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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.

Consumer Capital Canada

Finanso.Multilogin™

About lender

ConsumerCapital Canada is an alternative personal loan provider that’s been around since 2018.

The company's physical headquarters is based in Toronto, Ontario, but the company operates entirely online. ConsumerCapital Canada is a Canadian alternative lender that is committed to helping consumers gain access to fast and affordable loans that fit their unique needs. Whether the client is looking to cover the cost of an unexpected expense or needs to make a large purchase, ConsumerCapital Canada can help by offering personal loans from $500 to $12,500.

The customer can count on a seamless process to get his personal loan as the company offers a fully online application method. A potential borrower can sign their documents and receive the funds all online and from the comfort of their home.

The company says it is obsessed with helping its clients master their finances and strongly believes in treating them as partners. That is why all of its loans get approved by human credit analysts who take the time to understand the potential financial health of the potential borrower.

ConsumerCapital Canada recommends considering the following costs when applying for a personal loan – usually, there are three main factors:

  • Interest rates: the interest rate is one of the most important factors to consider when taking on a loan, as it dictates how much money the client will be paying to borrow. At ConsumerCapital Canada, personal loan interest rates range from 19.99% to 34.99%.

  • The longer the repayment term is, the more interest the client will pay, but the lower and more affordable the payments. Similarly, the shorter the repayment term is, the less interest the client will pay, but his monthly payments will be higher. For example, at ConsumerCapital Canada, personal loan terms range from 12 months to 60 months.

  • Fees: along with interest, the lender may charge origination fees, administrative fees, and other related fees. These are important to consider as they can add up quickly and affect the cost of the loan.

Pros and cons

Pros

  • Everything can be done electronically. Application, verification, and funding can all be made online.

  • The company lets its clients get a loan from $500 to $12,500.

  • There is a loan calculator available for customers on the website.

  • The company gives a possibility to its customers to get a balance increase on their current loan.

  • ConsumerCapital Canada’s personal loan products are unsecured, so the customer does not need to provide collateral.

Cons

  • The services are not available in Quebec, Northwest Territories, Yukon, or Nunavut.

  • The minimum monthly income required is $1,600-1,900 gross.

  • There can be found some negative feedback regarding this loan platform.

  • The company has got a confusing website – on the front page of the website, and there is information that the maximum amount of money a person can borrow equals $12,500—however, another piece of text on this page states that the most significant borrowed sum can be $15,000. In addition, different internet sources give different information regarding the minimum monthly income required for getting a loan – some say it is $1,600, others say it is $1,900. There is also contradicting data regarding the minimum term of the loan – some internet sources say it is 12 months, and others say it is 24 months.

  • Complaints about considerable NSF fees.

  • A $75 origination fee.

Loan conditions

During the application process, the potential borrower will need to provide the company with the following documentation:

  • Government-issued photo ID to verify personal identity.

  • Proof of income.

  • Banking information.

Methods of loan funding

Usually, it takes a little time to get funded after an application is approved. However, the funding time ranges from 24 hours up to 48 hours.

The funding method is a direct deposit on the borrower's bank account.

FAQ

What is ConsumerCapital Canada?

ConsumerCapital Canada offers an easy, quick, and trusted way to get a loan. All the processing is being carried out online.

Who owns ConsumerCapital Canada?

There is no specific information regarding this question on the company's website. However, according to LinkedIn, Richard Valade is President at Auto and Consumer Capital Canada -Wholly owned subsidiaries of CanCap Group.

How do you qualify for ConsumerCapital Canada?

To qualify for a personal loan with ConsumerCapital Canada, the applicant must meet the following requirements: 

  • Be a Canadian resident 

  • Be 18 years or older (except QC, NT, YT, NT)

  • Have a monthly income of at least $1,600 gross

  • Have a primary income (employment income, pension, disability, self-employment, maternity leave, or EI)

  • Must not be in debt management/counseling, bankruptcy, or consumer proposal

How much can you borrow from ConsumerCapital Canada?

ConsumerCapital Canada offers personal loans between $500 to $12,500. The amount the client qualifies for depends on how he meets the requirements. 

Is it a legitimate company?

The company corresponds to all the requirements for such financial institutions, and it seems to be entirely legitimate. Moreover, it is registered with Canadian Lenders Association.

Company documents

Privacy Policy
Terms

Get a loan that helps you take control of your finances.

© ConsumerCapital Canada

Financial products

Consumer Capital Canada
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-$12,500
Rate
i

Effective interest rate on the product

from 19.99%
Term
i

Loan term for the financial product

12 - 60 months

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Rate
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Effective interest rate on the product

starting from 1.05%
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up to 30 years

Calculate loan payments in Consumer Capital Canada

Consumer Capital Canada calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
500 $
12500 $
Loan term
i

Specify the loan term for the calculation

months
days
12
60

What to pay attention to when applying for a loan from Consumer Capital Canada

  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 Consumer Capital Canada 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.
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All Consumer Capital Canada’s reviews by August 2022
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