Do you report to credit bureaus?

Installment loans and secured loans are reported to Equifax Canada and TransUnion Canada monthly. On-time payments help build your credit score over time — these products are explicitly designed as credit-building tools for non-prime borrowers.

Instant loans (short-term advances) are not reported to bureaus when paid on time. Defaults may be reported per applicable provincial rules.

If you want a loan that builds credit, choose Installment Loan in the application. After 6 on-time payments, most customers see a positive bump in their score; after 12 months of perfect payments, the gains compound.

You can check your free credit score any time at:

• Borrowell (Equifax)
• Credit Karma Canada (TransUnion)
• Your bank’s mobile app (most include free monthly credit score updates)