Best personal loans in Alberta

Personal loans in Alberta can be anywhere from $500 to $50,000, but how much you can borrow will depend on individual factors like your credit score, income and current debts. You can get a personal loan from a bank, credit union or alternative lender.

Whether you need to borrow fast, get the best rate available or get some leniency with your financial situation, you can browse the best personal loans in Alberta below.

Best personal loans in Alberta

How we found the best personal loans in Alberta

To find the best personal 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. Fig

8 Great

Go to site Read review

$2,000 – $35,000
Loan amount

8.99% – 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	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

2. Loans Canada

8.5 Great

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

8 Great

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

8 Great

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

8.5 Great

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. Mogo

8 Great

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

7. goPeer

8 Great

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	700
Fees	Variable origination fee (included in APR) Unsuccessful payment fee of $50 No application or prepayment fees
Turnaround time	Response within 24 hours
Serviced provinces	All of Canada

8. FlexMoney

7.5 Great

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

9. Fairstone

8 Great

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

10. easyfinancial

8.5 Great

Finder Award Read review

$500 – $100,000
Loan amount

9.99% – 35%
APR

9 - 240 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% – 35%
Term	9 - 240 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

11. ATB Financial

8 Great

Read review

Undisclosed
Loan amount

7.2% – 14.2%
APR

1 - 5 years
Term

• Our Take
• Pros + Cons
• Details

ATB is a Crown corporation serving residents of Alberta. It offers secured and unsecured personal loans to people with good to excellent credit.

Why it's one of the best

• Work with an established lender. ATB has been in business since 1938 and serves more than 800,000 clients. It is regulated by the Alberta Superintendent of Financial Institutions (ASFI).
• Get flexibility. Choose between a fixed and variable rate and repay your loan any time without penalty.
• Get a competitive rate. Get a rate as low as the ATB Prime Rate if you use personal assets as collateral.

• No prepayment penalties
• Apply online for unsecured personal loans
• Favourable rates

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

Loan amount	Undisclosed
APR	7.2% – 14.2%
Term	1 - 5 years
Fees	Unknown
Turnaround time	Varies
Serviced provinces	Alberta

12. Magical Credit

8 Great

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)

13. Money Mart

7.5 Great

Read review

$500 – $15,000
Loan amount

29.9% – 46.9%
APR

6 - 60 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 - 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

What are the interest rates for personal loans in Alberta?

Personal loan rates in Alberta usually range from 6.99% to 46.96%. How much you’ll be charged will depend on personal factors like your credit score, income and existing debts.

Financial institutions generally have lower personal loan rates than online private lenders. Rates for banks and credit unions start around 5.45%. This is the current prime rate, but you’ll need collateral to get a rate this low.

Related: Personal loan rates in Canada

Personal loan requirements

The following are the basic requirements for personal loans in Alberta:

• Be 18 years old or older.
• Have an active bank account.
• Have proof of a regular income, preferably from employment.
• Some lenders may have additional criteria that you’ll need to meet in order to qualify for a loan. If you’re applying for a secured loan, for example, you will need collateral, such as proof of home equity or a car title.

Required documents

While the application process will vary from lender to lender, have these documents ready for a seamless process:

• 2 pieces of identification. This could include your passport or driver’s licence.
• Employment and income verification. This could be via pay stubs and bank statements.
• Banking information. This could be a void cheque or your bank account details.

If you opt for instant bank verification, you won’t need to send any documents.

Where to get small loans in Alberta

Only need to borrow a small amount? You can get a personal loan as small as $500 from many online private lenders and some credit unions. Banks tend to be less flexible as they often start their loan amounts at $3,000-$5,000.

Related: Small loans in Canada

How to compare the best personal loans in Alberta

To make sure you end up with the right lender, keep the following in mind to help you narrow down your top picks:

Loan type

You can choose between secured and unsecured personal loans. Secured loans typically come with higher loan amounts and lower interest rates, but borrowers must put up collateral, such as home equity. Unsecured loans come with higher interest rates, but they don’t require collateral.

