Best online loans in Canada in 2024

Find out the best online loans for instant approval, app experience, bad credit and more.

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Tim Falk

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Nyble Credit Line

Nyble Credit Line logo
  • Access up to $250 to build credit
  • No credit check
  • No interest or required fees
Go to site

Online loans offer fast and convenient access to cash, and they also have more lenient eligibility criteria than loans from traditional lenders. The downside is that they can attract high interest rates, so be fully aware of the cost of borrowing before you apply.

If you’re searching for an online loan, we’ve compiled this guide to the best online loans in Canada, including runners-up. Keep reading to find financing that’s right for you.

Summary: Best online loans

Best instant online loans

The best instant online loans allow you to access the cash you need as quickly as possible, sometimes within minutes but usually on the same day. Some lenders let you apply, get approved and get funded 24/7, with the loan amount then sent to you by Interac e-Transfer.

The trade-off for all these benefits is high interest rates and fees, so instant online loans in Canada are often expensive.

⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.

Best pick

iCash Payday Loan
Go to site Read review
$100 – $1,500
Loan amount
Varies by province
APR
7 - 62 days
Term
iCash is an online lender that funds loans 24/7. You can get your loan funds in as little as 30 minutes after applying. iCash also accepts a wide range of incomes other than employment income, so it's well worth a look if you need a fast online loan.

Why we chose it

  • Instant approval and funding. iCash has automated systems that enable them to give instant loans.
  • 24/7 customer support. iCash has staff on hand 24/7 in case your loan application needs to be manually reviewed. This means you won't have to wait until the next business day to get your loan.
  • Easy app experience. The iCash Android and iOS mobile app has a user-friendly interface and has earned plenty of positive user reviews.
  • 4.7 out of 5 stars from over 2,200 Trustpilot reviews
  • Bad credit is OK
  • Has a mobile app
  • Very expensive
  • Short repayment terms
Loan amount $100 – $1,500
APR Varies by province
Term 7 - 62 days
Min. Credit Score None
Turnaround Time As little as 2 minutes with Interac e-Transfer

Runners-up

GoDay Payday Loan
Go to site Read review
$100 – $1,500
Loan amount
Varies by province
APR
Up to 62 days
Term
GoDay offers instant decisions for its payday loans and instant funding with Interac e-Transfer. It's been in business for over a decade and is accredited with the Better Business Bureau.
  • Established in 1992
  • Also offers loans in-person
  • 4.3 out of 5 stars based on over 2,200 Trustpilot reviews
  • High interest rates
  • Not available everywhere
Loan amount $100 – $1,500
APR Varies by province
Term Up to 62 days
Min. Credit Score None
Turnaround Time As little as 2 minutes with Interac e-Transfer
Cash Money Payday Loan
Read review
$100 – $1,500
Loan amount
Varies by province
APR
5 - 40 days
Term
Cash Money offers loans online as well as at 90 store locations across Canada. You can choose from a payday loan of up to $1,500 or a line of credit of up to $10,000, with instant decisions provided and funding via Interac e-Transfer or direct deposit.
  • Established in 1992
  • Also offers loans in-person
  • 4.3 out of 5 stars based on over 2,200 Trustpilot reviews
  • High interest rates
  • Not available everywhere
Loan amount $100 – $1,500
APR Varies by province
Term 5 - 40 days
Min. Credit Score 525
Turnaround Time As little as 15 minutes with INTERAC e-Transfer

Best online loans with no credit check

There are different types of no credit check loans in Canada, including installment loans, payday loans, pay advance apps and car title loans. While they each have their pros and cons, one common feature across most loan types is high interest rates.

Rather than checking your credit score, the lender will consider your income and existing debt — and in the case of a car title loan, the value of the vehicle you’re offering as security — before deciding whether to approve your loan.

