Prudent Financial Services is a car title and home equity lender that offers loans in the Greater Toronto Area. So if you live elsewhere in Canada, or if you don’t qualify for funding from Prudent Financial, here are seven loans like Prudent Financial that you may like to consider.
Where to get loans like Prudent Financial Services
Online loan search platform Loans Canada provides access to Canada's largest network of lenders, allowing you to fill out a single loan application and then get matched with multiple lenders. Like Prudent Financial, bad credit is OK, and you can get approved within 24 to 48 hours.
Cashco Financial is an alternative lender that offers the Flex Loan. This lets you borrow $500 - $7,000 and repay over 6 - 60 months, and it's available to borrowers with all types of credit. Like Prudent Financial, Cashco reports payments to the credit bureaus, so making on-time payments can help you improve your credit score.
Get a loan within 24 hours
Bad credit is OK
Choose your payment schedule and loan term
No prepayment penalty
High APR
10% fee applies
Not available in all provinces
Loan amount
$500 – $7,000
APR
20% – 48.99%
Term
6 - 60 months
Min. credit score
300
Fees
Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Spring Financial offers same-day personal loans of up to $35,000. It's quick and easy to apply online, and you can apply even if you have fair or bad credit. You then have between 6 and 60 months to repay what you borrow. Unlike Prudent Financial, Spring's loans do not require collateral.
LoanConnect is a loan search website where you can compare loan offers from multiple lenders. You just need to fill out a single application to get your offers, and there's a wide range of loan types available. You can also get pre-approved in as little as five minutes and borrow as much as $60,000.
If you have a KOHO plan, you can sign up for a feature known as KOHO Cover. Cover provides interest-free cash advances of up to $250 when you need a little extra cash to help get you through to your next payday. There are no credit checks or late fees to worry about, and you have the freedom to repay your advance at any time.
No interest charges or late fees
No credit checks
Easy to apply
Get money instantly
Monthly fee applies
You may also need to pay a monthly KOHO plan fee (waivable)
$250 may not be enough funds for your needs
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
0% interest with a subscription fee starting at $2/month
Nyble offers a credit building line of up to $250. It's easy to apply and there are no interest charges or late fees to worry about, while you don't need to have a credit history to get approved. And because your loan payments are reported to the credit bureaus, you can use this small cash advance to help improve your credit score.
No interest charges
May help you improve your credit score
Instant funding available
No late fees
Late payments are also reported to the credit bureaus
$250 may not be enough for your needs
You'll need to pay a monthly membership fee to get instant funding
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest with optional fees
Origination fee
$11.99
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Get Loan Approved is a car title lender with over 25 locations across Canada as well as mobile agents in Ontario and BC. You can borrow up to $50,000 using your car as collateral, and you can apply and get funded the same day. You can also qualify for a loan even if you have bad credit.
You can check out our full Prudent Financial review for a detailed breakdown of what the lender offers. But for a quick rundown, check out the pros and cons of Prudent Financial Services loans:
Pros
Established lender that was founded in 1984
Same-day approvals
Payments reported to credit bureaus to help you build your credit score
No credit checks or proof of employment needed
Cons
High APRs of up to 45.99%
Watch out for loan fees
Only in Ontario
You need to provide your vehicle or home as collateral
Features of loans like Prudent Financial Services
Loan amount. Borrow up to $50,000 with a car title loan or up to $500,000 by borrowing against your home equity.
Repayment terms. You can repay a Prudent Financial loan over a term ranging from 6 to 48 months.
APR. The maximum APR on a Prudent Financial loan is 45.99%.
Fast access to funds. Prudent Financial Services offers same-day approvals (within 30 minutes for car title loans) and you can get funded in as little as 48 hours.
No credit checks. You won’t need to complete a credit check during the application process, so bad credit won’t stop you from getting a loan.
Payments reported to credit bureaus. Prudent Financial Services reports payments to the credit bureaus, so making on-time payments could help you improve your credit score.
Early repayment allowed. You can pay your Prudent Financial car title loan back early without penalty.
What do I need to watch out for?
High APRs. Car title loans from Prudent Financial Services come with a maximum APR of up to 45.99%.
Loan fees. You’ll need to read the fine print closely for details of any fees that apply to your loan.
Risk losing your asset. You’ll need to provide your vehicle or home equity as collateral for the loan, so you risk losing your asset if you default on the loan.
How does Prudent Financial Services work?
Prudent Financial Services offers two types of loans:
Car title loans. This type of loan requires you to provide a vehicle you own as collateral. You can borrow up to $50,000, you get to keep using your car, and you can pay back what you borrow at any time without penalty.
Home equity loans. If you have at least 50% equity in your home, you can take out a loan for up to $500,000. You can get approved and funded within 48 hours.
Is Prudent Financial Services legit?
Prudent Financial Services is a Toronto-based lender that was founded in 1984. Though it is not Better Business Bureau accredited, it has received hundreds of online customer reviews and maintains an active social media presence. Its website also features everything you’d expect to find on the site of a legit provider, including phone and email contact details, a physical address and a privacy policy.
Summary of Prudent Financial reviews
While it has received some mixed feedback, Prudent Financial reviews tend towards the positive. Customers who left positive reviews mentioned factors such as quick and easy applications and funding as well as helpful customer support.
However, those who left negative reviews complained about the fees associated with loans.
Bottom line
If you’re searching for loans like Prudent Financial in Canada, there are several alternatives worth checking out. Make sure you understand how much your loan will cost before applying, and compare a range of lenders to find one that’s right for you.
You can apply and get approved in as little as 30 minutes.
No. Prudent Financial Services is an alternative lender that offers car title loans and home equity loans in Ontario.
Prudent Financial says its interest rates range from 5.75% to 9.90%. However, you'll also need to take into account any loan fees that apply, as the maximum APR with this lender is 45.99%.
If you think you may struggle to make a payment, you can contact Prudent Financial Services two to three days before the payment is due. The lender will hold your payments free of charge for up to two weeks in the event of an emergency.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Check out the best personal loans in Canada for different types of borrowers.
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