Loan amounts

Loan amounts of personal loans in Alberta vary among lenders. Lenders may approve you for an amount lower or higher than your original ask based on their review of your finances.

Loan terms

Lenders may offer you from 3 to 60 months or more to repay your personal loan. Longer terms give you lower monthly payments, but you’ll pay more interest overall.

Annual percentage rate

The APR represents the annual cost of your loan and gives you a truer view of its cost because it includes the interest rate and the fees you must pay to get the loan. Ultimately, you want the true cost of borrowing to be as low as possible. People with bad credit will end up paying higher interest rates compared to those with a strong credit history.

Fees

Don’t fixate solely on the interest rate your lender is charging you. Look for NSF fees, late payment fees, early repayment penalties and administration fees.

How to apply online for loans in Alberta

1. Fill out the application. Provide personal details such as your name, address, housing situation and employment. Make sure your application doesn’t have errors that could result in an automatic denial.
2. Get pre-approved. Once you submit, get a tentative loan offer from the lender based on a quick review of your finances.
3. Get verified. If you wish to proceed, provide documents to verify your income and identity or agree to instant bank verification.
4. Get an official loan offer. Review your contract carefully, taking into account the overall cost and payment schedule, and sign.
5. Get funded. Receive your money through e-Transfer or direct deposit.

What credit score do I need to get a personal loan?

If you have good to excellent credit above 660, borrowers have a wide range of low interest loan options, from banks to credit unions to online lenders. A fair credit score is between 560 and 660, and a bad credit score is anything less than 560. If you have a low credit score, you can apply for bad credit loans in Alberta, but be ready to encounter higher interest rates between 18% and 47% in exchange for lenient eligibility requirements.

Signs of a legitimate private lender in Alberta

Private lenders offer loans that are easier to get approved for than banks and credit unions, but make sure to apply to a legit lender. Here are some green flags to look out for:

• The lender has an address, phone number and email as well as online profiles such as a Google profile, BBB profile or Trustpilot profile.
• The lender takes the time to explain the loan to you and doesn’t pressure you to sign.
• The lender is transparent about all the costs of the loan, such as rates and fees.
• The lender does not guarantee approval.
• The lender never asks you to pay any upfront fees or requires you to pay for loan insurance.

Related: Personal loan scams to watch out for

What is the monthly payment on a personal loan?

That depends on your total loan amount, your loan term and your APR. Suppose you want to get a personal loan for $5,000 with terms of either 1 or 2 years. Here are some examples of how much this loan may cost you, at varying interest rates and terms:

Loan amount	Term	Sample interest rate	Monthly amount	Total cost
$5,000	12 months	9.99%	$439.35	$5,272.16
$5,000	24 months	9.99%	$230.70	$5,536.84
$5,000	12 months	19.99%	$463.15	$5,557.78
$5,000	24 months	19.99%	$254.45	$6,106.91

Frequently asked questions

• What is the maximum interest rate in Alberta?

  The maximum personal loan interest rate in Alberta is 60% (effective annual interest).

• What can I use a personal loan for?

  You can use personal loans in Alberta for any legitimate purpose, such as to buy a car, consolidate debt, finance a major expense or improve a home.

• Can I get approved for a personal loan in Alberta with bad credit?

  This depends on where you apply and your personal situation. If you have bad credit, you have a higher chance of approval if you apply to online lenders instead of banks and credit unions. Online lenders have more flexible eligibility requirements, and some even specialize in bad credit loans. However, they also charge higher rates.

• Can I get a personal loan in Alberta without a credit check?

  Some lenders provide loans with no credit check. Instead of looking at your credit score, they'll focus on your income. It's worth warning that there are predatory or unlicensed lenders that offer no credit check loans, so be sure to apply to a legitimate lender.

• How fast can I get a personal loan in Alberta?

  You can get a personal loan as soon as the same business day. Online private lenders are overall faster than banks and credit unions. Read our emergency loans guide to learn more.