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ConsumerCapital Personal Loan review

Get a personal loan of up to $12,500 with affordable repayment options and flexible terms of up to 5 years.

ConsumerCapital is an online lender that provides a quick and easy-to-complete application process and a fast turnaround on loan application decisions.

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19.99% - 34.99%

Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameConsumerCapital Personal Loan
Benefit DescriptionMin. credit score: 600
Interest Rate19.99% - 34.99%
Min. Loan Amount$1,500
Max. Loan Amount$12,500
Loan Term24 - 60 months
Turnaround Time24 to 48 hours
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If you need an injection of cash to consolidate your bills or make a purchase, ConsumerCapital may be a worthy candidate for a personal loan. This alternative lender offers quick approvals and flexible terms for personal loans, with no collateral required to secure financing.

30-second take

  • Choose ConsumerCapital if you’re looking for an alternative lending platform to fund a personal loan of up to $12,500.
  • Pick something else if you live in Quebec, NWT, Yukon or Nunavut. These parts of Canada aren’t serviced by ConsumerCapital.
  • Keep in mind, you must not be in a bankruptcy or consumer proposal, but ConsumerCapital still encourages people with less-than-perfect credit to apply.

What makes ConsumerCapital personal loans unique?

ConsumerCapital’s strengths lie in its overall loan experience for borrowers. You can count on a seamless process to secure your personal loan, from applying quickly online in the comfort of your home to receiving a decision within less than 1 business day, and accessing your funds with direct deposit upon approval.

ConsumerCapital’s personal loan products are unsecured, so you don’t need collateral. Bad credit also doesn’t matter – ConsumerCapital shifts the focus off your credit score and prioritizes factors like your income instead.

What are the benefits of a ConsumerCapital Personal Loan?

Offering unsecured personal loans to accommodate every budget and financial institution, ConsumerCapital has a slate of perks, including:

  • Flexible loan amounts to suit your needs. The amount you can borrow from ConsumerCapital starts at just $1,500, right up to $12,500. There are no restrictions on how you can use the funds, so you can use the cash as needed.
  • Flexible loan terms and repayment plan. Personal loan terms start at 24 months up to 5 years. ConsumerCapital also lets you decide on your repayment schedule, with fortnightly or monthly payment options. You can use its repayment calculator on the homepage to help you visualize how much payments would be according to either schedule.
  • An online-only application process with a quick turnaround on loan decisions. Borrowers can apply for a ConsumerCapital loan completely online via an easy-to-use application form that you can fill out within 15 minutes. You can expect to receive an instant quote followed by loan offers within a single business day. Once your application is verified and approved, simply confirm your bank details to deposit your personal loan.
  • No collateral required. Borrowers don’t need to secure their loan against an asset like a home or vehicle.
  • Bad credit doesn’t matter. Loan decisions are based on factors like your income, so the state of your credit won’t be as important.

What to watch out for

As with any debt you take on, you should always pay attention to the red flags and the fine print. Here’s what to keep in mind before signing up for a ConsumerCapital Personal Loan:

  • Steep interest rates. ConsumerCapital’s interest rates are on par with those of credit cards, starting at 19.99% up to 34.99%.
  • No in-person customer service. ConsumerCapital is an online-only lender, so it will fall short if you prefer to visit a bricks-and-mortar location for in-person assistance. It does have a Call Centre and email support, though.
  • Minimum monthly income. You’ll need to make at least $1,900 per month to qualify for a loan.
  • Some provinces are not serviced. You won’t be able to take out a loan if you live in Quebec, NWT, Yukon or Nunavut.
  • Other fees and charges. While it doesn’t list these charges on its website, it’s worth clarifying what charges you may incur during the lifetime of your loan, such as unsuccessful payment fees, late payment fees and cheque processing fees.

Am I eligible?

To be eligible for a ConsumerCapital Personal Loan, you’ll need the following:

  • Proof that you’re the age of majority in your province via government ID, such as your driver’s licence or passport
  • A valid Social Insurance Number
  • Proof of a regular source of income. You’ll need to make $1,900 per month. You’ll be required to submit documents like pay stubs and letters of employment to verify how much money you make
  • Must not be in a bankruptcy or consumer proposal
  • Must not live in Quebec, NWT, Yukon or Nunavut
  • A valid Canadian bank account and a void cheque. You can supply a void cheque or pre-authorized debit form to authorize deposits and withdrawals from your account
  • A valid email address, mailing address and phone number

Compare personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500

Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.

Compare up to 4 providers

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 do I apply?

You can apply for a ConsumerCapital Personal Loan on your desktop or mobile phone. The whole application process shouldn’t take more than 15 minutes to complete:

  1. Click the ‘Go to site’ button above to be securely redirected to the ConsumerCapital loan application.
  2. Fill out the information required in the “Let’s Get Approved” section, including the amount you’d like to borrow, the purpose of your loan, your full name, email address, date of birth and Social Insurance Number. Click “Continue” once you’ve completed those fields.
  3. On the next page, fill out your employment details, including your gross income, income frequency (weekly, fortnightly, monthly or annually), your employment status, your occupation, your employer’s name, your employer’s phone number, your employer’s city and province, and your years of service.
  4. On the other side of the page, complete the details about your address, years of living at this residence, and whether you own or rent this property along with your monthly housing payments.
  5. Click to agree to the terms and conditions, and click “Continue” to submit your application.
  6. After you’ve submitted your application, you should hear from ConsumerCapital within 1 business day. A customer service representative will contact you to help you with the next steps in your loan application.

Is ConsumerCapital legitimate?

It is. ConsumerCapital is a reputable loan provider that’s been in business since 2018. ConsumerCapital has an on-call team of customer service reps that can give you a hand with managing your loan via email ( and over the phone (1-866-592-6076).

ConsumerCapital is part of the CanCap Group, which also includes AutoCapital Canada and MerchantCapital Canada. It has well-established relationships with major Canadian financial institutions.

I got the ConsumerCapital Personal Loan, now what?

After your application is verified and approved, ConsumerCapital says it will ask borrowers to confirm their bank details to have their personal loan funds transferred over via direct deposit.

You’ll work with ConsumerCapital to determine your repayment plan, according to the terms you’ve agreed to – somewhere between 24 months and 5 years, depending on your loan amount. You can also set the repayment schedule to either fortnightly or monthly payments.

Keep in mind that your loan contract will outline the details of your loan terms, interest rates and repayment plan. You can make payments online, by calling 1-855-646-0535 or by arranging direct debit. However you decide to manage your loan, make sure you don’t make any late or missed payments. Doing so could hurt your credit score, making it harder for you to secure loans in the future.

Bottom line

ConsumerCapital is a reputable loan provider that offers unsecured loans with affordable repayments. It may be a great option to consider if you’ve been turned down by traditional lenders, such as banks or credit unions. Find out what you need to qualify and start your application today to get an estimate of how much you’re eligible to borrow.

As always, make sure you do some comparison shopping. Online lenders are plentiful in Canada, so you may find another option with lower interest rates or terms that better suit your needs. You can also consider the wider range of personal loan options available to you.

Frequently asked questions

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