Loans Ottawa

Loans in Ottawa, Ontario

Trying to find the right lender in Ottawa can be a pretty overwhelming process, there are thousands of institutions around the city that promise fast loans and easy approval. As such a big center of commerce, there are thousands of options to look into. But the most obvious options may not be the best solution for you. These days there are alternative lenders out there that offer more options than the traditional lender, and may work better for you.

At Smarter Loans we understand that you’re looking to get approved quickly, and our pre-vetted list of online lenders is the perfect place to find the right online loan in Ottawa for your situation. In fact, you can even apply for a loan and get approved directly from our site! If you’re in Ottawa and looking for the right loan, know that at Smarter Loans you will only be working with trustworthy loan providers that have been approved by our team. Get started by choosing a lender below, or apply online here and we’ll help you get connected.

Frequently Asked Questions About Loans in Ottawa


Do I qualify for a loan in Ottawa?

Qualifying for a loan is not as tough as you might think. While all lenders have their own requirements, there are only three musts:

  1. Proof of ID showing that you are at least 18 years old
  2. Proof of address showing your residency in Ontario
  3. An active bank account

If you meet these three criteria, then you will be able to find a loan of some kind, from someone. More specifically, your credit score, income and existing debt levels will dictate which lenders will approve you. Generally, traditional lenders require a minimum credit score of 600 and proof of ongoing income. Alternative lenders have more flexible qualification criteria. There are even dedicated lenders for those with bad credit or no income.

What kind of loan can I get in Ottawa?

As Canada’s capital, Ottawa has a thriving financial market and its residents have access to loans of all kinds, including:

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

You may get the best loan by going to a specialty lender, or by shopping around the big banks – it all depends on what need you are borrowing for, and your financial circumstances.

How do I choose the best place to get a loan from in Ottawa?

Ottawa’s million or so residents have a lot of choice when it comes to loan providers. The majority get their loans from a bank (75%) or credit union (14%), and this is no surprise given their ubiquity. There are nearly 2,500 bank branches in Ontario alone. But other options are available; the online loan market is rapidly growing and can offer good deals, and a quicker turnaround than traditional lenders. However, the best place for you will depend on what kind of loan you want and your personal circumstances.

Banks and credit unions have strict eligibility requirements, but they can offer competitive rates to those with good credit and a steady income. If you need more flexibility, an alternative lender is probably a better bet. Online lenders are a good choice for those who want convenience and quick approval. Your priorities dictate who is best suited to serve your needs.

How do I choose the right loan product for me?

Choosing a loan may seem overwhelming, but it need not be. The process can be broken down into some simple steps:

  1. Step One: Understand what loan you need – what it’s for, how soon you need it, how much you need, for how long, and so on.
  2. Step Two: Find Ottawa loan providers that have what you need and can work within your timeframe. These may be specialists, they may be banks, or online – check all lenders to find those who can help.
  3. 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 before starting.
  4. Step Four: Check the reputability of the companies you are considering to eliminate any untrustworthy providers.
  5. Step Five: Compare costs to find the best deal. This means considering interest rates, loan term, and fees. The best deal may not necessarily be the cheapest – for example, if a quick turnaround is key.

Can I get a business loan in Ottawa?

Many of Ottawa’s 30,000 businesses rely on financing at some point or another, for many different reasons. But regardless of what you need financing for (vehicles, equipment, cash flow, property, expansion, emergency expenses) there are a few hurdles to cross when applying for a traditional business loan.

Many lenders will want to see:

  1. A business history lasting at least two years
  2. A business plan
  3. Proof of revenues, profitability, and projected future revenues (or other proof you will be able to repay the loan)
  4. Collateral (for property, equipment, invoice and vehicle loans)
  5. Credit history for the business and the business’s owners

If your business requires something a little different – for example, a startup loan or a bad credit business loan, then a commercial 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 financing help from the provincial government or the local government.

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

Ottawans rely on personal loans for many reasons: financing a purchase (most commonly a new car), debt consolidation, home renovation, paying tuition fees, and much more. The amount you can borrow via this flexible financial tool ranges from as little as $500 to as much as $50,000. The exact amount you qualify for will depend on who you borrow from, your credit score, your income, and your existing debts.

Can I get a loan in Ottawa if I have bad credit?

Yes, it is possible to get a loan with bad credit in Ottawa, though you may have to find a bad credit lender to work with. The average credit score in the city is 663, and anyone with a score of less than 600 is considered a riskier borrower. This means that, if your score falls below 600, you almost certainly can’t get a loan from your local bank or credit union. However, alternative lenders have more flexible conditions and are more likely to work with you. And some companies only work with bad credit borrowers, meaning they are best placed to help those in this difficult financial position. Just bear in mind that you will have to pay more in interest for a loan if you have bad credit.

Can I get a loan if I’m new to Ottawa?

New Ottawans need not worry – it is still possible to get a loan, even if you have moved from another city, province or country. As long as you are at least 18 years old, have a bank account, and can prove your address, you’ll have some options. Those from other Canadian cities and provinces will have their credit history to rely on, while new Canadian immigrants will have to start building their credit from scratch. This simply requires some more due diligence on behalf of the lender; they may ask for collateral before offering you a loan, or charge higher interest rates to offset their risk. But you should still be able to find a lender and start building your credit history.

Different Types of Loans in ottawa, ontario

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