Best pick

Nyble Credit Line
Go to site Read review
$30 – $250
Loan amount
Starting at 0%
APR
30 days, extendable
Term
Nyble provides access to interest-free lines of credit of up to $250. There's no credit check needed to apply, and you won't need to worry about late fees. Your loan repayment is then automatically deducted from your account on your next payday.

Why we chose it

  • No interest. You'll be charged zero interest when you borrow from your credit line (but premium members pay a subscription fee).
  • Accepts many types of income. You don't need to have a job to get approved. Nyble only asks that you have recurring valid income to repay your loan.
  • Improves credit score. You'll improve your credit score as you use and repay your credit line.
  • No interest charges
  • Quick and easy to apply
  • Can improve your credit score
  • $11.99 per month for fast transfers and other premium perks
  • Small loan amounts only
Loan amount $30 – $250
APR Starting at 0%
Term 30 days, extendable
Fees 0% interest with optional fees
Turnaround time 1-30 minutes with a paid membership or 1-3 business days with a free membership.
Serviced provinces All provinces and territories

Runners-up

LoansLoans.ca Installment Loan
7 Great
Go to site Read review
$500 – $1,000
Loan amount
28% – 32%
APR
3 - 12 months
Term
LoansLoans.ca is a broker that provides quick and easy access to payday loans and short-term installment loans. Bad credit won't stop you from getting approved, but you will need a minimum monthly income of $1,200 to qualify.
  • Easy application process
  • Get funded within 24 hours
  • No fee if you pay your loan back early
  • Watch out for the hefty broker fee
  • Steep interest rates
  • Small loan amounts may not suit your needs
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
Turnaround time Receive funds in less than 24 hours
Serviced provinces All of Canada (except Manitoba)
Loan Express Payday Loan
Read review
$100 – $1,500
Loan amount
Varies by province
APR
Up to 62 days
Term
Loan Express is one of the most well-known lenders in the payday loan space. It offers instant payday loans 24/7 and doesn't do credit checks.
  • 4.8 out of 5 stars from over 5,900 Trustpilot reviews
  • Bad credit is OK
  • Very expensive
  • Short repayment terms
  • Customer support limited to standard business hours
Loan amount $100 – $1,500
APR Varies by province
Term Up to 62 days
Min. Credit Score None

Best online loans for bad credit

Searching for online loans in Canada for bad credit? There are many lenders who can help you find the funding you need, with same-day funding available and no credit checks needed.

The downside of these online loans is high interest rates and fees, so check the fine print before you apply. Don’t forget to make sure you’re dealing with a legitimate lender too, as the bad credit personal loan sector does attract its fair share of scammers.

Best pick

Loans Canada Personal Loan
8.5 Great
Go to site Read review
$300 – $50,000
Loan amount
9.9% – 46.96%
APR
4 - 60 months
Term
Loans Canada is a broker with the largest lender network in Canada. If you need a bad credit online loan, Loans Canada lets you fill out a single application and then be matched with loans from dozens of lenders. Financing options are available for all credit scores.

Why we chose it

  • Save time shopping around. By filling out a single application, you'll be matched with lenders that offer loans to suit your needs.
  • Over 60 lenders. Loans Canada has the largest lender network in Canada and can connect you with loans from over 60 lenders.
  • Established provider. Loans Canada was established in 2012 and is a member of the Canadian Lenders Association.
  • Fill out a single application
  • Get funded within 1-3 business days
  • Better Business Bureau accredited
  • High rates for bad credit
  • Isn't a direct lender
  • Watch out for scammers impersonating Loans Canada
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

