Loans for 790 Credit Score for April 2024

Get a loan with 790 credit score from one of the lenders verified by our specialists. On 11.04.2024 there are 5 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 5
Updated
04.04.2024
17:07
Best Quick Loan Today 11.04.2024*
Mr. Payday
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Rating by Finanso®
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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.

Recommended FinScore™
0
300
650
1000
up to $10.000
Mogo
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-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®
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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.

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

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
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Take advantage of our loan selection system with a free credit check!

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
to 50000.00 C$
Term
i

Loan term for the financial product

to 24 months
Credit Matik
Personal Loan
Rating by Finanso®
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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.

Recommended FinScore™
0
300
650
1000
$250-$15,000
Rate
i

Effective interest rate on the product

up to 32%
Term
i

Loan term for the financial product

up to 12 month
Reviews
Royal Bank of Canada
2
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Review
Royal Bank of Canada
4.2
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Review
Royal Bank of Canada
4.2
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Review
Royal Bank of Canada
4.6
Great service and quick processing of my loan request.
Review
Royal Bank of Canada
1.8
I found the process of getting a loan with RBC to be quite slow and confusing.
Review
Royal Bank of Canada
4.4
RBC provided me with a loan at a very low interest rate, helping me save on loan payments.
Review

A 790 credit score loan in Canada signifies more than just a number. For many, understanding what constitutes a very good credit score and its implications can be extremely important. Armed with a credit score of 790, individuals stand on the cusp of financial opportunity, have the access to a lot of credit products with favorable terms and rates. But what exactly does this score?

In Canada, credit scores serve as a metrics, determining individuals' creditworthiness in the eyes of lenders. Typically ranging from 300 to 900, credit scoring model reflect individuals' credit histories, payment habits, and overall financial responsibility. A 790 credit score falls within the bracket of "very good credit scores," positioning individuals as favorable candidates for loan approvals and competitive interest rates. However, comprehending the nuances of credit scores requires a deeper dive into Canada's credit landscape, where TransUnion and Equifax (main credit bureaus) reign as the judges of financial status.

Features

  1. Low Interest Rates. One of the standout features of loans tailored for individuals with high credit scores is the access to exceptionally low-interest rates. Lenders view individuals with high credit scores as low-risk borrowers, allowing them to negotiate favorable terms. With interest rates significantly lower than average, borrowers can save substantial amounts of money over the life of the loan.

  2. Flexible Loan Terms. Loans designed for individuals with high credit scores often come with flexible repayment terms. Borrowers may have the option to choose from a variety of loan durations, ranging from short-term to long-term, to align with their financial goals and circumstances. This flexibility empowers borrowers to tailor the loan to their specific needs, whether it be paying off debt faster or reducing monthly payments.

  3. Higher Loan Limits. With a 790 credit score, individuals may qualify for higher loan limits compared to those with lower credit scores. Lenders are more inclined to extend larger loan amounts to borrowers with proven track records of responsible financial behavior. Whether financing a major purchase, such as a home or vehicle, or consolidating debt, borrowers with high credit scores have access to the funds they need to achieve their objectives.

  4. Streamlined Approval Process. Another key feature of loans for individuals with high credit scores is the streamlined credit approval. With a credit score of 790, borrowers are deemed creditworthy, expediting the approval process significantly. This means less time spent waiting for loan approval and faster access to funds, allowing borrowers to seize opportunities and address financial needs promptly. Additionally, some lenders may offer pre-approval options, providing borrowers with greater confidence and clarity when exploring their loan options.

Pros and Сons

Pros

Enhanced Financial Flexibility. Utilizing loans designed for individuals with high credit scores, such as a 790 credit score loan in Canada, offers borrowers enhanced financial flexibility. With access to favorable terms and conditions, borrowers can tailor the loan to their specific needs and preferences, whether it's consolidating debt, funding home improvements, or covering unexpected expenses. This flexibility empowers borrowers to navigate their financial journey with confidence and ease.

Opportunity for Savings and Investments. Loans for high credit score individuals provide an opportunity for borrowers to leverage low-interest rates to their advantage. By securing financing at favorable terms, borrowers can allocate saved funds towards savings or investments, such as retirement accounts, stocks, or real estate. This strategic approach enables borrowers to maximize their financial potential and build wealth over time.

