Loans for Newcomers in Canada

What Are Loans for Newcomers?

Building credit in Canada takes time you may not have yet if you've recently arrived — most newcomers start with no Canadian credit file at all, regardless of credit history abroad. Newcomer-friendly lenders look beyond a thin file, often weighing income, employment, and time in Canada instead.

Who It's For

• Recently landed permanent residents or those on a valid work permit
• No Canadian credit history yet, even with strong credit history in another country
• Employed or with a job offer, but without an extensive Canadian employment record
• Looking to build a Canadian credit history through on-time repayment

What You'll Need

• Proof of employment or a job offer letter
• A Canadian bank account, even if recently opened
• Immigration documents confirming status (permanent residency, work permit, etc.)

Things to Consider

• Requirements around immigration status vary by lender — some work only with permanent residents or citizens, while others accept valid work permit holders.
• A newcomer-friendly loan, repaid on time, is one of the fastest ways to establish a Canadian credit history from scratch.
• Compare a personal loan against newcomer-specific credit cards or secured credit products, which can also help build credit at a lower cost.

Explore Loans From Other Angles