We are one of the few lenders who provide loans for immigrants and newcomers to Canada. You can borrow up to $50,000 from us and get funded within a day of approval.
Can recent immigrants get loans in Canada?
Yes, new immigrants can get loans in Canada. However, it can be tough to do so if you are a newcomer with a limited credit history. It can be even harder if you want an unsecured loan, rather than a conventional mortgage.
Thankfully, we are here to help. We give unsecured loans for immigrants in Canada.
What is an unsecured loan?
An unsecured loan is a loan that is not secured by collateral, such as real estate or an automobile. It a riskier loan and therefore generally comes with a higher interest rate.
Unsecured loans in Canada must be paid back per the loan agreement.
Does the loan have to be used for anything in particular?
No, you are able to use the loan for any of your personal needs. This might include:
- paying bills
- fixing your car
- advancing your career and education
- buying a bicycle
Do all recent immigrants and newcomers to Canada qualify for our loans?
No. In order to apply for a loan with us, you must meet the following criteria:
- you must earn at least $4,000 per month ($48,000 annually)
- you must live in either British Columbia or Alberta. Unfortunately, this loan program is not available elsewhere in Canada
- If you are not yet a Canadian citizen, you will need a co-signer who is
What is a cosigner?
A cosigner is a person who agrees to be liable for your debt if you do not pay it. They sign the loan agreement with you.
Do these loans help build credit?
No. We do not do credit investigations and we do not report your loan to credit bureaus. We issue private loans only.
What are the rates?
Our interest rates are higher than banks, but lower than payday loan companies. We lend at between 15% and 31% (depending on your application) interest per year, and the term is for one year.
Our loans for immigrants and newcomers to Canada are intended to be a short-term borrowing product, not a long-term debt solution. For that reason, you should have a plan to repay us within 12 months. It is not advisable to carry high-interest debt for long periods of time.