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Best personal loans in Alberta

Browse interest rates and eligibility requirements from some of the top personal loans in Alberta.

Personal loans in Alberta can be anywhere from $500 to $50,000, but how much you can borrow will depend on individual factors like your credit score, income and current debts. You can get a personal loan from a bank, credit union or alternative lender.

Whether you need to borrow fast, get the best rate available or get some leniency with your financial situation, you can browse the best personal loans in Alberta below.

Best personal loans in Alberta

How we found the best personal loans in Alberta

To find the best personal loans in Alberta, 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

1. Loans Canada

Loans Canada Personal Loan
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$300 โ€“ $50,000
Loan amount
6.99% โ€“ 46.96%
APR
3 - 60 months
Term
Loans Canada is an online loan search platform with a large network of lenders. Fill out one application and get your matches for free. You can get a secured or unsecured personal loan. Full Review

Why it's one of the best

  • Get access to a large lender network. Loans Canada works with over 60 verified lenders.
  • Get approved. Receive personal loan offers that match 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
  • High rates for bad credit
  • No online quotes provided
  • Limited to its network
Loan amount $300 โ€“ $50,000
APR 6.99% โ€“ 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 โ€” 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.

2. SkyCap Financial

SkyCap Installment Loan
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$500 โ€“ $10,000
Loan amount
12.99% โ€“ 39.99%
APR
9 - 36 months
Term
SkyCap Financial is a private lender of unsecured personal 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 personal 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
  • Not available in Nova Scotia or Quebec
  • High rates for lower credit scores
Loan amount $500 โ€“ $10,000
APR 12.99% โ€“ 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.

3. Spring Financial

Spring Financial Personal Loan
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$500 โ€“ $35,000
Loan amount
10.8% โ€“ 46.99%
APR
6 - 60 months
Term
Spring Financial offers fast personal loans for all credit scores. If you don't qualify for a personal 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 private lender. Spring Financial has been providing personal loans since 2015 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 personal 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 โ€“ $35,000
APR 10.8% โ€“ 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.

4. LoanConnect

LoanConnect Personal Loan
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$500 โ€“ $50,000
Loan amount
8.99% โ€“ 46.96%
APR
3 - 120 months
Term
LoanConnect maintains a large database of lenders and matches you with several personal loan offers based on your unique profile. It's been in business since 2016 and is BBB accredited with an A+ rating. 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.
  • Secured and unsecured options
  • 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 โ€“ $50,000
APR 8.99% โ€“ 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.

5. Mogo

Mogo Personal Loan
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$500 โ€“ $35,000
Loan amount
9.9% โ€“ 46.96%
APR
6 - 60 months
Term
Mogo is a Canadian fintech company that offers various financial products, including personal loans. Loans are available for good and bad credit. Full Review

Why it's one of the best

  • Get an instant decision. Get a free quote within a few 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
  • Loans offered via third-party services (Lendful and easyfinancial)
Loan amount $500 โ€“ $35,000
APR 9.9% โ€“ 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.

6. goPeer

goPeer Personal Loan
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$1,000 โ€“ $35,000
Loan amount
8.99% โ€“ 34.99%
APR
36 - 60 months
Term
goPeer is a peer-to-peer lending platform offering unsecured personal loans. Rather than borrowing from a direct lender, you'll borrow from multiple investors. People with strong finances are more likely to get approved since they have less risky applications. Full Review

Why it's one of the best

  • Get a competitive rate. This platform doesn't have the same high operating costs as brick and mortal financial institutions, so it can pass on those savings to the borrower via low rates.
  • Easy online application. You won't ever need to visit a branch to provide paperwork.
  • Flexible loan amounts. Borrow as little as $1,000 and as much as $35,000.
  • 100% online
  • No prepayment penalties
  • Use the loan for any purpose, such as debt consolidation or making a large purchase
  • High rates for risky profiles
  • Not suitable for bad credit borrowers
Loan amount $1,000 โ€“ $35,000
APR 8.99% โ€“ 34.99%
Term 36 - 60 months
Min. credit score 600
Fees Origination fee varies
No application or prepayment fees
Turnaround time Receive a response within 24 hours of your loan application
Serviced provinces All provinces

7. FlexMoney

FlexMoney Personal Loan
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$500 โ€“ $15,000
Loan amount
18.9% โ€“ 46.9%
APR
6 - 60 months
Term
FlexMoney is a private lender that offers unsecured personal 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 within one business day.
  • Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
  • Make payments weekly, bi-weekly, semi-monthly or monthly
  • Easily make extra payments via e-transfer
  • A+ BBB Rating
  • High interest rates
  • Minimum income required ($2,000 per month)
  • Only employment & pension income accepted
Loan amount $500 โ€“ $15,000
APR 18.9% โ€“ 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.

