Loans for International Students for April 2024

For International Students
Get a loan for international students at one of the lenders verified by our specialists. On 24.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
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Personal Loan
Rating by Finanso®

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™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

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

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™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

Loans for international students in Canada refer to financial assistance options specifically designed to support students who come from outside the country to pursue their education in Canadian universities. These loans can include private student loans provided by private lenders.


  1. Eligibility Criteria. To qualify for international graduate student loans, individuals typically need a valid study permit, a high school diploma or equivalent, and admission to an eligible institution in Canada.

  2. Financial Aid Options. International students can explore private student loans from private lenders. These options help cover tuition fees, educational supplies, and living expenses. However, international students will not be eligible for federal student loans provided by the Canadian government.

  3. Credit History and Co-signer. Many international students may not have an established credit history in Canada. As a result, having a creditworthy co-signer, such as a Canadian citizen or permanent resident, may be required to secure the loan.

  4. Interest Rates. Loans for international students may have fixed or variable interest rates. It's essential to understand the terms and choose an option that aligns with the borrower's financial situation.

  5. Repayment Terms. Repayment terms vary, and students should be aware of the monthly payment amounts, the duration of the repayment schedule, and any available grace periods. Some loans may offer interest-only payments during the study period.

  6. Loan Amounts. The total loan amount depends on factors like tuition fees, living expenses, and other educational costs. International students should carefully assess their financial needs to determine the appropriate loan amount.

Pros and Cons


Flexibility in Use. Prospective international students can use personal loans for various purposes, including covering relocation expenses, settling into a new country, or managing unforeseen costs related to their studies.

Quick Access to Funds. Personal loans often have a streamlined application process, providing international students with quick access to funds. This is advantageous, especially when immediate financial needs arise.

No Collateral Requirement. Personal loans are typically unsecured, meaning they don't require collateral. This is beneficial for international students who may not have assets in the host country to secure a loan.

Potential for Competitive Interest Rates. Depending on the borrower's creditworthiness, personal loans may offer competitive interest rates, providing an affordable financing option for international students.


Limited Repayment Flexibility. Some personal loans may have strict repayment terms, leaving little room for flexibility. International students should carefully consider the monthly payment amounts and the overall repayment schedule.

Credit History Requirements. Many lenders require a creditworthy co-signer, typically a Canadian citizen or permanent resident, to approve the loan. This can be challenging for international students who may not have established credit in Canada.

Debt Burden Post-Graduation. Taking out a personal loan means accumulating debt that needs to be repaid post-graduation. Depending on the loan amount and the student's financial situation, this debt burden can affect their early career and financial decisions.

Ineligibility for Governmental Aid. International students are generally ineligible to apply for governmental aid programs, limiting their options for accessing financial support from official government sources.

How Can International Students Apply for a Personal Loan?

Apply for a Loan

  1. Research and Choose Lenders. International students should research lenders offering personal loans for their specific needs. Explore options such as private lenders, banks, or financial institutions that cater to students and provide loans to individuals without a long credit history.

  2. Check Eligibility Criteria. Review the eligibility criteria of potential lenders. This often includes having a valid study permit, proof of enrollment in an eligible institution, and, in some cases, a creditworthy co-signer. Ensure that you meet the requirements before applying.

  3. Gather Necessary Documentation. Prepare all required documentation. This may include proof of identity, enrollment confirmation from the university, visa details, and any financial information or documentation requested by the lender. Having these documents ready will streamline the application process.

  4. Submit the Application. Complete the application form provided by the chosen lender. This typically involves providing personal information, details about the loan amount and purpose, and any required financial information. Some lenders may offer online application processes for convenience.

  5. Review Terms and Conditions. Carefully review the terms and conditions of the loan. Understand the interest rates, repayment terms, and any associated fees. Be aware of the total cost of the loan and ensure that you are comfortable with the terms before accepting the offer.

Requirements and Conditions


  1. Enrollment in an Eligible Institution. To be eligible for an international student loan, you must be enrolled in a Canadian university or educational institution recognized by the lender.

  2. Valid Study Permit. International students must have a valid study permit to study in Canada. This permit is issued by the Canadian government and is a crucial document for loan eligibility.

  3. Credit Check. Lenders often perform a credit check to assess the borrower's creditworthiness. International students may have limited credit history in Canada, and some lenders may require a creditworthy co-signer.

  4. Expected Graduation Date. Most lenders may inquire about your expected graduation date. This information helps them understand the duration of your academic program and plan the loan terms accordingly.

