If you need a personal loan to cover a major expense, you have many options in Canada. Banks and credit unions are solid choices when you have good credit, but they’re not your only option. If you have bad credit, traditional lenders might be out of reach, but there are many alternative lenders in Canada that are more lenient with their requirements.
In this guide, we cover the top personal loans in Canada for various financial situations. Compare lenders to find the best rates and terms for your needs.
$500 – $50,000
Loan Amount
8.99% – 35%
APR
4 - 60 months
Term
Loans Canada is a free loan search platform based in Toronto, Ontario. It has a large network of lenders for all types of borrowers. If you've been denied a personal loan by a bank or credit union or simply want to compare offers to find the best for you, Loans Canada is worth considering.
Time saver. Loans Canada works with over 60 partners. It'll use your application to connect you with lenders that best match your profile, which saves you time and effort.
Partnered with lenders for prime and non-prime borrowers. Loans Canada is partnered with a large network of lenders to let you borrow funds with good or bad credit. Just be aware that rates for bad credit are less favourable.
Established and reputable. Loans Canada has been featured in the news, such as CBC News, the Toronto Star and the Financial Post. It is a member of the Canadian Lenders Association.
Apply online by providing your name, contact and employment details. Get your loan offers right after.
| Loan Amount | $500 – $50,000 |
|---|---|
| APR Range | 8.99% – 35% |
| Loan Term | 4 - 60 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | Receive funds in as little as 24 hours. |
| Min. Credit Score | 300 |
| Fees | No application, origination or brokerage fees |
| Requirements | Canadian resident, age of majority in your province of residence |
$500 – $60,000
Loan Amount
8.99% – 35%
APR
3 - 120 months
Term
LoanConnect is an online loan search platform founded in 2016. It's based in London, Ontario, and is a member of the Canadian Lenders Association. Whether your finances are strong or you could use some leniency from a lender, LoanConnect can match you with offers for free.
Provides simple pre-approval and funding. LoanConnect's application is easy to fill out and you'll get your results afterwards. Get funded as soon as the same day.
Low starting rates. Rates start at 8.99%, which is competitive. But you'll pay much higher interest when applying with bad credit.
Increases your odds of getting a loan. By filling out just one application, LoanConnect will match you with realistic loan options.
Fill out an online application by providing your name, contact and employment details. Compare your offers after you submit.
| Loan Amount | $500 – $60,000 |
|---|---|
| APR Range | 8.99% – 35% |
| Loan Term | 3 - 120 months |
| Serviced Provinces/Territories | All provinces |
| Turnaround Time | Receive funds in as little as 24 hours. |
| Min. Credit Score | 300 |
| Fees | No application, origination or brokerage fees |
| Requirements | Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income |
$5,000 – $50,000
Loan Amount
6.2% – 19.7%
APR
12 - 120 months
Term
Innovation Credit Union offers flexible personal loans with competitive rates and customized terms to fit your budget. As a member-owned institution, it prioritizes your financial well-being with transparent lending and local service you can trust.
Personalized service. Enjoy better, more personalized service than what you'd get from a big bank.
Available nationwide. Unlike many credit unions, Innovation's personal loans are available in most provinces, excluding Quebec.
Convenient online application. There's no need to visit a branch. Apply online and get approval in one business day.
Head over to Innovation's online application. Provide your personal information, including your Social Insurance Number. Pay a $5 membership fee.
| Loan Amount | $5,000 – $50,000 |
|---|---|
| APR Range | 6.2% – 19.7% |
| Loan Term | 12 - 120 months |
| Serviced Provinces/Territories | All provinces (excluding Quebec) |
| Turnaround Time | Approval in one business day |
| Fees | $5 membership fee |
| Requirements | 18 years of age and a Canadian resident |
$1,000 – $50,000
Loan Amount
14.9% – 35%
APR
24 - 120 months
Term
AAR Financial specializes in helping borrowers access personal loans quickly, even with less-than-perfect credit. With a focus on flexible repayment options and fast approvals, they make borrowing more accessible for people who may not qualify with banks.
High approval rate. AAR Financial claims to have a 99% approval rate. It's possible to get approved even if you have fair or bad credit.
Secured and unsecured options. You can get a personal loan without collateral, or you can use your home equity to secure a lower interest rate and boost your odds of approval.
Prequalify online. Fill out an application online within minutes and get a quote without affecting your credit score.
