1. Best Loan Solutions for Immigrants in Canada
easyfinancial (by goeasy)
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Offers both unsecured (CA$500–$20,000) and secured loans (up to CA$150,000), with interest rates starting at approximately 9.99% annually
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Designed to be more accessible than traditional banks, ideal if you're rebuilding credit or lack a borrowing history in Canada
Loans Canada (Loan Comparison Platform)
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Not an app per se, but a very useful online platform to compare multiple lenders quickly using a unified application
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Especially helpful for newcomers who need to explore various options and find competitive offers.
MogoMini (Line of Credit)
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Offers up to CA$5,000 with a flexible, test-drive feature: you can try it for 100 days to see if it suits your needs. Pre-approval takes about 3 minutes with no credit score impact
A good short-term financing option when you're new to Canada and still establishing your credit profile.
2. Top Loan Solutions for Students (Including International Students)
Canada Student Loans (Federal & Provincial)
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The Canada Student Loan Program offers need-based loans, and the Canada Student Grants Program provides non-repayable funds, both accessible via CanLearn.gov.ca
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Provinces have their own versions
like OSAP in Ontario
Private Lines of Credit (e.g., CIBC, TD)
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TD Bank offers Student Lines of Credit (interest starts when you borrow) and helpful student banking tools, but international students may not qualify for federal aid
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CIBC provides private lines of credit that can supplement when federal or provincial aid is unavailable
MPOWER Financing
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Specializes in no-cosigner, no-collateral loans for international students studying in Canada (and the U.S.)
Recognized for its innovation; ranked among top international student loan providers.
Prodigy Finance
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Offers loans for postgraduate international students, with no co-signer needed. Covers both tuition and living expenses
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Funded by alumni and investors; has disbursed over US$1.4 billion to date.
3. Recommended Solutions for Mortgage Seekers (Newcomers & Immigrants)
Nesto (Digital Mortgage Broker)
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A fully online mortgage platform—compare rates, apply, and get approved digitally. Requires a minimum credit score (around 650)
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Offers unique features like a 150-day rate hold, one of the most generous in Canada.
TD Newcomer Mortgage Solutions
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Specifically tailored solutions for those new to Canada, even with no credit history. Requirements vary by residency status:
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Permanent Residents (≤5 years): 35% down payment frees you from default insurance; with 5% down, default insurance is required for homes under CA$1.5 million.
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Temporary Residents (with work permit ≤2 years): 20% down without insurance, or 5% down with insurance for homes under CA$1.5 million TD Canada Trust.
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Also offers mortgage pre-approvals and multilingual specialist support.
CIBC Newcomer Mortgage Programs
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Offers tailored mortgages even if you're new and haven't built credit.
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Newcomer to Canada Program, Newcomer PLUS, Foreign Worker Program—each designed to meet different newcomer categories
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Plus, they offer a First Home Savings Account (FHSA), which gives tax-free savings toward a first home
Frequently Asked Questions (FAQs)
Can international students get student loans without a co-signer in Canada?
Yes platforms like MPOWER Financing and Prodigy Finance offer loans to international students without requiring a Canadian co-signer or collateral
As a newcomer with no Canadian credit history, can I still get a mortgage?
Absolutely. Banks like TD and CIBC offer newcomer mortgage programs that don’t require Canadian credit history and offer flexible down payment options, depending on residency status and employment length
How do government student loans differ from private loans in Canada?
Government loans are means-tested and often interest-free while studying; they include federal and provincial programs like CSLP and OSAP
Private loans or lines of credit (from banks) are easier to access but accrue interest immediately and require repayment terms and credit checks
Conclusion
Canada offers a range of digital-first and traditional loan solutions adapted for various borrower profiles, from immigrants and international students to newcomers seeking mortgages.
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Immigrants: Use platforms like easyfinancial, Mogo, or comparison tools like Loans Canada to access personal loans, especially when starting to build credit.
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Students: Begin with government aid (federal and provincial loans/grants); if you're an international student, platforms like MPOWER and Prodigy can bridge the gap.
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Mortgage seekers: Newcomer mortgage programs at TD and CIBC, along with fintech players like Nesto, help simplify the mortgage journey even with limited credit history.
Each platform serves a specific need. Choose the one that aligns best with your situation, and consider speaking with a financial advisor or mortgage specialist for tailored guidance.