Loan for Protected Person

[sky9600]

Hello there,

I'm wondering if a protected person can get a loan for personal support (Not OSAP or educational support).

Thanks.

 

[Copingwithlife]

Hello there,

I'm wondering if a protected person can get a loan for personal support (Not OSAP or educational support).

Thanks.

Like a bank loan ?

That’s up to the lender

 

[sky9600]

Like a bank loan ?

That’s up to the lender

Yes, like a bank loan or line of credit.

 

[ref19to22]

Yes, like a bank loan or line of credit.

As mentioned here, it is the decision of the lender if they will give you the loan.
I believe your temporary SIN (as a protected person) will be one of the many factors that are considered by the lender.
I would suggest talking to the bank/credit union that you already have a relationship with to see what your options are.
good luck!

 

[Bryanpaz]

If you are in Ontario and need social assistance (economical in this case) you could apply for Ontario works.
Also, there’s a financial institution called “easy financial” which could give you a loan even if your SIN is temporary.
Some banks also provide loans depending on your credit score and history even if your SIN is temporary.

 

[Eyeoneguy]

Just wanted to chime in—when I was looking into loans for a similar situation, I found that it can really depend on your financial situation and the type of loan you're after. For personal support, you might want to check with credit unions or lenders who specialize in flexible financing.

I’ve heard of a flip investor who use YouLand for their fix-and-flip projects because they offer short-term financing with high leverage, up to 85% LTC, but that’s more for property investments. Still, it got me thinking outside the box about where to look for funds. Maybe you could try reaching out to lenders who offer niche financial products?

 

[barismanco]

depends on your credit score. some creditors don't lend to non-PR / citizens, but many do.