Fill out a quick application with your personal information, such as your name, address and job details. You can apply with a cosigner to increase your chance of approval.
| Loan Amount | $1,000 – $50,000 |
|---|---|
| APR Range | 14.9% – 35% |
| Loan Term | 24 - 120 months |
| Serviced Provinces/Territories | AB, BC, MB, ON and SK |
| Turnaround Time | Within 24 hours |
| Min. Credit Score | 550 |
| Fees | Fees may include insurance fees, administration fees and NSF/late payment fees. |
| Requirements | Must be the age of majority in your province, have an active bank account and provide proof of employment as well as three pieces of ID. |
$3,000 – $200,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
CIBC is a solid choice if you'd like to get a personal loan from a large, well-known bank, and you have good to excellent credit. It has served Canadians since 1961.
Favourable rates. As one of the largest banks in Canada, CIBC can offer some of the best interest rates. However, you'll need to be in a strong financial position in order to get a low rate.
Flexible loan options. Choose between a fixed and variable rate. Use your home or other assets as collateral to increase your chances of approval and to potentially borrow more, or get an unsecured personal loan for a faster approval process.
Online application available. Unlike many traditional lenders, CIBC has an online application that's easy to fill out and takes about five minutes.
Visit a CIBC bank branch, call CIBC or fill out an application online. Provide your personal and financial information as well as documents that verify your identity and income, such as your driver's licence, T4 and bank statements.
| Loan Amount | $3,000 – $200,000 |
|---|---|
| APR Range | Undisclosed |
| Loan Term | 1 - 5 years |
| Serviced Provinces/Territories | Across Canada |
| Requirements | Canadian citizen or permanent resident, of the age of majority in your province, with good to excellent credit (660 or higher), earn a minimum income of $17,000 annually, have not claimed bankruptcy within the last 7 years, have not been declined for any CIBC credit in the past 6 months. |
$500 – $60,000
Loan Amount
19.99% – 34.99%
APR
6 - 120 months
Term
If you have a fair to bad credit score, it's worth exploring options from direct lender Fairstone. You can get a personal loan with or without collateral, but you'll increase your chances of approval if you secure the loan with your home equity, especially if your credit score isn't great. Make sure you can afford the loan though, because defaulting could result in losing your house.
Established. Fairstone has been in business since 1923, has over 230 branches across Canada and is owned by a Schedule 1 bank.
Flexible options. Borrow as little as $500 and as much as $60,000 with terms from 6 - 120 months. Apply online or in person.
Fast. Get your unsecured personal loan within 24 to 48 hours. A secured loan will take longer because it involves a house appraisal.
Visit a Fairstone branch for in-person service or apply online. Fill out a quick application and get your quote immediately after. You can get an unsecured personal loan completely online, whereas a secured personal loan will require a visit to a Fairstone branch.
| Loan Amount | $500 – $60,000 |
|---|---|
| APR Range | 19.99% – 34.99% |
| Loan Term | 6 - 120 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | as little as 24 hours |
| Min. Credit Score | 525 |
$500 – $150,000
Loan Amount
9.99% – 35%
APR
9 - 240 months
Term
easyfinancial is one of the largest and most well-known alternative lenders in the country, offering personal loans to Canadians who can't access traditional financing because of their low credit score, low income or existing debts. You can apply to get a loan with or without collateral.
Established. easyfinancial has been in business for over 30 years and has over 400 branches across Canada. Its locations consistently receive high ratings from clients, with many praising staff members' helpfulness throughout the process.
Quick. Get approval in as little as 10 minutes and get your money as soon as the same day.
Flexible options. Borrow as little as $500 and as much as $150,000 with terms from 9 - 240 months. Get a 2% rate reduction when you apply with a co-borrower.
Visit an easyfinancial branch if you want face-to-face service. For a faster, more convenient process, fill out an online application and get a decision within minutes.
| Loan Amount | $500 – $150,000 |
|---|---|
| APR Range | 9.99% – 35% |
| Loan Term | 9 - 240 months |
| Serviced Provinces/Territories | All provinces |
| Turnaround Time | Approval within 30 minutes |
| Min. Credit Score | 300 |
| Fees | you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees |
| Requirements | Be a Canadian citizen. Meet the minimum age requirement, which varies from province to province. Be able to demonstrate an ability to make repayments. Min. monthly income of $1,200. |
$500 – $9,000
Loan Amount
Up to 35%
APR
6 - 60 months
Term
Cashco has been around for over 10 years and specializes in long-term personal loans for people who may not get approved for traditional loans.
