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Best installment loans in Ontario

Compare lenders to find the right installment loan in Ontario for you.

If you need to finance a major purchase, consolidate debt or pay for an unexpected expense but don’t qualify for traditional financing, you might like to consider an installment loan. There are many online installment loans in Ontario that you can get in less than 24 to 48 hours, and they come with easier approvals than bank or credit union loans. The downside, however, is higher interest rates.

This guide covers some of the best installment loans in Ontario. No single loan is best for everyone, so compare your options to find the top choice for your situation.

How we found the best installment loans in Ontario

To find the best installment loans in Ontario, Finder experts collected more than 70 points of data for more than 60 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. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.

464+

hours invested

112

lenders vetted

4,608

data points analyzed

Summary: Best installment loans in Ontario

Loan providerInterest rateLoan amountLoan termKey features
LoanConnect8.99% - 46.96%$500–$50,0003 - 120 monthsLoan broker, pre-approval in 5 minutes, no credit check loan availableGo to siteLearn more
Spring Financial10.8% - 46.99%$500–$35,0006 - 60 monthsFast application, same-day funding, bad credit is okayGo to siteLearn more
Loans Canada6.99% - 46.96%$300–$50,0003 - 60 monthsLoan broker, largest lender network, accepts bad creditGo to siteLearn more
easyfinancial9.99% - 46.96%$500–$100,0009 - 120 monthsApproval in 30 minutes, flexible eligibility requirementsGo to siteLearn more
LoansLoans.ca28.00% - 32.00% + broker fee up to $300$500–$1,0003 monthsNo credit check loan, funding in 24 hoursGo to siteLearn more
SkyCap Financial12.99% - 39.99%$500–$10,0009 - 36 monthsExcellent service, fast approvalsGo to siteLearn more
Mogo9.90% - 46.96%$500–$35,0006 - 60 monthsQuotes in 3 minutes, flexible eligibility requirementsGo to siteLearn more
Picture not described19.99% – 39.99%$500 – $50,0006 – 120 monthsQuick quotes, fast fundingLearn more
FlexMoney18.90% - 46.90%$500–$15,0006 - 60 monthsInstant decisions, same-day funding

Learn more

Magical Credit19.99% - 46.80%$1,500–$20,00012 - 60 monthsApproval in 1 day, low income or non-employment income is okayLearn more
AAR Financial14.90% - 46.70%$1,000–$50,00024 - 120 monthsHigh approval rate, bad credit is okayLearn more
Money Mart29.90% - 46.90%$500–$15,0006 - 60 monthsInstant decisions, fast installment loansLearn more

Installment loans in Ontario: What makes these the best?

1. LoanConnect

LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $50,000
Loan amount
8.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several offers based on your unique profile. Full Review

Why it's one of the best

  • Save time. Your application will be cast wide and you'll get your results right after you apply.
  • Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
  • Get approved. LoanConnect works with different types of lenders to help different types of borrowers find a loan.
  • Pre-approval in five minutes
  • Many bad credit loan options
  • BBB-accredited with an A+ rating
  • Fast funding
  • Not a direct lender
  • High rates for bad credit
  • Miss out on offers from lenders not partnered with LoanConnect
Loan amount $500 – $50,000
APR 8.99% – 46.96%
Term 3 - 120 months
Min. credit score 300
Fees No application, origination or brokerage fees
Turnaround time Receive funds within as little as 24 hours.
Serviced provinces All provinces

Most Recommended

LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

2. Spring Financial

Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $35,000
Loan amount
10.8% – 46.99%
APR
6 - 60 months
Term
Spring Financial offers fast installment loans. If you don't qualify for an installment loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time. Full Review

Why it's one of the best

  • Get a loan from an established lender. Spring Financial has been providing installment loans since 2015 and has over 200 employees with headquarters in Vancouver, BC.
  • Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
  • Get quick funding. If you provide the required documents on time, you can get your installment loan the same day you apply.
  • 100% online
  • Fast funding via e-Transfer
  • No prepayment penalties
  • High rates for bad credit
  • C- BBB rating, received complaints about the credit builder loan
Loan amount $500 – $35,000
APR 10.8% – 46.99%
Term 6 - 60 months
Min. credit score 500
Fees No fees except $30 NSF fee
Turnaround time Within 24 hours
Serviced provinces All of Canada

