One application. 13 lenders.
Apply Now One application routed to where you qualify.
Every Apply button starts the same single application. Your chosen lender is prioritized first.
The same lenders serve Surrey and Vancouver, since licensing is provincial. What differs is what people here need them for.
Four gates, in the order lenders apply them.
The rest require employment or self-employment. This field decides more applications than credit score does.
Income floor is absolute. Most lenders publish a minimum monthly income, most commonly $1,500 per month. Below a lender's floor, nothing else compensates.
Credit is more flexible than expected. 9 of 13 lenders serving Surrey approve applicants below a 560 credit score. A decline is one lender's threshold, not the market's.
Banking history can replace credit history. Lenders that connect read-only to your account assess deposit regularity rather than your file, approve applications a bureau score would decline, and fund fastest.
Worth checking before borrowing. Each costs less than any loan.
Licensing is provincial, so the same lenders serve every British Columbia community. High-cost credit licensing applies at or above 32% APR. The regulator is Consumer Protection BC. The full picture is on the British Columbia page.
Applying for a personal loan in Surrey is pretty easy; all you need to do is choose which lender you want to apply to, complete an application form, and gather together some paperwork. You will need your ID, bank account information, and something that proves your residency (e.g. a utility bill or ID with your address on). You must then source whatever financial documents the lender you are applying to requires - this probably includes paystubs or bank statements. Attach all of this required documentation to your application form and submit it - either online, by mail, or in person at a branch.
Interest rates on personal loans can vary; for those with a high credit score and a large income, rates can be as low as 4.5%. The average sits at closer to 10%. However, short term loans, loans to those with poor credit, or loans to those with limited income all command higher rates, upwards of 20%, and sometimes even as high as 50% APR.
The amount you can borrow with a personal loan will depend on who you borrow from, your credit score, your income, and your existing debts. Loans up to $50,000 are possible for those who are considered safe borrowers, but you don’t have to borrow this much. You can get as little as $500 if that’s all you need.
All loans come with fees (although sometimes lenders will have special discounts or waive their fees to attract new customers). Generally, you can expect to pay an application fee and a loan origination fee. There may be other fees too, like closing fees, loan service fees, early payment fees, late payment penalties, and so on. Always make sure you check a lender’s pricing structure.
Personal loans can be received within a day, if you go to the right kind of lender. Traditional lenders, like banks, usually have much longer waiting periods - sometimes weeks - but alternative lenders tend to move more quickly, and online lenders have the fastest processing times of all.
The average credit score in B.C. is 683, much higher than the national average. But there are many Surrey residents who do not meet this level. For anyone with a credit score of less than 600, getting a personal loan can be tricky, but there are still options. Take a look at bad credit or no credit check lenders to find a company that will care less about your credit score. Just bear in mind that you will probably have to pay a higher interest rate than with a standard personal loan.
