Loans Newfoundland, Canada

Find Top Financing, Leasing and Loan Providers in Newfoundland, Canada.

Believe us when we say bad credit will not affect you from getting the personal, auto, equipment or business loan you need. We work with many high quality, reputable lenders in Newfoundland who look at much more than your credit score, and are able to offer personal loans, business loans, auto, mortgage, equipment loans and much more, within just a few days of applying.

Even bad credit loans in Newfoundland can be easily achieved by using one of the highly reviewed providers below. You can browse products, compare rates, and read articles about different loan providers in Newfoundland. Choose one of the lenders below to get started and hit “Apply Now” next to the company of your choice. Alternatively, you can “Pre-Apply” and let us connect you with the most suitable provider in Newfoundland. It’s that simple!

Frequently Asked Questions About Loans in Newfoundland and Labrador


How do I qualify for a loan in NL?

Different loan types (and different lenders) have their own qualification criteria, but generally speaking, all lenders in Newfoundland and Labrador will require the following:

  1. Proof of ID showing that you are at least 19 years old
  2. Proof of address showing your residency in NL
  3. An active bank account

After this, eligibility may further rely on your credit score, income level and existing debts – as lenders will seek to verify that you’ll be able to pay back the loan. For example, it is standard for more traditional lenders to require a credit score of at least 600. It’s also worth bearing in mind that the larger a loan is, the harder it is to qualify for.

What kind of loan can I get in NL?

Although the province is one of the smallest, the NL loan market still offers a wide range of loan types for all its residents to choose from. So regardless of your need, there should be a product to suit you. This includes:

  • Mortgages
  • Auto loans
  • Truck/trailer loans
  • Bad credit loans
  • Personal loans
  • Credit cards
  • Commercial loans
  • Invoice loans
  • Equipment loans
  • Boat loans
  • Aviation loans
  • Home equity lines of credit
  • Payday loans
  • Installment loans
  • Same day loans
  • Title loans
  • Debt consolidation loans

Where’s the best place to get a loan from in NL?

NL’s half a million residents may not have as many options when it comes to loan providers as some of their fellow Canadians in larger provinces, but there’s still a choice to be made. The majority of residents get financing help from a bank or credit union; this is particularly convenient if you live in St John’s. However, other options are available, and the best choice for you will depend on what kind of loan you want and your personal financial circumstances.

Banks and credit unions are much more accessible in the province’s capital than in rural areas or in Labrador; they tend to have stricter eligibility requirements than alternative lenders, but also offer competitive rates to those with good credit and a steady income. If you need more flexibility, an alternative lender such as a specialty financial provider is probably a better bet. And online lenders are a good choice for those who want convenience, live rurally, or need quick approval.

How quickly can I get a loan in NL?

Processing times for loans vary by lender; traditional lenders generally take the longest, sometimes up to weeks. Alternative lenders usually fare better, especially if they are dedicated loan companies, and especially if they offer fast turnaround as a perk. Depending on the type of loan and who is offering it though, you may have limited access to a physical location in NL. Most available specialty financing companies are centred in St John’s. Online lenders tend to be the fastest and most accessible type of lender, and can process a loan application in just a few days. There are even same day lenders for certain types of online personal loan.

How do I choose the right NL loan for me?

Choosing the right loan starts with understanding exactly what you need. Not every loan is the same, and depending on your financial need, some loans will work for your circumstances, and some won’t. So step one is identifying the type, size and duration of your loan. Step two is researching which lenders in the province offer this, and which lenders’ eligibility rules you meet. This should give you a shortlist of companies who can help you. Step three is then comparing costs: interest rates, fees, and so on. This is probably the most important factor when picking a loan. If you borrow more than you can afford to repay, you are guaranteeing future financial problems.

Can I get a loan in NL with bad credit?

It is possible to get a loan with bad credit, but it may cost a little more. The average credit score in NL is 664, and the standard required minimum from lenders is 600. So the portion of the population that falls below this minimum level is going to run into some trouble when trying to get a loan from a bank or credit union with strict eligibility rules. However, there are bad credit loan providers in the province who specifically work with those who have a lower credit score; the offset is that you will probably need to pay more in interest.

Can I get a business loan in NL?

NL is home to almost 16,000 businesses and a provincial government keen to encourage more local investment, so finding a business loan is not as difficult as you might think. Lenders offer many different types of commercial loan, for many varied needs. Most standard business loans have competitive rates, and require the applying entity to show:

  1. A business history lasting at least two years, including bank statements and tax returns
  2. A business plan
  3. Proof of revenues, profitability, and projected future revenues
  4. Collateral (for property, equipment, invoice and vehicle loans)
  5. Credit history for the business and the business’s owners

There are loans available to businesses who do not meet these criteria – for example, bad credit business loans, startup loans, and so on. Just be aware that these specialized commercial loans may not be available from every provider. And bear in mind that an alternative to a private loan is a federal or province-backed loan. These can be especially helpful for small businesses and new enterprises.

How do I get a mortgage in NL?

Getting a mortgage in NL means meeting some standard requirements:

  • Be a Canadian resident
  • Be at least 19 years old
  • Have proof of sustained income (usually for a minimum of 2 years)
  • Have proof of continued employment
  • Pass a credit check
  • Meet the minimum required down payment (5% for properties valued under $500,000)

The average house price in NL is $239,500, so the average minimum required down payment is $11,975. The above sets basic eligibility, but the details of your personal finances will determine how much you can borrow. A general rule of thumb is that a lender will cap your borrowing to come out as no more than 28% of your monthly gross income in repayments.

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