Runners-up

LoanConnect Personal Loan
8.5 Great
Go to site Read review
$500 – $60,000
Loan amount
8.99% – 46.96%
APR
3 - 120 months
Term
Online broker LoanConnect allows you to compare bad credit loan offers from multiple lenders on one platform. Five-minute pre-approval is available, with the money you borrow available within 24 to 48 hours of applying.
  • Options for all credit scores
  • Flexible loan amounts available
  • Established in 2016
  • High rates for bad credit
  • Isn't a direct lender
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
LoansLoans.ca Installment Loan
7 Great
Go to site Read review
$500 – $1,000
Loan amount
28% – 32%
APR
3 - 12 months
Term
LoansLoans.ca also offers access to online loans in Canada with bad credit. Payday loans and short-term installment loans are available, with your loan eligibility determined by checking your bank statements and pay stubs. You can also get your money quickly, so it's worth a look if you need money in a hurry.
  • Get your money in less than 24 hours
  • No credit checks
  • Apply online within minutes
  • Very expensive
  • Short repayment terms
  • Watch out for broker fees
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
Turnaround time Receive funds in less than 24 hours
Serviced provinces All of Canada (except Manitoba)

Best 24/7 online loans

If you’re searching for quick online loans, look for a lender that approves and funds loans 24 hours a day. Payday loans and installment loans are available, with funds sent to your account via Interac e-Transfer.

24/7 lenders typically use automated approval systems to help speed up the application process. To avoid any delays, you may want to choose a lender that has staff available 24 hours a day in case your application needs to be manually processed.

It’s possible to get funds within an hour with a 24/7 online loan, but you should also expect high interest rates and fees.

Best pick

iCash Payday Loan
Go to site Read review
$100 – $1,500
Loan amount
Varies by province
APR
7 - 62 days
Term
iCash allows you to apply online or via its app whenever you need, with instant approval and funding available at any hour of the day or night. You can get your money in as little as an hour, and iCash also accepts a variety of incomes when assessing your loan application.

Why we chose it

  • 24/7 approval and funding. You can apply, get approved and get funded with iCash 24 hours a day. You can also get customer support 24/7.
  • Instant. With fast decisions and funding, you can get approved and get sent the loan amount within an hour.
  • Easy-to-use app. The highly-rated iCash mobile app makes it easy to apply for and manage your loan..
  • High Trustpilot score
  • No credit checks
  • 24/7 customer support
  • Extremely expensive
  • Short repayment terms
Loan amount $100 – $1,500
APR Varies by province
Term 7 - 62 days
Min. Credit Score None
Turnaround Time As little as 2 minutes with Interac e-Transfer

Runners-up

PAY2DAY Payday Loan
Read review
$300 – $1,500
Loan amount
Varies by province
APR
Up to 62 days
Term
With online approvals and funding available 24/7, PAY2DAY makes it possible to get a payday loan in 1-2 hours. You can also apply via PAY2DAY's mobile app, and bad credit won't hold you back from getting approved.
  • No credit checks
  • Accepts some types of non-employment income
  • Same-day approval and funding
  • Only available in BC and Ontario
  • Expensive way to borrow
  • Short repayment terms
Loan amount $300 – $1,500
APR Varies by province
Term Up to 62 days
Min. Credit Score None
Turnaround Time Within 1-2 hours via e-Transfer once approved
Credit Club Payday Loans
Read review
$100 – $1,500
Loan amount
Varies by province
APR
Up to 62 days
Term
Credit Club Loans is a payday lender with automated systems to give instant approval and funding 24/7. It doesn't conduct any credit checks, but you'll need steady valid income to qualify.
  • Licensed payday lender
Loan amount $100 – $1,500
APR Varies by province
Term Up to 62 days
Min. Credit Score None
Turnaround Time 30 minutes

Best online loans for flexibility

Flexible online loans can be tailored to suit your needs. This could mean a flexible borrowing amount, the ability to repay the loan when it suits you, or no interest charges. It can also mean lenient eligibility criteria if your credit history is less than perfect.

Just watch out for high interest rates and check the terms and conditions for any hidden fees.

Best pick

Nyble Credit Line
Go to site Read review
$30 – $250
Loan amount
Starting at 0%
APR
30 days, extendable
Term
Nyble offers short-term cash advances of up to $250. There are no credit checks, no interest charges, and no late fees if you don't pay it back on time.

