Eligibility requirements: Min. income of $2,000 /month and 3+ months employed
Spring Financial offers unsecured personal loans and credit builder for any credit score. Borrowers with bad credit or a past bankruptcy can apply. Apply online for a personal loan and get quick pre-approval.
No fees
Approval within 24 hours
Minimum credit score is 400
All of Canada
Interest rates can reach as high as 35%
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 84 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
No fees except a $30 NSF fee
Requirements
Min. income of $2,000, min. credit score of 550, 3+ months employed
Eligibility requirements: Min. income of $35,000 /year
goPeer is Canada's first consumer peer-to-peer lending platform. It strives to provide lower interest rates than the competition, including banks, to borrowers with good to excellent credit.
Easy online application
Get your offer within 24 hours
Stricter eligibility criteria than other online lenders
Funding can take a few days
Loan Amount
$1,000 – $35,000
APR Range
8.99% – 34.99%
Loan Term
36 or 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Response within 24 hours
Min. Credit Score
700
Fees
Variable origination fee (included in APR) Unsuccessful payment fee of $50 No application or prepayment fees
Requirements
Canadian resident for at least 3 years, age of majority in your province of residence, 700 credit score, proof of regular source of income, min. annual income of $35,000+, valid email address, mailing address, phone number and bank account
Loans Canada is a broker with the largest lender network in Canada. Fill out 1 application to get matched with lenders who can potentially finance you. If you have poor credit, you can apply.
Bad credit doesn't matter because Loans Canada will match you with a lender for your particular situation
Easy online application to connect with multiple lenders
Quick deposits, with access to your cash within 1-3 business days from the time that you apply
High loan amounts of up to $50,000
No collateral required to secure your loan
Interest rates can reach as high as 35%
No online quotes provided. Instead you'll have to speak to a customer service representative over the phone
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
Eligibility requirements: Min. income of $1,666.67/month and full time employment/pension
SkyCap offers unsecured personal loans. It approves applicants based on their credibility, stability and current income. Borrowers with bad credit or a past bankruptcy can apply.
Pay off the loan anytime without penalty
Approval within 24 hours
Minimum credit score is 550
Interest rates can reach as high as 39.99%
Residents of Nova Scotia or Quebec are not eligible
Loan Amount
$500 – $100,000
APR Range
8.99% – 35%
Loan Term
9 - 60 months
Serviced Provinces/Territories
All provinces and territories except Quebec and Nova Scotia
Turnaround Time
24 hours
Min. Credit Score
575
Fees
No fees except a $50 NSF fee
Requirements
Min. monthly income of $1,666.67, full time employment/pension, min. credit score of 575
Eligibility requirements: Min. income of $2,000 /month and 3+ months employed
With FlexMoney, you'll be able to personalize your loan with various repayment options. Choose to lock in a term starting at 6 months up to 5 years. You can set up weekly, fortnightly or monthly loan repayments. Repayments are automated so you won't miss any due dates too.
Quick online application with fast pre-approvals. Apply online and receive a decision on your application within 15 minutes.
You don't need to be employed. You can still qualify for a loan if you're receiving government assistance, including CPP and OAS, or if you're self-employed.
Loan amount of up to $15,000. The amount you can borrow from FlexMoney starts at $500 and goes up to $15,000.
Lengthy terms. You'll be able to lock in a term starting at 6 months up to 60 months.
Flexible repayment plans. You can set up weekly, fortnightly or monthly loan repayments. They're automatically withdrawn from your account.
Steep interest rates. Interest rates can creep all the way up to 35% depending on your credit score and other factors.
Minimum monthly income. You'll need a minimum monthly net income of $2,000 to qualify.
Your credit score is pulled. FlexMoney will check your credit score before deciding on the rate it will offer you. You'll need a score of 500 at least.
Loan Amount
$500 – $15,000
APR Range
18.9% – 35%
Loan Term
6 - 60 months
Serviced Provinces/Territories
AB, BC, NL, NS, ON, PEI, SK and YT
Turnaround Time
Receive funds within as little as 24 hours
Min. Credit Score
500
Fees
No application, origination or prepayment fees
Requirements
- At least 20 years old - Proof of monthly income for the past 3 months - Income of at least $2,000 per month - Valid Canadian ID to confirm your identity, address and phone number - Valid email address and phone number
Overall representative example If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.
How to apply for a personal loan
1. Figure out how much money you need
Crunch some numbers to figure out how much you need to borrow and how much you can afford to pay back each month. Also, compare different types of loans to find the one that suits your needs best.
2. Shop around
Look for lenders that offer the type of loan you need with eligibility requirements you can meet. Then, compare factors like rates, fees and terms.
3. Prequalify
If the lender offers it, fill out a quick pre-application with a few different lenders to learn which rates and terms you might get. Prequalifying usually doesn’t affect your credit.
4. Finish the application
After you decide on a lender, follow the steps to complete the full application and submit documents like pay stubs to verify your income.
What rates can I expect on a personal loan?
Personal loan rates typically range from 6.99% to 35%. The rate you get depends on the following factors:
Credit score. You need near-perfect credit to qualify for the lowest advertised rate.
Income. Lenders will likely check if you have enough regular cash flow to easily afford your monthly repayments.
Debts. The lowest rates go to borrowers with a debt-to-income ratio (DTI) below 20%.
Collateral. Securing your loan makes it less risky to the lender and gets you lower rates.
Loan amount and term. Some lenders may offer different rates depending on how much you want to borrow and how long you need to repay.
The cost of your loan depends on the loan term and your rate.
What goes into a personal loan APR?
Most lenders’ annual percentage rate (APR) tells you how much you’ll pay in interest and fees over one year. This makes it easier to compare the cost of loans with the same term. The APR often includes an origination fee, which lenders charge after you sign your loan contract. But it doesn’t include penalties like late fees, nonsufficient funds (NSF) fees or prepayment penalties – which can all be avoided by paying your loan back on time and in full.
How to find the right personal loans lender
Ask yourself the following questions when comparing lenders:
Does it offer what I need? Check if the amount you need falls into a lender’s range and if it offers the type of loan you’re looking for.
Am I eligible? Make sure you meet the lender’s minimum credit score, income, age and other requirements before you apply.
What’s the APR? This gives you a quick snapshot of the loan’s total cost per year.
How long will I be in debt? Look at the loan terms available to make sure you’ll be out of debt in time to meet other financial goals, like buying a house or a car.
Will repayments fit my budget? Use the available loan terms and APR to figure out how much you might owe each month.
Are there any fees? Many lenders charge up to a 5% origination fee, which they take out of or add to the loan balance. This affects how much you need to borrow and your monthly cost.
Is it legit? Read customer reviews to look out for personal loan scams and red flags, and make sure its website is secure.
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog.
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