Best online loans in Canada

We’ve compiled a list of some of the best online loans in Canada to help you find the best fit for your needs. Online loans are fast and convenient, but they can also come with steep interest rates, so be sure to explore your options. Use our personal loan calculator to help you see how much you can expect to pay each month.

Compare the best online loans in Canada

Finder Rating: ★★★★★ 4.6 / 5 Go to site Read review

Best for comparing loan options: LoanConnect Personal Loan

$100 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 120 months
Term

• Info
• Features
• Details

LoanConnect isn't a direct lender but a specialty online platform that you can use for free to find lenders and compare loan offers.

• Access loans from multiple lenders to do some comparison shopping before settling on your best option.
• Quick deposits within 24 hours of applying.
• Bad credit loans available.

• Limited options, with quotes solely from companies LoanConnect works with.
• Online only, so you won't have access to in-person assistance.
• Interest rates are high, up to 46.96% if your credit isn't in great shape.

Loan amount	$100 – $50,000
APR	6.99% – 46.96%
Term	3 - 120 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Origination Fee	0
Turnaround Time	Receive funds within as little as 24 hours.

Go to site Read review

Best payday loan: Cash Money Payday Loan

$100 – $1,500
Loan amount

5 – 40 days
Loan Term

15 minutes
Min. Turnaround Time

• Info
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Cash Money offers payday loans of up to $1,500, which you can apply for in-store, online and over the phone. Upon approval, your loan is transferred over to you within 15 minutes via e-Transfer. Payday loans are expensive and should only be a last resort. Consider all alternatives before taking out a payday loan.

• Receive a lending decision on the day of application.
• If approved, you can get your money in as little as 15 minutes.

• Fees of $15 to $21 for every $100 borrowed. That's an annual interest rate of 442%.
• Terms to the tune of up to 14 days &ndash
• your next payday, essentially.
• Unavailable in Alberta, Quebec, Newfoundland, PEI, Yukon, Nunavut and the Northwest Territories.

Loan amount	$100 – $1,500
APR	Varies by province
Term	5 - 40 days
Min. Turnaround time	As little as 15 minutes with INTERAC e-Transfer
How to apply	Online In Store
Credit Check	Yes

Finder Rating: ★★★★★ 4.5 / 5 Go to site Read review

Best for bad credit: Loans Canada Personal Loan

$300 – $50,000
Loan amount

5.4% – 46.96%
APR

4 - 60 months
Term

• Info
• Features
• Details

With Loans Canada, you'll be connected to a network of lenders able to qualify you for a loan even if you have bad credit. Loan decisions are based on factors like your income, so the state of your credit won't be as important.

• Match with bad credit lenders.
• Easy online application with a quick turnaround time on decisions.
• No collateral required to secure your loan.

• Interest rates can reach as high as 46.96%.
• No online quotes provided. You'll have to speak to customer support over the phone.

Loan amount	$300 – $50,000
APR	5.4% – 46.96%
Term	4 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Origination Fee	0
Turnaround Time	Receive funds within as little as 24 hours.

Finder Rating: ★★★★★ 4.1 / 5 Go to site Read review

Best for fair credit: SkyCap Financial Personal Loan

$500 – $15,000
Loan amount

19.99% – 39.99%
APR

9 - 60 months
Term

• Info
• Features
• Details

SkyCap Financial provides loans of up to $15,000 for borrowers with a credit score starting at 600. You don't need collateral or good credit to secure financing.

• Apply for up to $15,000 in one shot with terms of up to 5 years.
• You won't need to use your assets as collateral to secure your loan.

• You'll need to make over $3,333 per month to qualify.
• You'll be stuck with fees and charges for late, missed and NSF payments.

Loan amount	$500 – $15,000
APR	19.99% – 39.99%
Term	9 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	600
Fees	No fees except a $50 NSF fee
Origination Fee	N/A
Turnaround Time	24 hours

Best for good credit: Borrowell Personal Loan

$1,000 – $35,000
Loan amount

5.6% – 29.19%
APR

36 - 60 months
Term

• Info
• Features
• Details

Borrowell offers loans of up to $35,000 to Canadians with a credit score of at least 660 with interest rates that are as low as 5.6%. Part of applying for a Borrowell loan includes getting a free credit score check.

• High loan limits of up to $35,000 to cover a wide range of costs.
• Flexible loan terms ranging from 5 to 5 years.
• Loan calculator access to help you save on total interest paid.
• Unlimited early repayments at no additional cost.