Stress Reduction and Peace of Mind. Access to loans with favorable terms and streamlined approval processes can significantly reduce financial stress and provide peace of mind to borrowers. With the assurance of low-interest rates and manageable repayment plans, borrowers can focus on their goals and aspirations without the burden of excessive debt or financial uncertainty. This peace of mind enhances overall well-being and fosters a positive outlook on the future.

Building Stronger Financial Relationships. Utilizing loans tailored for high credit score individuals can strengthen relationships with lenders and financial institutions. By demonstrating responsible borrowing behavior and maintaining a high credit score, borrowers establish trust and credibility with lenders, paving the way for future financial opportunities and favorable terms. Stronger financial relationships open doors to exclusive offers, personalized advice, and tailored solutions that align with borrowers' long-term objectives.

Empowerment and Financial Independence. Access to loans designed for high credit score individuals empowers borrowers to take control of their financial future and pursue their aspirations with confidence. Whether it's achieving homeownership, advancing education, or starting a business, borrowers can leverage financing options to turn their dreams into reality. This sense of empowerment fosters financial independence and allows individuals to thrive in their personal and professional endeavors.

Cons

Potential for Overborrowing. While loans for individuals with high credit scores offer attractive terms and favorable interest rates, there's a risk of overborrowing. With access to higher loan amounts, borrowers may be tempted to take on more debt than they can comfortably manage. This can lead to financial strain and difficulty in meeting repayment obligations, potentially jeopardizing their credit score and overall financial health.

Potential for Complacency. Access to loans with favorable terms for high credit score individuals may breed complacency in managing personal finances. Borrowers may become less vigilant in monitoring their spending habits, saving for emergencies, or planning for future financial goals, assuming that their creditworthiness will always secure them favorable loan terms. However, complacency can leave borrowers ill-prepared to navigate unexpected financial challenges or changes in circumstances.

How to Get a Loan With a 790 Credit Score?

Apply for a Loan

  1. Know Your Credit Score. Start by obtaining a copy of your credit report to confirm your 790 credit score. You can request your credit report from both TransUnion and Equifax, the two major credit bureaus in Canada. Review your credit reports carefully to ensure its accuracy and address any discrepancies if found. Correct credit file is extremely important.

  2. Research Lenders and Loan Options. Explore different lenders and loan options available to individuals with high credit scores. Compare interest rates, loan terms, and eligibility requirements from various financial institutions, including banks, credit unions, and online lenders. Consider factors such as loan amounts, repayment terms, and fees associated with each option.

  3. Gather Necessary Documentation. Prepare all required documentation to support your loan application. This may include proof of income, employment verification, identification documents, and details of any assets or existing debts. Having these documents readily available can streamline the application process and increase your chances of approval.

  4. Submit Your Loan Application. Once you've selected a lender and loan product that meets your needs, submit your loan application. Provide accurate and complete information to the lender, including details about your credit history, financial situation, and the purpose of the loan. Be prepared to consent to a credit check as part of the application process.

  5. Review and Negotiate Loan Terms. Carefully review the loan terms offered by the lender, including the interest rate, repayment schedule, and any associated fees or penalties. If the terms are not satisfactory or if you believe you qualify for better terms based on your credit score, consider negotiating with the lender to secure more favorable conditions.

  6. Await Loan Approval. After submitting your application, await the lender's decision regarding loan approval. With a 790 credit score, you are likely to be viewed favorably by lenders, increasing the likelihood of approval. Be prepared to provide any additional information or documentation requested by the lender to facilitate the approval process.

  7. Finalize Loan Agreement. Upon approval, carefully review the loan agreement provided by the lender. Ensure that you understand all terms and conditions outlined in the agreement, including repayment obligations, interest rates, and any applicable fees. If everything is in order, sign the loan agreement to formalize the borrowing arrangement.

  8. Receive Funds and Manage Repayments. Once the loan agreement is signed, the lender will disburse the funds to your designated account. Use the funds responsibly according to the intended purpose of the loan. Make timely payments as per the agreed-upon repayment schedule to maintain your excellent credit score and avoid any negative consequences.

Requirements and Conditions

  1. Credit Score Verification. Lenders will verify your credit score, typically through credit bureau, like TransUnion or Equifax. A credit reports of 790 is considered excellent credit scores and generally indicates responsible credit management. However, lenders may also consider other factors such as your credit history, debt-to-income ratio, and employment stability.

  2. Income Verification. Lenders will require proof of income to ensure that you have the financial means to repay the loan. This may include recent pay stubs, tax returns, or bank statements. Stable employment and a steady income are favorable factors in loan approval.

