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9 best installment loans in Canada

We examined the marketplace to find Canada's best installment loans.

Installment loans are a type of unsecured personal loan offered by online lenders. They have more lenient eligibility criteria than conventional personal loans, so you can apply for them and get approved with bad credit. However, you’ll pay for the convenience via higher interest rates. Check out the best installment loans in Canada below and how to compare your options to find the best deal.

SkyCap logo

1. SkyCap Financial

  • Loan amount: $500 – $15,000
  • Loan term: 9 - 60 months
  • APR: 19.99% - 39.99%
  • Serviced provinces: All provinces and territories except Quebec and Nova Scotia
  • Eligibility requirements: Min. income $3,333/month, full time employment/pension, no bankruptcy

Overview: SkyCap Financial is an online lender established in 2013 with headquarters in Kingston, Ontario. It’s an alternative lender to banks and credit unions, helping borrowers with fair to bad credit. SkyCap will look at your employment and income instead of focusing solely on your credit score.

Why it stands out: SkyCap has a low starting interest rate for installment loans, at just 19.99%, which is great for fair and bad credit borrowers. It’s focused on responsible lending and is upfront about fees. It also has high Google and Better Business Bureau (BBB) ratings, with consistent comments about its helpful and kind service.


  • Early loan repayment without penalty.
  • Decent loan amounts (up to $15,000).
  • Flexible loan terms and affordable payments.
  • Get approved in 24 hours.


  • Steep maximum interest rate (up to 39.99%).
  • Does not operate in Nova Scotia or Quebec.

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2. LoanConnect

  • Loan amount: $500 – $2,500
  • Loan term: 3 - 6 months
  • APR: 32.00%
  • Serviced provinces: All of Canada
  • Eligibility requirements: Current debts must total less than 60% of income

Overview: Based in London, Ontario, LoanConnect is an online broker partnered with lenders across the country to help borrowers find the best installment loan. Fill out 1 application online in just minutes to get matched with lenders that are willing to qualify you for a loan. LoanConnect has partners for prime borrowers who are interested in a low interest personal loan.

Why it stands out: Since LoanConnect is a broker and not a direct lender, you can get multiple offers with just 1 application. People of all credit types can apply, too – ultimately, LoanConnect’s goal is to pair you with lenders who are willing to work with you, even if you’ve been denied by banks. LoanConnect is also a registered business with a BBB accreditation and A+ rating.


  • Easy to compare multiple loan options.
  • Quick access to funds within 24 to 48 hours.
  • Bad credit doesn’t matter.
  • Transparent loan contracts and fees.


  • High interest rates for bad credit (up to 46.96%).
  • Limited only to partnered lenders.
  • No bricks and mortar location; online only.

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Loans Canada logo

3. Loans Canada

  • Loan amount: $500 – $50,000
  • Loan term: 4 - 60 months
  • APR: 8.00% - 46.96%
  • Serviced provinces: All of Canada
  • Eligibility requirements: Steady source of income

Overview: Loans Canada is a specialty online platform you can use for free to connect with partnered lenders. Fill out 1 online application with Loans Canada, and this broker will pair you with lenders that offer installment loans for your financial situation, such as bad credit, a history of bankruptcy or alternative forms of income.

Why it stands out: Loans Canada says it has the largest lender network in Canada, so your application will be cast wide to suitable lenders across the country. It’ll help people in all credit situations. Established in 2012, Loans Canada is also accredited by the BBB with an A+ rating.


  • Quick approvals and funding process.
  • Free online platform and application.
  • Bad credit doesn’t matter.
  • High loan amounts with no collateral required.


  • High interest rates for bad credit (up to 46.96%).
  • Personal information forwarded to third-party lenders.

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Mogo logo

4. Mogo

  • Loan amount: $200 – $35,000
  • Loan term: 6 - 60 months
  • APR: 9.90% - 46.96%
  • Serviced provinces: British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island
  • Eligibility requirements: Min. income of $13,000 /year

Overview: Mogo is a Canadian fintech company that offers borrowing, spending and investing options as well as the ability to track your credit score. It has over 1.6 million customers. You can apply for installment loans with good credit, fair credit and even bad credit, depending on your circumstances. Mogo is partnered with Lendful and easyfinancial to provide loans.

Why it stands out: Mogo’s application process is free, easy to use and done completely online. It aims to give approval and funding within 1 to 2 business days. It also has a unique perk: return the principal of your loan within 100 days, and you can get your interest and fees back (but this is not available for their MogoLiquid loan).


