Loans Canada review: Get matched with lenders
Apply for a loan through this reputable broker who has the largest lender network in Canada.
Loans Canada offers loans for all types of borrowers, including people with fair or bad credit. You fill out 1 online application in less than 10 minutes to get matched with lenders that are open to financing you. It takes 1 to 3 business days to get a loan. The platform is free to use.
Secured from 2.00%, Unsecured from 8.00% to 46.96%
Max. Loan Amount
Min. Credit Score
Loans Canada at a glance
- Options for good and bad credit
- Rates start at 2%
- Get your matches fast
- Not a direct lender
- High rates for bad credit
- Watch out for scammers posing as Loans Canada
What is Loans Canada?
Loans Canada is specialty online platform that you can use for free to find lenders. When you apply to Loans Canada by providing your personal and financial information, Loans Canada will use this information to match you with lenders for your situation. This is especially helpful if your current financial situation limits your options – for example, if you have bad credit or have experienced bankruptcy in the past. Loans Canada has partners that can work with borrowers who do not qualify for a bank or credit union loan.
You can complete Loans Canada’s application in less than 10 minutes and get approval from a direct lender within 24 to 48 hours. All in all, you can get a personal loan within 1 to 3 business days, which is faster than applying to banks or credit unions.
Is Loans Canada legit?
It is. Operating since 2012, Loans Canada is a member of the Canadian Lenders Association and is accredited by the Better Business Bureau with an A+ rating. Loans Canada has been mentioned in CBC News, Toronto Star and Financial Post.
Watch out for scammers posing as Loans Canada. Never give out your bank account login information, and do not respond to unsolicited emails with an attractive loan offer and claims that there are no upfront fees.
Loans Canada personal loan features
|Loan amount||$300 – $50,000|
|Loan term||3 - 60 months|
|Interest rate||Secured from 2.00%, Unsecured from 8.00% to 46.96%|
|Fees||No application, origination or brokerage fees|
|Serviced provinces and territories||All of Canada|
|Basic eligibility requirements||Minimum credit score of 300|
|Website||Go to site|
Types of loans available through Loans Canada
See the types of personal loans that Loans Canada’s partners offer, plus other types of loans.
- Unsecured personal loans. With this loan, you do not need to put up any collateral.
- Credit builder loan. As the name suggests, this is a loan to rebuild your credit score. With this loan, you receive your money after you make all your payments.
- Cosigned loan. This loan involves a guarantor who will sign the loan with you. If you default on the payments, the guarantor is on the hook to pay them on your behalf.
- Home equity loan. Use your home as collateral to secure lower interest rates.
- Debt consolidation loan. Combine your existing unsecured debts into 1 loan with a lower interest rate.
- Vehicle title loan. Use your car as collateral to get a loan. You can continue to use the car, but if you fail to make payments, the lender can repossess it. Your car must be paid off.
Other types of loans
- Business loans. Loans Canada’s network includes business loan lenders. Learn more about Loans Canada business loans.
- Car loans. Loans Canada also has partners in car loans. Learn more about Loans Canada car loans.
What we like about Loans Canada
- Largest lender network in Canada. Browse a selection of lenders that can potentially finance you.
- Easy application. The application takes less than 10 minutes and only asks basic personal and financial information.
- Quick approval and funding. You’ll get access to your cash within 1 to 3 business days from the time that you apply.
- More choice. Loans Canada works with multiple lenders to give you as many options as possible so that you can find the best loan for your personal situation.
- Free service. There’s no fee to use Loan Canada’s service since it receives a commission from the lender you sign up with directly.
- High loan amounts. You can apply for up to $50,000.
- No collateral required. There are options for unsecured loans, so you won’t need to put up any collateral such as your 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. The same applies if you have limited or no credit history.
- Confidential and no obligation. All consultations with Loans Canada are confidential, and you are under no obligation to proceed with a loan.
- Security. Loans Canada says that your data is protected and your connection encrypted.
What to watch out for
- High interest rates for bad credit. The interest rates you’ll pay can reach as high as 46.96% APR if you have poor credit, which means your loan may cost more than what you would pay with your credit card.
- Personal information required. You’ll be required to input sensitive information online that will be forwarded to the third-party lenders you match with.
- No online quotes. You’ll have to speak to a customer service representative over the phone to find out what rates you qualify for.
- Quotes come from affiliated providers. You’ll only get quotes from companies that Loans Canada is partnered with.
- Credit checks are required. You’ll be required to submit to a credit check to qualify for a Loans Canada Personal Loan.
Summary of Loans Canada reviews
Many people have commented that Loans Canada is easy to use and fast, and those with less-than-perfect credit were able to get a loan. However, there have also been some comments about high interest rates and fraud. Watch out for scammers pretending to be Loans Canada.
|Google rating||4.3 out of 5 stars, based on 82 Loans Canada reviews|
|Trustpilot score||Not available|
|Customer reviews verified as of||May 17, 2022|
How Loans Canada compares to similar providers
|Loan amount||$300 – $50,000||$500 – $50,000|
|Loan term||3 - 60 months||3 - 120 months|
|Interest rate||Secured from 2.00%, Unsecured from 8.00% to 46.96%||Secured from 1.90%, Unsecured 6.99%-46.96%|
|Fees||No application, origination or brokerage fees||No application, origination or brokerage fees|
|Serviced provinces and territories||All of Canada||All provinces.|
|Basic eligibility requirements||Minimum credit score of 300||Minimum credit score of 300|
|Go to Loans Canada site||Go to LoanConnect site|
Who are Loans Canada’s personal loan partners?
Loans Canada has many lenders in its database for personal loans, including:
- Refresh Financial
- Symple Loans
- SkyCap Financial
Am I eligible?
Since Loans Canada is partnered with many types of lenders, it only has basic eligibility requirements:
- Be a Canadian citizen or resident
- Be the age of majority in your province
- Have a minimum credit score of 300
- Have an income
What will increase my chances of approval if I have bad credit?
To increase your chances of getting approved for a personal loan by one of Loans Canada’s partners, you’ll need to show you’ve had no recent NSF transactions in your bank account, show no recent payday loan debt and demonstrate you have enough monthly income to take on more debt.
How do I apply?
If you want to apply for a loan with Loans Canada, click the green “Go to site” button to be securely redirected to fill in an online application. You’ll need to submit personal and financial information such as your name, phone number, address, occupation and monthly income. You’ll also be required to consent to a credit check.
Once you’ve submitted your application with details about how much you want to borrow, you’ll be contacted by the lenders you match with to discuss your prospective loan in more detail. From there, the lender you choose will coordinate with you directly and you will no longer need to deal with Loans Canada. Your lender may ask you to submit documents to prove the information you provided, such as a government-issued ID (e.g. driver’s licence, passport) and proof of income (e.g. bank statements, pay stubs).
Preview of Loans Canada’s application
Step 1: Enter desired loan amount.
Step 2: Choose the loan purpose.
Step 3: State your credit score
Loans Canada’s application has around 11 steps to complete.
I got the loan. Now what?
Once you’ve signed the contract with the lender you choose and you’ve received your funds, you’ll start to repay your loan. You’ll need to repay the lender rather than Loans Canada directly. You’ll usually have to sign up for automatic withdrawals from your bank account to begin to repay your loan.
Loans Canada provides a user-friendly platform that lets you compare multiple lenders all in 1 place. You can apply with good or bad credit and get approved on the same day or next day in many cases. From there, it will take about 1 business day to get the money deposited into your account.
Compare personal loans
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.