  3. Debt-to-Income Ratio. Lenders assess your debt-to-income ratio, which compares your monthly debt payments to your gross monthly income. A lower debt-to-income ratio indicates less financial strain and a higher likelihood of loan approval. Generally, a debt-to-income ratio below 40% is considered favorable.

  4. Purpose of the Loan. You'll need to specify the purpose of the loan, whether it's for purchasing a home, financing a vehicle, consolidating debt, or covering other expenses. Some lenders may have restrictions or specialized loan products for certain purposes, so it's essential to communicate your intentions clearly.

  5. Loan Amount and Term. Determine the loan amount you need and the desired repayment term. Lenders may offer various loan amounts and terms based on your creditworthiness and financial situation. Be sure to choose a loan amount and term that align with your budget and repayment capacity.

  6. Interest Rate and Fees. Understand the interest rate and any associated fees or charges applicable to the loan. While borrowers with high credit scores often qualify for lower interest rates, it's essential to compare rates and fees from multiple lenders to ensure you're getting the best deal.

  7. Collateral (if applicable). Depending on the type of loan and lender requirements, you may need to provide collateral to secure the loan. Collateral could include assets such as real estate, vehicles, or savings accounts. Collateralized loans may offer lower interest rates but come with the risk of losing the asset if you default on the loan.

  8. Legal Age and Residency. You must be of legal age (18 or 19 years old, depending on the province) and a Canadian resident to qualify for a loan. Some lenders may also require Canadian citizenship or permanent residency status.

Best Places to Get a Loan for a 790 Credit Score

BMO

Canadians seeking personal loans have a reliable option in BMO (Bank of Montreal) to address their financial requirements. With roots dating back to 1817, BMO is renowned for its stability and customer-focused ethos. The bank offers competitive interest rates and a range of flexible loan choices, catering to individuals with varying credit scores. BMO demonstrates its commitment to delivering convenient financial solutions through user-friendly online platforms, telephone banking services, and an extensive branch network. By placing emphasis on customer satisfaction, accessible support channels, and transparent communication, BMO establishes itself as a trusted leader in the Canadian personal lending landscape.

CIBC

CIBC emerges as a dependable choice for Canadians in need of personal loans, leveraging its esteemed history dating back to 1961 to inspire confidence and reliability. As one of the nation's leading banks, CIBC prioritizes competitive interest rates, particularly benefiting individuals with strong financial profiles. Moreover, CIBC extends flexible loan options to those with average credit scores, offering the flexibility to choose between fixed or variable rates. Addressing diverse preferences, the bank provides asset-backed loans for higher borrowing limits and unsecured personal loans for streamlined approval processes. This commitment to inclusivity is evident in its user-friendly online applications, telephone banking services, and personalized in-person assistance, underscoring CIBC's dedication to serving a wide spectrum of applicants in the personal lending domain, regardless of their credit history.

Lendful

In Canada's lending realm, Lendful emerges as a contemporary option for individuals seeking personal loans. Despite being a newcomer to the financial landscape, Lendful has swiftly gained recognition for its transparent practices and provision of competitive, easily understandable interest rates. Through an intuitive online platform, Lendful offers flexible loan terms and adjusts rates based on individuals' credit scores, ensuring a personalized borrowing experience. Noteworthy is the company's commitment to customer service, evident through its responsive support channels, which enrich the overall borrower journey. With its modern approach, emphasis on transparency, and unwavering dedication to customer satisfaction, Lendful establishes itself as a notable contender in the Canadian personal lending sector.

Fairstone

Fairstone operates in all provinces and territories in Canada, excluding Nunavut, offering a range of secured and unsecured loans with a minimum credit score requirement of 550. Geared towards individuals with credit scores below the excellent range, Fairstone provides swift responses for those urgently in need of unsecured loans and introduces the option of a co-signer to enhance accessibility. Notable features include loan amounts spanning from $500 to $50,000, instant online loan quotes without impacting credit scores, and personalized benefits for homeowners opting for secured loans. While unsecured loans can be funded within 24 hours and secured loans within three days, borrowers should be mindful of the higher minimum APR associated with unsecured loans. With operational coverage across every province and territory in Canada, Fairstone ensures accessibility across a diverse demographic, contributing to the broad spectrum of credit portfolios.

