Best personal loans in Ottawa

If you live in Canada’s capital and you’re looking for a personal loan, you have plenty of lenders to choose from. Your first instinct is probably to head to your bank. This isn’t a bad idea as banks tend to offer competitive rates. However, they are not your only option, and if you have fair or bad credit, banks may even be out of reach.

In this guide, we cover the best personal loans in Ottawa for a variety of borrowers. Compare lenders to find the best one for your needs.

Best personal loans in Ottawa

How we found the best personal loans in Ottawa

To find the best personal loans in Ottawa, 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

1. Fig: Direct lender of personal loans for good credit

Finder Score:

★★★★★

Go to site Read review

$2,000 – $35,000
Loan amount

12.99% – 24.99%
APR

24 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Fig is a digital lender offering unsecured personal loans to Canadians with good to excellent credit.

Why it's one of the best

• Apply easily online. Fill out a user-friendly application and get pre-approved without impacting your credit.
• Get access to reasonable rates. Fig's rates start at 12.99%, which is competitive against other lenders in this space.
• Work with a lender backed by a major company. Fig is backed by Fairstone, which has decades of lending experience.

• Seamless application
• No hidden fees
• Repay anytime without penalty

• Fair or bad credit borrowers may not qualify
• Same-day funding may not be possible

Loan amount	$2,000 – $35,000
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

2. Loans Canada: Loan search platform with a large lender network

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$300 – $50,000
Loan amount

9.9% – 46.96%
APR

4 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Loans Canada is an online loan search platform with a large network of lenders. Fill out one application and get your matches for free. You can get a secured or unsecured personal loan.

Why it's one of the best

• Get access to a large lender network. Loans Canada works with over 60 verified lenders.
• Get approved. Receive personal loan offers that match 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

• High rates for bad credit
• No online quotes provided
• Limited to its 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

3. SkyCap Financial: Private lender with excellent service

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$500 – $10,000
Loan amount

12.99% – 39.99%
APR

9 - 36 months
Term

• Our Take
• Pros + Cons
• Details

SkyCap Financial is a private lender of unsecured personal 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 personal 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

• Not available in Nova Scotia or Quebec
• 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

4. Spring Financial: Quick online personal loans

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$500 – $35,000
Loan amount

9.99% – 46.99%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Spring Financial offers fast personal loans for all credit scores. If you don't qualify for a personal 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 private lender. Spring Financial has been providing personal loans since 2015 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 personal 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	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

5. LoanConnect: Loan search platform for all credit

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$500 – $60,000
Loan amount

8.99% – 46.96%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

LoanConnect maintains a large database of lenders and matches you with several personal loan offers based on your unique profile. It's been in business since 2016 and is BBB accredited with an A+ rating.

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.

• Secured and unsecured options
• 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 – $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

6. easyfinancial: Secured and unsecured personal loans for low credit

Finder Award

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$500 – $100,000
Loan amount

9.99% – 46.96%
APR

9 - 120 months
Term

• Our Take
• Pros + Cons
• Details

easyfinancial helps Canadians access financing when banks or credit unions aren't an option. It offers secured and unsecured personal 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 nontraditional personal 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

7. Mogo: Pre-approval with no impact to credit

Finder Score:

★★★★★

Customer Survey:

★★★★★

Go to site Read review

$500 – $35,000
Loan amount

9.9% – 46.96%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Mogo is a Canadian fintech company that offers various financial products, including personal loans. Loans are available for good and bad credit.

Why it's one of the best

• Get an instant decision. Get a free quote within a few 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
• Loans offered via third-party services (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

8. goPeer: P2P loans with competitive rates

Finder Score:

★★★★★

Go to site Read review

$1,000 – $35,000
Loan amount

8.99% – 34.99%
APR

36 or 60 months
Term

• Our Take
• Pros + Cons
• Details

goPeer is a peer-to-peer lending platform offering unsecured personal loans. Rather than borrowing from a direct lender, you'll borrow from multiple investors. People with strong finances are more likely to get approved since they have less risky applications.

Why it's one of the best

• Get a competitive rate. This platform doesn't have the same high operating costs as brick and mortal financial institutions, so it can pass on those savings to the borrower via low rates.
• Easy online application. You won't ever need to visit a branch to provide paperwork.
• Flexible loan amounts. Borrow as little as $1,000 and as much as $35,000.

