If you need a personal loan to cover a major expense, you have many options in Canada. Banks and credit unions are solid choices when you have good credit, but they’re not your only choice. If you have bad credit, traditional lenders might be out of reach, but there are many alternative lenders in Canada that are more lenient with their requirements.
In this guide, we cover the top personal loans in Canada. Compare lenders to find the best rates and terms for your situation.
$250 – $50,000
Loan Amount
9.99% – 35%
APR
3 - 60 months
Term
Loans Canada is a free loan search platform based in Toronto, Ontario. It has a large network of lenders for all types of borrowers. If you've been denied a personal loan by a bank or credit union or simply want to compare offers to find the best for you, Loans Canada is worth considering.
Time saver. Loans Canada works with over 60 partners. Your one application will be sent to lenders across Canada that match your profile, which saves you time and effort.
Low starting rates. Rates for Loans Canada personal loans start at 9.99%. Just be aware that you'll pay much higher interest when applying with bad credit.
Established and reputable. Loans Canada has been featured in the news, such as CBC News, the Toronto Star and the Financial Post and is a member of the Canadian Lenders Association. Loans Canada was the finalist in the best personal loan search platform category in the Finder: Personal Loan Customer Satisfaction Awards 2023.
Apply online by providing your name, contact and employment details. Get your loan offers right after.
| Loan amount | $250 – $50,000 |
|---|---|
| APR | 9.99% – 35% |
| Term | 3 - 60 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All of Canada |
$500 – $35,000
Loan Amount
9.99% – 34.99%
APR
6 - 84 months
Term
Spring Financial is a direct lender of personal loans online. It has been in business since 2015 and has funded over 250,000 Canadians. This lender is a suitable option if you've been denied by a traditional lender because of your low credit score or insufficient income. However, if you don't qualify for a standard Spring personal loan, you'll be offered The Foundation loan. With this loan, you won't receive any money until after you make all on-time payments with interest.
Fast. It's possible to apply, get approved and get your money all on the same day.
Flexible. Borrow as little as $500 and as much as $35,000. Pay it off any time without penalty.
Established presence. Spring Financial is one of the most well-known online lenders in Canada. It has a high Trustpilot rating of 4.6 out of 5 based on over 16,000 reviews (but a low BBB rating – D).
Take less than five minutes to fill out an online application. Then get a phone call from Spring Financial to discuss next steps.
| Loan amount | $500 – $35,000 |
|---|---|
| APR | 9.99% – 34.99% |
| Term | 6 - 84 months |
| Min. credit score | 550 |
| Fees | No fees except $30 NSF fee |
| Turnaround time | Within 24 hours |
| Serviced provinces | All of Canada |
$500 – $60,000
Loan Amount
8.99% – 35%
APR
3 - 120 months
Term
LoanConnect is an online loan search platform founded in 2016. It's based in London, Ontario, and is a member of the Canadian Lenders Association. Whether your finances are strong or you could use some leniency from a lender, LoanConnect can match you for free with offers.
Quick pre-approval. LoanConnect's application is easy to fill out and you'll get your results afterwards.
Partnered with lenders for prime and non-prime borrowers. LoanConnect is partnered with a large network of lenders to let you borrow funds with good or bad credit. Just be aware that rates for bad credit are less favourable.
Increases your odds of getting a loan. By filling out just one application, LoanConnect will match you with realistic loan options.
Fill out an online application by providing your name, contact and employment details. Compare your offers after you submit.
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 8.99% – 35% |
| Term | 3 - 120 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All provinces |
$2,000 – $35,000
Loan Amount
8.99% – 29.49%
APR
24 - 60 months
Term
Fig is a Canadian lender that launched in 2023, but the company backing it, Fairstone Bank, has been around for decades. Fig is based in Montreal, Quebec, but it's available in most provinces. It specializes in personal loans for people with good to excellent credit.
Competitive rates. Fig's rates start at 8.99%, which is competitive against most other online-only lenders.