Most Recommended + Best-Rated

Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

3. Loans Canada

Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$300 – $50,000
Loan amount
6.99% – 46.96%
APR
3 - 60 months
Term
Loans Canada is an online loan search platform partnered with over 60 lenders. Fill out one application and get your matches for free. Full Review

Why it's one of the best

  • Search a large lender network. Loans Canada works with over 60 verified lenders.
  • Get approved. Find an installment loan that matches your profile.
  • Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
  • Easy online application
  • Quick deposits
  • High loan amounts
  • No collateral required
  • High rates for bad credit
  • No online quotes provided
  • Limited to its network
Loan amount $300 – $50,000
APR 6.99% – 46.96%
Term 3 - 60 months
Min. credit score 300
Fees No application, origination or brokerage fees
Turnaround time Receive funds within as little as 24 hours.
Serviced provinces All of Canada

Finalist — Best Personal Loan Search Platform category

Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.

4. easyfinancial

easyfinancial Personal Loan
Finder Award
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $100,000
Loan amount
9.99% – 46.96%
APR
9 - 120 months
Term
easyfinancial helps Canadians access financing when banks aren't an option. It offers installment loans across Canada online and in hundreds of locations. Full Review

Why it's one of the best

  • Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
  • Work with a well-known lender. easyfinancial is one of the biggest lenders of installment loans in Canada.
  • Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
  • Secured and unsecured loan options
  • 2% rate reduction with a co-applicant
  • BBB-accredited with an A+ rating
  • Steep rates for bad credit
  • Many negative customer reviews
Loan amount $500 – $100,000
APR 9.99% – 46.96%
Term 9 - 120 months
Min. credit score 300
Fees you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time Approval within 30 minutes
Serviced provinces all provinces

Winner: Best-in-Class

easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.

5. LoansLoans

LoansLoans.ca Installment Loan
Finder Score:
★★★★★
Go to site
$500 – $1,000
Loan amount
28% – 32%
APR
3 months
Term
LoansLoans.ca is a broker that helps people find short-term installment loans. It doesn't do any credit checks and accepts many types of income as long as it's over $1,200. You may be required to pay a fee of up to $300 that will be added to your payments. Full Review

Why it's one of the best

  • Avoid payday loans. LoansLoans.ca's installment loans have longer loan terms than payday loans, which means you can break up your repayments.
  • Qualify. LoansLoans is open to many types of income as long as they're recurring. And since it doesn't do credit checks, you can qualify with bad credit.
  • Work with an established broker. NCR Financial Services, the company that owns and operates LoansLoans.ca, has been around for over 15 years.
  • No credit check
  • Apply online in minutes
  • Funding on the same day or next day
  • High rates and fees
  • Doesn't give enough information about its brokerage fee
Loan amount $500 – $1,000
APR 28% – 32%
Term 3 months
Min. credit score 300
Fees Late payment fee (2.66% per month), $45 NSF fee, broker fee
Turnaround time Receive funds in less than 24 hours
Serviced provinces All of Canada (except Manitoba)

6. Skycap Financial

SkyCap Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $10,000
Loan amount
12.99% – 39.99%
APR
9 - 36 months
Term
SkyCap Financial is an alternative lender of installment loans for fair to good credit scores. Full Review

Why it's one of the best

  • Work with a reputable lender. SkyCap Financial is known for its friendly, professional customer service and is BBB accredited with an A+ rating.
  • Get approved fast. Get your installment loan as soon as the same business day.
  • Get some leniency. Rather than fixating on your credit score, SkyCap will take a more holistic approach and look at your overall finances.
  • No prepayment penalties
  • Apply online in minutes
  • Funding on the same day or next day
  • People with good credit may get better offers elsewhere
  • High rates for lower credit scores
Loan amount $500 – $10,000
APR 12.99% – 39.99%
Term 9 - 36 months
Min. credit score 575
Fees No fees except $50 NSF fee
Turnaround time 24 hours
Serviced provinces All provinces and territories except Quebec and Nova Scotia