  5. Minimum Credit Score. Some lenders may set a minimum credit score requirement for international students. Meeting this criterion demonstrates your creditworthiness and ability to repay the loan.

  6. Co-signer Requirements. Many international students, due to limited credit history, may need a co-signer who are Canadian citizens or permanent residents with a good credit score. The co-signer assumes responsibility for the loan if the borrower fails to repay.

  7. Proof of Identity and Citizenship. International students are usually required to provide proof of identity, such as a passport, and proof of citizenship in their home country.


  1. Interest Rates. Interest rates can be either fixed or variable. Fixed rates remain constant throughout the loan term, providing predictability, while variable rates may change based on market conditions.

  2. Repayment Terms. The repayment terms outline the duration of the loan and when repayments will begin. Some loans may offer a grace period, allowing students time after graduation before repayments commence.

  3. Loan Amounts. The loan amount is determined based on the financial need of the student, considering tuition fees, living expenses, and other educational costs.

  4. Origination Fees or Processing Charges. Lenders may charge origination fees or processing charges for setting up the loan. Borrowers should be aware of any additional fees associated with the loan.

  5. Minimum and Maximum Loan Limits. Lenders often set minimum and maximum loan limits. The minimum may be based on the smallest amount considered feasible, while the maximum is the highest amount a student can borrow.

  6. Repayment Schedule. The repayment schedule outlines the frequency and amount of each installment. Monthly payments are common, but the schedule may vary among lenders.

  7. Grace Period. Some loans may offer a grace period, allowing students time after completing their studies before they are required to start repaying the loan.

Best Places to Get Loans for International Students

  1. TD Bank offers a Student Line of Credit for qualifying international students, providing funds for tuition fees. Eligibility requires a Canadian co-signer, the student to be at least 18 years old, and enrollment in a post-secondary school in Canada.

  2. Scotiabank extends a Personal Line of Credit to international students in graduate programs in Canada. A co-borrower, either a Canadian citizen or permanent resident, is necessary. The funds can be utilized for tuition fees or other educational expenses.

  3. BMO offers international students a Performance Chequing Account with no monthly fees and unlimited transactions. Additionally, BMO provides a Guaranteed Investment Certificate (GIC) to assist students in obtaining study permits and ensuring available funds upon arrival in Canada.

  4. RBC presents the Student Banking Bundle, providing up to $300 in benefits for international students. This includes $100 upon opening a new RBC Advantage Banking Account for students and up to $200 in cash back rewards with a new RBC Cash Back Mastercard.

Ways to Receive the Money

  1. Direct Deposit to Student's Bank Account. One of the most common methods is to deposit the loan amount directly into the borrower's bank account. The borrower provides their bank details to the lender, and the funds are transferred electronically.

  2. Cheque or Bank Draft. Some lenders may issue a cheque or bank draft payable to the borrower. The student can then deposit or cash the cheque at their bank.

  3. Electronic Funds Transfer (EFT). Lenders may use electronic funds transfer systems to send money directly to the borrower's bank account. This method is efficient and minimizes the processing time.

  4. Payment to Educational Institution. In certain situations, lenders may disburse the loan amount directly to the educational institution to cover tuition fees and other approved expenses.

Things to Pay Attention to

  1. Limited Access to Federal and Provincial Aid Programs. Student loan options for international students are indeed limited. Unlike domestic students, international students are generally ineligible to apply for federal or provincial aid programs.

  2. Interest Rates and Fixed vs. Variable Rates. Understanding the interest rates associated with loans is crucial. Some loans may have fixed interest rates that remain constant over the loan term, providing predictability. Others may have variable rates that can change based on market conditions.

  3. Eligibility Criteria and Co-signer Requirements. Pay close attention to the eligibility criteria set by lenders. Many international students may need a co-signer, often a Canadian citizen or permanent resident, due to limited credit history.

  4. Repayment Terms and Grace Period. Examine the repayment terms of the loan, including the duration and frequency of payments. Some loans may offer a grace period, allowing students time after graduation before they need to start repaying.

  5. Total Cost and Remaining Costs. Calculate the total cost of your education, including tuition fees, living expenses, and other educational costs. Consider how much of this cost is covered by the loan and evaluate if there are remaining costs that need to be addressed through personal savings or other means.

How to Repay a Loan for International Students?

  1. Understand Repayment Terms. Familiarize yourself with the specific terms of your loan, including the repayment schedule, interest rates, and any grace periods. This information is crucial for planning your repayment strategy.

