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Toronto is a beautiful city and one of the financial centers of the World. It’s no surprise that there are many loan options in the city, regardless of what you are looking for. Aside from the big 5 banks, there are many alternative loan providers of in Toronto. A traditional loan may be difficult to get approved for, and it can take weeks to get the money in your account. At Smarter Loans, our goal is to present you with the best options for personal and business loans in Toronto.
We understand that you are looking for a fast loan, so all the lenders on this site have been qualified by our panel of experts as trustworthy and credible providers of online loans in Toronto. If you ever considered taking out a payday loan in Toronto, you may find a much better alternative among the lenders below, since many of them offer bad credit loans at much better rate than a payday lender. Select one of the lenders below to get started, or apply online here and we will connect you with the most suitable lender.
As Canada’s biggest city, Toronto has no shortage of loan providers to choose from. This includes:
The best place for you to get your loan will depend on your financial circumstances and what kind of loan you need.
All lenders have their own set of eligibility requirements, but generally speaking, Toronto lenders will require, at a minimum, the following:
These are the most basic criteria, but after this there will be others, depending on the company and loan you’re applying for. For example, traditional loan companies will require a minimum credit score of 600, and proof of income. Alternative lenders are likely to be more flexible about their qualification criteria. Some accept borrowers with bad credit or no income – it all depends on where you go.
Toronto is home to Canada’s largest loan market, and Torontonians have access to loans of all sizes and types. Available throughout the greater metropolitan area are:
You may get the best deal by going to a specialty lender, or by shopping around the big banks – it all depends on what you are borrowing for, and your financial circumstances.
Pro tip: don’t automatically go with the lender a vehicle or equipment retailer works with. When buying a car, it can be easy to assume that the car loan you’re offered by the dealer is the best route, but always compare their rate to competitors to ensure you’re getting the best deal, before you sign on the dotted line.
Borrowing money for a business is very common, and many of Toronto’s nearly 100,000 businesses rely on outside financing to get going, and to get by. Regardless of what you need financing for (vehicles, equipment, cash flow, property, expansion, emergency expenses or something else entirely) there are a few factors that will determine your eligibility for a traditional business loan.
Generally, most 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. Specialists can offer bad credit business loans, startup business loans, entrepreneur loans, and so on. Or, you may be eligible to receive financing aid from the provincial government or the local city government.
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. The better your financial position (the higher your income and the better your credit score), the more you will be able to borrow. Torontonians actually have the fastest growing rates of debt in the country, and the majority take out a personal loan in order to finance a car purchase. Loans up to $50,000 are possible for the most qualified borrowers, but you don’t have to borrow this much. You can get as little as $500 if that’s all you need.
Yes, no credit check loans are available to Toronto’s nearly three million residents. This type of loan is useful if you have poor credit, want your application processed quickly, or do not want a credit check appearing on your credit report. Instead of using your credit score to determine your financial stability, your income level is the determining factor for approval.
It is possible to get a loan in Toronto if you have bad credit. The average credit score in the city is 679, and anyone with a score of less than 600 is considered a “risky” borrower. Although banks and credit unions will usually not work with anyone with a credit score of less than 600, there are alternative lenders who have more flexible eligibility, 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.
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