Why we chose it

  • Repay when you're ready. There are no late fees if you don't have enough funds in your account to pay back your loan on time.
  • Many types of income accepted. Nyble accepts a wide range of non-employment income when determining if you qualify for a loan.
  • Increase your credit score. Making on-time payments towards a Nyble cash advance can help improve your credit score.
  • Quick and easy to apply
  • You can get your money in as little as 30 minutes
  • Flexible loan terms
  • $11.99 per month for fast transfers and other premium perks
  • Small loan amounts only
Loan amount $30 – $250
APR Starting at 0%
Term 30 days, extendable
Fees 0% interest with optional fees
Turnaround time 1-30 minutes with a paid membership or 1-3 business days with a free membership.
Serviced provinces All provinces and territories

Runners-up

Cash Money Line of Credit
7.5 Great
Read review
$500 – $10,000
Loan amount
Up to 46.93%
APR
Open
Term
With a line of credit from Cash Money, you can borrow as much or as little as you like between $500 and $10,000. You can access more cash without reapplying for a loan, and there's a wide range of repayment methods available to suit your needs.
  • Established in 1992
  • Also operates over 90 physical locations
  • Get funds in as little as 15 minutes
  • High interest rate
  • Not available everywhere
  • Loan amount may not be enough for some borrowers
Loan amount $500 – $10,000
APR Up to 46.93%
Term Open
Min. credit score 600
Fees Establishment fees, missed payment fees and default penalty fees may apply.
Turnaround time Get access to funds anytime once approved
Serviced provinces AB, BC, MB, NB, NL, NS, ON & SK
Cashco Financial Flex Loan
7.5 Great
Read review
$500 – $7,000
Loan amount
20% – 48.99%
APR
6 - 60 months
Term
Cashco Financial offers online personal loans known as Flex Loans. You can borrow up to $7,000 and choose loan terms ranging from 6 - 60 months, while bad credit is accepted too. You also get the freedom to tailor a payment schedule to your needs.
  • Easy to apply
  • Get a decision within minutes
  • Improves your credit score
  • High interest rates
  • 10% admin fee may apply
  • Only available in BC, AB, NB, SK and ON
Loan amount $500 – $7,000
APR 20% – 48.99%
Term 6 - 60 months
Min. credit score 300
Fees Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Turnaround time within 24 hours
Serviced provinces BC, AB, NB, SK and ON

Best online personal loans

The best online personal loans in Canada have less strict eligibility requirements than loans from traditional lenders. It’s quick and easy to apply online, but online personal loans have slower funding than payday loans and pay advances — you can get funded within 24 to 48 hours.

Personal loans have loan terms ranging from 6 to 60 months. Interest rates can be steep for bad credit, so it’s worth comparing options from a range of lenders.

Best pick

SkyCap Financial Personal Loan
8 Great
Go to site Read review
$500 – $10,000
Loan amount
12.99% – 39.99%
APR
9 - 36 months
Term
SkyCap Financial is a direct lender offering online personal loans of up to $10,000 with terms of up to 36 months. Available to borrowers with a fair to good credit score, SkyCap Financial loans are funded in as little as 24 hours.

Why we chose it

  • Good customer service. SkyCap Financial has received more than 1,500 Google reviews, many of which mention helpful customer service.
  • Fast approval and funding. SkyCap Financial offers instant decisions and can fund your loan in as little as 24 hours.
  • Established lender. SkyCap Financial was established in 2013 and is Better Business Bureau accredited.
  • Instant decisions
  • No collateral required
  • Pay your loan off early without incurring any fees
  • High interest rates
  • Not available in all provinces
  • Optional loan protection plan will add to the cost of borrowing
Loan amount $500 – $10,000
APR 12.99% – 39.99%
Term 9 - 36 months
Min. credit score 575
Fees No fees except a $50 NSF fee
Turnaround time 24 hours
Serviced provinces All provinces and territories except Quebec and Nova Scotia