Easy process. Get instant pre-approval and get your loan funds within two business days. You won't ever have to step foot outside your home.
Backed by a big brand. Fig has a large, established lender backing it, one that has nearly 100 years of lending experience.
To access Fig's online application, click the Go to Site button. Input your personal details and get a decision within minutes. Fig's application cannot be accessed directly on its website.
| Loan amount | $2,000 – $35,000 |
|---|---|
| APR | 8.99% – 29.49% |
| Term | 24 - 60 months |
| Min. credit score | 700 |
| Fees | NSF fee: $45 |
| Turnaround time | Up to 5 business days |
| Serviced provinces | Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan |
$300 – $50,000
Loan Amount
6.99% – 35%
APR
3 - 84 months
Term
Fat Cat Loans is a loan search platform for all credit scores. It's partnered with lenders that offer various types of loans, including same day cash loans.
Same day loans available. If you submit your contract before 3pm, you could get your funds on the same day.
84% chance of approval. According to Fat Cat Loans, you have an 84% chance of getting approved for a loan if you apply through them.
Save time. Fill out just one application and get matched with offers based on your financial situation.
Apply online by providing your personal details, such as name, contact info and employment. Get an instant decision and finalize your loan with your lender of choice.
| Loan amount | $300 – $50,000 |
|---|---|
| APR | 6.99% – 35% |
| Term | 3 - 84 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Within 24 hours |
| Serviced provinces | Canada-wide |
$500 – $7,000
Loan Amount
Up to 35%
APR
6 - 60 months
Term
Cashco has been around for over 10 years and specializes in long-term personal loans for people who may not get approved for traditional loans.
Flexible. Cashco will work with you so you get loan payments that work with your budget.
High approval rate. According to Cashco, it has a 96% approval rate. To get approved, you'll need to show Cashco you can afford to take on its loan payments, given your current monthly income and debt payments.
Rebuild your credit. Cashco reports payments to the credit bureaus. On-time payments will help increase your credit score.
Apply online. Provide your documents, such as ID and proof of address, then get a decision.
| Loan amount | $500 – $7,000 |
|---|---|
| APR | Up to 35% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| Fees | Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25. |
| Turnaround time | within 24 hours |
| Serviced provinces | BC, AB, NB, SK and ON |
$500 – $100,000
Loan Amount
34.99% – 35%
APR
3 - 120 months
Term
Direct lender SkyCap Financial has had a steady online presence since 2013. It specializes in personal loans for fair to good credit, and you don't need collateral to get approved. This lender is worth considering if you don't qualify for financing from a bank or credit union.
Helpful to clients. SkyCap Financial has received many reviews from clients praising its service. It also has a section on its site that breaks down the rates and fees it charges, which we've found uncommon for lenders. SkyCap also offers a free financial literacy course to its clients.
Received awards. SkyCap was a finalist in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024. This lender also made it to both the top 15 most recommended and the top 15 best-rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023. It was also a 2022 finalist for the Consumer Lender of the Year award by the Canadian Lenders Association.
Easy online application. Get a personal loan without ever leaving your home, and you can get funding within 24 hours.
Apply online in less than 10 minutes. Connect your bank account to provide SkyCap with read-only copies of your bank statements. Provide a piece of ID to verify your identity.
| Loan amount | $500 – $100,000 |
|---|---|
| APR | 34.99% – 35% |
| Term | 3 - 120 months |
| Min. credit score | 575 |
| Fees | No fees except $50 NSF fee |
| Turnaround time | 24 hours |
| Serviced provinces | All provinces and territories except Quebec and Nova Scotia |
$1,000 – $35,000
Loan Amount
8.99% – 34.99%
APR
36 or 60 months
Term
goPeer is a regulated peer-to-peer lending platform with offices in Calgary and Toronto. Apply online and get multiple offers from everyday Canadian investors. Your finances will need to be good shape in order for you to get strong offers and fast funding. If you're a riskier borrower, your rate will be higher and it may take longer to find investors willing to fund your loan.
