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Prudent Financial Services Personal Loans Review
8 Oct 2018

Prudent Financial Services Personal Loans

Having bad credit often means getting a bad deal on loans, too. Prudent Financial Services personal loans exist to solve this problem for the lucky people who qualify.

Use the assets you already have to get a bad credit loan at an exceptional price.

You are interested if

You need a loan but cannot get one from any other lenders, even ones who usually specialize in lending to people with bad credit.


Key Points

Brief Description Prudent Financial Services personal loans are medium-sized bad credit loans with some of the lowest interest rates you’ll find anywhere out there.
Limits and Deadlines You can borrow up to $5,000 depending on what your income is, what kind of asset you have, etc. Repayment periods vary but all are longer than what you’d get with a payday loan.
Urgency In the best of cases, clients receive their funds on the very same day they applied.
APR Range Between 15.75% and 24.75% depending on the specifics of your case.
Closing/Origination Fees None – though they do charge an annual fee which is built into their stated APR.
Early Payment Fees None.
How to Contract the Product Prudent Financial Services personal loans can be acquired on the phone, in person, or online. The process involves only a few minutes’ worths of questions either way.
Main requirements You must be of legal age, live in Ontario, work full-time for a business with 10 or more workers in it, earn at least $18 per hour ($38,000 per year), and be able to provide a computerized pay stub noting all applicable deductions on it. You’ll also need your social insurance number, some photo ID, proof of address, a void cheque, a bank statement, and 2 references, plus any ownership information for the assets you are using to get your loan.

About Prudent Financial Services Personal Loans

Main Features

Prudent Financial Services personal loans aim to assist people with extremely low credit scores to get access to come money. They aren’t the only kinds of loans available to people with bad credit; many lenders focus their business around this segment of the population. However, most bad credit lenders want to minimize the inherent risk present in taking on that sort of clientele and therefore keep their loan amounts quite small – usually under $1,000. They also tend to charge high interest rates to compensate for the risk of serving this group.

Prudent does things a little differently by offering a range of secured loan options to their clients. These kinds of loans let you use an asset you own (usually a car) to back up your agreement to pay back your loan. When you do this, you agree to give your lender a controlling interest in the asset in question, allowing them to force you to sell it to come up with the money you owe them if necessary. However, if you’re a prudent borrower who sticks to their limits, this shouldn’t happen to you. Prudent is also open to serving people with undischarged bankruptcies and active consumer proposals, something that is very rare in Canada’s lending market.

Not only will they work with under-served populations, but Prudent Financial also offers surprisingly low interest rates on the money they lend. Even the very worst of cases approved will still be paying under 25% interest, and most will qualify for even better rates than that. This is an incredibly good deal and makes up for the fact that while you can have poor credit and still be accepted, you must have a somewhat high income and preferably a valuable asset to be considered.

How Does It Work?

Prudent Financial Services personal loans can be processed online, by phone, or in person by appointment. Applicants answer a few questions about their financial history, present status, and asset values, then find out near-immediately if they are approved. If so, they just need to submit the requisite documents (you can find the list above) and wait until everything has been fully verified, which rarely takes more than a few hours. After this step is completed, they receive their money by the next day and the process (aside from repayment) is done. Fees may be incurred if repayment installments are missed, and the asset used to secure the loan could potentially be sold off to settle debts in the worst of cases. Again, if you are a responsible borrower, this should not happen to you and you shouldn’t worry too much about it.


Though a bit exclusive, Prudent Financial Services personal loans will give you a better deal than almost any other bad credit lender, and a better one than some lenders for the general population too. You’ll get some money to use, for now, pay very little to do so, and have the chance to rebuild your credit again by making payments appropriately.

There’s really no downside to this if you can qualify for one of these loans, though many people will not meet the initial requirements. However, since Prudent does specialize in serving people in the GTA where incomes tend to be a little higher than the average across the province, people from that area may not find the income threshold quite as daunting.

Prudent Financial Services: Leading Among Bad Credit Lenders

Prudent Financial Services has been serving thousands of customers across the Greater Toronto Area since 1984. True to their name, they specialize in helping people in troubled financial situations make smart moves with credit and finances to improve their lot in life. They are committed to responsible lending in their work with some of Ontario’s most vulnerable borrowers, and they make sure to report all consumer activity to the relevant credit bureaus to assist in rebuilding the customer’s credit. They run a blog to help provide even more useful financial tips for their customers and can be reached by phone six days a week.

What We Think

Prudent Financial Services personal loans are an exceptional offering that stands out greatly from the usual range of bad credit financial products that Canadians get access to. The company’s interest rates are nothing short of incredible, and they are very open to working with you regardless of what kind of credit or assets you have to work with. You won’t find a lender more generous to people with troubled credit. If you’ve been struggling with credit but can’t bring yourself to stomach the higher fees that people in that situation usually have to put up with, Prudent Financial Services personal loans could be a great option for you.