What's our review on ConsumerCapital Canada Personal Loans in 2024?
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Discover the methodologyIn December 2022, Canadian credit card debt surged, hitting a historic high of $91.5 billion. Credit card debt with chartered banks alone increased by 13.8% from 2021 to 2022. But there’s one tool that can help you thrust your way to financial freedom: personal loans.
Personal loans can be a helpful tool for achieving financial freedom, whether you need to consolidate credit card debt, take advantage of an investment opportunity, or handle an unexpected expense. But with so many lenders in Canada, how can you choose one and make sure what they offer is legit?
ConsumerCapital Canada is a great tool for getting affordable personal loans online with fixed rates and no fees as well as manageable payments and flexible terms. This review will take you through how their personal loans tool works, what its pros and cons are and how to get started.
ConsumerCapital: the basics
- Launched in 2018 in Toronto
- Operates entirely online
- One of the best personal loans providers in Canada
- Part of the CanCap Group, a privately-owned Canadian national financial services company
- The CanCap Group also includes AutoCapital Canada and MerchantCapital Canada
- Offers fixed-rate, no-fee personal loans
- Funds go directly into your bank account as soon as the next business day
ConsumerCapital personal loans review
ConsumerCapital is a reliable lender that has established strong partnerships with prominent Canadian financial institutions. They specialize in providing unsecured small personal loans that feature fixed rates and zero fees and can be customized to suit your preferences for payment and terms. The loan amounts range from $1,500 to $12,500 and applying is as easy as uploading documents online before receiving the funds directly in your bank account as soon as the following business day.
If you're looking to finance your dream vacation, consolidate bills or need additional cash, ConsumerCapital might be the ideal solution for you. Their commitment is to be a responsible lender, prioritizing transparency and protecting your confidential information.
ConsumerCapital pros:
- Good loan range
- Flexible loan repayments
- Low credit score requirements
- Unsecured loans (no collateral or guarantors)
- Fully online application
- Funds accessible within 48 hours
ConsumerCapital cons:
- Interest rates can be a little high
- Not available in Quebec, NWT, Yukon or Nunavut
- Minimum income requirement ($1,900 monthly)
Securing the best personal loan in Canada is easier when you’ve shopped around and compared several providers. It’s always best to use our comparison tool to make sure you’re getting the best deal:
Compare personal loan interest rates in seconds
What is a personal loan?
A personal loan, also known as a consumer loan, provides you with the option to borrow money for personal reasons, such as financing a home renovation, covering an unexpected medical bill, buying a jetski, or even paying a fine. Loans can either be secured or unsecured.
Good to know
A secured loan requires the borrower to provide collateral, such as a house or a car, to secure the loan. If the borrower is unable to repay the loan, the lender can seize the collateral. An unsecured loan, on the other hand, does not require collateral and instead relies on the borrower's creditworthiness and ability to repay the loan. Due to the added risk for the lender, unsecured loans typically have higher interest rates compared to secured loans.
Once your loan is approved, you receive the money in a lump sum and agree to pay it back in instalments within a determined amount of time which varies from lender to lender. Personal loans can often be approved in under 24 hours and are available from traditional lenders, such as banks and credit unions, as well as alternative lenders like online platforms, payday lenders, pawnshops, or private lenders.
Once the loan amount is paid out by the lender, you will begin repaying the debt through monthly instalments that include both principal and interest.
How to get a personal loan with ConsumerCapital?
To get personal loans online with ConsumerCapital, you must fulfill the requirements and have a few documents handy.
ConsumerCapital Loan Requirements
In order to be eligible for a personal loan with ConsumerCapital Canada, you must meet the following requirements:
- Be a Canadian resident
- Be 18 years or older in ON, MB, PE, AB or SK
- Be 19 years or older in BC, NB, NL and NS
- Have a valid email address, mailing address and phone number
- Have a monthly gross income of at least $1,900
- Have a primary income (employment income, pension, long-term disability, self-employment, maternity leave) for at least six months.
- Provide 90 days of your banking history through their partner, Flinks
- Must not currently be in debt management, including credit counselling, bankruptcy, or consumer proposal
Good to know
A credit score of 600 is considered below average and suggests that the borrower is at a higher risk of default. If your credit rating falls within the range of 560 to 659, you may find it more difficult to obtain loans from conventional financial institutions such as banks.
