OppLoans is a US-based online lender that offers personal loans from $500 to $4,000 for poor credit borrowers. Its rates vary from state to state but can run around 160%–179% APR. While high compared to other personal loan providers, this is cheaper than you’d usually get with payday loans, which typically offer APRs exceeding 300%.
Unfortunately, OppLoans doesn’t accept loan applications from Canada. But here’s a list of Canadian lenders like OppLoans along with rates, fees and terms to help you narrow down your options.
Loans Canada lets you skip the hassle of submitting multiple loan applications to many lenders. Provide basic information, and get matched with lenders that work with borrowers who have your financial profile. Loans Canada's partner network is extensive, and the platform is completely free to use. Plus, bad credit doesn't have to hold you back from getting funds.
Another loan search platform on our list, LoanConnect helps you narrow down lenders with just one application. Apply online for secured and unsecured funding, and get pre-approved in minutes. Good and bad credit applicants are welcomed.
Spring Financial steps in where banks and credit unions stop, providing personal loans to borrowers who don't meet traditional income and credit score requirements. You can apply entirely online, and there are no fees for early repayment. Note that if you don't qualify, you may be offered The Foundation loan, a credit building loan that isn't disbursed until you finish making upfront payments with interest.
High-risk applications are okay
Flexible loan amounts from $500 to $35,000
No early repayment fees
Interest rates of up to 46.99% for bad credit
You may be offered a credit builder loan (The Foundation loan) instead of a personal loan
easyfinancial is an option for borrowers with good and bad credit, including those who are new to Canada. Applying for secured and unsecured funding is quick, and flexible repayment options are available. If you apply with a co-applicant, you could qualify for a 2% rate reduction.
Fast application, approval and funding
Secured and unsecured loans
2% rate reduction with a co-applicant
Low or no credit is okay
Steep rates for bad credit
Extra fees for optional services (i.e. loan insurance and Credit Optimizer)
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
Like OppLoans, Mogo lets you find out what you qualify for online without impacting your credit score. It takes minutes to get pre-approved. The best part? If you change your mind after receiving a loan, simply return the principal within 100 days, and you'll get back any money you've paid in interest and fees.
Looking for short-term loans with no credit check and fast funding? LoansLoans.ca could be right for you. You can get approved and receive funds in less than 24 hours. Bad credit isn't a barrier to getting approved, and you don't need to provide any collateral.
Approval and funding within 24 hours
Bad credit accepted
No collateral required
No early repayment penalties
Brokerage fee applies
Self-employment income not accepted
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
An alternative to short-term loans, 24Cash connects borrowers with short-term installment loans from among the company's network of partner lenders. No credit checks are necessary. Depending on when you apply, it's possible to get approved and funded the same day. Loan amounts are small, starting at just $500 for first-time borrowers, but that's one of the reasons why it's easy to get approved.
No credit check
Easy online application with instant bank verification (no documents required)
Approval and funding within 24 hours
Broker, not a direct lender (broker fee applies)
Small max loan amount of $850
Short repayment term
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
How does OppLoans compare?
OppLoans might be worth considering for US borrowers who don’t qualify for a personal loan due to bad credit. But with APRs of up to 179%, OppLoans is more expensive than a cash advance, which usually doesn’t come with finance fees or interest.
But if you have poor credit and need more money than cash advances offer, loans like OppLoans are generally cheaper than payday installment loans, and you can potentially borrow up to $4,000 or more.
OppLoans only requires a soft credit check to qualify, which doesn’t affect applicants’ credit scores. This is also true of some of the lenders on our list of OppLoans alternatives.
Customers give OppLoans mostly positive reviews online. However, some report dissatisfaction with high interest rates and inefficiencies in the application process.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including loans, banking products, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio
Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio
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