Are you in need of a loan but worried about approval? Look no further! In this article, we’ll explore the easiest loans to get approved for in Canada in 2024. We’ll cover the types of loans, their features, and the requirements to increase your chances of approval.
Easiest Loans to Get Approved for in Canada 2024
| Loan Type | Lender | Interest Rate | Loan Amount | Approval Requirements |
| Payday Loan | Money Mart | 15.99% – 39.99% | $100 – $1,500 | 3-month income history, ID |
| Personal Loan | LoanConnect | 6.99% – 46.96% | $500 – $50,000 | 3-month income history, credit score |
| Credit Builder Loan | Capital One | 14.9% – 24.9% | $500 – $10,000 | No credit score required, income proof |
| Line of Credit | TD Bank | 7.99% – 12.99% | $5,000 – $50,000 | 3-month income history, credit score |
| Guarantor Loan | LendingMate | 29.99% – 43.99% | $2,000 – $10,000 | Guarantor required, income proof |
Features and Benefits
- Payday Loan: Quick approval, same-day funding, and easy repayment terms.
- Personal Loan: Flexible repayment terms, competitive interest rates, and no collateral required.
- Credit Builder Loan: No credit score required, reports to credit bureaus, and builds credit history.
- Line of Credit: Revolving credit, flexible repayment terms, and competitive interest rates.
- Guarantor Loan: No credit score required, guarantor takes on risk, and builds credit history.
Conclusion
While these loans are considered easier to get approved for, it’s essential to borrow responsibly and understand the terms and conditions. Always review the fine print and seek professional advice if needed.
Frequently Asked Questions
Q. What’s the fastest loan approval in Canada?
A. Payday loans offer same-day approval and funding.
Q. Can I get a loan with no credit score?
A. Yes, credit builder loans and guarantor loans don’t require a credit score.
Q. How much can I borrow?
A. Loan amounts vary, but payday loans offer up to $1,500, while personal loans offer up to $50,000.
Q. What’s the interest rate on a payday loan?
A. Interest rates range from 15.99% to 39.99% per annum.