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Lender
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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's application

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How to apply

To apply for a loan, a potential borrower should provide the lender with initially correct and complete information about his or her financial background. Following thе steps indicated on the website guarantees that the request will be proceeded without any delays or additional queries from the service agents and automatically increases the chances for a loan candidate to have the application approved and get appropriately funded. Generally, there should be submitted several documents with the following information:

  • Proof of income (can be a bank statement)

  • Pre-authorized debit form or void cheque (can be replaced with bank statement)

  • One government-issued photo ID

Application details

ConsumerCapital Canada’s application form is fast and easy to complete. It can be completed on the computer or the mobile in as little as 5 minutes.

The company’s policy is about providing its customers with the best loan options possible. That is why all the loans are being approved by human credit analysts who take the time to understand the financial health of the potential borrower.

ConsumerCapital Canada aims to be maximally effective and friendly to its customers. Therefore, it is putting all the efforts not to make the potential borrowers wait for the answer for too long. The maximum waiting time to get the answer is one business day.

When requesting a loan (аfter clicking the “Apply now” field), the potential borrower will be asked to provide the service with the following information:

  1. Amount to borrow

  2. Purpose of loan

  3. First name

  4. Last name

  5. E-mail address

  6. Phone number

  7. Date of birth

  8. SIN (optional)

On the next page, the customer should fill out his employment details, including their gross income, income frequency (weekly, fortnightly, monthly, or annually), employment status, occupation, his employer’s name, his employer’s phone number, his employer’s city and province, and his years of service.

On the other side of the page, the customer has to complete the details about his address, years of living at this residence, whether they own or rent this property and his monthly housing payments.

After clicking the “Continue” button, it is possible to submit the application.

FAQ

Reasons for rejection

Unfortunately, there is a list of cases when the initial request for getting a loan can not be confirmed:

  1. The potential borrower is in debt management/counseling, bankruptcy, or consumer proposal.

  2. The potential borrower resides in Quebec, Northwest Territories, Yukon, or Nunavut.

  3. The potential borrower’s minimum monthly income is less than the required $1,600-1,900 gross.

  4. The potential borrower has provided the lender with the financial background information, containing certain discrepancies with the verification information provided by the borrower's bank.

How long does it take to get approved by ConsumerCapital Canada?

The speed of the approval depends on the quality of the financial background information the customer has submitted to the lender. In some cases, the application is approved the same day; in others, it can be one business day.

How trustworthy is ConsumerCapital Canada?

The lender is entirely legitimate and trustworthy due to the following factors:

ConsumerCapital Canada is a finance company registered with the Canadian Lenders Association. It is a subsidiary of CanCap Group, which also includes AutoCapital Canada and MerchantCapital Canada. It has well-established relationships with major Canadian financial institutions. Each customer can reach ConsumerCapital Canada’s customer service reps via email and phone.

ConsumerCapital Canada has got clear criteria for the eligibility of its customers.

The company offers a clear and simple reimbursement procedure.

The company offers a clear and simple procedure of verification of the financial and banking transactions background of each client.

Does ConsumerCapital Canada verify income?

Since the lender is operating in the market of providing financial services to its clients, the company needs to verify the income level of the potential borrowers.

When carrying out a procedure of income verification, ConsumerCapital Canada does not need the banking credentials of its client. It only requires the client to verify ownership of his bank account through a 128-bit SSL secure encrypted portal or by providing certain banking documents. 

Does ConsumerCapital Canada hurt your credit score?

Every customer applying for a loan is worried about the potential possibility of hurting his credit score by getting a loan.

Usually, each loan given out automatically affects the borrower’s credit score, but this happens if hard inquiries are happening regarding his application.

The company is not carrying out hard inquiries for the customers applying at their platform; that is why a customer can't get his score affected or damaged.

More than that – if the customer got funded and after this is following his repayments schedule with no delays performed, it automatically leads to his score improving or getting higher.

Take into account that one's credit score may suffer if there is an essential discrepancy between the customer's information. Therefore, the company always kindly asks its clients to provide the system with correct financial information only to avoid such a situation. In this case, the chances of getting funding for the customer get significantly higher, and no risk of hurting the credit score of the customer occurs.

ConsumerCapital’s Privacy policy does not state that it shares your data with credit bureaus or collection agencies.

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
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CAD
CAD
500 $
12500 $
Loan term
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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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