Tuesday, December 10th
2024 Canadian Personal Loan Reviews
Borrowell
- Service matches you with 75+ trusted lending partners for your personal loan
- Create an account to get your free credit score and weekly updates
- Personal loans available to residents of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, PEI, and Saskatchewan
- "A+” rated and accredited by the BBB
Borrowell, a leading Canadian service offering free credit scores nationwide, focuses on credit education and connects you with personal loans through its extensive network of 75+ trusted partners. While specific details about credit requirements are now less transparent, Borrowell's shift may indicate that they now offer more flexibility in accommodating consumers with various financial profiles. Despite a slight slip downward in our rankings due to Borrowell's competition, the company remains a reliable platform for Canadians seeking personal loans and credit monitoring, with convenient access to multiple lenders.
goPeer
- Canada's first consumer peer-to-peer lending platform
- "A+” rating from the BBB
- Origination fees (ranging from 0.5% to 5%), contingent on your loan risk assessment, deducted directly from the loan proceeds
- Loans varying from $1,000 to $35,000, with APRs spanning from 8.99% to 34.99%, depending on your credit profile
- Minimum FICO score of 600 and DTI of <35% required
In the realm of Canadian personal loans, goPeer stands as a unique player. Unlike any other lender in our review, it relies on everyday consumers as investors, and its inception dates back only to Fall 2020. Due to the nature of waiting for investors to opt for funding, there's a potential delay in receiving your money, spanning from a few days to a week. While early indications are positive (like an "A+” from the BBB), we've been hoping to see an increase in borrower reviews for goPeer, and it still lacks the established track record seen in the majority of the personal loan providers on our list.
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Who Offers the Best Personal Loans in Canada?
In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.
Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.
Canadian Personal Loan FAQ
Continued from above...
A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.
Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.
Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.
As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:
- Direct funding or referral platform. Will the provider directly fund your loan, or will they connect you with various lenders for comparison? If it's a referral service, who are their lending partners, and can they be relied upon?
- Transparency. Does the service disclose upfront the average interest rates paid by borrowers? How hard is it to find out how much you can borrow? Are any fees clearly outlined?
- Reputation. What do other borrowers say about the lender or referral platform? Are they rated and/or accredited by the BBB? Is the provider established and trustworthy?
- Timeframe for receiving funds. How long will it take to get your loan funded? Some lenders can transfer money within an hour of your loan's approval, while others may have you waiting for a week or longer. Choose accordingly if you're trying to get money quickly.
For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!
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