Luckily, ConsumerCapital offers personal loans for individuals with bad credit, too. They provide loans for people with credit scores as low as 550.
ConsumerCapital Loan Documents List
During the application process, you will need to provide these documents:
- Government-issued photo ID
- Proof of a regular source of income such as pay stubs and letters of employment
- Banking information
What is the benefit of a personal loan with ConsumerCapital?
Besides being a legitimate and reliable personal loan lender, ConsumerCapital has four main strengths:
- Flexible loan amounts. ConsumerCapital offers flexible loan amounts that start from as low as $1,500 up to a maximum of $12,500, with no limitations on how you choose to use the funds.
- Flexible loan terms and repayment plans. ConsumerCapital provides personal loan terms that range from 24 months to 5 years, and also allows borrowers to choose their preferred repayment schedule, with the option of either biweekly or monthly payments.
- Fully-online application process with quick approvals. The process of applying for a ConsumerCapital loan is entirely online and involves filling out a user-friendly application form that takes less than 15 minutes to complete. Upon submission, you will receive an instant quote and can expect an email with loan offers within one business day. After your application has been verified and approved, you can confirm your bank details and have your personal loan deposited directly.
- No collateral required. You don’t need to secure your loan against an asset like your home or vehicle.
How to apply for a personal loan with ConsumerCapital?
To get quotes from ConsumerCapital head to their website and hit the APPLY NOW button. This will take you to a form to be filled with your personal information as well as the reason for your loan (chosen from a drop-down menu) and the loan amount.
The questionnaire will then ask you for your address and your residential status. Finally, you must enter the details of your employment. Once you’ve completed every field, click Check My Eligibility.
The tool will then inform you whether you have pre-qualified for the loan. Once this is confirmed, all that remains is to connect your bank account via online banking. The ConsumerCapital tool only reads the history of your banking – they do not access your account at any moment.
Once you’ve entered all the information and connected to your bank, you’re all set. You can expect to receive a response from ConsumerCapital within one business day. A customer service representative will be in touch with you to guide you through the next steps of the process.
How much does a personal loan cost?
Consider these 3 main factors before signing your personal loan contract.
- Interest rate: The amount of money you'll be paying to borrow is largely dependent on the interest rate, making it a crucial factor to consider. Personal loan interest rates at ConsumerCapital range from 19.99% to 34.99%.
- Repayment term: The length of your repayment term directly impacts the amount of interest you'll pay. Longer terms come with lower, more manageable monthly payments but more interest paid overall. Shorter terms lead to higher monthly payments but less interest paid. ConsumerCapital offers personal loan terms ranging from 24 to 60 months.
- Fees: Lenders may charge origination fees, administrative fees, and other related fees on top of interest. It's important to take these fees into account, as they can accumulate quickly and impact the total cost of your loan.
ConsumerCapital has a free repayment calculator on their homepage that helps you visualize how much you’d pay if you took a personal loan with them. For instance, this tool may help you realize how you can pay off your credit card debt.
For example
If you take on a personal loan of $3,500 with ConsumerCapital, and you’re approved for a 21.99% rate on a 48-month (or 4-year) loan term, then your monthly payments will be $110.25. You will end up paying back a total of $5,181.75, including $1,681.75 in interest.
Whether it's to finance your new home or buy a new car, you can always get the best deal on a personal loan by comparing different providers. You can use our personal loan payment calculator and when you're ready use the tool below to get the best deal:
Get the best personal loan!
How do I contact ConsumerCapital Canada?
Applying for a loan, managing your payments and contacting customer service can all be done through the ConsumerCapital website. Their website features a live chat tool that is useful for most customer service needs.
Otherwise, you can reach them on the phone, at 1-888-554-4192, or via email, at [email protected]. Alternatively, you can book a meeting with one of their employees.
| Contact Method | Details |
|---|---|
| Website | Live chat tool |
| Phone | 1-888-554-4192 |
| [email protected] | |
| Meeting | Book a meeting with one of their employees via their website |
