Emergency Loans in Quebec

When money has to move today

An emergency loan covers an urgent, unexpected cost: a car repair you need for work, a medical bill, or rent due in days. In Canada the label covers several products, and they are not equally sensible. The fastest ones are also the most expensive, which is the trade-off you are being asked to accept.

The options, from cheapest to costliest

Line them up before you pick one.

• A payment deferral or new due date. Many lenders and service providers will move a payment for a small fee, or for nothing.
• A small instalment loan. Repaid over a set schedule, so the cost is spread instead of stacked.
• A line of credit. You draw only what you need and pay interest on that alone.
• A payday loan. Fast and small, and the priciest route. Where a province licenses payday lending, the federal cap is $14 per $100 advanced, and the loan is generally up to $1,500 for 62 days or less.

What to check before you sign anything

You are entitled to see the total cost of borrowing before you commit, not just an advertised rate. The FCAC — payday loans page sets out the disclosure you should receive, and the Criminal Code s. 347 fixes the criminal rate of interest at 35% per year, using a method that aggregates interest and certain charges.

Read the repayment date too. An emergency is stressful enough without a payment you cannot meet landing two weeks later.

Where LoanGoose fits

LoanGoose is a loan matching and comparison service. We do not lend, and we do not decide who qualifies. What we do is show you the categories of borrowing offered by licensed providers, so you can weigh a fast, costly option against a slower, cheaper one. Your own budget is the deciding factor, and a licensed professional is the right person to involve for a decision this size.

LoanGoose is a loan matching and comparison service, not a lender. The lowest rates are only available to the most qualified applicants.