Ways to Receive the Money

  1. Direct Deposit. Many lenders prefer to disburse loan funds directly into the borrower's bank account via electronic transfer. Once the loan is approved and the borrower has signed the necessary agreements, the lender initiates a direct deposit of the loan amount into the designated bank account. Direct deposit is a convenient and efficient method, allowing borrowers quick access to the funds without the need for physical checks or visits to a bank branch.

  2. Check Issuance. Some lenders may offer to issue a check for the loan amount, which borrowers can deposit into their bank accounts or cash at a bank branch. While less common than direct deposit, receiving a check provides borrowers with a tangible form of payment and may be preferred by those who are not comfortable with electronic transactions or who do not have a bank account.

  3. Wire Transfer. In certain cases, particularly for larger loan amounts or expedited funding requests, lenders may arrange for a wire transfer of the loan funds directly to the borrower's bank account. Wire transfers offer same-day or next-day delivery of funds and are often used for time-sensitive transactions or when immediate access to funds is required.

  4. Prepaid Debit Card. Some lenders may offer the option to receive loan funds on a prepaid debit card. Upon loan approval, the lender loads the approved loan amount onto a prepaid card, which borrowers can then use for purchases, ATM withdrawals, or bill payments. Prepaid debit cards provide a convenient alternative for borrowers who do not have a traditional bank account or prefer not to link the loan to their existing accounts.

  5. In-Person Pickup. In rare cases, particularly for small loans or specialized lending arrangements, borrowers may have the option to pick up the loan funds in person from the lender's office or a designated location. This method allows for face-to-face interaction with the lender and immediate access to funds, but it may be less common due to logistical considerations and security concerns.

Things to Pay Attention To

  1. Interest Rates and Fees. Carefully review the interest rates offered by lenders and any associated fees or charges. While borrowers with high credit scores typically qualify for lower interest rates, it's essential to compare offers from multiple lenders to secure the most competitive terms. Pay attention to any hidden fees or penalty charges that may increase the cost of borrowing over time.

  2. Repayment Terms and Schedule. Understand the repayment terms and schedule outlined in the loan agreement. Determine the monthly payment amount, repayment duration, and due dates to ensure they align with your budget and financial goals. Choose a repayment plan that is manageable and allows you to comfortably meet your obligations without undue financial strain.

  3. Prepayment Penalties. Check whether the loan agreement includes prepayment penalties or fees for paying off the loan early. While it's advantageous to pay off debt ahead of schedule to save on interest costs, some lenders impose penalties for early repayment. Factor in these penalties when evaluating loan options and consider lenders that offer flexibility in prepayment terms.

  4. Loan Security and Collateral. Understand whether the loan requires collateral or security to secure the borrowing arrangement. Collateralized loans may offer lower interest rates but come with the risk of losing assets if you default on the loan. Evaluate your willingness and ability to provide collateral and weigh the potential risks and benefits carefully.

  5. Loan Purpose and Restrictions. Clarify the purpose of the loan and any restrictions or limitations imposed by the lender. Some loans may be designated for specific uses, such as home purchases or debt consolidation, while others may have restrictions on how the funds can be used. Ensure that the loan aligns with your intended purpose and financial needs before proceeding with the application.

  6. Customer Service and Support. Assess the level of customer service and support provided by the lender. Choose a reputable lender with a track record of excellent customer service and responsive support channels. Consider reading reviews or seeking recommendations from trusted sources to gauge the lender's reputation and reliability.

  7. Loan Documentation and Agreement. Review all loan documentation and agreements carefully before signing. Ensure that you understand all terms and conditions, including interest rates, repayment obligations, and any potential consequences of default. Seek clarification on any unclear or ambiguous terms and consult with a financial advisor if needed.

How to Repay a Loan for a 790 Credit Score

  1. Understand Loan Terms. Familiarize yourself with the terms and conditions of the loan, including the repayment schedule, interest rate, and any fees or penalties for late payments or early repayment. Understanding these terms and other factors will help you plan and budget for your loan payments accordingly.

  2. Create a Budget. Evaluate your monthly income and expenses to create a comprehensive budget that includes your loan repayment obligations. Identify areas where you can reduce discretionary spending to allocate more funds towards loan repayments. A budget will help you prioritize your financial commitments and ensure that you have sufficient funds available to make timely payments.

  3. Set up Automatic Payments. Consider setting up automatic payments from your bank account to ensure that your loan payments are made on time each month. Many lenders offer this option, which can help you avoid missed payments or late fees and build good payment history. Alternatively, you can set reminders to make manual payments before the due date.

