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In Canada, a part-time employee is someone who works less than 30 hours a week. This could mean someone might work 10 hours per week or 29 hours a week and still be considered a part-time employee. Part-time employees also might not be able to take advantage of benefits that full-time employees enjoy, such as health coverage, paid holidays and more.
There are a couple of different types of loans that part-time workers can explore: personal loans and installment loans.
Installment loans come in larger amounts and with longer terms than their personal loan cousins, though they’re generally smaller than your average personal loan. They can also come with higher rates than personal loans. You can typically borrow up to $2,000 or more and take 3 months to a few years to pay it off.
While approval for a loan is never guaranteed, here are some tips to increase the chances of getting your application approved:
Steps to take if your personal loan application has been denied
To tip the approval scale in your favour when applying for a loan, here are a few things you can do:
While not all lenders are willing to extend loans to part-time workers, those that do care more about your ability to repay the loan. Always compare your options before you apply for a loan and be sure to check the minimum income before you apply for a loan to make sure you’re eligible. If it’s unclear, reach out to the lender and ask before you lodge an application.
Want to learn more about personal loans? View our comprehensive guide to find out how they work.
You usually can, as long as you meet the lender’s eligibility criteria. Additionally, you normally have to own the vehicle outright, whether it’s a car, RV, boat or motorbike. You will usually need to be 18 years of age, or the age of majority in your province or territory, be a Canadian citizen or a permanent resident with a valid Canadian address and provide proof of your part-time income. You will likely also need a bank account. Check our car loans page to learn more about what you’ll need to apply.
It’s possible, but you might not be able to get the best deal. With such a hefty, long-term loan, lenders are typically more comfortable to see that you’re steadily employed. You might have more luck if you take on more than one job or have spent at least two years with the same employer. Shop around for lenders and make some comparisons before settling for one.
In Canada, part-time work is usually considered to be less than 30 hours of work a week, at your main job or your only job.
Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University.
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