Loans Canada Personal Loan Review
Apply for a personal loan with this reputable lending platform.
Loans Canada is an online broker with the largest lender network in Canada. Get matched for free with lenders through 1 quick application regardless of your financial situation.
Secured from 2.00%, Unsecured from 8.00% to 46.96%
Max. Loan Amount
Min. Credit Score
Do you need to borrow money but don’t know which lender is right for you? Loans Canada will help connect you with a number of different personal loan options using its specialized platform.
- Apply for a Loans Canada Personal Loan if you want to find out what your choices are in lenders and which loans you’re eligible for.
- Do not apply for a Loans Canada Personal Loan if you don’t want your information to be shared with third-party lenders. Loans Canada does not give out loans directly.
- Keep in mind that Loans Canada and its partners will never require you to pay an upfront fee, deposit or insurance payments.
What makes Loans Canada Personal Loans unique?
Loans Canada isn’t a direct lender but a specialty online platform that you can use for free to find lenders. When you apply for a Loans Canada personal loan by providing your personal and financial information, Loans Canada will use this information to match you with the best lenders for your particular 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 lender partners that can help borrowers who would be turned away by banks or credit unions.
You can complete Loans Canada’s application in less than 5 minutes and get approval within 24 to 48 hours. All in all, you can get a personal loan within 1 to 3 business days, which is typically faster than banks or credit unions.
What are Loans Canada Personal Loans?
With a Loans Canada Personal Loan, you can apply for amounts between $300 and $50,000. Your interest rate will vary based on factors such as your credit score, how much you plan to borrow, and whether the loan is secured (with collateral) or unsecured (no collateral). Interest rates range from 2.00% to 46.96%. Loan terms range from 3 - 60 months.
Types of loans available through Loans Canada
See the types of personal loans that Loans Canada’s partners offer, plus other types of loans.
What are the benefits of a Loans Canada Personal Loan?
- Largest lender network in Canada. Browse a selection of lenders that can potentially finance you.
- Easy application. The application takes less than 5 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 states 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 affiliated with.
- Credit checks are required. You’ll be required to submit to a credit check to qualify for a Loans Canada Personal Loan.
Am I eligible?
Your eligibility may depend on the state of your credit and whether any lender on the Loans Canada docket is willing to finance you. That said, you’ll usually be matched with at least 1 or 2 lenders who will accept your application and want to proceed with the loan. To get approved, you’ll need to show that you’re a Canadian citizen or resident and that you make enough money each month to repay your loan on time.
It will also help your situation if you have a decent credit score, though this isn’t a requirement. You should just be aware that you’ll pay much higher interest rates for any loan you take out if you have bad credit. This will definitely apply in cases where you’ve recently claimed bankruptcy or are struggling with a consumer proposal.
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.
How do I apply?
If you want to apply for a loan with Loans Canada, click the green “Go to site” button above to be securely redirected to fill in an online application. You’ll need to submit a personal and financial information such as your name, phone number, address, occupation and monthly income. You’ll also be required to approve Loans Canada Personal Loan to do a credit check on your account.
Once you’ve submitted your application with details about how much you want to borrow, you’ll typically be contacted by any 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).
I got the loan. Now what?
Once you’ve signed the contract with the lender you choose and 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.