Related: Easy loans in Canada
What are the easiest banks and credit unions to get a loan in Canada?
Compare 10+ options when you need fast and easy access to a loan.
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
| Category | Lender | Alternative |
|---|---|---|
| If you don’t have good credit | Fairstone | Spring Financial |
| If you want instant access to a loan | KOHO | Nyble |
| If you want an easy online application | CIBC | Loans Canada |
| If you want a line of credit | FirstOntario | Fora |
| If you want a no credit check loan | Vancity | LoanConnect |
| If you want a small, quick loan | Servus | LoansLoans |
| If you have a good credit score | TD | Fig |
If you don’t have good credit: Fairstone
$500 – $60,000
Loan Amount
19.99% – 39.99%
APR
6 - 120 months
Term
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
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 19.99% – 39.99% |
| Term | 6 - 120 months |
| Min. credit score | 525 |
Alternative: Spring Financial
$500 – $35,000
Loan Amount
9.99% – 46.99%
APR
6 - 60 months
Term
Spring Financial offers fast personal loans and a completely online application process. Fair or bad credit is okay, and loans of up to $35,000 are available.
What makes it an easy loan
- Online process with same-day funding
- Minimum credit score of 550
- Minimum monthly income of $2,000
What to watch out for
- High interest rates
- You may need to provide references
| Loan amount | $500 – $35,000 |
|---|---|
| APR | 9.99% – 46.99% |
| Term | 6 - 60 months |
| Min. credit score | 550 |
| Fees | No fees except $30 NSF fee |
| Turnaround time | Within 24 hours |
| Serviced provinces | All of Canada |
Related: Best personal loans in Canada
If you want instant access to a loan: KOHO
$20 – $250
Loan Amount
Starting at 0%
APR
Flexible
Term
KOHO is not a bank yet, but it's currently pursuing a Schedule 1 bank licence. When you need a small loan fast, KOHO Cover provides an interest-free cash advance of up to $250. You can repay it any time.
What makes it an easy loan
- No credit check
- 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)
- Small loan amount
| Loan amount | $20 – $250 |
|---|---|
| APR | Starting at 0% |
| Term | Flexible |
| Fees | 0% interest with a subscription fee starting at $2/month |
| Turnaround time | Immediately |
| Serviced provinces | All provinces and territories |
Alternative: Nyble
$30 – $250
Loan Amount
Starting at 0%
APR
30 days, extendable
Term
Nyble offers a Credit Building Line of up to $250 to help you build your credit history. There are no interest charges, and you can get funded instantly. 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 with optional fees |
| Turnaround time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
| Serviced provinces | All provinces and territories |
Related: Best loan apps in Canada
If you want an easy online application: CIBC
$3,000 – $200,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
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.
What makes it an easy loan
- Easy online application process
- Secured and unsecured loans available
- Flexible repayment schedule
- Repay early without penalty
What to watch out for
- Not an option if you have bad credit
- Slow loan approval process
- Rates are not displayed online
| Loan amount | $3,000 – $200,000 |
|---|---|
| APR | Undisclosed |
| Term | 1 - 5 years |
| Serviced provinces | Across Canada |
Alternative: Loans Canada
$300 – $50,000
Loan Amount
9.9% – 46.96%
APR
4 - 60 months
Term
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.
What makes it an easy loan
- Multiple loan types available
- Options for good and bad credit
- Easy to compare multiple loan offers
What to watch out for
- High rates for bad credit
- Not a direct lender
- You're limited to its lending network
| Loan amount | $300 – $50,000 |
|---|---|
| APR | 9.9% – 46.96% |
| Term | 4 - 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 |
If you want a line of credit: FirstOntario
Undisclosed
Loan Amount
Starting at 8.49%
APR
Open
Term
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.
What makes it an easy line of credit
- Easy online application
- Low minimum annual income requirement of $15,000
- Secured and unsecured options available
What to watch out for
- You'll need to be an Ontario resident
- You'll need to become a member
- Not suitable for bad credit
| Loan amount | Undisclosed |
|---|---|
| APR | Starting at 8.49% |
| Term | Open |
Alternative: Fora
$1,000 – $15,000
Loan Amount
19.9% – 34.9%
APR
Open
Term
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 $15,000 are available.