Most Recommended + Best-Rated

SkyCap Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

7. Mogo

Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site
$500 – $35,000
Loan amount
9.9% – 46.96%
APR
6 - 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including installment loans. Full Review

Why it's one of the best

  • Get an instant decision. Get a free quote in three minutes without affecting your credit score.
  • Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
  • Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
  • Convenient mobile app
  • No prepayment penalties
  • Bank-level security
  • High rates for bad credit
  • Some negative Mogo reviews online
  • Loans are powered by Lendful and easyfinancial
Loan amount $500 – $35,000
APR 9.9% – 46.96%
Term 6 - 60 months
Min. credit score 600
Fees Non-sufficient funds fee of $20 to $50
Turnaround time Within 24 hours
Serviced provinces BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

Best-Rated

Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

8. Fairstone

Fairstone Personal Loans
Finder Score:
★★★★★
Customer Survey:
★★★★★
$500 – $50,000
Loan amount
19.99% – 39.99%
APR
6 - 120 months
Term
Fairstone has been offering installment loans for decades. Apply online or visit one of over 230 locations across Canada. Full Review

Why it's one of the best

  • Get a quote with no impact to credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
  • Get funded fast. Get your installment loan as soon as the same day.
  • Work with an established lender. Fairstone has been providing financial services to Canadians for almost 100 years.
  • Quick and easy application
  • Multiple loan types (unsecured, secured, mortgages)
  • Company has an established online presence
  • No prepayment penalties for unsecured loans
  • High rates for low credit
  • Potential for extra fees
  • Prepayment penalties for secured loans
  • Several negative customer reviews
Loan amount $500 – $50,000
APR 19.99% – 39.99%
Term 6 - 120 months

9. FlexMoney

FlexMoney Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
$500 – $15,000
Loan amount
18.9% – 46.9%
APR
6 - 60 months
Term
FlexMoney offers installment loans completely online. It's been in business since 2012 and is based in Toronto, Ontario. Full Review

Why it's one of the best

  • Get an instant decision. FlexMoney has automated processes to give you a no-obligation quote within minutes.
  • Get your funds fast. Funds should reach your account on the same day or the next day.
  • Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
  • Make payments weekly, bi-weekly, bi-monthly or monthly
  • Easily make extra payments via e-transfer
  • A+ BBB Rating
  • High rates for bad credit
  • No in-person locations
Loan amount $500 – $15,000
APR 18.9% – 46.9%
Term 6 - 60 months
Min. credit score 500
Fees No application, origination or prepayment fees
Turnaround time Receive funds within as little as 24 hours
Serviced provinces Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon

Most Recommended + Best-Rated

FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

10. Magical Credit

Magical Credit Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
$1,500 – $20,000
Loan amount
19.99% – 46.8%
APR
12 - 60 months
Term
Magical Credit specializes in online installment loans for people with fair to bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario. Full Review

Why it's one of the best

  • Get a fast loan. Apply online and validate your information with instant bank verification to get a fast decision (with funds sent in a few hours).
  • Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
  • Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
  • Receive funds within as little as 24 hours
  • Accepts child tax credit, EI, CPP, OAS, private pensions and more
  • Refer-a-friend program
  • Promotes a 3.9% fixed monthly rate but the actual APR is between 19.99% - 46.8%
  • May charge an administration fee
  • Must show proof that you've been employed for six months (if applicable)
Loan amount $1,500 – $20,000
APR 19.99% – 46.8%
Term 12 - 60 months
Min. credit score 300
Fees A single administration fee of $194
Turnaround time Receive funds within as little as 24 hours
Serviced provinces Canada-wide (excluding Manitoba, Saskatchewan and Quebec)

Most Recommended

Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

11. AAR Financial

AAR Financial Personal Loan
Finder Score:
★★★★★
$1,000 – $50,000
Loan amount
14.9% – 46.7%
APR
24 - 120 months
Term
AAR Financial offers installment loans with flexible loan amounts and loan terms. Full Review