Flexible. Cashco will work with you so you get loan payments that work with your budget.
High approval rate. According to Cashco, it has a 98% approval rate. To get approved, you'll need to show Cashco you can afford to take on its loan payments, given your current monthly income and debt payments.
Rebuild your credit. Cashco reports payments to the credit bureaus. On-time payments will help increase your credit score.
Apply online. Provide your documents, such as ID and proof of address, then get a decision.
| Loan Amount | $500 – $9,000 |
|---|---|
| APR Range | Up to 35% |
| Loan Term | 6 - 60 months |
| Serviced Provinces/Territories | AB, BC, NB and SK |
| Turnaround Time | within 24 hours |
| Min. Credit Score | 300 |
| Fees | Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25. |
| Requirements | Must be the age of majority in your province, with an active bank account, proof of employment and proof of residency to apply. |
$1,000 – $35,000
Loan Amount
8.99% – 34.99%
APR
36 or 60 months
Term
goPeer is a regulated peer-to-peer lending platform. Apply online and get multiple offers from everyday Canadian investors. Your finances will need to be in good shape in order for you to get strong offers and fast funding. If you're a riskier borrower, your rate will be higher, and it may take longer to find investors willing to fund your loan.
Competitive rates. Getting a loan from goPeer is completely online. This means goPeer can save on operating costs and pass on those savings to you via favourable rates.
Flexible loan amounts. You can borrow between $1,000 and $35,000 without needing to offer any collateral.
Repayment flexibility. Easily pay off your loan or make additional payments any time without any fees by logging in to your account and depositing funds from your bank account.
Apply online within minutes by providing your name, contact and employment information. Receive one or more offers depending on the strength of your application.
| Loan Amount | $1,000 – $35,000 |
|---|---|
| APR Range | 8.99% – 34.99% |
| Loan Term | 36 or 60 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | Response within 24 hours |
| Min. Credit Score | 700 |
| Fees | Variable origination fee (included in APR) Unsuccessful payment fee of $50 No application or prepayment fees |
| Requirements | Canadian resident for at least 3 years, age of majority in your province of residence, 700 credit score, proof of regular source of income, min. annual income of $35,000+, valid email address, mailing address, phone number and bank account |
$500 – $15,000
Loan Amount
18.9% – 35%
APR
6 - 60 months
Term
Direct private lender FlexMoney offers installment loans completely online. It's been around since 2012 with an office in Toronto, Ontario. It's BBB accredited with an A+ rating.
Instant decision. FlexMoney's automated processes allow it to quickly review your application and let you know within minutes whether it wants to proceed.
Fast funding. Once you submit your signed loan agreement, you can get your money as soon as the same day or the next morning.
Build your credit. FlexMoney reports payments to the credit bureau, which can help improve your credit score and credit history.
Fill out a simple online application and verify your income and identity via instant bank verification.
| Loan Amount | $500 – $15,000 |
|---|---|
| APR Range | 18.9% – 35% |
| Loan Term | 6 - 60 months |
| Serviced Provinces/Territories | Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, and Saskatchewan |
| Turnaround Time | 24 hours |
| Min. Credit Score | 500 |
| Fees | No application, origination or prepayment fees |
| Requirements | - At least 20 years old - Proof of monthly income for the past 3 months - Income of at least $2,000 per month - Valid Canadian ID to confirm your identity, address and phone number - Valid email address and phone number |
Starting at $2,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
Bank of Montreal is a well-known Canadian bank that's been around for over 200 years, so you can be sure you'd be getting a personal loan from a legitimate lender. It's a strong option when your finances are in great shape. You can use its personal loan for whatever you need, such as consolidating debt, improving your home or paying for a major expense.
Flexible options. Choose between a fixed and variable rate, and get a better rate when you use an asset, such as your home, as collateral. BMO's starting loan amount is $2,000, which is lower than other banks and helpful if you don't need to borrow that much.
Competitive rates. BMO doesn't reveal its personal loan rates online, but as a large bank with a more involved application process and stricter requirements than alternative lenders, it can offer some of the lowest rates.
Established. BMO is one of the biggest banks in Canada, with decades of lending experience and a strong presence nationwide.