• Interest rates can be as high as 29.19%.
• You must have a minimum credit score of 660.
• You must have a minimum yearly income of $20,000 before taxes..
• You must not have declared bankruptcy in your lifetime.
• You must have at least a 12-month credit history.

Loan amount	$1,000 – $35,000
APR	5.6% – 29.19%
Term	36 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	660
Fees	Origination fee: 1% - 5% of loan proceeds depending on credit score
Origination Fee	1% - 5% of loan proceeds depending on credit score
Turnaround Time	1-3 business days

Finder Rating: ★★★★★ 4.5 / 5 Go to site Read review

Best for debt consolidation: Mogo Personal Loan

$200 – $35,000
Loan amount

9.9% – 46.96%
APR

6 - 60 months
Term

• Info
• Features
• Details

Mogo offers loans starting at $200 up to $35,000 for a term of 6 months to 5 years. Mogo considers each application individually and bases rates on the province you reside in, your credit score and your credit history.

• Free credit score check when you sign up.
• Check loan options available to you before applying.
• Automatic repayments are mandatory for easy organization.

• Regional availability only.
• APRs can reach as high as 46.96% if you have bad credit.
• Non-sufficient funds fee of $20 to $50.

Loan amount	$200 – $35,000
APR	9.9% – 46.96%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	Non-sufficient funds fee of $20 to $50
Origination Fee	$0
Turnaround Time	Within 24 hours

Finder Rating: ★★★★★ 3.9 / 5 Read review

Best for repayment flexibility: Fairstone Unsecured Personal Loan

$500 – $25,000
Loan amount

26.99% – 39.99%
APR

6 - 60 months
Term

• Info
• Features
• Details

With free no-obligation online quotes that don't affect your credit score, you could be approved for a Fairstone unsecured loan for up to $25,000.

• Choose from bi-weekly, semi-monthly and monthly repayment plans.
• Set up automatic payments to come out of your bank account.
• No early repayment fees if you decide to pay off your loan before the loan term is up.

• Interest rates as high as 39.99%.
• Extra fees may be charged for secured loans.

Loan amount	$500 – $25,000
APR	26.99% – 39.99%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	525
Fees	No application, origination or prepayment fees
Origination Fee	None
Turnaround Time	Within 24 hours

Read review

Best for fast approval and funding: LendDirect Line of Credit

$100 – $15,000
Loan amount

19.99% – 46.93%
APR

No end dates
Term

• Info
• Features
• Details

LendDirect offers a fast turnaround time for approvals, usually within less than an hour. Once your application is approved, you'll receive your funds via Interac e-Transfer within 15 minutes.

• Funds released within 15 minutes of application approval via e-Transfer.
• Automatic repayments can be set up.

• Interest rates could be as steep as 46.93%.
• Cannot use government assistance as income.

Loan amount	$100 – $15,000
APR	19.99% – 46.93%
Term	No end dates
Interest Rate Type	Fixed
Min. Credit Score	560
Fees	Late payment fees
Origination Fee	$0
Turnaround Time	Within 2 hours with INTERAC e-Transfer®

Read review

Best for secured (home equity) loans: Easyfinancial Secured Loan

$15,000 – $100,000
Loan amount

9.99% – 29.99%
APR

72 - 240 months
Term

• Info
• Features
• Details

easyfinancial provides secured loans worth up to $100,000 if you use your home equity as collateral.

• Easy, secure online application with a quick approval process.
• Loan amount of up to $100,000.
• Flexibility in loan terms and repayment options to suit your needs.

• You're using your home as collateral.
• Potential for interest rates as high as 46.96% if you don't have the best credit score.
• Potential for additional charges for NSF, late or missed payment fees.

Loan amount	$15,000 – $100,000
APR	9.99% – 29.99%
Term	72 - 240 months
Interest Rate Type	Fixed
Fees	N/A
Turnaround Time	Within 48 hours

How to use this personal loan payment calculator

1. Enter the amount you want to borrow under Loan amount.more info button
2. Write the loan term in years (not months) under Loan terms.more info button
3. Enter the loan’s interest rate if there are no fees under Interest rate.more info button Otherwise, write the annual percentage rate (APR), which includes interest and fees.
4. Hit Calculate.
5. Review your results.

In addition to the monthly payment, our personal loan repayments calculator also tells you how much you’ll pay back on the principal and the total interest you’ll pay. This total interest includes fees if you use your loan’s APR instead of its interest rate.