Why it's one of the best

  • Get approved. AAR Financial says it approves 99% of applications.
  • Apply easily. You won't have to step foot outside your home. Apply and sign your documents online.
  • Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba. It has BBB accreditation with a B+ rating.
  • Flexible loan amounts
  • No prepayment penalties for unsecured loans
  • High rates
  • Several negative reviews
  • May request multiple references
Loan amount $1,000 – $50,000
APR 14.9% – 46.7%
Term 24 - 120 months
Fees Fees may include insurance fees, administration fees and NSF/late payment fees.
Turnaround time Within 24 hours
Serviced provinces MB, SK, AB, ON, BC

12. Money Mart

Money Mart Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
$500 – $15,000
Loan amount
29.9% – 46.9%
APR
6 - 60 months
Term
Money Mart offers installment loans (and payday loans) to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada. Full Review

Why it's one of the best

  • Get your installment loan fast. Get an instant decision and get your money via Interac e-Transfer, which is one of the fastest methods.
  • Apply online or in-store. Get your installment loan online or at one of Money Mart's 500+ store locations.
  • Qualify. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.
  • Established lender
  • Convenient mobile app
  • Accepts non-employment income such as government benefits and private pension
  • High interest rates
  • Availability in provinces varies in-store and online
  • Credit check required for installment loans
Loan amount $500 – $15,000
APR 29.9% – 46.9%
Term 6 - 60 months
Min. credit score 300
Fees None
Turnaround time Less than 1 day
Serviced provinces AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

Finder: Personal Loan Consumer Satisfaction Awards

In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.

Features of installment loans in Ontario

  • Interest rates. Often between 18% - 47%, based on personal factors such as your credit score and income.
  • Loan terms. 3 - 60 months.
  • Loan amounts. Up to $10,000.
  • Loan security. These loans are unsecured, so there’s no need for collateral.

How to get installment loans in Ontario

Applying for installment loans is straightforward. After you choose a lender, fill out an application for financing and specify how much you want to borrow and its purpose. Provide documents to verify your income and identity.

Getting an installment loan is quick. It usually takes around 24 to 48 hours from start to finish. Once you receive your loan, you’ll pay it back in monthly installments over several months to a few years. The terms for your loan will be set by your lender, who will tell you how much you need to pay every month including interest.

Representative example: Marie gets an installment loan in Ontario

Marie, who lives in Ottawa, needs to replace the hot water tank in her basement. She applies for several installment loans in Ontario and ends up with a $10,000 loan to cover her expenses. She gets an interest rate of 15.4% and wants to repay the loan in 24 months. This is what her financing will look like:

Loan amount$10,000
Interest rate (APR)15.4%
Loan term2 years
Additional feesNone
Monthly payment$486.77 per month
Total loan cost$11,682.46

What do you need to qualify for an installment loan?

Installment loans in Ontario tend to have similar eligibility requirements. In general, to qualify for an installment loan you’ll need proof of income, which can include full or part time employment, disability, EI or pension payments. You’ll also need an active bank account and valid government-issued ID.

You usually need to prove that you have a decent credit score to qualify for installment loans by submitting to a credit check. There are dedicated installment loans for bad credit in Ontario too, so even if you have a poor credit score you may still qualify.

Installment loans for bad credit in Ontario

You can get an installment loan even if you have low credit score. In fact, many alternative lenders in Ontario specialize in installment loans for bad credit. The downside is that you’ll need to be willing to pay higher interest rates.

Why do bad credit installment loans have such high rates?

Installment loans for poor credit have high rates because lenders are taking on more risk. People with low credit scores are more likely to default on their loans. Lenders offset this risk by charging steeper rates. In Ontario (and across Canada), lenders can’t charge more than 60% (effective annual interest).

Are there any installment loans in Ontario with guaranteed approval?

No, there are no bad credit installment loans with guaranteed approval in Ontario. If you see a lender offering guaranteed approval for installment loans, it may be a scam, predatory or not actually guaranteed. A trustworthy and reliable lender cannot guarantee approval on a bad credit installment loan. Any legit lender will want to look into each borrower’s finances to evaluate their information, income sources and credit history before approving an installment loan.