  • Flexible loan amounts and loan terms.
  • No prepayment penalties.
  • Free credit score tracking for 90 days.


  • High interest rates for bad credit (up to 46.96%).
  • Personal information forwarded to third-party lenders.
  • Some negative reviews about customer service.

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5. FlexMoney

  • Loan amount: $500 – $15,000
  • Loan term: 6 - 60 months
  • APR: 18.90% - 46.93%
  • Serviced provinces: Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI
  • Eligibility requirements: Min. income of $2,000 /month, 3+ months employed

Overview: FlexMoney calls itself one of the fastest installment loan providers in Canada. You can apply even if your income is not from employment. As long as you’re making at least $2,000 in net income each month, you’re in the clear.

Why it stands out: FlexMoney’s fast automated process is what sets it apart. Apply online and get an instant decision. Once you sign off on your loan agreement, funds are released within 24 hours, directly to your bank account. FlexMoney is also BBB-accredited with an A- rating.


  • Flexible loan amounts and loan terms.
  • Various forms of income accepted.
  • Flexible repayment plans.


  • High interest rates as high as 46.93%.
  • No in-person customer service.


6. Loanz

  • Loan amount: $1,000 – $15,000
  • Loan term: 12 - 60 months
  • APR: 29.90% - 46.90%
  • Serviced provinces: All of Canada (excluding Quebec)
  • Eligibility requirements: Min. credit score 570, min. income $1,200/month, 3+ months employed

Overview: Loanz is an online lender that provides installment loans for people with fair to bad credit scores. It is owned by Consumer Genius Inc., which also owns other brands in the lending space like CarsFast and LendingArch.

Why it stands out: Loanz’s fast, easy application process is what makes it stand out from its competitors. You can apply online, receive instant approval and gain access to your funds within 15 minutes after signing off on your loan contract. Loanz also has a 4.6 out of 5 score on Trustpilot.


  • Bad credit is acceptable.
  • Helps to rebuild your credit.
  • Available across Canada.


  • Interest rates start at 29.9%.
  • Interest rates peak at 46.9% for bad credit borrowers.
  • Potential for a handful of fees.

Money Mart logo

7. Money Mart

  • Loan amount: $500 – $15,000
  • Loan term: 12 - 60 months
  • APR: 29.90% - 46.90%
  • Serviced provinces: AB, BC, MB, NB, NL, NS, ON, PEI, SK
  • Eligibility requirements: No min. income or employment requirements

Overview: While Money Mart is a popular payday lender, it also provides installment loans of up to $15,000. You can apply online or at one of its 120+ store locations across the country.

Why it stands out: Money Mart is a big brand, so you know you’re dealing with a legitimate lender. It’s flexible with income requirements, and speed is on your side with Money Mart. When you apply, it gives you a choice between Express, which involves bank verification, and Standard, which is a traditional manual review. Express is the much faster option if you need an installment loan in as little as 2 hours.


  • Collect your cash in person, through direct deposit or e-Transfer.
  • No prepayment penalties.
  • Past bankruptcies are okay.
  • In-person or online customer service.


  • Interest rates start at 29.9% up to 46.9%.
  • Watch out for NSF, late or missed payment fees.

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8. goPeer

  • Loan amount: $1,000 – $25,000
  • Loan term: 36 - 60 months
  • APR: 8.00% - 34.00%
  • Serviced provinces: All provinces
  • Eligibility requirements: Recommended income of $40,000 /year, no payday loan debt

Overview: goPeer is Canada’s first consumer peer-to-peer lending platform offering loans to consumers. With headquarters in the heart of downtown Toronto, it joins the ranks of online-only lenders, so you’ll go through the entire application and approval process completely online. Typically, quotes are sent instantly, and loan offers are sent your way within 1 business day.

Why it stands out: goPeer’s unique selling point is that it provides installment loans from fellow Canadians who want to help their peers who need cash. The interest on your loan is paid directly to the people who lent it to you. Its rates are competitive, starting at just 8%. However, this installment loan usually needs a good credit score.


  • Borrow anonymously from fellow Canadians.
  • Flexible loan amounts and loan terms.
  • No early repayment penalties.
  • 15-day grace period without facing a penalty.


  • Steep maximum interest rates (34%) for fair credit.
  • No in-person customer service.
  • One-time origination fee.
  • Strict eligibility criteria; bad credit not accepted.