• Principal. The amount that you currently owe from the money you borrow. Your loan principal is the same as your loan amount when you first take out your loan, and it decreases every time you make a payment.
• Monthly payment. The amount of money you’re required to pay on your loan each month. Part of your monthly payment goes toward interest and the rest goes toward your principal.

What do I need to apply for online loans?

While eligibility criteria will vary depending on the online lender, the basic application requirements include the following:

• Be 18 years of age or the age of majority in your province or territory
• Be a Canadian citizen or a permanent resident with a valid Canadian address
• Have a bank account
• Meet any credit score requirements
• Meet any income requirements and have proof of income

How do I get online loans fast?

You can get approved for online loans fast by ensuring your application is correct on the first go. This will ensure the lender won’t hold up your application until you provide further information. Follow these steps for a successful application to get approved for online loans quickly:

1. Check your credit score. Find out your credit score before you start applying for loans to determine which ones you might be eligible for so you don’t waste your time with unnecessary applications.
2. Check eligibility requirements. From minimum income thresholds to provinces serviced by the lender, make sure you fit the eligibility criteria.
3. Compare all options available to you. Look into all options available to people with your credit score and income. You may want to use a personal loan broker to compare multiple loan providers at one time.
4. Get your documents ready. Have PDFs of bank statements, pay stubs and government-issued ID ready to go before you apply. This will speed up the process and make it easier for you to prove that you meet eligibility requirements.

How do I receive my funds?

You’ll have 2 options to receive your funds if you’re applying for an online loan:

• Interac e-Transfer. With Interac e-Transfer, you’ll receive an email from your lender that will include a link to direct you to the money transfer. Most lenders send e-Transfers within minutes after signing off on your loan and you can deposit funds immediately.
• Direct deposit. Direct deposits are automatically deposited straight into your bank account with the account information (chequing account number, routing number and institution number) that you provided on your application. It can take a full business day for the funds to appear in your account.

How do I compare online loans?

To help you narrow your scope, consider these factors when choosing an online loan:

• Loan amount. Some personal loan lenders provide online loans that cap out at $5,000, while others provide much more to the tune of $20,000 or more.
• Interest rate. Rates for online personal loans can run as low as 1.90% right up to around 47%, depending on your credit score and other factors your lender may take into account.
• Loan term. You could decide to take out a loan ranging from 6 months to 5 years if you’re getting an online personal loan.
• Unsecured or secured loans. If you have home equity you’d like to use to lower your credit score, focus only on secured loans.
• Any extra fees and charges. From origination fees to prepayment penalties, some lenders may have extra charges tacked onto your loan.
• Credit score. If you have fair credit or bad credit, you’ll need to zero in on lenders that accept your credit situation.

Are online loans safe?

They are as long as you’re working with a legitimate and reputable lender. Before signing an online loan contract or payday loan, make sure to do the following:

• Compare multiple loan providers. You may be able to spot red flags when you look at multiple loan websites and draw comparisons between them. Become familiar with personal loan scams and payday loan scams.
• Look at reviews online. Negative information (or even the lack of information) online can point to a loan scam. The Better Business Bureau and Trustpilot are also great sources to verify a lender’s legitimacy.
• Read over your loan contract. Check for excessive interest charges, extra fees and penalties and any other charges you didn’t agree to before you take a loan offer.
• Understand the laws governing payday loans in your province. Knowing payday regulation laws in Canada will help you gauge whether a payday loan operator is legitimate or simply trying to scam you.
• Check the payday lender’s licence. Legitimate payday lenders will prominently display their licences in the provinces they operate in on their websites.

Online payday loans vs personal loans

Payday loans are notorious because of their excessive fees and quick repayment terms of no more than 62 days. If you’re on the fence about which type of loan to apply for, here’s how the 2 stack up against each other:

Compare the best online personal loans now

Frequently asked questions

• Do I need to be employed to get an online loan?

  It depends on the lender you decide to use. Some lenders prefer that you’ve been employed for at least 3 months, while others allow other forms of income, including government benefits, pension and social assistance. Check the lender’s requirements before proceeding.

• Can I get an online loan with no credit check?

  Most online lenders will run a credit check before qualifying you for a loan and determining your interest rate, even if you’re applying for a bad credit loan. With a strong credit score, you’ll secure loans at a more favourable interest rate. If you have a low credit score, you may have to compensate with proof of a stable source of income and paying higher interest rates to offset the risk lenders are taking with lending you money.

  If you find a legitimate lender that does no credit checks, be prepared for steep interest rates because it will assume you have a bad credit history.