Loans Canada review: Get matched with lenders
- APR Range
- 9.99% - 35.00%
- Loan Amount
- $250 - $50,000
- Loan Term
- 3 - 60 months
- Min. Credit Score
- 300
Our verdict
Apply for a loan through this reputable loan search platform that has the largest lender network in Canada.
Loans Canada helps connect you with loans for all types of borrowers, including people with fair or bad credit. You fill out one online application in less than 10 minutes to get matched with lenders that are open to financing you. It takes one to three business days to get a loan. The platform is free to use.
Best for: People who want alternatives to banks and credit unions.
Pros
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Options for good and bad credit
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Quickly compare multiple loan options in one place
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Rates start at 9.99%
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Multiple types of loans available
Cons
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Not a direct lender
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High rates for bad credit
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Watch out for scammers posing as Loans Canada
What is Loans Canada?
Loans Canada is a specialty online platform you can use for free to find lenders. When you apply to Loans Canada, it will use your information to match you with suitable lenders based on your situation. This is especially helpful if your current circumstances limit your options—for example, if you have bad credit or have experienced bankruptcy in the past.
Loans Canada has partners that can work with borrowers who may not qualify for a bank or credit union loan.
You can complete Loans Canada’s application in less than 10 minutes and get approval from a direct lender within 24 to 48 hours. All in all, you can get a personal loan within one to three business days, which is faster than applying to banks or credit unions.
Is Loans Canada legit?
Yes, Loans Canada is a legit loan search platform. Operating since 2012, Loans Canada is a member of the Canadian Lenders Association and is accredited by the Better Business Bureau with an A+ rating. It has been mentioned in CBC News, Toronto Star and Financial Post.
Watch out for scammers posing as Loans Canada. Never give out your bank account login information, and do not respond to unsolicited emails with an attractive loan offer and claims that there are no upfront fees.
Loans Canada personal loan features
| Feature | Details |
|---|---|
Loan amount | $250 – $50,000 |
Loan term | 3 - 60 months |
Interest rate | 9.99% - 35.00% |
Fees | No application, origination or brokerage fees |
Serviced provinces and territories | All of Canada |
Basic eligibility requirements | Minimum credit score of 300 |
Who is Loans Canada for?
Loans Canada works with over 70 lenders to help people of all credit scores find a loan. It has low interest loan options for people with credit scores above 660 and fair or bad credit loan options for those with credit scores below 660. You can apply to Loans Canada if you want to compare offers from multiple lenders to find the best loan for your needs.
What we like about Loans Canada
- Largest lender network in Canada. Browse a selection of lenders that can potentially finance you.
- Easy application. The application takes less than 10 minutes and only asks for basic personal and financial information.
- Quick approval and funding. You’ll get access to your cash within one to three business days from the time you apply.
- More choice. Loans Canada works with multiple lenders to give you as many options as possible so you can find the best loan for your personal situation.
- Free service. There’s no fee to use Loans Canada’s service, since it receives a commission directly from the lender you sign up with.
- High loan amounts. You can apply for up to $50,000 with a Loans Canada personal loan.
- No collateral required. There are options for unsecured loans, so you won’t need to put up any collateral like your home or vehicle.
- Bad credit doesn’t matter. Loan decisions are based on factors like your income, so the state of your credit won’t be as important. The same applies if you have limited or no credit history.
- Confidential and no obligation. All consultations with Loans Canada are confidential, and you are under no obligation to proceed with a loan.
- Security. Loans Canada says that your data is protected and your connection is encrypted.
What to watch out for
- High interest rates for bad credit. The interest rates you’ll pay can reach as high as 35% APR if you have poor credit, which means your loan may cost more than what you would pay with a credit card.
- Personal information required. You’ll be required to input sensitive information online that will be forwarded to the third-party lenders you’re matched with.
- No online quotes. You’ll have to speak to a customer service representative over the phone to find out what rates you qualify for.
- Quotes come from affiliated providers. You’ll only get quotes from companies that Loans Canada is partnered with, so you may miss other competitive offers from non-partner lenders.
- Credit checks may be required. While you can find out who your matches are without affecting your credit score, some of your matches may run a credit check. You’ll need to withdraw your consent if you don’t want a credit check.
Summary of Loans Canada reviews
Many Loans Canada reviews mention the service is easy to use, fast and makes it possible to get funds when most needed. However, there are also some Loans Canada reviews about high interest rates and potential scams. Watch out for scammers pretending to be Loans Canada.
| Feature | Details |
|---|---|
BBB accredited | Yes |
BBB rating | A+ |
Google rating | 4.2 out of 5 stars based on 156 Loans Canada reviews |
Trustpilot score | 2.7 out of 5 stars based on 4 Loans Canada reviews |
Customer reviews verified on March 19, 2025.
What does Reddit say about Loans Canada?
