The best loan online in 2017!

Minimum loan amount
$500
Maximum loan amount
$20000
Minimum loan term
6 months
Maximum loan term
60 months
APR
27.99 - 36.99 %
Minimum age
18 years
Loan granting
Excellent
Online application
Apply now fairstonecanad...
Requirements:
  • - Be resident of Canada, but do not reside in Nunavut.
  • - You must have reached the age of majority in your province/ territory of residence.
  • - You have been discharged from bankruptcy for at least 7 years (if applicable).
Representative example: Loan amount: $7500, Loan Term: 60 months, Monthly payment: $233.47, Total cost of borrowing: $6508.40, Total amount repayable: $14008.40, APR: 27.99%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.
Minimum loan amount
$1000
Maximum loan amount
$150,000
Minimum loan term
12 months
Maximum loan term
60 months
APR
0.5 - 15.5 %
Minimum age
18 years
Loan granting
Average
Online application
scotiabank.com
Requirements:
  • - Be resident of Canada;.
  • - You must have reached the age of majority in your province/ territory of residence;
  • - You have a good credit history.
Representative example: Loan amount: $5000, Loan Term: 60 months, Monthly payment: $94.36, Total amount repayable: $5661.6, APR: 6%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.
Minimum loan amount
$500
Maximum loan amount
$15000
Minimum loan term
9 months
Maximum loan term
60 months
APR
29.99 - 46.96 %
Minimum age
18 years
Loan granting
Average
Online application
easyfinancial.com
Requirements:
  • - Be resident of Canada;.
  • - You must have reached the age of majority in your province/ territory of residence;
  • - You have a good credit history.
Representative example: Loan amount: $500, Loan Term: 9 months, Monthly payment: $81.15, Total amount repayable: $730.35, APR: 29.99%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Useful information about financial products and debt management


  • http://www.cba.ca/en/consumer-information - this website is provided by Canadian Bankers Association and here you can find useful information on personal banking, loans, fraud prevention and other finance related information.
  • http://www.mymoneycoach.ca/credit - Mymoneycoach is a free public service provided by the Credit Counselling Society (CCS). Here you can receive information and tips on how to save money and make smart financial decisions as well as read general information on loans and learn how credit affects your credit score.
  • http://www.creditcounsellingcanada.ca/ - This website is provided by Credit Counselling Canada (CCC). If you are experiencing money problems and are struggling with debt here you can find useful information on your rights and responsibilities, read useful tips about money management and use several tools and calculators to manage your financial situation.
  • http://www.creditcounsellingcanada.ca/index.php?page=find-a-counsellor-near-you - If your are struggling with debt and need financial counselling here you can find qualified financial counsellor that will be able to help you in person or over the phone.


Before you borrow:


Before you borrow money you should ask yourself whether your really need to spend the money and whether you can afford to pay back the money you're planning to borrow. Before borrowing ask yourself:
  • - Can the purchase wait until I can afford it without taking a loan?
  • - If the purchase is urgent is there another way I can get it? For example, ask employer for money advance, borrowing from family or friends.
  • - If the purchase is not urgent can I save up money?
  • - Will I be able to make the loan payments?
  • - What type of fees I will be charged with?
  • - Will the interest rate change? If it will change will I be able to make loan payments?
  • - What could happen if I miss a payment?

Remember!


You should never take a loan if you are not sure of your capability to pay the loan back on time.


Look at your income and outgoings and think if you'll be able to pay all your bills and debts.Calculate how much you can afford to repay each month. If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.

Requirements to qualify for a loan


  • - You must be a resident of Canada, but do not reside in Nunavut;
  • - You must have reached the age of majority in your province of residence.

Make sure you have the paperwork your lender might ask you


  • - Proof of identification;
  • - Proof of income.

APR


Annual Percentage Rate represents an annual cost (in %) of borrowing. The APR takes factors such as interest rate and certain other fees and charges into account. In order to make it easier for you to compare one loan to other similar loans, lenders are required to tell you their APR before you sign an agreement. For example:

Lender A offers 5000 CAD for 2 years with an APR of 27.3 %

Lender B offers 5000 CAD for 2 years with an APR of 30.6 %

As it shows, in the scenario above, borrowing from Lender A would be a better idea, because you would get the same amount of money for the same term, but each month you would pay less interest.

However, it is important to remember that you should only use the APR to compare alike conditions of loans. For example, comparing the APR of a quick loan to the APR of a traditional longer term loan or a consumer loan wouldn't be helpful at all.

Loan term


Choose the shortest loan term you can afford. Longer-term loans might seem appealing at first as there are lower monthly repayments, however it may turn out that the total repayment is higher. If affordable it's better to take a loan for shorter period of time and pay back higher amount of money each month.

If you're not able to pay back loan on time


Contact your lender immediately to discuss your payment options.

Borrowing costs and fees:


  • - Establishment fee: some lenders may ask you to pay this fees when setting up your loan;
  • - Monthly loan administration fee: some lenders may ask you to pay monthly loan administration fee;
  • - Early loan repayment fee: You may be asked to pay this fee if you decide to pay-out your loan early. This fee is calculated according to how much you still owe to your lender and for how long.
  • - Late payment charges: if you miss a payment you usually have to pay late payment charge, so make sure you never miss a payment to avoid extra charges, also please note that this can also affect your credit score, which can make it harder to borrow money in the future.
  • - Enforcement expenses: if you don't pay back your loan, your lender can go to court to recover the owed money, in such cases you will be asked to cover these expenses.

Don't accept first loan you're offered, compare various lenders to make sure you get the best possible loan offer!


Make sure that the lender is licensed


You should only borrow from licensed lenders, make sure that the company has a license number in each state where they do business. This information usually can be found on lenders website.


Which is the best place to apply for a loan?


There are quite a lot of loan companies. We recommend you refrain from cooperating with companies that provide dubious service or companies with bad customer reviews. On our site you will find reliable companies that have been working in the field of crediting for a long time; among them - CitiFinancial and others.

Attention!


The operator of MoneyGuru24.com is not a bank or lender. Moneyguru24.com refers to a number of selected lenders, and is not a complete list of your credit opportunities. Therefore no charge will be applied to you for this service. You don’t have to provide any personal information in this site. All personal, financial and employment data should be provided to bank / lender for acceptance of your application for a loan. Moneyguru24.com is not responsible for those credit agreements, which may be provided through the links specified on our site. By using this website you constitute agreement with these policies. We suggest you to read all of the information in selected lenders web page and always be aware of your own financial status and repayment possibilities..

MoneyGuru24.com