Book an appointment online to schedule a face-to-face meeting at a branch. Make sure to bring a government-issued photo ID and proof of employment, such as recent paystubs and T4 slips. If the personal loan is for consolidating debt, bring your statements for the debts you'd like to pay off.
| Loan Amount | Starting at $2,000 |
|---|---|
| APR Range | Undisclosed |
| Loan Term | 1 - 5 years |
| Serviced Provinces/Territories | All of Canada |
$500 – $25,000
Loan Amount
34.56% – 34.95%
APR
6 - 84 months
Term
Money Mart is one of the largest alternative lenders in Canada, offering both installment loans and payday loans. They're a lot less strict with their eligibility requirements than banks, but you'll be charged much steeper rates.
Established presence. Money Mart has been in business since 1982 and has over 500 branches across Canada.
Easy process. Money Mart's installment loan is unsecured, so there's no extra step of offering or appraising collateral. You can get funded as soon as the same business day.
Easier eligibility criteria. Money Mart does not require a good credit score. Rather than focusing on your credit score, it'll look at your overall financial situation, including your income and existing debts.
Visit a Money Mart branch or apply online within minutes. If you choose Express online, you'll verify your income and identity via instant bank verification. If you choose Standard, you'll go through an online manual review, which will take longer.
| Loan Amount | $500 – $25,000 |
|---|---|
| APR Range | 34.56% – 34.95% |
| Loan Term | 6 - 84 months |
| Serviced Provinces/Territories | AB, BC, MB, NS, NT, ON, PEI, SK, YT |
| Turnaround Time | Less than 1 day |
| Min. Credit Score | 300 |
| Fees | None |
| Requirements | - Be at least 19 years of age - Have an active chequing account - Have a steady source of income |
$2,000 – $35,000
Loan Amount
8.99% – 29.49%
APR
24 - 84 months
Term
Fig is a Canadian lender that launched in 2023, but the company backing it, Fairstone Bank, has been around for decades. Fig is based in Montreal, Quebec, but it's available in most provinces. It specializes in quick, online personal loans for people with good to excellent credit.
Competitive rates. Fig's rates start at 8.99%, which is competitive against many online lenders.
Easy process. Get instant pre-approval and get your loan funds within two business days. You won't ever need to step foot outside your home.
Backed by a big brand. Fig has a large, established lender backing it, one that has nearly 100 years of lending experience.
Go to Fig's online application. Input your personal and financial details and get a decision within minutes.
| Loan Amount | $2,000 – $35,000 |
|---|---|
| APR Range | 8.99% – 29.49% |
| Loan Term | 24 - 84 months |
| Serviced Provinces/Territories | AB, BC, MB, NB, NWT, NS, ON, PEI, QC and SK |
| Turnaround Time | Up to 5 business days |
| Min. Credit Score | 700 |
| Fees | NSF fee: $45 |
| Requirements | min. income $5,000/month, 6+ months employed, min. credit score 700 |
$300 – $50,000
Loan Amount
6.99% – 35.99%
APR
3 - 84 months
Term
Fat Cat Loans is a loan search platform for all credit scores. It's partnered with lenders that offer various types of loans, including same day cash loans.
Same day loans available. If you submit your contract before 3pm, you could get your funds on the same day.
High chance of approval. According to Fat Cat Loans, you have an 84% chance of getting approved for a loan if you apply through them.
Save time. Fill out just one application and get matched with offers based on your financial situation.
Apply online by providing your personal details, such as name, contact info and employment. Get an instant decision and finalize your loan with your lender of choice.
| Loan Amount | $300 – $50,000 |
|---|---|
| APR Range | 6.99% – 35.99% |
| Loan Term | 3 - 84 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | Within 24 hours |
| Min. Credit Score | 300 |
| Fees | No application, origination or brokerage fees |
| Requirements | Min. income $1,000/month, min. credit score 300 |
$500 – $35,000
Loan Amount
9.99% – 35%
APR
6 - 84 months
Term
Spring Financial is a direct lender of online personal loans. It has been in business since 2015 and has funded over 250,000 Canadians. This lender is a suitable option if you've been denied by a traditional lender. However, if you don't qualify for a standard Spring personal loan, you'll be offered The Foundation loan. With this loan, you won't receive any money until you've made all your scheduled payments, including interest.
Fast. It's possible to apply, get approved and get your money all on the same day, even on a weekend.
Flexible. Borrow as little as $500 and as much as $35,000. Pay it off any time without penalty.
Established presence. Spring Financial is one of the most well-known online lenders in Canada. It has a high Trustpilot rating of 4.6 out of 5 based on over 16,000 reviews (but a low BBB rating: D).