Runners-up

FlexMoney Installment Loan
7.5 Great
Read review
$500 – $15,000
Loan amount
18.9% – 46.93%
APR
6 - 60 months
Term
FlexMoney is a direct lender offering installment loans of between $500 and $15,000 and use the funds for any purpose. It's quick and easy to apply online, and if approved the funds will be in your account in as little as 24 hours.
  • Established in 2012
  • Decisions within 15 minutes
  • Non-employment income accepted
  • Steep interest rates
  • You'll need to complete a credit check
  • Not available in all provinces
Loan amount $500 – $15,000
APR 18.9% – 46.93%
Term 6 - 60 months
Min. credit score 500
Fees No application, origination or prepayment fees
Turnaround time 24 hours
Serviced provinces Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan
Blue Copper Capital Personal Loan
7.5 Great
$1,000 – $100,000
Loan amount
16% – 48%
APR
6 - 84 months
Term
Blue Copper Capital is a direct lender whose personal loans range from $1,000 up to $100,000. There are secured and unsecured loans available, and you can apply for funding online or in person. You can also pay your loan off early without being hit with a prepayment penalty.
  • Provide collateral to get a better rate
  • Easy application process
  • Large loan amounts
  • Only available in BC and Alberta
  • Maximum loan term of 36 months
  • Watch out for high rates
Loan amount $1,000 – $100,000
APR 16% – 48%
Term 6 - 84 months
Fees Unknown
Turnaround time Varies
Serviced provinces BC and Alberta

Best online short-term installment loans

Short-term installment loans typically offer repayment terms of 90 to 120 days, but they can be longer in some cases. This makes it easier to manage repayments than on a payday loan, and many lenders are willing to work with you if you have bad credit. However, just watch out for high interest rates and lenders that make promises that sound too good to be true.

Best pick

LoansLoans.ca Installment Loan
7 Great
Go to site Read review
$500 – $1,000
Loan amount
28% – 32%
APR
3 - 12 months
Term
LoansLoans.ca is a broker that offers short-term installment loans with no credit checks. You have 3 - 12 months to pay back what you borrow, and you can get funded in less than 24 hours.

Why we chose it

  • Approval in one hour. Loansloans.ca's fast approval process means you can get a decision on your application within an hour.
  • Many types of income accepted. LoansLoans.ca accepts a wide range of non-employment income types when assessing your application.
  • Bad credit is okay. A bad credit score won't stop you getting approved for a loan.
  • Operated by NCR Financial Services, which has been in business for more than 15 years
  • Easy online application process
  • No collateral required
  • Watch out for steep interest rates
  • Broker fee
  • Maximum loan amount of $1,000 won't suit all borrowers
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
Turnaround time Receive funds in less than 24 hours
Serviced provinces All of Canada (except Manitoba)

Runners-up

24Cash Installment Loan
7.5 Great
Read review
$500 – $850
Loan amount
Starting at 23%
APR
90 - 120 days
Term
Online credit brokerage 24Cash offers access to online personal loans of up to $850. Loan terms range from 90 - 120 days, and it's possible to get approved and funded within 24 hours of applying for a loan.
  • No credit checks required
  • A+ Better Business Bureau rating
  • Quick and easy online application
  • First-time borrowers limited to $500
  • High interest rates
  • Broker fee applies
Loan amount $500 – $850
APR Starting at 23%
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
Credito Installment Loan
7 Great
Read review
$500 – $850
Loan amount
Starting at 23%
APR
90 - 120 days
Term
Credito is an online credit brokerage where you can access loans of up to $850. Terms range from 90 - 120 days, and the easy online application process and fast approvals mean you can get money in a hurry.
  • No credit checks
  • Same-day approval and funding
  • Quick and easy application process
  • High brokerage fees
  • High interest rates
  • $850 maximum loan amount may not suit your needs
Loan amount $500 – $850
APR Starting at 23%
Term 90 - 120 days
Fees $225 brokerage fee (amount set at broker's discretion)
Turnaround time within 24 hours
Serviced provinces ON, PE, BC, AB, NB, NS, NL, NU, NT, YU

Best online loan apps

Online loan apps in Canada make applying for a loan convenient and easy. The best apps combine a user-friendly interface with a straightforward application process, and many allow you to access same-day approval and funding. The loan amount can then typically be sent to your account via e-Transfer.