  4. Monitor Your Accounts. Regularly monitor your bank accounts and loan statements to track your loan payments and ensure that they are processed correctly. Check for any discrepancies or errors in your statements and report them to your lender promptly. Keeping a close eye on your accounts will help you stay on top of your loan repayments and address any issues promptly.

  5. Pay More Than the Minimum. Whenever possible, consider paying more than the minimum required payment on your loan. Making additional payments towards your loan principal can help you pay off the loan faster and save on interest costs over time. Even small additional payments can make a significant difference in reducing the total cost of borrowing.

  6. Communicate with Your Lender. If you encounter financial difficulties or anticipate challenges in making your loan payments, communicate with your lender proactively. Many lenders offer assistance programs or flexible repayment options for borrowers facing temporary financial hardship. By reaching out to your lender early, you may be able to negotiate alternative arrangements that accommodate your circumstances.

  7. Monitor Your Credit Score. Keep an eye on your credit score regularly to ensure that your loan repayments are positively impacting your credit profile. Your 790 credit score reflects responsible credit management, and maintaining timely loan payments will help you preserve and potentially improve your credit score over time.

Alternatives

Home Equity Loans (HELOC). Homeowners with a favorable credit score can tap into the equity in their homes through a Home Equity Line of Credit (HELOC). This financial tool offers flexible access to funds as needed, often with lower interest rates compared to personal loans. HELOCs present an attractive choice for individuals seeking to borrow against the equity in their homes, offering a potential solution for various financial needs.

Credit Cards. With an impressive credit score comes a wide array of credit card options designed for borrowing needs. These cards often come with attractive features like low-interest rates and special introductory offers, perfectly tailored to individual financial situations. While credit cards offer flexibility for purchases or cash advances, it's essential to use them responsibly to avoid accruing high-interest debt and manage credit card balances wisely.

Balance Transfer. For those facing the challenge of managing high-interest credit card debt while maintaining a strong credit score, a strategic move is to consider a balance transfer. This involves transferring existing balances to a credit card offering lower interest rates or taking advantage of promotional offers, such as 0% interest. By consolidating debt and refinancing credit cards, individuals can effectively reduce the overall amount of interest paid, offering a smart solution to financial burdens.

Editorial Opinion

Securing a loan with a 790 credit score from Canadian main credit bureaus represents a significant financial milestone, indicative of responsible credit management and stable financial habits. With such a good credit score, borrowers are well-positioned to access a range of loan options with favorable terms and competitive interest rates. However, it's essential to recognize that achieving an excellent credit score opens doors to even greater financial opportunities, including lower interest rates and enhanced borrowing power. So, having a 790 credit score makes it easier to get good loan terms. But if you want to make the most of your finances and get all the benefits of having a great credit score, aiming for an even higher score is up to you.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

FAQ

What does it mean to have a 790 credit score?

Having a 790 credit signifies possessing a very good credit score, which greatly enhances one's eligibility for loan or credit card with favorable terms and conditions. Lenders view individuals with a 790 credit score as low-risk borrowers, making them more likely to qualify for loans with lower interest rates and higher credit limits. This credit score opens doors to a wide range of financial opportunities, allowing individuals to access credit products that suit their needs while enjoying the benefits of responsible financial management.

Where can I get a personal loan with a 790 credit score?

With a 790 credit score, individuals have a good credit standing, positioning them favorably for obtaining personal loans or installment loans from various sources. Lenders typically assess credit reports to evaluate creditworthiness, and a score of 790 reflects responsible financial behavior and low credit risk. As such, individuals with this credit score can explore options from traditional banks, credit unions, online lenders, or peer-to-peer lending platforms. These sources offer personal loans with competitive interest rates and favorable terms, providing opportunities for individuals to meet their financial needs while leveraging their good credit score.

Is a 790 credit score good in Canada?

In Canada, a 790 credit falls in a "very good" section, reflecting healthy credit habits and responsible financial management. Individuals with such high credit scores are viewed favorably by lenders, as they demonstrate a consistent track record of timely payments and low credit risk. With a 790 credit score, individuals can expect to access a wide range of financial products and services on favorable terms, including loans, credit cards, and mortgages. This credit score opens doors to opportunities for securing competitive interest rates and higher credit limits, empowering individuals to achieve their financial goals with confidence.

Loan Terms