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Fairstone logo

9. Fairstone

  • Loan amount: $500 – $25,000
  • Loan term: 6 - 60 months
  • APR: 26.99% to 39.99%
  • Serviced provinces: Canada-wide (excluding Nunavut)
  • Eligibility requirements: Able to make monthly repayments

Overview: Fairstone is a popular lender in Canada with roots in the country since 1923 and 230+ branches from coast to coast. It offers a lengthy list of products, including unsecured and secured loans, debt consolidation loans and, of course, installment loans of up to $25,000. You can apply for a free, no-obligation quote that won’t affect your credit score.

Why it stands out: Fairstone is an established business and a major player in the Canadian lending space. Its selling point is its speed. You can apply quickly (without hurting your credit score) and receive your loan in as little as 1 day after applying.


  • Flexible loan amounts and loan terms.
  • No early repayment penalties.


  • Interest rates as high as 39.99%
  • Potential for extra fees.

How to find the best installment loans in Canada

Installment loans in Canada come in all shapes and sizes. Your job is to narrow down your top picks based on key features that are important to you.

  • Interest rates. Focus on the annual percentage rate (APR), which is your annual interest rate plus fees you’ll pay to take out the loan. Compare personal loan APRs in Canada.
  • Extra fees. Consider any extra fees like loan origination fees (fee to process your loan), NSF fees, late payment fees and prepayment fees. This disparity between lenders may be what helps you choose which one to proceed with.
  • Loan term. Try not to have your loan longer than you need to. A longer loan term will give you lower monthly payments, but you’ll stay in debt longer and pay more interest over the life of the loan.
  • Repayment flexibility. Check that the installment loan doesn’t come with any fees to pay it off early or make extra payments. This is especially important for installment loans with higher interest rates.
  • Turnaround time. You can get your money on the same day or the next morning with the fastest installment loans.
  • Improves your credit score. Confirm that your lender will report your on-time payments to the credit bureaus.

How to apply for an installment loan in Canada

Ready to get started? Follow these steps to apply for an installment loan in Canada:

  1. Apply online. Include details such as your name, address, phone number, email, employment, income and housing situation. Applications for installment loans usually take less than 10 minutes to complete.
  2. Wait for personal loan pre-approval. Once you submit your application, you’ll get pre-approved either instantly or within the business day. Pre-qualifying for a loan gives you an estimate of your interest rate. Use pre-approval to compare loan offers.
  3. Send documents to verify income and identity. If you want to proceed, you may be asked to send documents to prove your identity and income, so make sure you have government-issued ID, bank statements and pay stubs ready.
  4. Get official approval and sign your loan contract. Once your lender verifies your identity and income, you’ll receive your final loan offer. Review your loan agreement before signing.
  5. Receive your funds. Finally, once the paperwork is done, your lender can issue your loan via direct deposit or e-Transfer.

3 questions to ask yourself before you apply

There’s no one “best” installment loan. What’s right for you depends on your personal financial situation and what you need the money for. Ask yourself the following questions to find a lender that best meets your needs:

How much do I need to borrow?

Installment loan providers can offer very different ranges of loan amounts. Knowing how much you need to borrow can help you weed out installment loan providers that start too high or end too low.

How much can I afford to pay each month?

Look at your income, bills and other regular expenses to calculate how much you can afford to pay each month. Aim for a loan with a rate and term that gives you a monthly repayment around this amount while still leaving you wiggle room in case an unexpected expense crops up.

What do I need the money for?

If you have a specific purpose in mind like debt consolidation, look for lenders that specialize in that type of financing. Lenders sometimes have restrictions on how you use your funds – some might not allow you to cover education or business expenses, for example.

4 red flags to watch out for with installment loan providers

Not all installment loan providers are legit lenders, and even some that are can have predatory lending practices. Look out for these red flags when comparing installment loans:

  • Guarantees. Legit lenders won’t guarantee approval or certain rates before looking at your application. Lenders need to look into each borrower’s circumstances and evaluate their credit history before approving any installment loan.
  • Pushiness. Stay away from lenders that pressure you into signing a contract or borrowing more than you need.
  • Add-on insurance. Some lenders might encourage you to take out unnecessary insurance, such as a life insurance policy that names them as a beneficiary.
  • No physical head office or contact information. Check the lender’s website to see if it has a physical address, email, phone number and any other means of contacting them for customer support. Make sure the lender has a solid presence online, with reviews, BBB accreditation or mentions in the Canadian media landscape.

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