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Vancouver is a city filled with business, so it’s not surprising that there’s a huge variety of financial firms and lenders in the area. The number of lending institutions to look into might leave you lost for choice on which institution to secure your loan with, but the lenders down the street may not be the best options for you. These days there are many alternative options to traditional loans, namely online loans, that are easy to apply for and come with fast approval.
Online loans in Vancouver usually offer better conditions and more options that will likely work better for you. Here at Smarter Loans we want to help you get the best loans as quickly as possible, so that you can take advantage of the financial boost. Our comprehensive list of pre-vetted lenders will help you find fast loans from reputable firms. Simply choose a Vancouver loan provider from the list below, and we’ll get you connected. You can also apply directly from our site!
Vancouver’s size and position as a key hub in B.C. means it’s home to many different loan providers, including:
In addition to all of the above, if you are searching for certain specific loans (for example, a student loan or a startup loan), you may be able to access help through the government – federal, provincial or local. So there’s no shortage of options for Vancouverites looking for financing.
Vancouver residents need financing for all aspects of their lives, business and personal, and luckily there are a range of different loans to suit every need. If you need a quick injection of cash to help manage general, short to medium term expenses, then you might consider:
If you’re making a specific purchase, then you might be better off looking for one of the following:
Or, for business purposes, you can choose from:
All of the above range in cost, processing time, and eligibility requirements, so be clear about what you need, why you need it, and how quickly you need it.
All financial lenders have their own unique eligibility requirements, but generally speaking, Vancouver lenders will require a minimum of:
These are the most basic criteria, but there will be others, with the exact list dependent on the company and loan you’re applying for. Traditional loan companies require a minimum credit score of 600, and proof of income. Alternative lenders are likely to be more flexible about their qualification criteria. Some even accept borrowers with bad credit or no income.
Vancouver is home to nearly 80,000 businesses, and many rely on external financing at some point – for vehicles, equipment, cash flow, property, expansion, emergency expenses or something else entirely. The depth of Vancouver’s business community means that there are many financing options available locally, but there are eligibility requirements for most business loans.
Generally, traditional lenders will want to see:
If your business does not meet one or any of these requirements, a loan may still be possible, but an alternative lender with more flexibility is probably better placed to help you. Or, you may be eligible to receive financial aid from the provincial government or the city government.
The average credit score in Vancouver is 687 – slightly higher than the national average of 650. Anyone with a score of less than 600 is considered a “risky” borrower, and may struggle to get financing through a bank or credit union. For this reason, alternative lenders who work with borrowers with lower credit scores are available. These alternative lenders usually charge a higher than average interest rate, to offset the greater risk of lending to these borrowers. But this does mean that you should be able to access a loan, regardless of your credit.
Unemployment in Vancouver stands at 11.1%, and unfortunately for this portion of the population, traditional lenders like banks and credit unions won’t work with borrowers who have no income. However, alternative lenders are more flexible, and there are some who will work with you even if you are unemployed. This means that access to affordable financing isn’t out of reach, but bear in mind that these lenders usually require some collateral, charge a higher interest rate, or have other conditions to help offset their risk.
Interest rates on loans vary according to the loan type, size, term, downpayment, and the borrower’s financial profile. In general, the best rates are reserved for those with excellent credit and high income.
Here’s a quick breakdown of typical rates on the most popular type of loans:
Vancouver’s median income is $72,662, and the average credit score is 687, so many in the city will qualify for competitive interest rates. Those with poor credit, a bankruptcy in their past, or no income will have to pay more for a loan.
The amount you can borrow with a personal loan depends on who you borrow from, your credit score, your income, and your existing debt levels. The better your financial position, the more you will be able to borrow. Loans up to $50,000 are possible for the most qualified borrowers in Vancouver, but you don’t have to borrow this much. You can get as little as $500 if that’s all you need.