Choose a country
Canada
Choose a city
Choose a city
Choose a language
English
Select country
Choose a country
Canada
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия
Україна
Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Amber Financial

Finanso.Multilogin™

About lender

Amber Financial is a lending company founded in Canada to provide its residents with an alternative borrowing experience via fast and flexible loans. Unlike traditional lenders, they use financial technology based on data analysis and internet technology to adjust their rates according to modern tendencies and improve customers’ experience. Amber Financial allows customers to apply online wherever they are.

Amber Financial offers several services such as mortgages, personal loans, and investments. The company is focused on Chinese immigrants and has developed partnerships with various organizations so that it can verify applicants’ credit information in both China and Canada.

In 2016, Techvibes named Amber one of Canada's most sought-after and promising five financial technology companies.

Features

One of Amber Financial’s peculiarities is that it is a financial lending and investment platform designed to provide customized financing, wealth management products, and financial services for Chinese Canadians.

The company’s flexible mortgage loans cover purchasing commercial, residential, construction, and agriculture properties. The loans are extended to individuals, companies, and trusts as Amber Financial deals with all these categories of customers.

Also, potential investors can increase their savings via this company’s services, as Amber Financial has a subsidiary company Amber Mortgage Investment Corp., so customers interested in such services can cooperate with it. The minimum amount customers can invest in Amber MIC is $100,000, but if they have registered accounts, the minimum amount is reduced to $30,000.

Finally, customers needing a personal loan can borrow from Amber Financial up to $50,000, and the APR varies between 9,90% and 49,96%.

Pros and cons

Amber Financial’s strong and weak sides can influence the customers' decisions. Find below a short overview.

Pros

  • Amber Financial operates online, so there is no necessity to visit its office;

  • The company deals with Chinese Immigrants;

  • The company doesn’t have any income requirements. Also, customers can indicate their foreign income or other types of income at their preference;

  • Customers can apply even if they don’t have a credit score. The company can help them establish it;

  • Customers don’t have to be employed to receive a personalized quote;

  • The interest rate doesn’t change during the term of the loan.

Cons

  • The requirements are pretty strict. For example, a minimum credit score of 650;

  • If customers have a pending or current unpaid collection or overdue account, they will not be approved;

  • If customers have a pending, current, or previous bankruptcy, they will not be approved;

  • A customer must accept a loan offer within seven days. After seven days, the loan option will automatically expire;

  • The maximum APR on personal loans is pretty high: 49,96%.

Amber Financial has several advantages, such as the lack of necessity of visiting the office and the variety of provided services. Also, they do not have minimum income requirements and help clients to establish credit. Most importantly, the company focuses on Chinese immigrants to Canada.

However, they have some disadvantages. For example, clients with a pending or current unpaid collection or overdue account will not be approved for a loan.

Loan conditions

First, customers must choose the product they need - mortgage, investment, or personal loan - and click on it. To apply for a personal loan, a customer needs to find the application form on the company’s website and fill it out, which would take about 5 minutes. A customer must enter personal and financial information, the desired amount, the loan purpose, and credit score.

The requirements of Amber Financial are pretty strict. To be approved by them, customers must be 19 years or older; have a credit score of 651 or above; have a valid status in Canada to live, study, or work; be able to afford the loan; not have a pending or current unpaid collection or overdue account; not have a pending, current or previous bankruptcy. Also, they must provide such documents as a photocopy of both sides of government-issued ID, last three months of bank statements, two last pay stubs or three last and notices of assessment.

The amount that customers can borrow varies between $500 and $50,000 and can be taken for the period starting from 3 up to 60 months. The interest rate charged by the company varies between 9,90% and 49,96%.

As for mortgages, companies, individuals, and trusts are eligible to apply for commercial, residential, construction, and agricultural property types. The maximum loan amount equals 75% of the object's market value. The private mortgage rate starts from 5.99%+.

Amber Financial requires its loans are not intended for the benefit of any third parties.

Methods of loan funding

Once the clients finish the application and get approved for the loan, the required amount will be transferred to their bank account by direct deposit.

FAQ

What is Amber Financial?

Amber Financial is a Canadian lending organization based in British Columbia that provides Canadians, real estate investors, companies, and institutions with flexible mortgage loans. The company offers several services such as mortgages, personal loans, and investments. It focuses on Chinese immigrants to Canada.

Who owns Amber Financial?

Unfortunately, there is no data about the owners of Amber Financial in the open sources, only about its CEO, Trena Papageorge. 

How do you qualify for Amber Financial?

If customers want to apply for a loan, they must be 19 years or older; have a credit score of 651 or above; have a valid status in Canada to live, study, or work; be able to afford the loan; not have a pending or current unpaid collection or overdue account; not have a pending, current or previous bankruptcy; must provide such documents as a photocopy of both sides of government-issued ID, last three months of bank statements, two last pay stubs or three last and notices of assessment.

How much can you borrow from Amber Financial?

Amber Financial allows borrowing between $500 and $50,000 as a personal loan and 75% of the property’s market value if it is a mortgage.

Is it a legitimate company?

This is a legitimate company. Amber Financial has A+ accreditation from BBB. In addition, it is listed on BCFSA, British Columbia Financial Services Authority.

Company documents

Privacy Policy
Terms of service

Our mission is to provide Canadians a better borrowing experience.

© Amber Financial Services Corp.

Financial products

Amber Financial
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500 - $50,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months

Similar products

Royal Bank of Canada
High Interest eSaving
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
no minimum deposit
Royal Bank of Canada
Savings Deposit
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
no minimum deposit
Rate
i

Effective interest rate on the product

0.5%
Loop
Invoice Financing
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Up to 95% of the invoice
Rate
i

Effective interest rate on the product

set individually
Term
i

Loan term for the financial product

set individually
Loop
Purchase Order Financing
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Up to 70% of the purchase order
Rate
i

Effective interest rate on the product

set individually
Term
i

Loan term for the financial product

set individually
Prudent Financial
Motorcycle Storage Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $5,000
Rate
i

Effective interest rate on the product

5.75% - 9.9%
Term
i

Loan term for the financial product

set individually
Prudent Financial
Home Equity Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $500,000
Rate
i

Effective interest rate on the product

5.75% - 9.9%
Term
i

Loan term for the financial product

set individually

Calculate loan payments in Amber Financial

Amber Financial calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
500 $
50000 $
Loan term
i

Specify the loan term for the calculation

months
days
3
60

What to pay attention to when applying for a loan from Amber Financial

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Amber Financial from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Amber Financial’s reviews by August 2022
Leave feedback

Similar companies

Auto Loan Solutions
3200 Bloor Street West Toronto, ON M8X 1E1
1-800-610-2391
Driven
License No. 6482091
130 Adelaide St W, Suite 3100, Toronto, Ontario, Canada, M5H 3P5.
1-866-889-9412
Symple Loans
161 Bay Street, Suite 2700 Toronto, ON, M5J 2S1
1-888-479-2292
Rocket Funds
internet only
1-866-964-7192
Nuula
150 King St W Suite 303, Toronto, ON M5H 1J9