I have no credit history according to my equifax.ca credit report and i need a personal loan. i have a full time job and would be able to pay off the loan fairly easily. Since the money is needed right away, that's the only reason why I need a loan. Are there any canadian companies that offer personal loans for people with no credit history?
2006-09-27 09:14:30 · 2 answers · asked by supahstah_c 1 in Business & Finance ➔ Personal Finance
for the most part all major canadian banks are willing to lend you money without credit history and just with proof that you have a steady job!!!
2006-09-27 10:32:34 · answer #1 · answered by CB 5 · 0⤊ 0⤋
All the banks including Credit Unions will work with you. What they look for is Job Stability (at least 2 years) Residence Stability (2-3 years). If you don't meet the criteria, then they might want a co-signer for the first one. When you checked Equifax they probably gave you a Credit Score. If so, was it over 650? It would help if it was.
Royal Bank use another credit reporting service called Trans Union. You might want to check that one too.
Good luck with your application. Stay away from lenders like Wells Fargo or CitiCorp. Their interest rates can be as high as 30% and loans with them have a negative impact on your credit score.
2006-09-27 10:06:12 · answer #2 · answered by Jack 6 · 0⤊ 0⤋
Banks such as Scotia ,TD , or RBC etc. like to loan money but also like a credit history. it is a catch 22. If you have a checking and or savings account with them an can show a history of not using your Interact to the point of overdraft or to nothing in your account continually and some regular savings additions they will offer you small loans to help you establish a credit history. You may also try ING as well.
You need to start somewhat small then work upwards as you pay off your loans.
Best advice I can give you...never borrow money...save up in an interest bearing account then pay cash. you are ahead that way but it will take you longer to get what you want.
2006-09-27 09:25:32 · answer #3 · answered by pinelake302 6 · 0⤊ 0⤋
Citifinancial and Wells Fargo will give you a loan based on your employment history but you will pay major interest rates. You need to get a credit card like canadian tire or sears buy something pay it off and boom you have a credit history.
2006-09-28 03:24:30 · answer #4 · answered by kiki68 1 · 0⤊ 0⤋
try ask.com
2006-09-29 02:53:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