What makes it an easy line of credit
- Quick and easy online application
- Get funded as soon as the same day
- No extra fees to worry about
What to watch out for
- High rates
- Not available everywhere
- $15,000 credit limit
| Loan amount | $1,000 – $15,000 |
|---|---|
| APR | 19.9% – 34.9% |
| Term | Open |
| Fees | $0 |
| Serviced provinces | AB, BC, NB, NS, ON and SK |
Related: Lines of credit in Canada
If you want a no credit check loan: Vancity
$100 – $2,500
Loan Amount
Starting at 19%
APR
2 weeks - 24 months
Term
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 a payday loan alternative, the Fair and Fast Loan, that is designed to help Canadians break the debt cycle.
What makes it an easy loan
- No credit check required
- Eligibility based on your income
- Fixed 19% interest rate
- No penalties for paying back your loan early
- Quick and easy online application
What to watch out for
- You can only borrow up to $2,500
- Only for BC residents
- You need to become a member
| Loan amount | $100 – $2,500 |
|---|---|
| APR | Starting at 19% |
| Term | 2 weeks - 24 months |
| Fees | No prepayment fees |
| Turnaround time | Within 10 minutes |
| Serviced provinces | BC |
Alternative: LoanConnect
$500 – $60,000
Loan Amount
8.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect is an online loan search platform where you can fill out a single application and 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 options available for good and bad credit.
What makes it an easy loan
- Bad credit is okay
- Compare multiple offers
- Get offers in as little as a minute
- Choose from secured and unsecured loans
What to watch out for
- Not a direct lender
- You're limited to its lending network
- High rates for bad credit
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 8.99% – 46.96% |
| 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 |
Related: No credit check loans in Canada
If you want a small, quick loan: Servus
Up to $2,500
Loan Amount
Undisclosed
APR
3 months - 2 years
Term
Servus Credit Union is one of the top five largest credit unions in Canada, offering 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)
- Competitive interest rate
- Flexible loan terms
What to watch out for
- You'll need to become a member
- Detailed application process
- $2,500 maximum loan amount
- Available in Alberta only
| Loan amount | Up to $2,500 |
|---|---|
| APR | Undisclosed |
| Term | 3 months - 2 years |
| Serviced provinces | Alberta |
Alternative: LoansLoans
$500 – $1,000
Loan Amount
28% – 32%
APR
3 - 12 months
Term
LoansLoans.ca is an online broker that can help you find a short-term installment loan. Receive funds in less than 24 hours.
What makes it an easy loan
- Fast access to funds
- No credit check
- Easy online application
- No collateral required
What to watch out for
- Very expensive
- Broker fee of up to $300
- Small loan amount may not suit everyone
| Loan amount | $500 – $1,000 |
|---|---|
| APR | 28% – 32% |
| Term | 3 - 12 months |
| Min. credit score | 300 |
| Fees | Late payment fee (2.66% per month), $45 NSF fee, broker fee |
| Turnaround time | Receive funds in less than 24 hours |
| Serviced provinces | All of Canada (except Manitoba) |
If you have a good credit score: TD
$5,000 – $50,000
Loan Amount
Undisclosed
APR
1 - 7 years
Term
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 okay
- Slower approval process than online lenders
| Loan amount | $5,000 – $50,000 |
|---|---|
| APR | Undisclosed |
| 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 |
| Turnaround time | 48 hours |
Alternative: Fig
$2,000 – $35,000
Loan Amount
8.99% – 24.99%
APR
24 - 60 months
Term
Fig is an online lender that launched in Canada in 2023. Backed by Fairstone Bank, it offers fast online personal loans of up to $35,000 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 – $35,000 |
|---|---|
| APR | 8.99% – 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 |
Related: Low interest loans in Canada
Tips to get easy approval from a bank or credit union
Boost your chance 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, which increases your chance 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 from online lenders. But your personal financial situation is the key factor in determining if you qualify for funding. So, taking steps to boost your credit score and pay down existing debts will boost your chance of approval.
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