Get a Personal Loan in Ottawa
If you live in the Ottawa area and need a personal loan, Borrowell can help. When applying for personal loans, lenders will check your credit score. Borrowell tells you what your Equifax credit score is for free and helps you find the best loans based on your credit profile.
How to Get a Personal Loan in Ottawa
Getting a personal loan is one way that many Ottawa residents are paying down revolving debt and taking steps to improve their credit profile. Over 46,000 Ottawa residents have signed up for Borrowell to quickly match with lenders that meet their financial needs. Borrowell users in Ottawa have also seen their average credit score improve by 15 points. Sign up for Borrowell to check your credit score for free, find the right loan product for your needs, and attain your short-term and long-term financial goals.
What you Need to Know About Loans in Ottawa
There are two major types of personal loans available in Ottawa. Secured loans are backed by collateral, for example a car or a home, while unsecured loans are not protected by collateral. Unsecured loans generally have higher interest rates and more stringent eligibility requirements, while collateral is often required for large loan amounts.
The majority of personal loans in Ottawa are unsecured and can carry either fixed or variable interest, with annual interest rates varying widely between lenders and loan types. Your best bet for finding a personal loan that works for you is to compare offers from several lenders.
To qualify for a personal loan in Ottawa, you must:
- Have a Canadian bank account
- Be a Canadian resident
- Be 18 years old or older
- Have at least one-year credit history
- Meet minimum income requirements with consistent employment history
Applying for a personal loan in Ottawa can be done in person or online. Once you know that you are eligible, it’s worth collecting the documents that you will need to submit a personal loan application. Some of the documents you should have on hand are:
- Valid form of ID: for example, an Ontario driver’s license
- Proof of residency: for example, utility bills
- Proof of employment and income: for example, pay stubs or bank deposit slips
- Social Insurance Number
Every lender has different credit score criteria. Many lenders will look for a credit score of at least 660, no history of bankruptcy, and a low debt-to-income ratio.
If your credit score is below 660, there are still personal loan options available. Sign up for Borrowell to see what loan options are available based on your credit score.
Because personal loans are considered an installment loan, as opposed to credit card debt, these will boost your credit score and contribute to a better credit mix. Personal loans can also improve your credit score by helping you establish a payment history. Of course, to benefit from this you have to meet the loan repayment schedule in full and make on-time payments.
Why You Should Check Your Credit Score First
Lenders qualify you based on your credit score
Your credit score is one of the main criteria for qualifying for a personal loan. Because of this, you should find out what your actual credit score is before applying for a loan. With Borrowell, you can check your credit score for free before applying for a loan.
Applying for a new loan affects your credit score
When you apply for a loan and a lender checks your credit score, it is recorded on your credit report as a “hard inquiry.” Hard credit inquiries temporarily lower your credit score, so it’s in your best interest not to apply for multiple financial products in a given time frame.
Borrowell shows you your likelihood of approval for each loan
To minimize impacts to your credit score, you want to make sure you apply for a loan that you're confident you'll get approved for. Borrowell helps protect your credit health by showing you your likelihood of approval for the loan products recommended to you on our platform, based on your credit score.
Borrowell's Quick & Easy Loan Process
Sign Up & Get Your Score For Free
When you sign up to Borrowell, you’ll get your free Equifax credit score free in just three minutes. Checking your score won't impact it, and you can see which loans you will be eligible for.
Check Rates & Choose Your Offer
Borrowell automatically matches your credit profile with the best loan products available based on your credit score. Select your offer and complete the online application.
Get Your Loan
Once your personal loan is approved by a Borrowell loan partner, you can usually access your funds in just a few days.
Is Signing Up for Borrowell Free?
Yes, it's really free. Borrowell provides you with your Equifax credit score, free of charge. Based on your credit score, we provide you recommendations on the best loans, credit cards, and financial products that you are likely to qualify for. Knowing your credit score speeds up the loan application process and helps you get your money as quickly as possible.
Still Have Questions?
Get More Answers
There are a lot of reasons why you might be applying for a personal loan, including as a credit loan to improve your financial health. Other things people use their loans for include:
- Emergency expenses, such as medical bills
- Unexpected costs
- Vacations or other large purchases
- Vehicle purchase or repair
- Home improvement
Personal loan amounts in Ottawa range from $500 up to $35,000. When applying for a loan, the loan amount that you qualify for will depend on a number of factors. Lenders will want to know that you can pay back the loan, so lower-risk borrowers will be able to secure larger loans.
One way for lenders to know if you are a risky borrower is to check your payment history. This makes up 35% of your credit score and indicates whether you will stick to the repayment timeline. Aside from maintaining credit health, paying down your personal loan on time will help you qualify for more favourable loans in the future.
Like all lenders in the province of Ontario, personal loan providers in Ottawa cannot charge more than 60% interest. Ontario law also requires that all lenders are licensed and comply with federal and provincial regulations — Borrowell only works with vetted and licensed loan partners.
Most borrowers in Ottawa get unsecured, variable-rate loans that fall between $500 and $30,000 and carry an average 12–30% annual interest. The typical term for repayment varies according to the loan amount and the borrower’s profile, but is generally between six months and six years.
How Borrowell Can Help with Your Financial Goals
Monitor & Track
Sign up and get your free Equifax credit score in just 3 minutes. Checking your score won't hurt it!
Understand & Improve
Receive weekly updates on how your credit score has changed. Get personalized tips on how you can improve your credit health.
Find the Right Product
Get matched automatically with the right loan products and trusted lenders that match your credit profile. Select your offer and complete the online application through the platform.
Find a Personal Loan in Ottawa with Borrowell
Are you ready to find the best personal loans in Ottawa? Sign up for Borrowell today to get your credit score for free and choose a range of loans on offer to meet your individual needs.