• 100% online
• No prepayment penalties
• Use the loan for any purpose, such as debt consolidation or making a large purchase

• High rates for risky profiles
• Not suitable for bad credit borrowers

Loan amount	$1,000 – $35,000
APR	8.99% – 34.99%
Term	36 or 60 months
Min. credit score	600
Fees	Origination fee varies No application or prepayment fees
Turnaround time	Receive a response within 24 hours of your loan application
Serviced provinces	All provinces

9. FlexMoney: Fast online installment loans

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$500 – $15,000
Loan amount

18.9% – 46.9%
APR

6 - 60 months
Term

• Our Take
• Pros + Cons
• Details

FlexMoney is a private lender that offers unsecured personal 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 within one business day.
• Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.

• Make payments weekly, bi-weekly, semi-monthly or monthly
• Easily make extra payments via e-transfer
• A+ BBB Rating

• High interest rates
• Minimum income required ($2,000 per month)
• Only employment & pension income accepted

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

10. BMO: Bank personal loans for prime borrowers

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

Starting at $2,000
Loan amount

Undisclosed
APR

1 - 5 years
Term

• Our Take
• Pros + Cons
• Details

Bank of Montreal is a solid choice if you have a good to excellent credit score. It can work with you to get a secured or unsecured personal loan that matches your needs.

Why it's one of the best

• Work with an established lender. BMO is one of Canada's largest banks, and you can apply online or in one of hundreds of branches.
• Get flexibility. Choose between a fixed and variable rate as well as your payment schedule. Defer up to one month's payment twice a year.
• Get a competitive rate. As a big bank that works with prime borrowers, BMO can offer low rates. You can use personal assets as collateral to lower your rate and increase your chances of approval.

• Choose between fixed or variable interest rates
• Secure your loan for a lower rate
• Apply online or at a branch

• Slower process
• Strict eligbility criteria
• Bad credit may not qualify
• More documents required

Loan amount	Starting at $2,000
APR	Undisclosed
Term	1 - 5 years

11. Fairstone: Secured and unsecured loans for fair credit

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$500 – $60,000
Loan amount

19.99% – 39.99%
APR

6 - 120 months
Term

• Our Take
• Pros + Cons
• Details

Fairstone offers secured and unsecured personal loans. Apply online or visit one of hundreds of 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. Receive your personal loan funds 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, home equity, auto title)
• No prepayment penalties for unsecured loans

• High rates for low credit
• Potential for extra fees
• Prepayment penalties for secured loans
• Some negative customer reviews

Loan amount	$500 – $60,000
APR	19.99% – 39.99%
Term	6 - 120 months
Min. credit score	525

12. Kindred: Credit union personal loan with competitive rates

Finder Score:

★★★★★

$5,000 – $35,000
Loan amount

7.2% – 15.45%
APR

1 - 5 years
Term

• Our Take
• Pros + Cons
• Details

Kindred Credit Union offers various financial products and services, including personal loans, to residents of Ontario. You can apply if you have a good to excellent credit score.

Why it's one of the best

• Get a great rate. Kindred's rates are competitive, but your finances will need to be in good shape to access them.
• Choose between a fixed and variable rate. Lock in your rate with fixed or choose variable to adjust your rate with the Bank of Canada throughout your loan term.
• Work with a reputable lender. Kindred has been serving Ontario residents since 1964 and has over 27,000 members. It's also transparent with its rates and is a Certified B Corporation, meaning it meets standards for positive social and environmental impact.

• Clear rates on its website
• Various loan types available

• Riskier applications may not get approved
• Not available across Canada

Loan amount	$5,000 – $35,000
APR	7.2% – 15.45%
Term	1 - 5 years
Fees	Unknown
Turnaround time	Varies
Serviced provinces	Ontario

13. Magical Credit: Online personal loans with flexible criteria

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$1,500 – $20,000
Loan amount

19.99% – 46.8%
APR

12 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Magical Credit specializes in online personal 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 quick loan. Apply online and validate your information with instant bank verification to get a fast decision (funds sent within hours after approval).
• 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

• High interest rates
• May charge an administration fee
• You must show income history for six months (if you receive employment income)

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)

14. Money Mart: Unsecured personal loans for bad credit

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

6 - 84 months
Term

• Our Take
• Pros + Cons
• Details

Money Mart offers unsecured personal loans and payday loans to people with bad credit. It has been in business for over 40 years and is now one of the largest alternative lenders in Canada.