Competitive rates. Getting a loan from goPeer is completely online. This means goPeer can save on operating costs and pass on those savings to you.
Flexible loan amounts. You can borrow between $1,000 and $35,000 without needing to offer any collateral.
Repayment flexibility. Easily pay off your loan or make additional payments any time without any fees by logging in to your account and depositing funds from your bank account.
Apply online within minutes by providing your name, contact and employment information. Receive one or more offers depending on the strength of your application.
| Loan amount | $1,000 – $35,000 |
|---|---|
| APR | 8.99% – 34.99% |
| Term | 36 or 60 months |
| Min. credit score | 700 |
| Fees | Variable origination fee (included in APR) Unsuccessful payment fee of $50 No application or prepayment fees |
| Turnaround time | Response within 24 hours |
| Serviced provinces | All of Canada |
$500 – $100,000
Loan Amount
9.99% – 35%
APR
9 - 240 months
Term
easyfinancial is one of the largest and most well-known alternative lenders in the country, offering personal loans to Canadians who can't access traditional financing because of their low credit score, low income or existing debts. You can apply to get a loan with or without collateral. easyfinancial has been in business for over 30 years and has over 400 branches across Canada. Its locations consistently receive high ratings from clients, with many praising staff members' helpfulness throughout the process.
Finder Awards winner. easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
Quick. Get approval in as little as 10 minutes and get your money as soon as the same day.
Flexible options. Borrow as little as $500 and as much as $100,000 with terms from 9 - 240 months. Get a 2% rate reduction when you apply with a co-borrower.
Visit an easyfinancial branch if you want face-to-face service. For a faster, more convenient process, fill out an online application and get a decision within minutes.
| Loan amount | $500 – $100,000 |
|---|---|
| APR | 9.99% – 35% |
| Term | 9 - 240 months |
| Min. credit score | 300 |
| Fees | you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees |
| Turnaround time | Approval within 30 minutes |
| Serviced provinces | all provinces |
$500 – $15,000
Loan Amount
18.9% – 35%
APR
6 - 60 months
Term
Direct private lender FlexMoney offers installment loans completely online. It's been around since 2012 with an office in Toronto, Ontario. It's BBB accredited with an A+ rating.
Instant decision. FlexMoney's automated processes allows it to quickly review your application and let you know within minutes whether it wants to proceed.
Fast funding. Once you submit your signed loan agreement, you can get your money as soon as the same day or the next morning.
Build your credit. FlexMoney reports payments to the credit bureau, which can help improve your credit score and credit history.
Fill out a simple online application and verify your income and identity via instant bank verification.
| Loan amount | $500 – $15,000 |
|---|---|
| APR | 18.9% – 35% |
| Term | 6 - 60 months |
| Min. credit score | 500 |
| Fees | No application, origination or prepayment fees |
| Turnaround time | 24 hours |
| Serviced provinces | Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, and Saskatchewan |
Starting at $2,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
Bank of Montreal is a well-known Canadian bank that's been around for over 200 years, so you can be sure you'd be getting a personal loan from a legitimate lender. It's a strong option when your finances are in great shape. You can use its personal loan for whatever you need, such as consolidating debt, improving your home or paying for a major expense.
Flexible options. Choose between a fixed and variable rate, and get a better rate when you use an asset, such as your home, as collateral. BMO's starting loan amount is $2,000, which is lower than other banks and helpful if you don't need to borrow that much.
Competitive rates. BMO doesn't reveal its personal loan rates online, but as a large bank with a more involved application process than alternative lenders, it can offer some of the lowest rates.
Finder Awards winner. BMO was awarded the Winner award in the Best Personal Loan Traditional Lender (National) category in the Finder: Personal Loans Best-in-Class Awards 2024.
