Where can you find the easiest bank to get a loan in Canada? If you’re searching for a fast and easy loan, it’s worth noting that banks and credit unions have stricter eligibility requirements than online lenders. But no matter where you choose to apply, your personal financial situation is the main factor that will determine how easy it is to qualify for funding.
In this guide, we cover banks, credit unions and more lenient alternatives in Canada to help you find and get approved for a loan.
Summary: Easy banks, credit unions and online lenders
Fairstone Financial is wholly owned by Fairstone Bank of Canada, a Schedule 1 bank. It has been providing lending services in Canada for almost 100 years. With 250 branches across the country, it specializes in personal loans and mortgages for near-prime borrowers.
What makes it an easy loan
Apply online or in-store
Get funded within one business day
Lower minimum credit score requirement than other lenders
What to watch out for
You need a credit score of 525 or higher to get an unsecured loan
High interest rates
You'll need to visit a branch to apply for a secured loan
Spring Financial offers fast personal loans and a completely online application process. Fair or bad credit is OK, and loans of up to $35,000 are available.
KOHO is not a bank yet, but it's currently pursuing a Schedule 1 bank licence. When you need a small loan fast, KOHO's Cover provides an interest-free cash advance of up to $250. You can repay at any time.
What makes it an easy loan
No credit checks
No income required to qualify
Highly rated app
What to watch out for
Monthly KOHO Cover fee of $2
Monthly KOHO plan fee (waivable on an Essential plan)
Nyble offers a Credit Building Line of up to $250 to help you build a credit history. There are no interest charges and you can get funded instantly, while your repayments are reported to the credit bureaus to help improve your credit score.
What makes it an easy loan
No interest or late fees
Minimum income of 1,000/month
Easy application process
Free credit score monitoring
What to watch out for
Late payments are also reported to the credit bureaus
Small loan amount
Getting funded with a free account takes up to three business days
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
CIBC is one of Canada's Big Five banks and has a history dating back to the 1860s. It offers a full range of banking products and services across Canada, including secured and unsecured personal loans and lines of credit.
Loans Canada is an online loan search platform that provides access to the largest network of lenders in Canada. After filling out a single application, you can compare personal loan offers from multiple lenders to find one that's right for you.
Founded in 1939, FirstOntario Credit Union offers a wide range of bank accounts and borrowing options to over 125,000 members. It provides secured and unsecured lines of credit with lenient eligibility criteria, while student lines of credit are also available.
Launched in 2022, Fora Credit is an online-only lender that provides unsecured lines of credit to customers in AB, BC, NB, NS, ON and SK. Credit limits of up to $10,000 are available.
Founded in 1946, Vancity is now the largest credit union in Canada. It offers a full range of banking products and services to its members, including its payday loan alternative Fair and Fast Loan that is designed to help Canadians break the debt cycle.
LoanConnect is an online loan search platform where you can fill out a single application and then compare offers from multiple lenders. It won't impact your credit score to apply, and if you're searching for the easiest bank to get a loan, there are loan options available for good and bad credit.
Servus Credit Union is one of the top five largest credit unions in Canada and offers a wide range of accounts, mortgages and loans to its members. Its Fast Forward Small Loan is a payday loan alternative that allows you to borrow up to $2,500.
What makes it an easy loan
Get cash in as little as an hour (if you make an appointment)
TD is one of Canada's Big Five banks and offers personal loans and lines of credit across the country. Flexible repayment options are available, but you'll need good to excellent credit to qualify.
What makes it an easy loan
Trusted lender
Apply online
Flexible loan amounts
Early repayment without penalty
What to watch out for
Strict eligibility criteria
Bad credit is not OK
Slower approval process than online lenders
Loan amount
$5,000 – $50,000
APR
8.99% – 15%
Term
1 - 7 years
Min. credit score
660
Fees
Origination Fee of $50 applies to secured loans only Annual fee of $25 applies to unsecured personal line of credit only
Fig is an online lender that launched in Canada in 2023. Backed by Fairstone Bank, it offers fast online personal loans of up to $30,000 to borrowers with good to excellent credit.
What makes it an easy loan
Fully digital application process
Get funded in one business day
Early repayment without penalty
What to watch out for
Fair or bad credit may not qualify
High minimum income requirement of $5,000/month
You'll need to complete a credit check
Loan amount
$2,000 – $30,000
APR
12.99% – 24.99%
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
Tips to get easy approval from a bank or credit union
Boost your chances of getting approved with these simple tips:
Try your current bank first
If you have an established relationship and a strong track record with a lender, you may be able to qualify for a preferred rate.
Check your credit score before applying
Check your credit score to ensure that you’ll meet the lender’s eligibility criteria, and make sure you don’t have any missed or late payments on your credit file.
Limit your credit applications
Multiple personal loan or credit card applications in a short period of time can indicate an unstable financial situation to lenders, which can decrease your chances of approval.
Pay down current debts
By paying down your current debts as much as possible before applying for a loan, you’ll not only improve your credit score but lower your debt-to-income ratio, increasing your chances of getting approved.
Bottom line
If you’re searching for the easiest bank to get a loan in Canada, you’ll generally find more lenient eligibility criteria at online lenders. But your personal financial situation is the key factor that determines whether you qualify for funding, so taking steps to boost your credit score and pay down existing debts will boost your chances of approval.
Frequently asked questions
Fairstone specializes in fast online personal loans of up to $25,000 for non-prime borrowers. It's quick and easy to get a quote online without it affecting your credit score, and the loan amount can be deposited into your account within 24 hours.
The minimum credit score you need depends on the lender. Traditional lenders like banks will typically require a credit score of 660 or higher, but some online and alternative lenders are willing to work with borrowers who have fair to bad credit. They'll consider factors such as your income and employment situation as well as your existing debt before deciding whether to approve your loan. Learn more in our guide to what credit score you need to get a personal loan.
While credit unions generally have stricter eligibility requirements than online lenders, some credit unions offer payday loan alternatives with lenient eligibility criteria. Eligibility for these loans is determined based on your income rather than your credit score, and examples include the Vancity Fair and Fast Loan and the Servus Fast Forward Small Loan.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Read our guide to finding a small loan, even if you have bad credit.
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