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Best installment loans in Alberta
Compare top installment loans in Alberta to find the right loan for your needs.
If you’ve run into some cash flow problems and need access to emergency money, then you might be considering an installment loan. Installment loans are readily available in Alberta, and you can get one online as soon as the same day. However, watch out for high rates, especially if you have a low credit score.
In this guide we cover the different options for installment loans in Alberta to help you decide on the right loan for your financial situation.
Best installment loans in Alberta
How we found the best installment loans in Alberta
To find the best bad installment loans in Alberta, 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. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. 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
1. LoanConnect
$500 – $50,000
Loan amount
Loan amount
8.99% – 46.96%
APR
APR
3 - 120 months
Term
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile.
Why it's one of the best
- Save time. Your application will be cast wide and you'll get your results right after you apply.
- Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
- Get approved. LoanConnect works with different types of lenders to help different types of borrowers find a loan.
- Pre-approval in five minutes
- Many bad credit loan options
- BBB-accredited with an A+ rating
- Fast funding
- Not a direct lender
- High rates for bad credit
- Miss out on offers from lenders not partnered with LoanConnect
| Loan amount | $500 – $50,000 |
|---|---|
| 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 |
Most Recommended
LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.2. Spring Financial
$500 – $35,000
Loan amount
Loan amount
10.8% – 46.99%
APR
APR
6 - 60 months
Term
Term
Spring Financial offers fast installment loans. If you don't qualify for an installment loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time.
Why it's one of the best
- Get a loan from an established lender. Spring Financial has been providing installment loans since 2015 and has over 200 employees with headquarters in Vancouver, BC.
- Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
- Get quick funding. If you provide the required documents on time, you can get your installment loan the same day you apply.
- 100% online
- Fast funding via e-Transfer
- No prepayment penalties
- High rates for bad credit
- C- BBB rating, received complaints about the credit builder loan
| Loan amount | $500 – $35,000 |
|---|---|
| APR | 10.8% – 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 |
Most Recommended + Best-Rated
Spring Financial 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 2023.3. Loans Canada
$300 – $50,000
Loan amount
Loan amount
6.99% – 46.96%
APR
APR
3 - 60 months
Term
Term
Loans Canada is an online loan search platform partnered with over 60 lenders. Fill out one application and get your matches for free.
Why it's one of the best
- Search a large lender network. Loans Canada works with over 60 verified lenders.
- Get approved. Find an installment loan that matches your profile.
- Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
- Easy online application
- Quick deposits
- High loan amounts
- No collateral required
- High rates for bad credit
- No online quotes provided
- Limited to its network
| Loan amount | $300 – $50,000 |
|---|---|
| APR | 6.99% – 46.96% |
| 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 |
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.4. LoansLoans
$500 – $1,000
Loan amount
Loan amount
28% – 32%
APR
APR
3 months
Term
Term
LoansLoans.ca is a broker that helps people find short-term installment loans. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a fee of up to $300 that will be added to your payments.
Why it's one of the best
- Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
- Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
- Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
- No credit check
- Apply online in minutes
- Funding on the same day or next day
- High rates and fees
- Doesn't give enough information about its brokerage fee
| Loan amount | $500 – $1,000 |
|---|---|
| APR | 28% – 32% |
| Term | 3 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) |
5. Skycap Financial
$500 – $10,000
Loan amount
Loan amount
12.99% – 39.99%
APR
APR
9 - 36 months
Term
Term
SkyCap Financial is an alternative lender of installment loans for fair to good credit scores.
Why it's one of the best
- Work with a reputable lender. SkyCap Financial is known for its friendly, professional customer service and is BBB accredited with an A+ rating.
- Get approved fast. Get your installment loan as soon as the same business day.
- Get some leniency. Rather than fixating on your credit score, SkyCap will take a more holistic approach and look at your overall finances.
- No prepayment penalties
- Apply online in minutes
- Funding on the same day or next day
- People with good credit may get better offers elsewhere
- High rates for lower credit scores
| Loan amount | $500 – $10,000 |
|---|---|
| APR | 12.99% – 39.99% |
| Term | 9 - 36 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 |
Most Recommended + Best-Rated
SkyCap Financial 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 2023.6. Mogo
$500 – $35,000
Loan amount
Loan amount
9.9% – 46.96%
APR
APR
6 - 60 months
Term
Term
Mogo is a Canadian fintech company that offers various financial products, including installment loans.
Why it's one of the best
- Get an instant decision. Get a free quote in three minutes without affecting your credit score.
- Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
- Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
- Convenient mobile app
- No prepayment penalties
- Bank-level security
- High rates for bad credit
- Some negative Mogo reviews online
- Loans are powered by Lendful and easyfinancial
| Loan amount | $500 – $35,000 |
|---|---|
| APR | 9.9% – 46.96% |
| Term | 6 - 60 months |
| Min. credit score | 600 |
| Fees | Non-sufficient funds fee of $20 to $50 |
| Turnaround time | Within 24 hours |
| Serviced provinces | BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU |
Best-Rated
Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.7. Fairstone
$500 – $60,000
Loan amount
Loan amount
19.99% – 39.99%
APR
APR
6 - 120 months
Term
Term
Fairstone has been offering installment loans for decades. Apply online or visit one of over 230 locations across Canada.
Why it's one of the best
- Get a quote with no impact to credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
- Get funded fast. Get your installment loan as soon as the same day.
- Work with an established lender. Fairstone has been providing financial services to Canadians for almost 100 years.
- Quick and easy application
- Multiple loan types (unsecured, secured, mortgages)
- Company has an established online presence
- No prepayment penalties for unsecured loans
- High rates for low credit
- Potential for extra fees
- Prepayment penalties for secured loans
- Several negative customer reviews
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 19.99% – 39.99% |
| Term | 6 - 120 months |
8. FlexMoney
$500 – $15,000
Loan amount
Loan amount
18.9% – 46.9%
APR
APR
6 - 60 months
Term
Term
FlexMoney offers installment loans completely online. It's been in business since 2012 and is based in Toronto, Ontario.
Why it's one of the best
- Get an instant decision. FlexMoney has automated processes to give you a no-obligation quote within minutes.
- Get your funds fast. Funds should reach your account on the same day or the next day.
- Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
- Make payments weekly, bi-weekly, bi-monthly or monthly
- Easily make extra payments via e-transfer
- A+ BBB Rating
- High rates for bad credit
- No in-person locations
| Loan amount | $500 – $15,000 |
|---|---|
| APR | 18.9% – 46.9% |
| Term | 6 - 60 months |
| Min. credit score | 500 |
| Fees | No application, origination or prepayment fees |
| Turnaround time | Receive funds within as little as 24 hours |
| Serviced provinces | Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon |
Most Recommended + Best-Rated
FlexMoney 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 2023.9. Magical Credit
$1,500 – $20,000
Loan amount
Loan amount
19.99% – 46.8%
APR
APR
12 - 60 months
Term
Term
Magical Credit specializes in online installment loans for people with fair to bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario.
Why it's one of the best
- Get a fast loan. Apply online and validate your information with instant bank verification to get a fast decision (with funds sent in a few hours).
- Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
- Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
- Receive funds within as little as 24 hours
- Accepts child tax credit, EI, CPP, OAS, private pensions and more
- Refer-a-friend program
- Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% - 46.8%
- May charge an administration fee
- Must show proof that you've been employed for six months (if applicable)
| Loan amount | $1,500 – $20,000 |
|---|---|
| APR | 19.99% – 46.8% |
| 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) |
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.10. Money Mart
$500 – $15,000
Loan amount
Loan amount
29.9% – 46.9%
APR
APR
6 - 60 months
Term
Term
Money Mart offers installment loans (and payday loans) to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada.
Why it's one of the best
- Get your installment loan fast. Get an instant decision and get your money via Interac e-Transfer, which is one of the fastest methods.
- Apply online or in-store. Get your installment loan online or at one of Money Mart's 500+ store locations.
- Qualify. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
- Established lender
- Convenient mobile app
- Accepts non-employment income such as government benefits and private pension
- High interest rates
- Availability in provinces varies in-store and online
- Credit check required for installment loans
| Loan amount | $500 – $15,000 |
|---|---|
| APR | 29.9% – 46.9% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| Fees | None |
| Turnaround time | Less than 1 day |
| Serviced provinces | AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT |
11. easyfinancial
$500 – $100,000
Loan amount
Loan amount
9.99% – 46.96%
APR
APR
9 - 120 months
Term
Term
easyfinancial helps Canadians access financing when banks aren't an option. It offers installment loans across Canada online and in hundreds of locations.
Why it's one of the best
- Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
- Work with a well-known lender. easyfinancial is one of the biggest lenders of installment loans in Canada.
- Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
- Secured and unsecured loan options
- 2% rate reduction with a co-applicant
- BBB-accredited with an A+ rating
- Steep rates for bad credit
- Many negative customer reviews
| Loan amount | $500 – $100,000 |
|---|---|
| APR | 9.99% – 46.96% |
| Term | 9 - 120 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 |
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.12. 24Cash
$500 – $850
Loan amount
Loan amount
Starting at 22%
APR
APR
90 - 120 days
Term
Term
24Cash connects applicants to a short term installment loan with no credit check. It is an alternative to payday loans. Expect a $225 broker fee to be added to your payments (the exact amount is set at the broker's discretion).
