Smarter Loans Inc. is not a lender. Smarter.loans is an independent comparison website that provides information on lending and financial companies in Canada. We work hard to give you the information you need to make smarter decisions about a financial company or product that you might be considering. We may receive compensation from companies that we work with for placement of their products or services on our site. While compensation arrangements may affect the order, position or placement of products & companies listed on our website, it does not influence our evaluation of those products. Please do not interpret the order in which products appear on Smarter Loans as an endorsement or recommendation from us. Our website does not feature every loan provider or financial product available in Canada. We try our best to bring you up-to-date, educational information to help you decide the best solution for your individual situation. The information and tools that we provide are free to you and should merely be used as guidance. You should always review the terms, fees, and conditions for any loan or financial product that you are considering.
Vancouver is consistently named as one of the top five worldwide cities for livability and quality of life. This has no doubt to do with the beautiful environment, culture, people and abundance of resources. Many endeavours both business and personal are made possible by online loans which are supplied by numerous companies from Vancouver and can be found on Smarter Loans. These online loans take form in auto, commercial, personal, mortgage, equipment, trucks, buses, boats and more and if you seek financing for almost anything that you can imagine in Vancouver, then an online loan could prove to be the solution that you are searching for.
Even considering how top providers from Vancouver are accessible entirely online, researching them separately is rather difficult. In order to make applying for an online loan easier, Smarter Loans has made it so that you can research top providers from Vancouver all from a single page.
We know that the research phase is a critical decision moment before acquiring a loan with a term that could potentially span up to multiple years. That’s why we’ve set you up so that you can scroll down to view a directory that includes providers alongside their terms, rates and offers. With the information all centralized, you can easily identify find a provider that can accommodate your specific credit score and needs.
Anything you can imagine can become a reality through online loans. Take advantage of the accessibility of resources like never before and If you’ve been convinced that an online loan is the solution you’ve been waiting for, then click “apply now” to next to a provider to begin. If appointing a provider from the list is taking longer than you anticipated, alternatively pre-apply with Smarter Loans and we’ll connect you to Vancouver providers that are equipped to send you valid offers.
Choosing the right loan provider can be tough – there are so many for Vancouverites to choose from! To get started, you need to understand:
Once you know the answers to these questions, you’ll be able to look at the list of available lenders in the region and narrow them down to just those actually able to help you with your specific needs. Then, you can compare rates, and find the most affordable option. This endeavour is helped if you know some of your personal financial data before you start looking – for example, it’s good to know your credit score and income, so you know what you’re eligible for.
Applying for an online loan is really simple. Most online loan providers require a minimum of paperwork; all you absolutely need is:
Some lenders may require more than this – for example, other financial documents. To find out exactly what your chosen lender needs by way of paperwork, make sure to read their application instructions carefully.
In a word: yes. Most online loans require a credit check, and this means that those with a low credit score may not qualify for every loan. Generally, a loan from a bank or credit union requires a score of 650 or above. A loan from an online lender usually requires a score of at least 600. Vancouver’s average credit score is 703, one of the highest in the country, so most residents don’t need to worry about this requirement.
B.C. – and it’s largest city – have the highest level of self-employment in Canada, with around 19% of the population working for themselves. If you’re one of this number, you should know that you are very likely to be able to get an online loan, but you may have to carefully consider what paperwork you can provide to prove your income.
Almost all online loans require verification of income via pay stubs or bank statements, so that the lender can ensure you’re able to pay the loan back as agreed. This means that the self-employed (and freelance workers, occasional workers, and those with other non-traditional means of employment) need to be able to source official financial documents that prove a regular income stream.
As most online loan providers perform a credit check when considering a loan application, this can present a challenge to those who are new to Canada. If you don’t have a credit history in the country, the loan provider won’t have any way of judging how financially trustworthy you are. This isn’t a problem if you’ve moved to Vancouver from elsewhere in the country, but it is a problem for Vancouver’s many new immigrants.
To improve your chances of success when applying for a loan as a new immigrant, gather all the financial documentation you can to help support your loan application. You may also want to consider other loan types, such as a no-credit check loan or a secured loan, as an alternative to an online loan – at least until you have built up your credit history.