Book an appointment online to schedule a face-to-face meeting at a branch. Make sure to bring a government-issued photo ID and proof of employment, such as recent paystubs and T4 slips. If the personal loan is for consolidating debt, bring your statements for the debts you'd like to pay off.
| Loan amount | Starting at $2,000 |
|---|---|
| APR | Undisclosed |
| Term | 1 - 5 years |
Undisclosed
Loan Amount
Undisclosed
APR
6 - 60 months
Term
National Bank is one of the Big Six banks and has been serving Canadians since 1859. You can use its personal loan for many purposes, including consolidating debt, investing, renovating a home and more. You'll need a good to excellent credit score to get approved.
Finder Awards finalist. National Bank was a finalist in the Best Personal Loan Traditional Lender (National) category in the Finder: Personal Loans Best-in-Class Awards 2024.
Fixed or variable rate. Choose fixed to lock down your rate throughout the life of the loan, or choose variable to save on interest if rates go down.
Apply online or in person. National Bank has a convenient online application that takes less than 15 minutes to complete, and it has hundreds of branches across Canada for more personalized service.
Visit a National Bank branch or fill out a 15-minute application online. If you apply online, you'll need to provide your personal and financial details such as your name, address, job, assets and liabilities. Get a response within 24 to 48 hours via email or phone call. The representative will let you know what documents to provide.
| Loan amount | Undisclosed |
|---|---|
| APR | Undisclosed |
| Term | 6 - 60 months |
| Fees | Varies |
| Turnaround time | Varies |
| Serviced provinces | All |
$500 – $60,000
Loan Amount
19.99% – 34.99%
APR
6 - 120 months
Term
If you have a fair to bad credit score, it's worth exploring options from direct lender Fairstone. You can get a personal loan with or without collateral, but you'll increase your chances of approval, especially if your credit score is not the best, if you secure the loan with your home equity. Make sure you can afford the loan though, because defaulting could result in losing your house. Fairstone has been in business since 1923, has over 230 branches across Canada and is owned by a Schedule 1 bank.
Finder Awards finalist. Fairstone was a finalist in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
Flexible options. Borrow as little as $500 and as much as $60,000 with terms from 6 - 120 months. Apply online or in person.
Fast. Get your unsecured personal loan within 24 to 48 hours. A secured loan will take longer because it involves a house appraisal.
Visit a Fairstone branch for in-person service or apply online. Fill out a quick application and get your quote immediately after. You can get an unsecured personal loan completely online, whereas a secured personal loan will require a visit to a Fairstone branch.
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 19.99% – 34.99% |
| Term | 6 - 120 months |
| Min. credit score | 525 |
$1,500 – $20,000
Loan Amount
19.99% – 35%
APR
12 - 60 months
Term
Direct lender Magical Credit is another popular choice when banks and credit unions aren't an option. It opened its business in 2014 and offers unsecured personal loans online. Its rates are less competitive than financial institutions, but its loans are easier to get.
Flexible requirements. You can apply with fair or bad credit, and Magical Credit is open to many forms of non-employment income, such as public and private pensions, maternity leave benefits, child tax credit and EI.
Easy online process. You won't ever have to leave your home because the process is completely online, from application to funding.
Fast. Get funded in as little as one business day after applying.
Apply online and verify your income and identity via bank verification. Magical Credit requires zero to minimal documents.
| Loan amount | $1,500 – $20,000 |
|---|---|
| APR | 19.99% – 35% |
| Term | 12 - 60 months |
| Min. credit score | 300 |
| Fees | A single administration fee of $194 |
| Turnaround time | Receive funds within as little as 24 hours |
| Serviced provinces | Canada-wide (excluding Manitoba, Saskatchewan and Quebec) |
$500 – $18,000
Loan Amount
29.9% – 34.28%
APR
6 - 60 months
Term
Money Mart is one of the largest alternative lenders in Canada, offering both installment loans and payday loans. They're a lot less strict with their eligibility requirements than banks, but you'll be charged much steeper rates.
Established presence. Money Mart has been in business since 1982 and has over 500 branches across Canada.