Why it's one of the best
- Get approval in one hour. Apply with instant bank verification and get approved quickly.
- Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if approved before 2:30 PM EST.
- Established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.
- No credit check
- Lower APRs than payday loans
- No paperwork required via instant bank verification
- Manual review available
- Three months to repay
- Government assistance not accepted as a form of income
- Very expensive
- Small maximum amount
- May not improve your credit score
| Loan amount | $500 – $850 |
|---|---|
| APR | Starting at 22% |
| Term | 90 - 120 days |
| Fees | broker fee of up to $225 |
| Turnaround time | Within 24 hours |
| Serviced provinces | Canada-wide except Manitoba, Quebec and Saskatchewan |
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.How does an installment loan in Alberta work?
With installment loans, you borrow a lump sum that you’ll repay with biweekly, semi-monthly or monthly payments. Typically, the interest rate is fixed so it’ll stay the same throughout the loan term, and there’s no collateral involved.
What can I use an installment loan for?
You can generally use online installment loans in Alberta for any legitimate purpose. However, it might be best to save them for emergencies, since they can come with higher interest rates than other types of personal financing. You can use installment loans for:
- Medical expenses. Sometimes healthcare providers don’t provide financing that all patients can qualify for. An installment loan can help make paying off medical bills more manageable, although more expensive.
- Home or car repairs. Got a home or car that needs urgent repairs? Installment loans can help you cover that cost, no mater what your credit type is.
- Overdue utility bills. An installment loan can help you keep the lights on, water running and phone line working when you don’t have the funds to make your utility payments on time.
What do I need to apply for installment loans in Alberta?
You can apply for installment loans if you have bad credit or are on a lower income, as long as you can show that you can afford the repayments. Generally, lenders in Alberta will look at your income, credit history and employment information to determine your eligibility for a loan.
You will meet the following basic eligibility criteria:
- Proof of income. This doesn’t mean you need to be employed full time, but you may need some sort of income, whether it is disability, welfare, a pension or a part-time job.
- Active bank account. If you don’t have a bank account, you can sometimes get a cash installment loan from a physical branch location.
- Valid government-issued ID. Lenders might ask to see your driver’s licence to verify that you meet the age requirements. You will typically need to be 18 years of old, which is the age of the majority in Alberta.
- Canadian citizen or permanent resident. You’ll typically need to be a Canadian citizen or a permanent resident to apply for a loan.
Applicants with good to excellent credit scores are more likely to get a good rate on online installment loans. That’s because many lenders use underwriting software that rely heavily on your credit history when determining your eligibility. Learn more about personal loan rates.
How much does an installment loan cost?
The cost of installment loans in Alberta depend on the loan amount, loan term and interest rate. Let’s say you need a loan to pay for unexpected car repairs. You then decide to get a $2,000 loan and commit to paying it back over 2 years with a 25% interest rate. Based on these factors, you can expect your monthly payment to cost $106.74, which amounts to $561.83 in interest and a total cost of $2,561.83 for your installment loan.
How to compare installment loans in Alberta
There are plenty of options for you. It’s easier to find the best deal if you know which factors to compare before settling on a lender.
- Interest rates. Finding low interest rates can save you thousands of dollars over the term of your loan. Ask your lender if it’s willing to price match or negotiate better rates for a shorter term.
- Fees. Some lenders will bury hidden fees and charges in your contract. Make sure to read the fine print thoroughly and ask for a full breakdown of costs and fees for your loan.
- Total amount. Many lenders have set minimum and maximum amounts they’re willing to give out. Find out how much your lender can shell out and make sure it offers a suitable term for repayment, no matter the amount.
- Length of term. If you want to keep your payments small you should aim for a longer-term loan. If you want to pay it off quickly, look for a shorter term with an affordable repayment plan.
- Conditions for repayment. Look for a loan with flexible terms and find out what will happen if you default on your loan, especially if it’s secured with collateral.
Are you eligible for installment loans if you have bad credit?
Installment loans are well suited to Albertans with bad credit. Many installment loan providers offer loans to borrowers with bad credit. Minimum credit score requirements for installment loans tend start at 300 to 560. With lower interest rates than payday loans, installment loans are worth considering if have bad credit.
Bottom line
If you have to cover emergency or unexpected expenses, installment loans in Alberta are worth considering, especially compared to more expensive options like payday loans. Keep in mind that even though bad credit borrowers can qualify for installment loans, the high interest rates can still make the repayments difficult to afford. That’s why it’s important to compare installment loans to find a loan with interest rates, fees and conditions of repayment that suit your financial situation.
Frequently asked questions about installment loans in Alberta
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