Unsecured Personal Loans: Customers who have minimum 550 credit score and earn at least $2,000 per month can borrow starting from $2,000 up to $10,000 to repay within 60 months with an interest rate ranging between 18.90% and 54.90% due to their credit profile and other factors.
  • Borrowell Unsecured Personal Loans: Customers who have minimum 660 credit score can borrow starting from $1,000 up to $35,000 to repay within 5 years with an interest rate ranging between 5.6% and 25% due to their credit profile and other factors.