Bank loans in Canada

Canadian banks have a conservative policy for lending. Loans are granted based on three factors, A. your CREDIT HISTORY in Canada, (you have none as yet)  the SECURITY for the loan you can offer (a house mortgage, a lien on a car, a term deposit, a guarantor)  and your apparent ABILITY TO PAY BACK.. meaning a job/salary you have in Canada for a sufficient period of time (none?). 

With that criteria, immigrants have an easier time (at first) getting a huge mortgage loan for a house than a small loan without.

Expats from the United States might have an easier time accessing credit as some financial institutions are able to access US credit bureau reports. If I was a foreigner in Canada, I would stick to credit unions that have a more open door policy to those that don't fit a standard economic mold. Most are willing to work with new clients (members) and help them develop a credit rating in Canada, as well as navigate a system that might differ from their home country.

In the interim, they may want to maintain any lending vehicles they have in their home country (if that's an option to them) until they can establish some sort of decent Canadian credit history. I began with a department store credit card, but this can be a costly path, if you don't understand how credit cards work. Canadian laws are slightly more equitable than in the US, but that doesn't mean that you can't get burnt.

As Alec Inglis stated, most financial institutions are conservative in their lending policies. I would strongly advise new comers to avoid pay day loans and third party lenders that offer rates that border on usury. There are ways to establish a credit history in Canada (the most popular credit bureau  company is Equifax) that can include secured loans and/or credit cards and co-signers with established credit. It's not an easy road, but it IS possible to achieve.