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Loans Canada review: Get matched with lenders

Apply for a loan through this reputable broker that has the largest lender network in Canada.

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Our verdict

Loans Canada matches you with multiple lenders through just one application. It has financing options for all credit scores.

Best for: People who want alternatives to banks and credit unions

  • Options for good and bad credit
  • Rates start at 5.4%
  • Get your lender matches fast
  • Not a direct lender
  • High rates for bad credit
  • Watch out for scammers posing as Loans Canada


Finder rating

Loan Amount

$300 - $50,000

Loan Term

4 - 60 months

Interest Rate

5.4% - 46.96%


Loans Canada Personal Loan

Learn more on Loans Canada's secure site

What is Loans Canada?

Loans Canada is a specialty online platform that you can use for free to find lenders. When you apply to Loans Canada, it will use your information to match you with lenders for your situation. This is especially helpful if your current circumstances limit 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 may 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?

Yes, Loans Canada is a legit loan broker platform. 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. It 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 term4 - 60 months
Interest rate5.4% - 46.96%
FeesNo application, origination or brokerage fees
Serviced provinces and territoriesAll of Canada
Basic eligibility requirementsMinimum credit score of 300

Go to site

Who is Loans Canada for?

Loans Canada works with over 60 lenders to help people of all credit scores to find a loan. It has low interest loan options for people with credit scores above 660 and fair or bad credit loan options for those with credit scores below 660. You can apply to Loans Canada if you want to compare offers from multiple lenders to find the best loan for your needs.

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 may be required. While you can find out who your matches are without affecting your credit score, some of your matches may run credit check. You’ll need to withdraw your consent if you don’t want a credit check.

Summary of Loans Canada reviews

Many people have commented through Loans Canada reviews that it 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 Loans Canada reviews about high interest rates and fraud. Watch out for scammers pretending to be Loans Canada.

BBB accreditedYes
BBB ratingA+
Google rating4.3 out of 5 stars, based on 81 Loans Canada reviews
Trustpilot scoreNot available
Customer reviews verified as ofFebruary 18, 2023

How Loans Canada compares to similar providers

FeatureLoans Canada

Loans Canada



Loan amount$300 – $50,000$100 – $50,000
Loan term4 - 60 months3 - 120 months
Interest rate5.4% - 46.96%6.99% - 46.96%
FeesNo application, origination or brokerage feesNo application, origination or brokerage fees
Serviced provinces and territoriesAll of CanadaAll provinces
Basic eligibility requirementsMinimum credit score of 300Minimum credit score of 300
Go to Loans Canada siteGo to LoanConnect site

Types of loans available through Loans Canada

Loans Canada offers the following types of personal loans:

  • Unsecured personal loans. With an unsecured personal 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 only after you make all your loan 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

Am I eligible for financing through Loans Canada?

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 with Loans Canada?

If you want to apply for a loan with Loans Canada, click the green “Go to site” button to be securely redirected to Loan Canada's website where you can 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.

Loans Canada application step 1

Step 2: Choose the loan purpose.

Loans Canada application step 2

Step 3: State your credit score

Loans Canada application step 3

Loans Canada’s application has around 11 steps to complete.

I got a loan through Loans Canada. Now what?

Once you’ve signed the contract with the lender you choose and you’ve received your money, you’ll start to repay your loan. You’ll make repayments to 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.

Warning iconLoans Canada impersonation scams

Since Loans Canada is such a well-known company, unfortunately, many fraudsters have tried to use its brand name in scams. Loans Canada has a full breakdown of the names and types of scams to watch out for on its website.

Generally speaking, if you get a “legal notice” or “arrest warrant” that claims to be from Loans Canada, it’s likely a scammer. Loans Canada claims that it will never send its customers a legal notice. A loan company also cannot threaten you with arrest.

If you receive any of these scam notices, don’t engage with them or give them any personal information. Instead, report the scam to the Canadian Anti-Fraud Centre.

Bottom line

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.

Loans Canada is a strong option for finding the right loan for your financial situation. However, you may want to avoid applying if you don’t want your personal information to be shared with a multiple third-party direct lenders.

Compare personal loans from brokers and direct lenders

1 - 6 of 6
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
5.4% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
Spring Financial Personal Loan
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
SkyCap Financial Personal Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560

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 about Loans Canada

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