Best pick

iCash Payday Loan
Go to site Read review
$100 – $1,500
Loan amount
Varies by province
APR
7 - 62 days
Term
iCash wins again with its highly rated app. Its app makes applying for a loan dead easy. Once you download the app and complete a quick application, the funds can be sent to you within five minutes via e-Transfer. You can apply 24/7 and there's no paperwork required.

Why we chose it

  • High ratings for both Android and iOS. It has a 4.7 out of 5 rating on the Google Play store with over 100,000 downloads and a 4.8 out of 5 rating on the Apple store.
  • Easy app experience. The app has been designed to be simple and easy to use to quickly borrow money.
  • Repay in installments. Depending on your profile, you can repay your payday loan in 2-3 installments.
  • 4.7 out of 5 stars from over 2,200 Trustpilot reviews
  • Bad credit is OK
  • Has a mobile app
  • Very expensive
  • Short repayment terms
Loan amount $100 – $1,500
APR Varies by province
Term 7 - 62 days
Min. Credit Score None
Turnaround Time As little as 2 minutes with Interac e-Transfer

Runners-up

Money Mart Installment Loan
7.5 Great
Read review
$500 – $15,000
Loan amount
29.9% – 46.9%
APR
6 - 60 months
Term
Payday lender Money Mart offers a popular mobile app for Android and Apple smartphones. You can use the app to quickly apply for an installment or payday loan, plus connect your bank account to get access to your funds the same day.
  • Simple to use
  • Get your money via Interac e-Transfer for fast funding
  • You can also use the app to find your nearest Money Mart location
  • Watch out for high interest rates
  • Founded in 1982
  • Member of the Canadian Consumer Finance Association
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
Cash Money Installment Loan
7.5 Great
Read review
$500 – $10,000
Loan amount
Starting at 46.93%
APR
6 - 60 months
Term
You can use the Cash Money app to access your Cash Money account at any time. You can also check your outstanding loan balance and make payments, plus sign up for notifications to remind you when your next payment is due.
  • Flexible eligibility requirements
  • Instant decisions
  • Also has physical branches
  • Watch out for high interest rates
  • Not available in all provinces
  • Check the fine print for any extra fees that may apply
Loan amount $500 – $10,000
APR Starting at 46.93%
Term 6 - 60 months
Min. credit score 560
Fees Vary across provinces/territories
Turnaround time in as little as 15 minutes with INTERAC e-Transfer® or on the spot at your nearest Cash Money store
Serviced provinces AB, MB and NB for in-store applications, AB only for online

Best online loans if you’re unemployed

It’s possible to qualify for an online loan if you’re unemployed. To do so, you’ll need to be receiving some form of steady income, such as from employment insurance, disability benefits, social assistance and pensions.

The types of accepted non-employment income vary from one lender to another, so check the eligibility requirements before you apply.

Best pick

LoanConnect Personal Loan
8.5 Great
Go to site Read review
$500 – $60,000
Loan amount
8.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect is a broker that makes it easy to compare loans from a variety of lenders. You can apply with bad credit and non-employment income, and then be matched with a lender who works with borrowers like you.

