Loans for New Immigrants with No Credit
There are always new chapters added to life’s book, one of them is moving to another country. A person moves to his/her dream country to acquire new and better opportunities. A plethora of questions, curiosity and anxiety follows. Having your own car, cell phone, credit card and eventually buying a home and furniture is what everyone strives for. When these aspirations are met then the path to success becomes hopeful. We help you to find the loan of your choice so that you can achieve your desired dreams.
YOU ARE NOT ALONE: All newcomers coming to Canada face the same difficulties in managing their finances because they have not had the opportunity to build a credit profile score. You just need to look for a reliable private lender that can accept non-traditional credit histories.
WE ARE HERE FOR YOU : As a registered private lender and currently operating in many states and cities of Canada our clients can get easy personal loans. Our clients, whether a newcomer or not have access to loans despite problems with credit.
|CRITERIA||OTHER LENDERS/ BANK||FEL CANADA|
|NEED EXCELLENT CREDIT SCORE||YES||NO|
|STRICT QUALIFICATION CRITERIA||YES||NO|
TYPES OF PERSONAL LOANS:
There are two types of personal loans in Canada
- SECURED LOANS: a lender needs collateral. The interest rate is lower.
- UNSECURED LOANS: No collateral is required. The interest rate is higher. (We do not provide unsecured loans)
HOW TO APPLY: Our loan process is easy and convenient.
DO YOUR RESEARCH OR FIND HELP WITH US: It is important to have prior knowledge about your needs and type of loan required.
1. JUST FILL OUT THE APPLICATION AND SUBMIT IT: Applying is fast and easy.
2. LEAVE IT UP TO US: After gathering all the information, it becomes our duty to help you obtain the best loan possible.
USB (Unique selling benefit) OF COMPANY: New immigrants typically fall short on the fulfillment of requirements asked by a lender. However, as a private and direct lender we help people to get secured loans who have no credit. Just two pieces of photo ID (license and health card) can work wonders for you. You might need a co-signer. Immigrants with PR status can mortgage their asset too.
PROVISION OF ONLINE PROCESS: Worrying about whether to go to your job or to visit our loan office to apply. Well! No need to worry as the process to apply and get a loan is quick, easy and a mere few steps away. Just fill out a form. (link for application form)
- Once a customer fills out the online application; he/she will be called to the office on appointment.
- Our well trained and knowledgeable staff members will assist you to get the desired loan.
- Voila! You are all set to have a more comfortable life.
HOW ONE CAN I GET A LOAN FROM A LENDER: The lender will usually give you the money for your loan in one of the following ways:
- deposited in your bank account
- sent to you as an e-transfer
- sent to other lenders directly if you are consolidating other debts
- PAYING BACK A PERSONAL LOANS: With a personal loan, you borrow a fixed amount of money and agree to pay it back over a period. You must pay back the full amount, interest, and any applicable fees. Do this by making regular payments, called installments. This further add scores to your credit and form a credit score which will help in future financing.
Why do I need to provide a co-signer?
A co-signer is used if the primary borrower does not own any assets and the co-signers does.
How long do I have to repay my loan?
Generally, the timeframe to repay your loans falls between one to five years.
If there is a delay in payment of my monthly installment; will it affect my credit score?
CIBIL score is the score that one earns after paying loan installments. The better you are at paying regular loan installments, the better your CIBIL score will be. CIBIL score plays an integral role in getting a loan in the future.
Is having no credit a bad reputation in CANADA?
Having no credit is better than having bad credit. Since that gives you the opportunity to start from scratch and build your credit score.
Do I need to provide any other documents other than proof of ID?
You may need other documents like:
- Proof of income
- Proof of residence (rental agreement, mortgage, or tax bill)
- Photos of exterior and interior of the vehicle
- Clear photo of the vehicle’s odometer
- Proof of vehicle insurance
- Proof of ownership of vehicle
- Void check
- Five References