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| Segment | Share | Average request |
|---|---|---|
| Everyday, under $1,500 | 63.3% | $483 |
| Instalment, $1,500 and above | 36.7% | $6,241 |
Income type first. 16 of 23 lenders serving Ontario accept any income type, including benefit income. This field removes more declines than credit score does.
Banking history can replace credit history. Lenders that connect read-only to your account assess deposit regularity instead of your file. They approve applications a bureau score would decline, and they fund fastest.
Ask for what you need. Approval likelihood falls as the amount rises against income, and at this band there is no version where a below-560 file gets prime pricing.
People with damaged credit in Ontario ask for less, not more. The table above shows it at both scales, and it runs against the assumption most people bring to this page.
Ontario has no provincial high-cost credit band; the federal 35% cap is the protection. Anything above it is a criminal rate.
| Purpose | Average instalment request |
|---|---|
| Debt consolidation | $8,532 |
| Home improvement | $7,702 |
| Wedding | $7,222 |
| Education | $6,688 |
| Paying off bills | $5,110 |
| Medical expenses | $4,503 |
| Verified credit band | Average instalment request |
|---|---|
| Below 560 | $5,859 |
| 560 to 659 | $6,356 |
| 660 to 724 | $8,452 |
| 725 and above | $12,608 |
| Below 560 | All credit bands | |
|---|---|---|
| Everyday, under $1,500 | $487 | $483 |
| Instalment, $1,500 and above | $5,859 | $6,241 |
Yes. of the lenders serving Ontario do not check your credit score at all, deciding on income and banking history instead. For the lenders that do check, most accept scores in the 500s; what gets applications declined is unstable income or a very recent bankruptcy, not the score alone.
Only if the lender reports to the credit bureaus, and not all do. Among the lenders serving Ontario, those that report will build a payment history from your instalments; the credit-builder products on this page exist specifically for that purpose, starting at 0% interest with a monthly fee. Ask before signing if reporting matters to you, because a loan that is not reported rebuilds nothing.
