6 Top Personal Loan Companies in Vancouver

A personal loan is a circumstance where a person borrows money for personal needs. Multiple companies offer this kind of service with varied policies.  To help you find a personal loan company that meets your needs, we take a look at some of the top companies to get a personal loan in Vancouver today.

Best Personal Loan Companies in Vancouver

It can be challenging to locate the top Vancouver personal loan providers. There are numerous things to consider. When making a decision, you should take into account a few crucial factors. Personal loans are a means to obtain money when needed. We evaluated the following businesses using the following criteria:

How much do personal loan companies charge in Vancouver?

You will undoubtedly think about the interest rate and the maximum amount you can borrow when searching for a personal loan. You could pay interest rates as high as 20% on personal loans. On the other hand, interest rates on home equity loans will not go above CAD 7.29% if you intend to use them. The most popular service categories and their typical interest rates are shown in the table below.

Variety of Loans: We look at the variety of loans they offer in this criterion so that clients who require different loans can also rely on them.

Flexibility

• Payment Options: We assess the payment methods these companies provide.

• Operating Hours: We evaluate their business hours so customers know if they’re available during weekends and holidays.

Rates: We included establishments that offer fair prices and numerous payment methods.

Customer Service

• Customer Feedback: We’ve spoken with previous customers to gain insight into how satisfied they were with their services.

• After-sales Service: In this criterion, we interviewed previous customers to determine their customer service level after doing business with them.

1. Easy Financial Services

Easyfinancial Services was founded in 2006 and has been offering Vancouver residents secured and unsecured personal loans. We were pleased to learn that they offer a convenient 10-minute approval process for clients in case of emergencies. Customers can apply in person at any of their 400 sites across Canada, over the phone, or online, which is an additional benefit. Since we value openness, we also appreciated that there are no up-front costs when applying for a personal loan. The interest rates offered by easyfinancial services vary based on your credit profile, loan type, amount, term, and length, and can range from 9.99% to 46.96%. Although we acknowledge that their interest rates are quite high, we think this is understandable considering that they provide personal loans with a 20-year maximum repayment period. We also like that their website includes a loan calculator and helpful financial advice, both of which we think are helpful for first-time customers. The fact that they offer small company financing services, where you can easily submit an application and have funds within a day, was another feature we enjoyed. All things considered, we think Easyfinancial Services is among the top providers of personal loans in Vancouver since they give clients a simple and quick approach to acquiring money.

Pros

• Fast approval process
• No upfront fees
• Small Business financing is available
• Flexible loan payment options

Cons

• High-interest rates
• Not as responsive to inquiries

Customer Reviews

Helpful and approachable

“Christopher was very nice, helpful and approachable! He explained everything well and also gave great advice! He responded so quickly and answered all my questions. I would definitely recommend going to him!.” -Marianne R. 

Clearly explains everything in good detail

“Really great service. Everything was explained clearly and in good detail. I felt comfortable knowing I was working with someone who was confident and very knowledgeable. There wasn’t a question I had that wasn’t answered 🙂 Excellent staff!.”-Smurf H.

2. Spring Financial

One of the biggest financial lending companies in Canada is Spring Financial, a fintech startup. This organization offers home equity loans, personal loans, and mortgage refinancing, to name a few things. We found it immediately advantageous that customers could apply for a loan from any location and receive the necessary funding promptly. The fact that this organization provides same-day personal loans up to CAD 15,000 may have pleased us the most. There are no in-person interactions required when claiming this service through their user-friendly online application platform. This is, in our opinion, their greatest strength because it gives consumers an easy and quick approach to getting authorized and acquiring their loans right away. Because every consumer has various preferences, it is also important to note that they offer flexible loan repayment options, including bi-weekly, monthly, or bi-monthly payments. We now want to draw attention to the fact that they only provide a certain amount of loans. We did appreciate that all of your payments are recorded with credit bureaus, since this contributes to the improvement of your credit score. We suggest Spring Financial if you are looking to receive a personal loan in Vancouver.

Pros

• Same-day personal loans
• Convenient online application platform
• 100% online application process
• Flexible repayment terms
• Reports repayments to credit bureaus

Cons

• Limited variety of loans
• Closed on weekends

Customer Reviews

wide range of loan options

“Spring financial has been great with catering to my specific needs. The wide range of products offered made me feel comfortable with communicating what I was looking for. The customer service was excellent and they took the time to thoroughly explain the savings plans that are offered.” -Alexandria J.

Friendly staff

“The process did take some time because of my weird work hours, but Spring Financial was amazing and made it work for us to complete the process. Staff was friendly even when speaking to different team members about my situation; everyone was up to speed and no time was wasted.” -Jordyn D.

3. Accord Financial

For more than 40 years, Accord Financial has financed companies. Customers benefit from this company’s flexible lending solutions because they do not restrict their possibilities for repayment. This company provides small and medium-sized enterprises in the US and Canada with financing options. The fact that they offer a variety of financing choices with a maximum loan plan of CAD 30,000,000 impressed us. Their depth of knowledge, which spans numerous industries including manufacturing, retail, construction, and others, is another item that impressed us. Because they can serve a large consumer base, we think this makes them more dependable. We believe that this company is perfect for people who want to launch their own business because, in addition to personal loans, they also provide small business loans. With this service, you can get a loan up to CAD 75,000 with an 18-month repayment period. It is noteworthy that there is a predetermined weekly payment requirement for this service. Furthermore, a lot of the clients we have spoken with have shared stories of how their staff goes above and beyond to fulfill demands from the company. The majority of the clientele also gave them high marks for responsiveness and professionalism. As one of the greatest personal loan providers in Vancouver, Accord Financial can handle loans of any size, which is why we felt they should be on our list overall.