Why we chose it

  • Over 30 lenders. LoanConnect works with a large network of lenders to help you find a loan that suits your needs.
  • Established. LoanConnect was founded in 2016 and is Better Business Bureau accredited.
  • Instant matches. Find out instantly what your loan options are, then choose the best option for your needs.
  • Pre-approval in five minutes
  • Wide range of loan terms and amounts available
  • Get money within 24-48 hours
  • High rates for bad credit
  • Other brokers might be able to connect you with more lenders
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

Runners-up

Nyble Credit Line
Go to site Read review
$30 – $250
Loan amount
Starting at 0%
APR
30 days, extendable
Term
Nyble is an option if you're searching for an unemployed online loan. Many types of income are accepted, and it's quick and easy to apply online without completing a credit check. You can access a line of credit of up to $250 with Nyble.
  • No interest charges
  • No late fees
  • Avoid overdraft fees
  • $11.99 per month for fast transfers and other premium perks
  • Small loan amounts only
Loan amount $30 – $250
APR Starting at 0%
Term 30 days, extendable
Fees 0% interest with optional fees
Turnaround time 1-30 minutes with a paid membership or 1-3 business days with a free membership.
Serviced provinces All provinces and territories
Magical Credit Installment Loan
8 Great
Read review
$1,500 – $20,000
Loan amount
19.99% – 46.8%
APR
12 - 60 months
Term
Magical Credit offers installment loans to people who are not employed but receive other forms of income, such as EI, CPP and private pensions. As long as your income is deposited into your bank account monthly, Magical Credit can consider your application.
  • Fast approval
  • Bad credit is okay
  • Flexible loan amounts
  • Higher rates than traditional lenders
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)

Best online secured loans for bad credit

If you have bad credit, you’ll increase your chances of getting approved if you provide collateral, such as your car. If you default on your loan, the lender will use your collateral to recoup its losses.

Car title loans, which are loans secured by your car, are one of the most common secured loans for bad credit. You can apply quickly online, but the process isn’t completely digital as lenders will need to examine your car.

You can continue to drive your car if you get this loan.

Best pick

getloanapproved.com Vehicle Title Loan
7.5 Great
Read review
$1,000 – $50,000
Loan amount
8% – 29%
APR
12 - 72 months
Term
Get Loan Approved is a lender of car title loans. It bases its approval on your car. To get approved, your car must be less than 10 years old, fully paid off and in good condition.

Why we chose it

  • Lenient requirements. You can get approved with bad credit and low income as long as your car is eligible.
  • Easy process. Get Loan Approved has agents across Canada. If you live in Ontario or BC, a mobile agent can come to you to appraise your car.
  • Increase your odds of approval. Using your car as collateral will reduce the risk for the lender, so they'll be more open to approving you.
  • Can continue to drive your car
  • No credit check
  • Get money within 24-48 hours
  • High rates
  • Car must be eligible
Loan amount $1,000 – $50,000
APR 8% – 29%
Term 12 - 72 months
Turnaround time In as little as one hour
Serviced provinces AB, BC, MB, NB, NL, NS, ON, PEI, SK

Runners-up

Prudent Financial Personal Loan
7.5 Great
Read review
$5,000 – $500,000
Loan amount
5.75% – 45.99%
APR
6 - 48 months
Term
Prudent Financial is a Toronto-based lender specializing in bad credit loans. It offers home equity and car title loans to Ontario borrowers, and a past bankruptcy or consumer proposal won't stop you from qualifying for a loan.
  • Lenient requirements
  • Flexible amounts
  • High rates for bad credit
Loan amount $5,000 – $500,000
APR 5.75% – 45.99%
Term 6 - 48 months
Fees Unknown
Turnaround time as little as 30 minutes
Serviced provinces Ontario
Title Loans Online
$3,000 – $25,000
Loan amount
14% – 49%
APR
24 - 60 months
Term
Title Loans Online (titleloansonline.ca) offers car and motorhome title loans to Canadian drivers. You can apply online without a credit check and get pre-approved. Approval is based on the equity in your vehicle, which must be 2013 or newer.
  • Fast approval
  • No credit check
  • Flexible loan amounts
  • High rates
  • Car must be eligible
Loan amount $3,000 – $25,000
APR 14% – 49%
Term 24 - 60 months
Turnaround time 24 hours
Serviced provinces British Columbia, Alberta, Saskatchewan and Ontario

What do I need to apply for online loans in Canada?

