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Lender
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.

Prudent Financial

Finanso.Multilogin™

About lender

Prudent Financial has operated in Canada for more than 35 years. The company was founded in 1984 to provide Canadians with bad credit with alternative loans. Prudent Financial is a lender giving personal, car, and home equity loans to those who have declared bankruptcy or are in the process of a consumer proposal.

The company has two divisions: Prudent Financial Services operating since 1984 and specializing in offering low-cost same-day personal and vehicle title loans for people with bankruptcies, proposals, or bad credit scores in Toronto and GTA, and Prudent Mortgage Corp., founded in 2004 and offering mortgage solutions to people with bad credit.

Features

Prudent Financial is a conventional lender: it is a lending company that offers equity loans to customers with bad credit. The company’s services include car title loans, motorcycle storage loans, and secured/unsecured home equity loans. All these products are based on customers’ homes or car equity.

All cars must have no liens, no leases, be fully insured, and not be older than six years. However, higher-end vehicles like BMW or Cadillac can be older. The most significant amount that can be borrowed with a car title loan is $100,000.

If customers need more, they can evaluate a home equity personal loan. For example, if they have 50% equity to the value of their home, they can get a fast, same-day personal home equity loan up to $1,000.000 with payments that would fit their budget. Also, the company offers mortgage services and motorcycle storage loans up to $5,000.

One more feature is that Prudent Financial serves customers with bad credit, those who have declared bankruptcy or are in the process of a consumer proposal. As a result, there are no credit checks as all loans are based on equity. Moreover, if customers have an emergency and cannot make regular payments, they must notify the company 2-3 days before the payment day to delay the payment by up to two weeks. In addition, Prudent Financial deals with self-employed customers who must have collateral of equity in a home, a paid-off six-year, or a new car. Moreover, if customers make their payments regularly and responsibly, their credit can increase as Prudent reports all their loan payments to credit bureaus.

Pros and cons

Pros

  • The company has developed various loan options;

  • The company deals with customers who have bad credit, declared bankruptcy, or are in the process of a consumer proposal;

  • All loans provided by Prudent Financial are based on the equity of customers' vehicles or homes;

  • If customers pay responsibly and regularly, their credit score will increase;

  • Self-employed customers can be approved;

  • If customers cannot make their payments, they need to notify the company 2-3 before payment day to delay it evading NSF fees;

  • The company’s rates are relatively low.

Cons

  • Customers' vehicles must not be older than six years (if it’s not a luxury car like BMW or Mercedes);

  • If customers don’t have the collateral of a home and/or a paid-off car six years or newer, they will not be approved.

Prudent Financial has several significant strong sides. First, they offer their services to customers with financial troubles such as poor credit, bankruptcy, or consumer proposals. Also, they work with self-employed clients, and credit checks are not required.

However, some cons must be taken into account. For example, as loans are based on the equity of customers' cars, they must not be older than six years. Also, the company will not be able to fix customers’ credits.

Loan conditions

To apply for one of the company's loans, customers need to make three simple steps. Firstly, they must fill out the online application form on their website. Secondly, they will need to contact the company’s operators with further loan details. Finally, as they get approved, they will receive the required funding.

To be approved by Prudent Financial, customers must be older than 18 years and be Canadians. Also, they must have a paid-off vehicle six years or newer or an older luxury vehicle like a BMW or Mercedes or at least 50% equity in their home. Their R9s and past collections may be accepted if resolved through bankruptcy, proposal, or counseling. Finally, they must bring a package of documents to apply. These are proof of address; photo ID; void cheque; two references, preferably family with names, phone numbers, and addresses; a bank statement and their car, ownership, insurance, and license, if they use their vehicles for a loan.

Interest rates are relatively low: 5,75% - 9,9%. Borrowable amounts depend on the type of loan that customers choose.

  • Equity Personal loans up to $100,000 o.a.c.

  • Home Equity loans up to $1,000,000 o.a.c.

  • Car Title loans up to $100,000 o.a.c.

  • $5,000 for motorcycle storage loan.

Methods of loan funding

Customers will receive the required amount when they are done with the application and get approved. The methods of funding are negotiable.

FAQ

What is Prudent Financial?

Prudent Financial is a Canadian lending company that provides equity loans to Ontario customers who have bad credit, bankruptcies, or are in the process of a consumer proposal. In addition, they offer vehicle and home equity loans.   

Who owns Prudent Financial?

Prudent Financial is a Canadian-owned family business. Leslie Burton is its Vice President. Open sources do not offer more information on the company’s ownership.

How do you qualify for Prudent Financial?

To qualify for a loan by Prudent Financial, customers need to be older than 18 years and be Canadians. Also, they must have a paid-off vehicle six years or newer or an older luxury vehicle like a BMW or Mercedes or at least 50% equity in their home. In addition, their R9s and past collections must be accepted if resolved through bankruptcy, proposal, or counseling. Finally, they must bring a package of documents to apply. 

How much can you borrow from Prudent Financial?

  • Equity Personal loans up to $100,000 o.a.c.

  • Home Equity loans up to $1,000,000 o.a.c.

  • Car Title loans up to $100,000 o.a.c.

  • $5,000 for motorcycle storage loan.

Is it a legitimate company?

Prudent Financial is a legitimate company. Its business number on Canada’s Business Registries is 138220751.

PFS is a one-stop centre for all your financial needs — personal, mortgage and personal home equity loans.

© Prudent Financial

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What to pay attention to when applying for a loan from Prudent 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 Prudent 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.
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