Pros

• Years of experience
• Flexible financing solutions
• Ideal for small and medium-sized businesses
• Extensive experience in various industries
• Offer small business loans

Cons

• Fixed weekly payments for small business loans
• Closed on weekends

Customer Reviews

Goes above and beyond

“Dealing with Accord Small Business Finance is always amazing! The staff go above and beyond to meet your business needs. I have been working with Accord for approximately a year and half, my business longer than that, and the staff have shown me over and over again that they truly care about our business.” -Savannah N.

Professional and responsive

“After working with Accord Small Business Finance for years, I continue to be astounded by the level of professionalism and responsiveness I experience. As a professional who works in the industry, I appreciate how much of a challenge this can be.” -Andrew P.

4. National Equity Lending Corp.

National Equity Lending Corp., a Canadian alternative lender, provides private mortgages and home equity loans. This business has been running for more than 20 years. National Equity Lending Corp. provides a wide range of loans to meet the demands of its diverse clientele, although it specializes in home equity loans. This covers a wide range of services, including refinancing, debt consolidation, and personal and business loans. Their unique offering is their special services for customers whose bank loans have been rejected. We think that clients who do not fit bank requirements, have bad credit, or struggle to demonstrate their income are the best candidates for this service. We also wanted to draw attention to the fact that they offer mortgages to independent contractors. We regret to notify you that while they do need a 25% down payment, there is an advantage in that they do not demand proof of income. Now, most of the customers we have spoken to recommend them because of their professional demeanor and ability to relieve stress during the entire procedure. Several clients also remarked on their experience, pointing out that they are able to offer insightful recommendations about the best lending service for their needs. All things considered, we advise anyone looking for a hassle-free personal loan to consider National Equity Lending Corp.

Pros

• Specializes in home loans
• Provides bank decline help
• Mortgages for self-employed 

Cons

• Small staff
• 25% down-payment required for self-employed mortgages

Customer Reviews

Top-notch expertise

“I am so thankful that I have decided to work with Igor and Ivan when I was searching for the best mortgage. They are not only experts in their field, but thanks to them, I have felt prepared, knowledgeable, and mostly stress-free.” -Amalia D. 

Experienced professionals

“My experience with Ivan was exceptional. Ivan is not only a true and experienced professional, but also a very trustworthy one. He was very diligent and industrious in getting me the best mortgage in the market.” -George O.

5. PAY2DAY

The Vancouver-based PAY2DAY company offers payday loans, check cashing, and other financial services. They are open six days a week and have approximately thirty-two sites throughout Canada. The fact that they have a 24/7 approval and funding timeline impressed us right away. Because PAY2DAY offers rapid online loans, we think this establishment is perfect for people looking for a quick and convenient loan solution. Their round-the-clock customer service team is another enticing feature of their firm, which we think gives customers piece of mind knowing that assistance is always available. We have now discovered that all you need to get accepted is a bank account and evidence of income. It is that simple. We believe this improves accessibility to their offerings. But we were dissatisfied with their constrained lending offerings. All we could have hoped for was that they provided company financing, which would have been a fantastic addition. However, most of the clients we dealt with complimented us on how quickly their applications were approved. The fact that completing their online application process just took a few minutes was another way they highlighted how helpful they are. We think Pay2Day is a company you should think about if you are seeking an accessible loan provider.

Pros

• Open six days a week
• 32 locations in Canada
• 24/7 approval and funding
• 24/7 customer service
• 32 locations in Canada

Cons

• Limited loan options
• Relatively higher rates

Customer Reviews

fast process from application to approval

“One of the easiest and fastest processes is from application to approval. Ms. Shikha was the most helpful and polite and made the entire process very easy for me. I would definitely recommend!.” -Prerna P. 

Super helpful

“Maria was super helpful! I applied online, and when they called, it only took a few short minutes to be approved. I’m very thankful, and the service was excellent!.” -King K.

6. Comparewise

Comparewise is a comparison website that offers a wide range of services and tools to assist customers in finding the loan and insurance provider that best suits their requirements, tastes, and circumstances. We like that there is no cost for customers to utilize the platform itself and that all rates listed on their website in relation to other businesses are current and up-to-date with the latest industry trends. Additionally, they prioritize using user information to find the best solution for the specific needs of the client; therefore, they go out of their way to ensure that user information is highly secured in all aspects that may be used on their website. However, take note that Comparewise is merely a platform where customers can obtain pertinent data to help them choose which provider to use for their insurance or loan. It is not a broker in and of itself. All things considered, we heartily suggest them to local customers in need of these services because of their wide range of brands and dealers in the industry, as well as the practical and cutting-edge technology they employ and their intuitive online interface.

Pros

• Comprehensive and affordable services
• Affordable and competitive prices offered
• Responsive and proactive customer service
• User-friendly website

Cons

• Only serves a comparative platform and not a direct broker

Customer Reviews

Here are some reviews from their clients:

“Took just a few minutes to apply and got a call shortly afterward from a Comparewise partner. Good and fast service.”

“I’m so thankful for the mortgage deal Comparewise hooked me up with; it’s affordable, and I was able to buy my first home.”