Can I get a loan while in a consumer proposal?

Yes, it's possible to get a loan while in a consumer proposal. While you won't qualify for funding with traditional lenders, some online and alternative lenders that work with bad-credit borrowers may be willing to offer you a loan. However, due to the negative impact of a consumer proposal, any loan you get will typically have a high interest rate.

Can I get a credit card when I am in a consumer proposal?

You may be able to qualify for a secured credit card while in a consumer proposal. These cards require you to provide a deposit to get approved, and using your card will help rebuild your credit score.

What is the best way to build credit while in a consumer proposal?

A secured credit card can help you rebuild your credit while in a consumer proposal. These cards require you to pay a deposit to qualify for credit, and your credit limit is usually the same as the amount you deposit. You can use the card to pay for purchases and make on-time payments to help improve your credit.

Can I get a mortgage after I file a consumer proposal?

It'll be very difficult to get a mortgage after you file a consumer proposal if your consumer proposal is still on your credit report. A mortgage is a large loan, and it's very unlikely that lenders—even private alternative lenders—will take on such a high risk.

How long will it take me to recover from a consumer proposal?

It can take many years to recover from a consumer proposal, depending on how long it takes you to pay it off. The proposal will remain on your credit report for three years after you pay it off or six years after signing the proposal (whichever is sooner).