While eligibility criteria will vary depending on the online lender, the basic application requirements include the following:

  • Have a bank account
  • Meet any credit score requirements
  • Meet any income requirements and have proof of income

How to get online loans fast

  1. Check your credit score. Find out your credit score before you start applying for online loans to determine which ones you might be eligible for so you don’t waste your time with unnecessary applications.
  2. Check eligibility requirements. From minimum income thresholds to provinces serviced by the lender, make sure you fit the eligibility criteria.
  3. Compare all options available to you. Look into all options available to people with your credit score and income. You may want to use a personal loan broker to compare multiple loan providers at one time.
  4. Get your documents ready. Have bank statements, pay stubs and government-issued ID ready to go before you apply. Many online lenders offer instant bank verification to speed up the application process, so you may not need to send any documents to prove your income.

How do I receive my funds?

You’ll have two options to receive your funds if you’re applying for an online loan:

  • Interac e-Transfer. With Interac e-Transfer, you’ll receive an email from your lender that will include a link to direct you to the money transfer. Most lenders send e-Transfers within minutes after signing off on your loan and you can deposit funds immediately.
  • Direct deposit. Direct deposits are automatically deposited straight into your bank account with the account information (chequing account number, routing number and institution number) that you provided in your application. It can take a full business day for the funds to appear in your account.

How do I compare online loans?

To help you find the best online loans in Canada, consider these factors when comparing your options:

  • Loan amount. Some personal loan lenders provide online loans that cap out at $5,000 or even less, while others provide loans to the tune of $20,000 or more.
  • Interest rate. Rates for online personal loans can run as low as 6.99% right up to around 46.96%, depending on your credit score and other factors your lender may take into account.
  • Loan term. You could decide to take out a loan ranging from 3 – 60 months if you’re getting an online personal loan.
  • Unsecured or secured loans. If you have home equity or another asset you’d like to use to get a better rate or larger loan amount, focus only on secured loans.
  • Any extra fees and charges. From admin fees to NSF fees, some lenders may have extra charges tacked onto your loan. Check the fine print closely.

Are online loans safe?

Yes, online loans are safe — provided you make sure you’re dealing with a reputable lender. While there are plenty of legitimate lenders out there, you also need to be wary of the risks posed by scammers.

So before you apply for a loan, it’s important to do your due diligence to make sure the lender is completely above board.

How to find safe online loans in Canada

There are plenty of simple things you can do to make sure you’re dealing with a legit lender, such as:

  • Check if they’re licensed/registered. Check whether the lender is registered to provide loans where you live. If they offer online payday loans, make sure they have a payday lending licence in your province.
  • Check for BBB accreditation. See if the lender is accredited by the Better Business Bureau and check its BBB rating.
  • Watch out for red flags. Make sure you can recognize the signs that could indicate a loan scam, such as:
    • Making offers that sound too good to be true
    • Promising guaranteed approval or no-refusal loans
    • Asking for payment upfront
    • Trying to pressure you into signing a loan contract

Online personal loans vs online early pay vs online payday loans

Which type of online loan is right for you? Check the table below for a quick comparison of the available options.

FeatureOnline personal loanOnline early payOnline payday loan
Amount$500–$50,000$20–$350$100–$1,500
Cost6.99%–46.96%No interest, but you may pay a subscription fee$14 to $17 for every $100 borrowed
Loan term3 – 60 monthsNext pay cycle or flexibleNext payday, up to 62 days
Eligibility requirementsBank account, steady income (employment preferred)Bank account, steady incomeBank account, steady income

Frequently asked questions

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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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