Using a Personal Loan for Back to School
Between school supplies, a new wardrobe, technology, and activity fees, back-to-school season is one of the more predictable — and expensive — times of year for Canadian families. A short-term loan can smooth out the cost across a single paycheque cycle. It's one of several reasons Canadians borrow that we cover in detail.
What It Typically Covers
- School supplies and textbooks
- Laptop or tablet for schoolwork
- Clothing and footwear
- Extracurricular and activity fees
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How Much Do You Typically Need?
For back to school, borrowers often look at around $800 — though the right amount depends on your specific situation.
Pros
- Fast approval — often within minutes
- Soft credit check only, so checking rates doesn't hurt your score
- Repayment term sized to the amount, keeping payments manageable
- Available to a wide range of credit profiles
Things to Consider
- Costs are seasonal and predictable — a smaller, shorter-term loan usually fits better than a large one.
- Check if your school or province offers supply grants or subsidies before borrowing.
- Buying supplies in bulk with siblings or neighbours can reduce how much you need to borrow.
How to Apply for a Back to School Loan
Step 1
Apply in 2 minutes
Tell us you're covering back to school and a bit about your situation. No paperwork.
Step 2
Compare offers
See real offers from vetted lenders, matched to your credit profile.
Step 3
Get funded
Accept an offer and funds typically land within 24 hours.