It takes less than five minutes to fill out an online application. You'll then get a phone call from Spring Financial to discuss next steps.
| Loan Amount | $500 – $35,000 |
|---|---|
| APR Range | 9.99% – 35% |
| Loan Term | 6 - 84 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | Within 24 hours |
| Min. Credit Score | 550 |
| Fees | No fees except $30 NSF fee |
| Requirements | Min. income of $2,000, min. credit score of 550, 3+ months employed |
Finder experts collected 11 points of data for more than 50 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder. While we aimed to review a wide range of lenders, the loans listed do not reflect the entire market. Read more about the Finder personal loan ratings and review methodology.
| Lender | Interest rate | Loan amount | Minimum turnaround time |
|---|---|---|---|
| CIBC | 4.45% + adjustment factor | $3,000 – $200,000 | A few business days |
| Bank of Montreal | 4.45% + adjustment factor | From $2,000 | A few business days |
| Innovation Credit Union | 4.45% + adjustment factor | $5,000 – $50,000 | Approval in 1 business day |
| Lender | Interest rate | Loan amount | Minimum turnaround time |
|---|---|---|---|
| Spring Financial | 9.99% - 35% | $500 – $35,000 | Same day |
| Loans Canada | 8.99% - 35.00% | $500 – $50,000 | Same day |
| LoanConnect | 8.99% - 35.00% | $500 – $60,000 | Same day |
| Fat Cat Loans | 6.99% - 35.99% | $300 – $50,000 | Same day |
| AAR Financial | 14.90% - 35.00% | $1,000 – $50,000 | Same day |
| FlexMoney | 18.90% - 35.00% | $500 – $15,000 | Same day |
| Money Mart | 34.56% - 34.95% | $500 – $25,000 | Same day |
| Fig Financial | 8.99% - 29.49% | $2,000 – $35,000 | Up to 2 business days |
| goPeer | 8.99% - 34.99% | $1,000 – $35,000 | A few business days |
| Cashco | 35.00% | $500 – $9,000 | Within 24 hours |
| easyfinancial | 9.99% - 35.00% | $500 – $150,000 | Same day |
| Fairstone Financial | 19.99% - 34.99% | $500 – $60,000 | Same day |
The best personal loan rates in Canada start at 6.99%. And as of January 1, 2025, personal loan lenders in Canada can’t charge you more than 35% APR, which is especially helpful for people with bad credit.
The best quick personal loans in Canada come from online lenders like Spring Financial and easyfinancial. To speed up the process, make sure to apply to a lender who offers instant decisions, bank verification and fast e-Transfer funding.
Consider taking the following steps to find the right loan for your needs.
Knowing your credit score can help identify loans where you have a high rate of approval. Request your credit score from credit bureaus or fintech companies:
What’s best will depend on your financial situation.
Compare different types of lenders to find the best place to get a personal loan.
| Banks and credit unions | Best for people with good to excellent credit |
|
| P2P lending platform | Best for people who have good to excellent credit and don’t want to go with a bank |
|
| Alternative, private lenders | Best for people with poor to fair credit or those who would prefer to apply online |
|
Compare the following features to find the top loan in Canada for your needs:
To find legit loans in Canada, especially loans online, make sure the lender has a business registration, office address, phone number, terms and conditions, privacy policy, social media presence and customer reviews. Learn more about online loans.
Follow these steps to apply for personal loans:
According to data released in the Finder: Consumer Sentiment Survey, Canadians were less likely to take out a personal loan in the next three months. In Q2 2023 20% of respondents planned to take out a personal or installment loan. The number dropped to 5% of respondents who planned to take out a personal or installment loan in the next three months.
Personal loans are a quick and affordable way to get access to financing, especially if you have good credit. There are many different types of personal loans. That’s why you’ll want to compare factors like how much you want to borrow, the interest rates you’re willing to pay and how long your loan term should be to find the right personal loan in Canada.
Find out where you can take out a $6,000 loan in Canada and what you need to qualify.
Compare lenders that offer quick loans like Money Mart.
The holidays often come with more spending and expenses. If you need financing, check out available options.
Symple provides personal loans of up to $50,000 to creditworthy Canadians.
Compare loans for people in a consumer proposal and learn how to qualify for funding.
You could spend anywhere from a few thousand dollars to over $50K.
Read our list of personal loan lenders in Canada to help you find the right loan.
Learn how personal loans work from start to finish and what you’ll need at each step of the way. Compare your personal loan options and apply today.
Read on and find out how to get a loan to take care of your sick pet.
Here’s how to get a $500 loan to see you through until your next payday.