There isn’t much information on Reddit regarding Loans Canada, but some users debate the trustworthiness of the platform based on the high interest rates some borrowers receive. However, it’s noted in the discussion that Loans Canada is not a direct lender, so borrowers’ rates come straight from lenders and reflect each applicants’ financial situation and creditworthiness. It’s also noted that applicants are under no obligation to accept loan offers.
Loans Canada reviews from Finder survey
How Loans Canada compares to similar providers
| Feature | Loans Canada
| LoanConnect
|
|---|---|---|
Loan amount | $250 – $50,000 | $500 – $60,000 |
Loan term | 3 - 60 months | 3 - 120 months |
Interest rate | 9.99% - 35.00% | 8.99% - 35.00% |
Fees | No application, origination or brokerage fees | No application, origination or brokerage fees |
Serviced provinces and territories | All of Canada | All provinces |
Basic eligibility requirements | Minimum credit score of 300 | Minimum credit score of 300 |
Types of loans available through Loans Canada
Loans Canada offers the following types of personal loans:
- Unsecured personal loans. With an unsecured personal loan, you do not need to put up any collateral.
- Credit builder loan. As the name suggests, this is a loan to rebuild your credit score. With this loan, you receive your money only after you make all your loan payments.
- Cosigned loan. This loan involves a guarantor who signs the loan with you. If you default on the payments, the guarantor is on the hook to pay them on your behalf.
- Home equity loan. Use your home as collateral to secure lower interest rates.
- Debt consolidation loan. Combine your existing unsecured debts into one loan with a lower interest rate.
- Vehicle title loan. Use your car as collateral to get a loan. You can continue to use the car, but if you fail to make payments, the lender can repossess it. Your car must be paid off.
- Consumer Proposal Payoff Loan. Get a loan to help pay off your consumer proposal early so you can start rebuilding your credit sooner.
Other types of loans
- Business loans. Loans Canada’s network includes business loan providers. Learn more about Loans Canada business loans.
- Car loans. Loans Canada also has partners in the car loans space. Learn more about Loans Canada car loans.
Am I eligible for financing through Loans Canada?
Since Loans Canada is partnered with many types of lenders, it only has basic eligibility requirements:
- Be a Canadian citizen or resident
- Be the age of majority in your province
- Have a minimum credit score of 300
- Have an income
What will increase my chances of approval if I have bad credit?
To increase your chance of getting approved for a personal loan by one of Loans Canada’s partners, you’ll need to show you’ve had no recent NSF transactions in your bank account and no recent payday loan debt. You’ll also need to demonstrate that you have enough monthly income to take on more debt.
How do I apply with Loans Canada?
If you want to apply for a loan with Loans Canada, visit Loans Canada's website where you can fill out an online application. You’ll need to submit personal and financial information like your name, phone number, address, occupation and monthly income. You’ll also be required to consent to a credit check.
Once you’ve submitted your application with details about how much you want to borrow, you’ll be contacted by the lenders you match with to discuss your prospective loan in more detail. From there, the lender you choose will coordinate with you directly and you will no longer need to deal with Loans Canada.
Your lender may ask you to submit documents to prove the information you provided, such as government-issued ID (e.g. a driver’s licence or passport) and proof of income (e.g. bank statements or pay stubs).
Preview of Loans Canada’s application
Step 1: Choose the desired loan amount.
Step 2: Choose the loan purpose.
Step 3: State your credit score.
The Loans Canada’s application has several steps to complete beyond what we’ve shown here.
I got a loan through Loans Canada. Now what?
Once you’ve signed a contract with your chosen lender and received your money, you’ll start repaying your loan. You’ll make repayments directly to the lender rather than Loans Canada. You’ll usually have to sign up for automatic withdrawals from your bank account to begin repaying your loan.
Loans Canada impersonation scams
Since Loans Canada is such a well-known company, unfortunately, many fraudsters have tried to use its brand name in scams. Loans Canada has a full breakdown of the names and types of scams to watch out for on its website.
Generally speaking, if you get a “legal notice” or “arrest warrant” that claims to be from Loans Canada, it’s likely a scammer. Loans Canada claims that it will never send its customers a legal notice. Also, a loan company cannot threaten you with arrest.
If you receive any of these notices from scammers, don’t engage with them or give them any personal information. Instead, report the scam to the Canadian Anti-Fraud Centre.
Bottom line
Loans Canada provides a user-friendly platform that lets you compare multiple lenders all in one place. You can apply with good or bad credit and get approved on the same day or next day in many cases. From there, it will take about one business day to get money deposited into your account.
Loans Canada is a strong option for finding the right loan for your financial situation. However, you may want to avoid applying if you don’t want your personal information to be shared with multiple third-party direct lenders.
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How we picked theseFinder Score for personal loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.
Frequently asked questions
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