Compare different types of personal loans in Calgary to find the right loan for your unique situation. Learn the steps you can take to find the best deal, what to look for when choosing a loan, how to apply and what eligibility criteria you need to qualify.
Compare personal loans in Calgary
How to find the best personal loan in Calgary
Follow the three steps below to find the best personal loan in Calgary:
1. Decide which type of personal loan works best for you
Choose the best loan type for your personal situation based on the following categories:
2. Compare different types of lenders
Compare multiple lenders to find the right fit for your personal needs.
3. Consider the following key features to get the best loan for your needs
Think about the following factors before you decide on the right loan for you.
What are the eligibility requirements of personal loans in Calgary?
You’ll typically need to meet the following criteria to qualify for personal loans in Calgary:
- Be 18 years old or the age of majority in your province or territory. You’ll need to provide a government-issued ID or validate your identity through your bank.
- Be a Canadian citizen or a permanent resident. You may have to validate your address using a utility or phone bill, or by showing proof of ID.
- Have a bank account. You’ll need to provide your direct deposit info or a void cheque so your lender can arrange to deposit funds and withdraw repayments.
- Have proof of regular income and ongoing employment. Some lenders accept government benefits, pension or self-employment income while others only take employment income.
- Meet the minimum credit score. Some lenders are willing to work with borrowers who have bad credit, no credit or a history of bankruptcies and consumer proposals. Others have strict minimum credit scores you must meet to qualify.
What are the interest rates of personal loans in Calgary?
The rates you get for your loan will depend on factors such as your credit score, term and whether you get a secured or unsecured loan. The rates you’ll get for unsecured personal loans in Calgary typically range from 9.75% to 46.96%. You may qualify for a slightly lower interest rate with secured loans if you put up an asset as collateral.
Representative example: Cost of a $5,000 personal loan in Calgary
Compare how much you might pay for an unsecured $5,000 personal loan in Calgary over 3 vs 5 years:
|Amount||Interest rate||Interest over 3 years||Interest over 5 years|
This example shows how your interest rate and term can have a big impact on your overall loan amount. The lower the rate and the shorter the term, the less you’ll pay in interest over time.
Can I get approved for a personal loan with bad credit?
You can definitely get approved for a bad credit loans in Alberta if you know where to look. With a bad credit loan, lenders will usually look at factors such as your income and employment status to get you approved instead of your credit score. However, you’ll almost always pay higher interest rates with bad credit loans.
There are two main types of bad credit loans available:
- Secured loans. Use an asset such as your home or car to secure your loan. Interest rates range from 9% to 49% for bad credit. Just be prepared to forfeit your asset if you default on your loan.
- Unsecured loans. With no asset, your interest rates will be higher, typically ranging from between 18% and 47%. Your credit score will go down if you miss payments or fail to pay back your unsecured bad credit loan.
You may also be eligible for bad credit payday loans if you need a small amount of cash to hold you over between paycheques. That said, these loans should be used as a last resort option since they’re extremely expensive and must be repaid very quickly (usually in 2 weeks).
Best bad credit loans in Canada
How to apply
Follow the steps below to apply for personal loans in Calgary:
- Apply for pre-approval. Compare several lenders and apply to get pre-approved for a personal loan with your top choices. Fill out applications with personal info such as your name, address, phone number, email, employment, income and housing situation.
- Pick the best personal loan. Compare the pre-approval offers you get back and pick the best personal loan for your needs. Aim for the loan with the lowest rates, fees and the most flexible repayment terms.
- Submit a formal application. The lender you choose may need you to submit a more detailed application to formally apply for a loan (on top of pre-approval). You’ll typically need to submit documents for your loan at this point, such as ID, bank statements, etc.
- Submit to a credit check. You may need to consent to a credit check with some lenders. A hard credit check can affect your credit score and should be done sparingly.
- Get a final loan offer. Review your loan agreement. Understand your payment schedule and how much the loan will cost you overall. Keep an eye out for extra fees.
- Sign and submit. If you’re happy with the terms of your personal loan, sign and submit your loan agreement. You’ll usually get your money via e-transfer or direct deposit.
Personal loans in Calgary if you prefer to visit a branch
If you’d prefer to apply for a loan in person, consider the following private lenders. Big banks are another option for in-person service but they aren’t covered below.
|Lender||Best for||Loan amount||Loan term||APR||Location in Calgary|
|Blue Copper Capital||Fair to bad credit||$1,000 – $100,000||6 - 36 months||14.00% - 33.00%||1 location (5809 Macleod Trail SW #104)|
|easyfinancial||Fair to bad credit||$$500 – $100,000||9 - 120 months||9.99% - 46.96%||9+ locations|
|Money Mart||Fair to bad credit||$500 – $15,000||6 - 60 months||29.90% - 46.90%||17+ locations|
|ATB||Good to excellent credit||N/A||12 - 60 months||7.20% - 14.20%||18+ locations|
|Servus||Good to excellent credit||N/A||3 - 96 months||N/A||10+ locations|
Calgary personal finances at a glance
Residents of Calgary have some of the highest levels of unsecured debt in Canada. It’s important to make sure your income can support taking on new debt before you apply for personal loans in Calgary.
Debt in Calgary
According to Equifax, the average unsecured debt for Calgary residents in the second quarter of 2022 was $24,987. This is compared to Edmonton residents, who carried a slightly lower debt of $24,259. The average level of debt for people across Canada was $20,744.
Income in Calgary
According to Statistics Canada, the average income in Calgary was $44,800 in 2020. This is on par with the provincial average of $44,800, and slightly lower than the average income in Edmonton ($45,600). These figures include all types of income, such as employment, rental, investment, retirement and government benefits.
Frequently asked questions
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