Why it's one of the best

• Get your personal loan fast. Get a decision in minutes and receive funds the same business day with Interac e-Transfer.
• Apply online or in-store. Get your personal 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 bad credit or low income.

• Established lender
• Convenient mobile app
• Accepts different types of income

• High interest rates
• Availability in provinces varies in-store and online

Loan amount	$500 – $15,000
APR	29.9% – 46.9%
Term	6 - 84 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

Features of personal loans in Ottawa

• Loan terms: 3 – 60 months
• Loan amounts: $500 – $50,000
• Interest rates: 6.99% to 46.96%
• Maximum interest: 60% (effective annual interest)
• Types of loans: Secured or unsecured; fixed rate or variable rate

Types of personal loans you can get in Ottawa

• Secured. Secured personal loans in Ottawa involve some sort of collateral, such as your investments or house, that acts as insurance to your lender in case you default. They are a common way to get approved for a personal loan, especially if you want to borrow a large amount, have a lower credit score or want the lowest rate rate. Lenders prefer houses as collateral (a “home equity loan”).
• Unsecured. Unsecured personal loans don’t require any collateral and come with higher interest rates than secured loans since the lender is taking on more risk.
• Fixed rate. If you prefer a predictable repayment plan, fixed-rate personal loans will lock in your interest rate at the beginning of your loan term, and your payments will stay consistent.
• Variable rate. With this loan, your interest rate will shift with the markets. Your payment amount will generally stay the same, but more will be allocated towards either the interest or principal depending on whether your rate goes up or down.

Where to get personal loans in Ottawa

Below is a breakdown of the different types of lenders that operate in Ottawa.

• Banks

  This is the most traditional way to get a personal loan. Bank personal loans have competitive interest rates, but they also have strict eligibility requirements and the process is more involved. If you have bad credit, you may have to rule out banks in your search for a personal loan.

  A personal loan from a bank takes a few days to a few weeks, from the application submission to funding.

• Credit unions

  Just like banks, credit unions can offer low interest loans in Ottawa. However, you may need to get a membership in order to access their products, and you also need to have good to excellent credit.

  A personal loan from a credit union takes a few days to a few weeks.

• Online lenders

  Online lenders have more flexible lending criteria than banks and credit unions. They are a solid option if you have fair or bad credit or if you want to compare loan offers across the different types of lenders.

  Online personal loans in Ottawa take one to two business days.

• Peer-to-peer lenders

  Peer-to-peer lenders are everyday Canadian investors who can fund your personal loan. goPeer is an example of a peer-to-peer lending platform. To qualify, you’ll need a good credit score, and if your finances are strong enough, you may be able to secure an interest rate that is lower than a bank’s.

  A peer-to-peer personal loan takes a few days to a few weeks.

What rates and fees can I expect with a personal loan in Ottawa?

Personal loan rates in Ottawa are 6.99% – 46.96%. How much you’ll be charged will depend on your personal factors.

Focus on the annual percentage rate (APR), which is your interest rate plus mandatory fees you’ll pay to get the loan. These fees can drive up the cost of your loan if your lender charges them (not all of them do).

Comparing providers

Interest rates depend on your credit history as well as what type of loan you’re taking out (secured or unsecured) and the type of lender you borrow from. The example below illustrates the overall cost of a $5,000 loan over a 36-month term with four different providers.

Lender	Interest rate	Monthly amount	Total cost
Credit union	7.84%	$156.31	$5,627.27
Bank	11.99%	$166.05	$5,977.72
Online lender	19.99%	$185.79	$6,688.53
Peer-to-peer lender	9.5%	$160.16	$5,765.93

In this example, a credit union is the least expensive option. This is why it pays to compare a number of different options before settling on a provider.

Can you get bad credit loans in Ottawa?

