Loans Nunavut

Find Financing, Leasing and Loan Providers in Nunavut, Canada.

If you have are in need of a business loan or personal loan in Nunavut, then the Smarter Loans online directory is the right place for you. Even if you have less than perfect credit, don’t worry, many of the lenders are able to offer bad credit loans in Nunavut as well.

Many people in Nunavut take out loans to pay for unexpected expenses, repair their car, do renovations, support their small business, buy or lease equipment and many other reasons.

Smarter Loans will let you easily find any kind of financing you are looking for in Nunavut. Whether it is a personal loan, small business funding, heavy machinery or equipment leasing, you will find a reputable Nunavut loan provider below.

We understand that getting financing from a bank can be time consuming and difficult, which is why we provide you with with a list of only the best, highly reputable loan providers in Nunavut. You can select one of the lenders below and click “Apply Now” next to one of them to get started or pre-apply at Smarter Loans and we will connect you with the most suitable loan provider in Nunavut.

Frequently Asked Questions About Loans in Nunavut

How do I qualify for a loan in Nunavut?

Living in Nunavut comes with many challenges, but accessing affordable financing need not be one of them. There are only three absolutes when it comes to qualifying for a loan:

  1. You must be at least 19 years old
  2. You must be a resident of the province
  3. You must have an active bank account

After this, every lender has their own eligibility requirements, which can vary quite a bit depending on what type of loan you’re looking for. Generally, lenders will need to see proof of ongoing income and a borrower credit score of at least 600. The average credit score in the province is currently 644. However, there are enough different lenders that you can find one to suit your circumstances, even if you don’t meet these standards.

Where can I get a loan from in Nunavut?

Nunavut may only have 40,000 residents, but this doesn’t mean there aren’t choices when searching for a loan provider. Broadly, these fall into several categories:

  • Banks & credit unions
  • Online lenders
  • Payday lenders
  • Other financial service companies, like:
    • Mortgage companies
    • Auto loan providers
    • Credit card companies
    • No credit check lenders
    • Bad credit loan providers
    • Vehicle specialists
  •  Federal and provincial programs

The best lender for you depends on the type of loan you need and your financial circumstances. If you live outside of Iqaluit, location might also be a factor if you need to visit a physical location to complete your loan.

What kind of loan can I get in Nunavut?

Nunavut residents have the lowest level of liquid assets of any population in the country. The average is just $57,261, compared to $278,038 nationally. So it’s no surprise that many Nunavummiut need extra financial help from time to time – and luckily there’s no shortage of options, including:

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

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

A personal loan is a versatile form of financing that can be used for almost anything, from covering emergencies to funding purchases. Although the level of consumer debt in Nunavut is the lowest of anywhere in the country, at just $20,923, this type of loan is nevertheless a popular option for those seeking flexible, short or medium term financing. The amount you can borrow depends on your credit score, income, and existing debt payments, and the range is $500 to $50,000 – with higher amounts reserved for the most qualified borrowers.

How do I choose the right loan for me?

Choosing a loan may seem overwhelming, but it need not be. Here are some simple steps to ensure you find the right product for you:

  • Step One: Understand what loan you need – what it’s for, how much you need, for how long, and so on.
  • Step Two: Find loan providers that have what you need.
  • Step Three: Narrow down this list of providers by examining their eligibility criteria, and weeding out those who won’t approve you. This means you should know your credit score, your income, and how much other debt you have.
  • Step Four: Check the reputability of the companies you are considering to eliminate any untrustworthy providers.
  • Step Five: Compare costs to find the best deal. This means considering interest rates, loan term, and fees.

As a resident of Nunavut, product choice and interest rates may not be as competitive as elsewhere in the country, as the loan market is smaller – but you should still be able to shop around for a good deal.

Can I get a business loan in Nunavut?

Nunavut is home to a small but hardy business community, which focuses on the mining and construction industries that drive employment across all the Territories. But regardless of your sector, access to affordable financing is a must to ensure survival in this competitive region. Typically, a standard business loan requires you to be able 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 options for those companies that do not meet these standards, including generous federal and provincial programs aimed at encouraging local businesses, Indigenous businesses, and new entrepreneurs.

Can I get a Nunavut loan if I’m unemployed?

At 13.4%, Nunavut has the highest unemployment rate in Canada, and (like all of the Territories) significant wage disparities. This can mean stark differences in standards of living, and in access to financing. However, those without employment are not without options; although a loan from a traditional lender, like a bank or credit union, may be hard to get without steady income, some alternative lenders will still be willing to work with you. You will probably have to pay more in interest, and may have to provide collateral for a loan, to help the lender cover their increased risk.

How is getting a mortgage in Nunavut different from elsewhere in Canada?

Living in Nunavut means facing challenges unlike elsewhere else in the country, and these challenges have led to an unusual housing market. Nunavut has the lowest levels of real estate ownership and mortgage debt in the country. This is driven by categorization enforced by the government: 50% of all housing is public, and 13% is reserved for government employees. So while, generally, costs of living (like food and utilities) are high, housing costs are low because of this. In parallel, levels of consumer debt are lower in Nunavut than anywhere else in the country.

What are the challenges in accessing financing in Nunavut?

Essentially, the population in Nunavut falls into two categories: those with high incomes in the booming mining, construction and public service industries, who will probably have no problem getting a loan, and communities where the average income is less than $30,000, where families have few assets but live much more simple lives than Canadians at their wage level in other provinces.

Those in this second category may struggle to get a traditional loan from a bank or credit union, but there are alternative lenders and online lenders who can more easily adapt to the needs of this population. And the federal and provincial government have programs aimed at assisting businesses and more financially vulnerable residents, via grants, tax breaks, and dedicated loans. This is especially helpful as payday lenders are not regulated in Nunavut in the same way as in the provinces, and so can gauge customers with punitive rates.

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