How much can you borrow with an unsecured loan?

The amount of loan funding available varies between lenders and may also depend on your credit score, income and current debt. Generally, unsecured loans are available from $500 to $50,000, depending on the lender you choose.

Can I be approved for a loan if I'm unemployed?

There are lenders out there who will approve borrowers as long as they can show evidence of a consistent history of payment. Some lenders will also accept CPP, Canada Child Benefits, EI and other sources of income as proof of funds. Learn more about unemployment loans .

Why is my loan rate higher than the advertised rate?

The exact rate you're offered when applying for a loan will vary depending on your credit score, income, debt levels and history of payments. Banks often advertise their best available rates, but you'll need a very good credit score and low debt-to-income ratio to access these.

Can I get an unsecured loan for bad credit with quick approval in Canada?

If you've got a bad credit score, your options for fast unsecured loan funding are limited. While payday loans could get you a $1,500 loan, anything greater than that may be difficult to secure. Keep in mind that payday loans are the most expensive type of loan out there, typically offering high APRs in the triple digits.