Loans Edmonton

Loans in Edmonton, Alberta

As a centre for commerce in Canada, Edmonton is a rich city filled with financial opportunity. The city’s constantly expanding financial market means that looking for a loan in Edmonton is becoming an easier process everyday. The growing prominence of e-commerce means that lenders are now offering a greater variety of terms, and the ability to get you your money in a matter of hours. Though there are many lenders in the city, there are options in Edmonton that may work better for you than the five main banks.

If you’re looking for a fast loan, an online loan in Edmonton is likely your best option. At Smarter Loans, we know that you want to get approved quickly, and work with a reputable lender. Below you’ll find a comprehensive list of pre-vetted lenders in Edmonton. Check out the table below to see what lenders are offering. You can start the application from their profile page or apply right here on Smarter Loans, we’ll help connect you with the right lender.

Frequently Asked Questions About Loans in Edmonton 

How do I qualify for a loan in Edmonton?

All personal loan companies have slightly different qualification criteria, so you always need to check a company’s specific rules before you apply with them; but there are only a few absolute musts:

  1. You must be able to show ID indicating that you are at least 18 years
  2. You must be able to show proof of address
  3. You must have an active bank account

These are the most basic criteria, but many lenders will also want to see:

  • Proof of income
  • Credit score (often with a minimum threshold of 600)
  • Documents detailing other debts

If you don’t have income and a good credit score, or have lots of other debt, you may still be able to get a loan, but you will probably need to look into alternative lenders rather than traditional lenders like banks and credit unions.

Where can I get a loan in Edmonton?

Edmonton’s size means it has a diverse range of financial companies competing for locals’ business. This includes:

You may even be able to get a loan from the government if you qualify for one of their student loans or commercial financing programs. Take a look at federal, provincial and city information to see if these are relevant to you.

What kind of personal loan can I get in Edmonton?

Edmonton’s 980,000 residents have access to many different types of loans, meaning locals can find affordable financing suited to almost any need. For example, if you need a quick injection of cash to help manage general, short to medium term expenses, then you might consider a:

Or, if you’re making a specific purchase, then you might be better off looking for one of the following:

Rates, processing times and fees all differ across loan types, so do your research and make sure you know what you need a loan for, before you start applying.

What kind of business loan can I get in Edmonton?

Edmonton’s 34,000 businesses might need financing for many different reasons, and luckily there is a commercial loan suited to every situation, regardless of whether you’re in technology, agribusiness, natural resources, or something else. Common business loans include:

How do I qualify for a business loan in Edmonton?

Business loans are generally harder to qualify for than personal loans; most lenders will want to see:

  1. A business history lasting at least two years
  2. A business plan
  3. Proof of revenues, profitability, and projected future revenues (or other proof you will be able to repay the loan)
  4. Collateral (for property, equipment, invoice and vehicle loans)
  5. Credit history for the business and the business’s owners

These are the standard requirements, but there are some lenders who have more flexible eligibility criteria, or who specialize in working with niche needs. For example, startups are common in Edmonton, and these businesses clearly do not have historical business documents to support their loan application. But alternative lenders who specifically work with startups are available, to help these businesses find affordable and realistic financing.

How much can I borrow with a personal loan in Edmonton?

The amount you can borrow with a personal loan will depend on who you borrow from, your credit score, your income, and your existing debt levels. Loans up to $50,000 are possible for the most qualified borrowers, but you don’t have to borrow this much – loans for as little as $500 are available.

Can I get a loan in Edmonton if I have bad credit?

Yes, it is possible to get a loan in Edmonton if you have bad credit. The average credit score in the city is 625, slightly lower than the national average of 650, and anyone with a score of less than 600 is considered a “risky” borrower. Banks and credit unions will not work with these borrowers, but there are alternative lenders who have more flexible terms, and even some dedicated lenders who only work with borrowers with low credit scores. The offset for the lender’s greater risk is typically a higher than average interest rate on your loan.

What’s the best interest rate I can get on a loan in Edmonton?

Interest rates vary according to the loan type, size, term, and the borrower’s financial circumstances. Mortgages tend to have quite low rates, in the 2-5% range, with an average of 3%. Personal loans have higher rates: the average is 9.5%, but this can range from as low as 4.5% to as high as 50%. Bad credit loans have higher rates in general, averaging 20%. In general, the best rates are reserved for those with excellent credit and high income. The average income in Edmonton is $95,840, so many residents qualify for competitive rates.

How do I choose the best place to get a loan from in Edmonton?

The majority of Edmonton’s residents get their loans from a bank or credit union. This isn’t necessarily because they are the cheapest or best, but they are the most common – there are over 680 bank branches across Alberta. But other options are available; the online loan market is growing quickly and can offer good deals and a quicker turnaround than traditional lenders. However, the best place for you to get your loan will depend on what kind of loan you want and your personal circumstances.

Banks and credit unions have strict eligibility requirements, but they offer competitive rates to those with good credit and a steady income. If you need more flexibility, an alternative lender is a better bet. Online lenders are a good choice for those who want convenience and quick approval. Your priorities dictate who best serves your needs.

Different Types of Loans in edmonton, alberta

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