Struggling to qualify for bank financing? Not to worry. There are plenty of reputable non-bank lenders in Canada that can help you get the money you need. Whether you\u2019re applying for a mortgage, loan or non-bank line of credit, many alternative lenders offer flexible financing and solid customer service. Just watch out for higher fees and interest rates with some lenders.<\/p>
Non-bank lenders in Canada consist of online lenders and credit unions:<\/p>
When you opt for an alternative lending solution, you gain access to certain features and benefits, including the following:<\/p>
There are many safe and legitimate non-bank lenders in Canada. All credit unions will be just as safe as banks as long as they\u2019re licenced in Canada. It can be more difficult to tell if an online lender is safe.<\/p>
Your best bet is to check customer reviews and look for a lender with a good reputation and solid online presence. Avoid lenders that offer guaranteed loans, contact you out of the blue or try to charge fees upfront before you receive your money.<\/p>