6 MDG Alternatives to Get Easy Funding

MDG is an Ontario-based lender and electronics retailer that offers a choice of two funding options: a $20,000 personal loan and a $3,200 line of credit. If you can’t qualify for an MDG Financial loan, or if you’re just shopping around for the best rates and terms, here are six loans like MDG worth checking out in Canada.

How does MDG compare?

For a detailed rundown of what MDG Financial has to offer, check out our full MDG Financial review. But if you’re just after a quick summary, check out the pros and cons below.

Questions to ask yourself before you get a loan like MDG

• What is the APR? If you have bad credit, your loan could come with an APR as high as 35%.
• Are there any fees? Cash advances may come with monthly subscription and instant funding fees, while personal loans may have administration, NSF and late payment fees.
• When do I need the money? Depending on the loan option you choose, you may have to wait a few business days to receive your funds.
• How much do I need? Cash advances offer small amounts of $750 or less, so they may not provide sufficient funds for your needs.
• Can I afford it? Online lenders and cash advance providers tend to have lenient eligibility criteria, so be wary of taking on more debt than you can comfortably afford to repay.

How to apply for loans like MDG and get your funds fast

It’s easy to apply for loans like MDG online. You’ll need to provide:

• Your name and date of birth
• Your phone number and email address
• Your residential address
• Proof of ID, such as a driver’s licence or passport

You’ll also generally need to prove that you have sufficient income to manage your loan repayments. Traditionally, you would have had to provide bank statements or pay stubs to do this, but many online lenders now support instant bank verification. This allows the lender to check your bank statement electronically to verify your income, allowing you to get approved and funded as quickly as possible.

Bottom line

If you’re looking for MDG alternatives, there are plenty of reputable online lenders and loan platforms in Canada that offer quick funding, flexible repayment options and approval for borrowers with less than perfect credit. While MDG provides a $20,000 personal loan and a $3,200 line of credit for shopping at its electronics store, these six alternatives give you more variety in loan amounts, terms and funding uses. But before you apply, consider the interest rates, fees and your ability to repay to ensure you choose the loan that best fits your financial needs.