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Quebec is a large province in Canada with a variety of communities throughout its cities. Personal loans and financing in Quebec are very popular, just like everywhere else. People are investing, making car repairs and home renovations, planning trips, and sometimes just need some extra cash to pay for something unexpected or a payday loan to cover an overdue bill. Lower rates are available for secure loans; home equity loan or car title loan
Getting approved can be a challenge, especially if you don’t have the best credit or if you have some outstanding debt already.
Another important factor, is finding a reputable provider who will treat you with respect. At Smarter Loans, we’ve compiled a list of our most trusted personal loan providers in Quebec. You can compare their products and services so that you can select an option you prefer. Click “Apply Now” next to one of the companies to submit a request to that lender.
Alternatively, you can “Pre-Apply” with Smarter Loans. We will review your application and connect you with the most suitable loan provider in Quebec.
Qualifying for a personal loan in Quebec is not as hard as you might think. There are some basic stipulations that all applicants must meet:
After this, eligibility depends on the lender you go to. Traditional lenders, like banks, require a minimum credit score of 600 and need to see proof of income. Most lenders will want to see paystubs or bank statements to gauge your financial position. Some other companies have more flexible criteria, and even offer bad credit loans and if you have no income but have equity. Your ability to qualify will largely depend on which provider you go to.
Although banks and caisses populaires are popular personal loan providers, there are also alternative and online lenders, as well as smaller specialty loan providers to choose from throughout Quebec. The best place for you to get your personal loan will depend on your needs and circumstances. Banks have stricter eligibility requirements but can offer competitive rates. Alternative lenders offer flexibility, and online lenders can be less reputable, but provide convenience and quick approvals.
Personal loans can range from $500 to $50,000, though higher amounts are only available to the most qualified borrowers (i.e. those with high income or excellent credit). This wide range in available amounts means personal loans come in very handy for a wide range of uses.
The average credit score in the province is 650 (663 in Montreal and 676 in Quebec City), but anyone with a score of less than 600 is going to have trouble qualifying for a loan from a traditional lender, like their bank. Luckily, there are bad credit loan providers who specifically work with those who have a lower credit score; you may need to pay more in interest or be able to show more comprehensive financial documentation, but bad credit should not stand in the way of your ability to get a loan.
6% of Quebec’ers are unemployed, and for these people getting a loan can be quite difficult. However, some options do exist. Some alternative lenders will accept applicants without any proof of income, but the amount you can borrow will be quite small. You may have to pay higher interest, and you’ll probably need to show details regarding savings, assets and other debts.
Curious about how much your personal loan would cost monthly? Discover your personalized monthly payment options by utilizing our personal loan calculator here!
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