  2. Create a Budget. Develop a comprehensive budget that includes all your living expenses, tuition fees, and other financial obligations. Ensure your budget accommodates monthly loan repayments without compromising essential needs.

  3. Explore Repayment Options. Contact your lender to explore available repayment options. Some lenders offer flexibility, such as income-driven repayment plans or deferment options.

  4. Set Up Automatic Payments. Opt for automatic payments to ensure timely repayments. Setting up automatic withdrawals from your bank account reduces the risk of missing payments and may also qualify you for fixed interest rate discounts with some lenders.

  5. Prioritize Loan Repayment. Make loan repayment a financial priority. Allocate any additional income or windfalls towards your loan to expedite repayment and potentially reduce overall interest costs.

Reasons for Getting Rejected for a Loan for International Students

  1. Limited Credit History. Most international students may have limited or no credit history in Canada. Lenders often rely on credit history to assess an individual's creditworthiness, and a lack of history may result in a higher risk perception.

  2. No Co-signer or Insufficient Co-signer Creditworthiness. Many lenders require international students to have a co-signer, typically a Canadian citizen or permanent resident, with a strong credit history. If a suitable co-signer is not available or their creditworthiness is insufficient, it can lead to a loan rejection.

  3. Ineligible Visa Status. Some lenders may require specific visa details or consider certain visa statuses ineligible for loan approval. It's essential to check if the loan is available to individuals with your particular visa details.

  4. Insufficient Income or Financial Stability. Lenders may assess the borrower's ability to repay the loan based on income and overall financial stability. If the private lender deems that the borrower lacks the financial capacity to repay, the loan application may be rejected.

  5. Not Meeting Eligibility Criteria. Failure to meet the lender's eligibility criteria, such as enrollment in an eligible institution, a valid study permit, or other specified requirements, can lead to a loan rejection.


  1. Merit Scholarship Programs. For those pursuing postgraduate studies, exploring merit-based scholarship programs is a valuable alternative. Programs like the merit scholarship program for foreign students (PBEEE) offered by the Fonds de recherche du Québec provide financial support for doctorate research, postdoctoral internships, and short-term research or professional development.

  2. Vanier Canada Graduate Scholarships. The Vanier Canada Graduate Scholarships offer a significant financial boost for international students pursuing postgraduate studies in Canada. Valued at $50,000 per year for three years, these scholarships recognize and support academic excellence.

  3. Pierre Elliott Trudeau Foundation Doctoral Scholarships. Another prestigious option is the Pierre Elliott Trudeau Foundation doctoral scholarship, providing substantial financial support of up to $60,000 annually for three years. These scholarships aim to encourage outstanding doctoral candidates in the social sciences and humanities.

  4. Home Country Loans. International students can explore the option of securing a loan in their home country. Some countries offer government-sponsored or private student loan programs that provide financial assistance for studying abroad.

  5. University-Specific Scholarships. Many universities offer their own scholarship programs for international students. These scholarships may be based on academic merit, specific fields of study, or other criteria. Prospective students should check with the universities they are interested in for available opportunities.

Editorial Opinion

International student loans play a pivotal role in facilitating educational pursuits for a diverse global student population. These financial instruments, offered by various lenders, including private lenders and the university's financial aid office, serve as crucial resources for students, especially those ineligible for Canada student loans. The fixed interest rates and flexible repayment terms cater to the unique needs of international graduate and undergraduate students pursuing their degree programs in eligible Canadian institutions. While such loans, complemented by personal savings contribute significantly to academic success, it is essential for students to carefully consider their financial strategies, weighing the benefits against potential challenges, and ensuring a well-charted career path. In the landscape of international education, these loans, when used judiciously, stand as valuable tools assisting students in achieving their academic aspirations.


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.


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.


How to get loans for international students in Canada?

To secure a loan as an international student in Canada, start by researching available options from banks or specialized platforms. Confirm eligibility criteria, which often include enrollment in an eligible institution, possession of a valid study permit, and, in some cases, having a co-signer who is a Canadian citizen or permanent resident.

Can international students apply for Canadian student loans through the government?

No, Canadian student loans are typically available only to Canadian students or permanent residents. However, international students can explore private loans provided by banks, financial institutions, or other platforms.

What is the difference between private loans and loans from the university's financial aid office?

Private loans are offered by external lenders, such as banks, with terms and conditions varying among providers. On the other hand, loans from the university's financial aid office may have specific eligibility criteria and could be tailored to the institution's policies, potentially offering more flexibility for students.

Loan Terms