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Personal loans in Ottawa

Get a personal loan whether you have good or bad credit.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500

Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.

Compare up to 4 providers

If you need access to money in a pinch, a personal loan offers quick funding for amounts between $500 and $50,000 (and sometimes higher). But before applying for a personal loan, you’ll need to shop around to find the best deal for your needs. We’ve designed this guide to help you navigate the ins and outs of personal loans in Ottawa, so that you have as much information as possible before you sign on the dotted line.

Personal loans are legal in Ottawa, and lenders can legally charge an interest rate up to 60%. Ontario law requires all lenders be licensed in the province and comply with federal and provincial regulations governing personal loans.

Here’s the basic facts about personal loans in Ottawa:

  • Typical Term: 6 – 60 months
  • Amount borrowed: $500 – $50,000
  • Interest rate: 6% to 47%
  • Maximum interest: 60%
  • Types of loans: Secured or unsecured; fixed rate or variable rate

Types of personal loans

  • Secured. Secured loans involve some sort of collateral, such as your investments or house, that acts as insurance to your lender in case you default. They are a common way to get approved for a personal loan, especially if you want to borrow a large amount.
  • Unsecured. Unsecured loans don’t require any collateral and come with higher interest rates than secured loans since the lender is taking on more risk.
  • Fixed rate. If you prefer a predictable repayment plan, fixed-rate personal loans will lock in your interest rate at the beginning of your loan term, and your payments will stay consistent.
  • Variable rate. With this loan, your interest rate will shift with the markets, which impacts your monthly repayments.

Where to get personal loans in Ottawa

Here’s a breakdown of the different types of lenders.

What fees can I expect with a personal loan in Ottawa?

Lenders in Ottawa are prohibited from charging more than the federal maximum limit of 60% interest on personal loans. Payday loans are also regulated, and charges must fall at or below $15 in fees for every $100 borrowed.

Most lenders charge well below the federal maximum of 60% to stay competitive. Banks and credit unions typically charge as low as 6% to 12% on loans, while online lenders tend to charge anywhere from 10% to 47%.

    Comparing providers

    Interest rates depend on your credit history as well as what type of loan you’re taking out (secured or unsecured) and the type of lender you borrow from. The example below illustrates the overall cost of a $5,000 loan over a 36-month term with four different providers.

    LenderInterest rateMonthly amountTotal cost
    Credit union7.84%$156.31$5,627.27
    Online lender19.99%$185.79$6,688.53
    Peer-to-peer lender9.5%$160.16$5,765.93

    In this example, a credit union is the least expensive option. This is why it pays to compare a number of different options before settling on a provider.

    FlexMoney Personal Loan

    FlexMoney Personal Loan


    18.9 %APR


    • Same day funding
    • Quick online application
    • Pay off loan anytime

    FlexMoney Personal Loan

    Apply online in less than 10 minutes. If approved, receive funds in as little as 24 hours. Pay off your loan at any time.

    • APR: 18.90% - 46.93%
    • Loan amount: $500 - $15,000
    • Loan term: 6 - 60 months
    • Fees: No application, origination or prepayment fees
    • Min. credit score: 500
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    How to choose the right personal loan

    With so many options, how do you decide which loan to get? Here are some questions to ask yourself.

    How can I apply for a personal loan?

    You can typically apply for a personal loan either in person or online. If you decide to borrow online, you can submit an application in as little as 5 minutes, and may be approved almost instantly. Applying at a physical location may take a little longer. Before applying, be sure you meet the eligibility requirements and gather the necessary documents.

    How can a personal loan in Ottawa benefit me?

    Canadians use personal loans to cover a host of unforeseen or large expenses, including home renovations and car repairs. Some also use personal loans to consolidate high-interest debts at a lower rate. In addition, personal loans are frequently used to help borrowers build their credit scores, particularly if the lender reports on-time payments to the credit bureaus.

    If you want to take out a personal loan, only borrow as much as you’ll be able to repay in full by the deadline. You should always try to make your payments on time to avoid additional charges and fees and make sure to communicate with your lender if you’re having difficulty making your payments. If you default, your loan will be sent to collections and you may receive a negative mark on your credit score which can stay there for up to 7 years.

    How can I tell if a lender in Ottawa is legit?

    There are some tell-tale signs you can look for to make sure a lender is licensed and allowed to operate in Ontario:

    • The lender displays an Ontario licence number. Private lenders should be licensed by the province and display their license number online and at all on-site locations.
    • It provides contracts in the language you speak with your lender. Your lender should only provide contracts in a language that you speak fluently. If you communicate in French, the contract will need to be in French.
    • It follows rate and fee regulations. Stay away from lenders who charge more than 60% interest on loans, and be sure to compare 3 to 4 providers to find the best deal.

      Watch out for unlicensed lenders

      Taking out a personal loan can be an excellent solution to a short-term financial problem, but it’s important to be aware of the risks associated with borrowing from unlicensed lenders:

      • Illegally high interest rates or fees. If you’re being charged more than 60% interest on your personal loan, then it’s likely you’re dealing with an unlicensed or predatory lender. Check with Consumer Protection Ontario to make sure your lender is licensed to operate in the province.
      • Identity theft. Be wary of lenders that ask for excessive personal information or seem a little off for whatever reason. Many unlicensed and online lenders have been known to steal customers’ personal information to sell to third parties, which could potentially lead to identity theft or a hacked bank account.
      • Funds taken from your bank account without your permission. Lenders that don’t play by the rules are more likely to break provincial and federal laws, including withdrawing money from borrower’s bank accounts if they’re unable to make repayments.

      Unlicensed lenders can operate out of the province or even outside of Canada, making it difficult for Ontario to prosecute them. That’s why it’s so important to make sure your lender is licensed to operate in Ottawa before you borrow.

      Sample Loan Agreement

      The following information should be included in any loan agreement. Read over the agreement thoroughly to be sure you’re working with a reputable lender.

      How to file a complaint against a lender

      If you want to file a complaint against a lender, you can send a preliminary letter of complaint to the business. If they fail to respond, you can contact Consumer Protection Ontario, who will act on your behalf to contact the lender. If Consumer Protection Ontario finds that your lender violated provincial law, it could take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.

      Personal loan alternatives in Ottawa

      If you’re feeling overwhelmed with unexpected expenses and can’t seem to get your head above water, a personal loan might not be the right option for you. Check out some of these low-cost alternatives before you head to your nearest lender.

      Ottawa assistance programs

      Ontario has some programs that can help lower the costs of everyday expenses for some residents and newcomers who are struggling to make ends meet.

      • Child benefit provides low-income families with financial assistance to cover expenses like medical bills, food, rent and utility bills.
      • Ontario Works can provide you with money and help you find a job during temporary financial difficulties.
      • Resettlement Assistance Program provides financial assistance to refugees and protected persons for accommodations, essential clothing, household effects and living expenses.
      • Income Assistance Program provides funding to First Nation communities to help their eligible members meet basic needs, such as food, clothing and shelter.
      • Disability Income Support helps people with disabilities who are in financial need pay for living expenses, like food and housing.

      Credit counselling

      If you’re caught in a cycle of debt and can’t seem to keep your head above water, then you might like to consider a credit counselling program. These not-for-profit programs are designed to help low-income residents stay afloat, while helping to manage and consolidate their debts.

      Bottom line

      If you find yourself in need of a personal loan, compare different lenders to find the best deal. Be wary of unlicensed lenders and know your rights before you accept the conditions of your loan. If you don’t think you can afford the repayments, consider a different financing option. Compare personal loans in Ottawa.

      Have more questions about personal loans?

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