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Newcomers to Canada: banking, credit and loan eligibility

By NovaCash · Updated September 22, 2026

Learn the basics of banking and credit in Canada. NovaCash requires Canadian citizenship among its eligibility criteria; arrival alone does not qualify you.

Person using a phone and calculator.

Arriving in Canada without a local credit history makes renting, a card or a phone plan harder. The FCAC explains that Canadian bureaus collect activity here, unless a lender asks for a foreign report. Immigration, Refugees and Citizenship Canada points first to settlement services: a SIN, an account, your first tax year, housing, and how to prepare financially.

NovaCash criteria

For a NovaCash fast loan from $300 to $2,000, eligibility requires you to be a Canadian citizen, 18 or older, earning $1,200 or more per month by direct deposit, employed more than 3 months, not in a bankruptcy process, and able to repay. Excluded: self-employment, child tax credits, retirement savings, student loans and social assistance. Review uses instant bank verification, without a credit-bureau enquiry.

If your status is not Canadian citizenship, read how to qualify or call (877) 431-4134 before you fill out the form.

What other institutions often offer

Several banks and credit unions publish newcomer packages: an account, sometimes a card with a security deposit, sometimes a small credit line after a few months of Canadian pay. Those are their terms: residency status, a SIN, immigration documents. Check them on the institution's site.

To build a file, FCAC points to accounts that report payments. See also Equifax and TransUnion.

Useful steps before you borrow

  1. Get a SIN and have pay deposited.
  2. Open an account at a Canadian institution.
  3. File a return when required, to open CRA My Account.
  4. Order Equifax and TransUnion files once a line exists, to fix errors.
  5. Use settlement agencies listed by IRCC for housing and budget help.

Frequently asked questions

Does NovaCash have a loan designed for immigrants?

The published criterion is Canadian citizenship, with the other employment and income conditions.

Does this loan build a file from scratch?

The site presents it as a personal loan, not as a score-rebuild product. If that is your goal, ask whether instalments are reported, or compare a card or account that reports.

Can a permanent resident apply?

The stated criterion is "Canadian citizen". For a specific case, contact NovaCash at the published number.