Yes, but watch out for high interest rates. Lenders of bad credit loans in Ottawa charge more because they’re taking on more risk to lend money.

Types of bad credit loans you can get in Ottawa include personal loans and payday loans. Personal loans have lower APRs, longer loan terms and higher loan amounts. Payday loans in Ontario are easier and quicker to get, but they have much higher APRs, and you’ll need to repay the loan in full by your next payday.

Tips to get approved for bad credit loans in Ottawa

To maximize your chances of approval for bad credit personal loans in Ottawa, you’ll need the following:

• Minimal NSF transactions. Your bank account must have little to no NSF transactions in the last two to three months.
• Room in your budget. You must show the lender, through your current income and debt payments, that you have room to take on a bad credit loan. The lender will verify this by checking your bank statements.
• No payday loan debt. Having payday loan debt will lower your chances of approval.
Related: Best bad credit loans

Can you get loans in Ottawa with no credit check?

You can, but expect to pay high interest rates and make sure you’re applying to a legitimate lender. Scammers use “no credit check” to steal an applicant’s information, while predatory lenders use it to get you to take out a loan you can’t afford.

If a loan offer sounds too good to be true, it may not be legitimate.

Must read: No credit check loans

What can I use a personal loan for?

Canadians use personal loans to cover a host of unforeseen or large expenses, including home renovations and car repairs. Some also use personal loans to consolidate debts at a lower rate. Also, personal loans are frequently used to help borrowers build their credit scores, particularly if the lender reports on-time payments to the credit bureaus.

If you want to take out a personal loan, only borrow as much as you’ll be able to repay in full by the deadline. You should always try to make your payments on time to avoid late payment fees and NSF fees, and make sure to communicate with your lender in advance if you think you’ll have trouble making your payments. If you default, your loan will be sent to collections and you will receive a negative mark on your credit score which can stay there for up to seven years.

How to find the best installment loans in Ottawa

With so many options, how do you decide which loan to get? Here are some questions to ask yourself.

• What is the interest rate?

  Compare APRs between lenders to make sure you’re securing a loan at a competitive rate. Personal loans in Ottawa for bad credit are typically 18% – 47%. On other hand, if your financial situation is strong, you can get rates from 6.99%.

• Am I eligible?

  Lenders have minimum credit score and income requirements, and some don’t service certain provinces or territories. Before applying, make sure you meet the requirements and the lender offers personal loans in Ottawa.

• Are there any extra fees or charges?

  Fees can add unnecessary costs to your loan. You should aim to watch out for hidden fees and charges in your contract so that you’ll know what extras you’ll need to pay for before you sign up. If you have good credit, fees to watch out for are late payment fees and NSF fees. If you have bad credit, fees to watch out for with bad credit loans in Ottawa are late payment fees, origination fees, NSF fees, broker fees, credit monitoring fees and surety fees (which is like a security deposit).

• What loan term fits my budget?

  The length of your loan term and how much money you can allocate to your loan repayments are important factors to consider. You’ll want to get the shortest loan term possible while still being able to manage the payments. The shorter the term, the less interest you pay overall.

How can I apply for a personal loan in Ottawa?

You can typically apply for a personal loan either in person or online. If you decide to borrow online, you can submit an application in as little as five minutes. Some lenders give approval and funding within 24 hours, while others take longer.

Before applying, be sure you meet the eligibility requirements and gather the necessary documents.

Eligibility requirements

• Be at least 18 years of age.
• Be a Canadian citizen or a permanent resident with a permanent address.
• Have a regular income.
• Have a working bank account.

Required documents

You may be asked to produce the following documents:

• Valid form of ID
• Pay stubs
• Bank statements

If you apply via instant bank verification, you won’t need to send documents.

How can I tell if a lender in Ottawa is legit?

There are some tell-tale signs you can look for to make sure a lender is legitimate and can provide loans in Ottawa, Ontario:

• The lender is registered. Visit Canada’s business registry to check whether the lender is a registered business.
• The lender can be contacted easily. The lender provides its address, phone number and email on its website.
• The lender has an online presence. Check consumer review sites like the Better Business Bureau and Trustpilot to see what existing customers have to say about the lender.

How to file a complaint against a lender