Frequently Asked Questions About Loans in Yukon
Do I qualify for a loan in Yukon?
Qualifying for a loan if you live in Yukon starts with a few basics:
- You must be at least 19 years old
- You must be a resident of the province
- You must have an active bank account
After meeting these criteria, eligibility for a loan will vary by lender, and loan type. Larger loans are generally harder to qualify for and require more paperwork than smaller loans. Most traditional lenders, like banks and credit unions, will want to see proof of income and perform a credit check, though these are not necessarily required by alternative lenders, who generally have more flexible requirements. This is fortunate, as the average credit score in Yukon is just 619 – lower than the national average of 650 – and very close to the lending threshold of 600 set by traditional lenders.
Where can I get a loan from in Yukon?
- Banks & credit unions
- Online lenders
- Payday lenders
- Other financial service companies, like:
- Mortgage companies
- Auto loan providers
- Credit card companies
- No credit check lenders
- Bad credit loan providers
- Vehicle specialists
- Federal and provincial programs
The best lender for you depends on the type of loan you need and your financial circumstances. If you live outside of Whitehorse, location might also be a factor if you need to visit a physical location to complete your loan.
What kind of loan can I get in Yukon?
The average consumer debt in Yukon is $39,156 – higher than the national average, which is no surprise given the high cost of living in this territory. Fortunately, residents have easy access to many different types of loan, to help with a variety of financial needs, including:
Yukon’s 40,000 residents may not enjoy as thriving a loan market as in some of the larger provinces, but there are still options when it comes to loan providers. The main contenders include: