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ConsumerCapital Canada review

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

ConsumerCapital Canada is an online lender that provides a quick and easy-to-complete application process and a fast turnaround on loan application decisions. ConsumerCapital personal loans don’t require collateral and are available Canada-wide (excluding Quebec, Yukon, Northwest Territories, Nunavut).

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19.99% - 34.99%

Interest Rate


Max. Loan Amount


Min. Credit Score

ConsumerCapital Canada loans at a glance

  • Apply entirely online
  • Access funds within 24 to 48 hours
  • Loans don’t require collateral
  • High interest rates
  • Not available in Quebec, NWT, Yukon or Nunavut

    What is ConsumerCapital?

    ConsumerCapital is an alternative personal loan provider that’s been in business since 2018. While its physical headquarters are based in Toronto, Ontario, the company operates entirely online. Its strengths lie in its overall loan experience for borrowers. You can count on a seamless process to get 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 also unsecured, so you don’t need to provide collateral.

    Is ConsumerCapital legitimate?

    Yes, ConsumerCapital Canada is a legit finance company registered with the Canadian Lenders Association. It is a subsidiary of CanCap Group, which also includes AutoCapital Canada and MerchantCapital Canada. It has well-established relationships with major Canadian financial institutions. You can reach ConsumerCapital‘s on-call team of customer service reps if you need a hand managing your loan via email and over the phone.

    ConsumerCapital Personal Loan features

    Loan amount$500 – $12,500
    Loan typeUnsecured
    Loan term24 - 60 months
    Interest rate19.99% - 34.99%
    Fees$75 origination fee
    No application or prepayment fees

    Potential late or missed payment fee

    Serviced provincesCanada-wide (excluding Quebec, Yukon, Northwest Territories, Nunavut)
    Basic eligibility criteriaMin. income of $1,900 /month, 6+ months employed, no payday loan debt, min. credit score 600

    What we like about ConsumerCapital Personal Loans

    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 $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.

    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. When you apply for a ConsumerCapital Personal Loan, you’ll be charged a $75 origination fee. ConsumerCapital does not charge any other application fees or prepayment penalties.

    Summary of ConsumerCapital Personal Loan reviews

    Reviews from people who have gotten a ConsumerCapital Personal Loan generally praise the site for its convenient application and fast turnaround time. However, a large number of reviewers express their frustration at not being able to get in contact with ConsumerCapital‘s customer service team via phone or chat when they need to.

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    Am I eligible for a ConsumerCapital Personal Loan?

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

    • Minimum credit score of 600
    • 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 have payday loan debt
    • 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

    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. Go ConsumerCapital‘s website.
    2. Click the “Start My Loan Application” button.
    3. 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, phone number and date of birth. Click “Continue” once you’ve completed those fields.
    4. 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.
    5. 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.
    6. Click to agree to the terms and conditions, and click “Continue” to submit your application.
    7. 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.

    Preview of the ConsumerCapital application

    The application is very easy to fill out. You’ll need to answer around questions about your personal and financial situation, employment details and where you live. Below is a preview of their user-friendly application.

    What can you use a ConsumerCapital Personal Loan for?

    Like most personal loans, there are very little restrictions on what you can use your loan funds towards. When applying for a ConsumerCapital Personal Loan, you’ll be asked what the purpose of the loan is and you’ll be able to choose from one of the following options:

    • Debt consolidation
    • Vacation
    • Home improvement
    • Maintenance/repairs
    • Establish/rebuild credit
    • Investment
    • Education
    • Wedding/events
    • Medical expenses
    • Unexpected travel
    • Moving
    • Other

    How much does a loan with ConsumerCapital cost?

    Your interest rates will vary depending on factors like your credit score and the term of your loan. That said, you can expect to pay a minimum of 19.99% interest on your loan up to a maximum rate of 34.99%.

    So let’s say you get $5,000 personal loan from ConsumerCapital, and you’re approved for a 34.99% rate on a 2 year (24 month) loan term. In that example, your monthly payment would be $292.57. You would end up paying back $7,021.60 in total, which includes $2,021.60 paid towards interest alone.

    Calculate your ConsumerCapital personal loan monthly payment

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    Bottom line

    ConsumerCapital is a reputable personal loan provider that’s a great option to consider if you’ve been turned down by traditional lenders, such as banks or credit unions. It offers relatively high interest rates though, so make sure you do some comparison shopping before deciding on ConsumerCapital to make sure you’re getting the best rate for you situation. Also be aware that the company has received some negative reviews for its unresponsive customer service.

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    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.

    Frequently asked questions

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