Tips to get installment loans in Ontario with bad credit

To increase your chances of getting approved with poor credit, you’ll need the following:

  • Recurring income (employment preferred)
  • No active payday loan or short term loan debt
  • No NSF transactions in the last 60-90 days

Can I get no credit check installment loans in Ontario?

Yes, you can get installment loans in Ontario with no credit check. These loans often come with lower loan amounts of up to $1,000, plus interest and fees. They are expensive loans because of the riskier financial profiles that borrowers who apply for no credit check loans have.

Can installment loans in Ontario be used for debt consolidation?

Installment loans in Ontario can be used for debt consolidation. This means you can take out a large amount to pay off multiple smaller debts.

Keep in mind, getting an installment loan to consolidate debt may end up costing you more. Applying to consolidate debt suggests to lenders that you may have taken on more debt that you can manage. Because of this, they may not approve you for lower interest rates. However, you can use a debt consolidation loan to extend your loan term and lower your monthly payments. It’ll cost you more in the long run, but you get more room in your monthly budget.

Benefits of installment loans

There are several reasons why getting installment loans might be the right move for Ontarians. Here are some of their key benefits:

  • Help with unexpected expenses. Installment loans can help Ontarians pay for unexpected expenses like car repairs, home repairs or medical bills.
  • Easy process. Apply online within minutes. Some online installment loan lenders in Ontario can give instant personal loan pre-approval. Get funding within 24 to 48 hours.
  • Flexible eligibility criteria. Getting online installment loans in Ontario with bad credit is possible, primarily because lending requirements are slightly more relaxed. “No credit check” online installment loans generally don’t make hard inquiries on your credit score, but you’ll need to demonstrate how you’ll be able to repay the loan back.
  • More manageable repayments structure. Unlike payday loans that you have to repay by your next payday, you can take longer to repay your installment loan. Most lenders even give you the ability to choose between making payments once or twice a month for several months to years.

Drawbacks

  • Potentially high interest rates. Installment loans can have very high interest rates – as high as 47%. You’ll qualify for a higher interest rate if your credit score is low or you have lower or inconsistent income. Watch out for long loan terms because you could end up paying more interest than the amount you borrow.
  • Disreputable lenders. Be wary of which lender you choose and where you provide your personal and financial details online. Learn more about personal loan scams.

How to compare installment loans in Ontario

When comparing options for installment loans in Ontario, consider the following features so you can find the right loan for your budget and needs.

Interest rates and fees

This is the most important factor to compare. Keep an eye on the rate as well as any fees a lender may include, such as administration fee, surety fee, brokerage fee, late payment fee and NSF fee.

Loan term

Installment loans can be as short as 3 months and as long as 60 months. Generally, the shorter the loan term, the less interest you’ll pay.

Repayment terms

Look for an installment loan lender in Ontario that offers flexible terms, including repayment assistance plans if you run into trouble and can’t honour the original terms of the loan for some reason. Check to see if there are any early repayment terms if you want the option to save on interest and repay your installment loan early.

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Payday loans vs. installment loans in Ontario

Payday loans are a different type of loan compared to installment loans. Payday loans have shorter loan terms than installment loans, because you’ll have to pay back a payday loan by your next paycheque, whereas installment loans can be paid back over months or years.

Payday loans are also much more expensive compared to installment loans. While installment loan APRs typically max out at 47%, payday loan APRs can reach as high as 300% or more.

That’s why it’s important to carefully compare your options to make sure you can afford to pay back your loan. Some examples of reputable payday loan providers that operate in Ontario are iCash, Cash Money, GoDay and Money Mart.

Bottom line

Installment loans in Ontario are often used to pay for one-off expenses and are usually offered by online lenders. They can be a good alternative for bad credit borrowers compared to higher interest loans like payday loans.

However, watch out for installment loan lenders in Ontario offering guaranteed approval.

Frequently asked questions about installment loans in Ontario

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