Easy process. Money Mart's installment loan is unsecured, so there's no extra step of offering or appraising collateral. You can get funded as soon as the same business day.
Easier eligibility criteria. Money Mart does not require a good credit score. Rather than focusing on your credit score, it'll look at your overall financial situation, including your income and existing debts.
Visit a Money Mart branch or apply online within minutes. If you choose Express online, you'll verify your income and identity via instant bank verification. If you choose Standard, you'll go through an online manual review, which will take longer.
| Loan amount | $500 – $18,000 |
|---|---|
| APR | 29.9% – 34.28% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| Fees | None |
| Turnaround time | Less than 1 day |
| Serviced provinces | AB, BC, MB, NS, NT, ON, PEI, SK, YT |
To find the best personal loans in Canada, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder, with partners listed first. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
464+
hours invested
112
lenders vetted
4,608
data points analyzed
The best personal loan rates in Canada start at 6.99%. And as of January 1, 2025, personal loan lenders in Canada can’t charge you more than 35% APR, which is especially helpful for people with bad credit.
The best quick personal loans in Canada come from online lenders like Spring Financial and easyfinancial. To speed up the process, make sure to apply to a lender who offers instant decisions, bank verification and fast e-transfer funding.
To find legit loans in Canada, especially loans online, you’ll want to make sure the lender has a business registration, office address, phone number, terms and conditions, privacy policy, social media presence and customer reviews. Learn more about online loans.
Consider taking the following steps to find the right loan for your needs.
Knowing your credit score can help identify loans where you have a high rate of approval. Request your credit score from credit bureaus or fintech companies:
What’s best will depend on your financial situation.
Compare different types of lenders to find the best place to get a personal loan.
| Banks and credit unions | Best for people with good to excellent credit |
|
| P2P lending platform | Best for people who have good to excellent credit and don’t want to go with a bank |
|
| Alternative, private lenders | Best for people with poor to fair credit or those who would prefer to apply online |
|
Compare the following features to find the top loan in Canada for your needs:
“Fig is our pick for the month. Specializing in personal loans for prime borrowers, it offers a completely digital process, fast funding and competitive rates. It’s a legit option if you have good credit. If you have bad credit, Fig is not for you, but there are other loans for bad credit you can check out.”
Leanne Escobal, Publisher, Loans and Money Transfers
Follow these steps to apply for personal loans:
According to data released in the latest Finder: Consumer Sentiment Survey, Canadians are less likely to take out a personal loan in the next three months. In Q2 2023 20% of respondents planned to take out a personal or installment loan. The number dropped to 5% of respondents who plan to take out a personal or installment loan in the next three months.
The results of the Finder: Consumer Sentiment Survey Q3 (CSTQ3) were collected through an online Pollfish survey conducted between August 10 to 21, 2023. In the survey, 1,013 Canadians from across the country were asked about their current debt obligations, among other questions regarding money goals and financial confidence. The estimated margin of error for the survey is +/- 3%, 90% of the time.
The results of the Finder: Consumer Sentiment Survey Q2 (CSTQ2) were collected through an online Pollfish survey conducted between April 27 and April 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their past use and current plans to use personal loans and other forms of credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.
Personal loans are a quick and affordable way to get access to financing, especially if you have good credit. There are many different types of personal loans. That’s why you’ll want to compare factors like how much you want to borrow, the interest rates you’re willing to pay and how long your loan term should be to find the right personal loan in Canada.
We take a closer look at Canadians’ attitudes towards money in 2025.
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Find out where you can apply online for $2,500 installment loans in Canada, even with bad credit.
Want to find the best rates for your next personal loan? Compare lenders with Loans Canada, a well-known online loan search platform.
Is Magical Credit legit? Read our review to learn about its loans, rates and customer feedback.
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Find out how to get a personal or payday loan if you receive a pension.
Got bad credit and looking for a loan? Check out these options.
Get a $1,500 loan as either an installment or payday loan. Learn about the pros and cons of each, plus compare lenders and apply today.