8. BMO

BMO Personal Loan
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Starting at $2,000
Loan amount
N/A
APR
1 - 5 years
Term
Bank of Montreal is a solid choice if you have a good to excellent credit score. It can work with you to get a secured or unsecured personal loan that matches your needs. Full Review

Why it's one of the best

  • Work with an established lender. BMO is one of Canada's largest banks, and you can apply online or in one of hundreds of branches.
  • Get flexibility. Choose between a fixed and variable rate as well as your payment schedule. Defer up to one month's payment twice a year.
  • Get a competitive rate. As a big bank that works with prime borrowers, BMO can offer low rates. You can use personal assets as collateral to lower your rate and increase your chances of approval.
  • Choose between fixed or variable interest rates
  • Secure your loan for a lower rate
  • Apply online or at a branch
  • Slower process
  • Strict eligbility criteria
  • Bad credit may not qualify
  • More documents required
Loan amount Starting at $2,000
APR N/A
Term 1 - 5 years

9. Fairstone

Fairstone Personal Loans
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$500 โ€“ $50,000
Loan amount
19.99% โ€“ 39.99%
APR
6 - 120 months
Term
Fairstone offers secured and unsecured personal loans. Apply online or visit one of hundreds of 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. Receive your personal loan funds 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, home equity, auto title)
  • No prepayment penalties for unsecured loans
  • High rates for low credit
  • Potential for extra fees
  • Prepayment penalties for secured loans
  • Some negative customer reviews
Loan amount $500 โ€“ $50,000
APR 19.99% โ€“ 39.99%
Term 6 - 120 months

10. easyfinancial

easyfinancial Personal Loan
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$500 โ€“ $100,000
Loan amount
9.99% โ€“ 46.96%
APR
9 - 120 months
Term
easyfinancial helps Canadians access financing when banks or credit unions aren't an option. It offers secured and unsecured personal 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 nontraditional personal 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 โ€“ $100,000
APR 9.99% โ€“ 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.

11. ATB Financial

ATB Personal Loan
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N/A
Loan amount
7.2% โ€“ 14.2%
APR
12 - 60 months
Term
ATB is a Crown corporation serving residents of Alberta. It offers secured and unsecured personal loans to people with good to excellent credit. Full Review

Why it's one of the best

  • Work with an established lender. ATB has been in business since 1938 and serves more than 800,000 clients. It is regulated by the Alberta Superintendent of Financial Institutions (ASFI).
  • Get flexibility. Choose between a fixed and variable rate and repay your loan any time without penalty.
  • Get a competitive rate. Get a rate as low as the ATB Prime Rate if you use personal assets as collateral.
  • No prepayment penalties
  • Apply online for unsecured personal loans
  • Favourable rates
  • Slower process
  • Strict eligbility criteria
  • Bad credit may not qualify
  • More documents required
Loan amount N/A
APR 7.2% โ€“ 14.2%
Term 12 - 60 months
Fees Unknown
Turnaround time Varies
Serviced provinces Alberta

12. Magical Credit

Magical Credit Installment Loan
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$1,500 โ€“ $20,000
Loan amount
19.99% โ€“ 46.8%
APR
12 - 60 months
Term
Magical Credit specializes in online personal 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 quick loan. Apply online and validate your information with instant bank verification to get a fast decision (funds sent within hours after approval).
  • 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
  • High interest rates
  • May charge an administration fee
  • You must show income history for six months (if you receive employment income)
Loan amount $1,500 โ€“ $20,000
APR 19.99% โ€“ 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.

13. Money Mart

Money Mart Installment Loan
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$500 โ€“ $15,000
Loan amount
29.9% โ€“ 46.9%
APR
6 - 60 months
Term
Money Mart offers unsecured personal loans and payday loans to people with bad credit. It has been in business for over 40 years and is now one of the largest alternative lenders in Canada. Full Review

Why it's one of the best

  • Get your personal loan fast. Get a decision in minutes and receive funds the same business day with Interac e-Transfer.
  • Apply online or in-store. Get your personal 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 bad credit or low income.
  • Established lender
  • Convenient mobile app
  • Accepts different types of income
  • High interest rates
  • Availability in provinces varies in-store and online
Loan amount $500 โ€“ $15,000
APR 29.9% โ€“ 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 โ€” 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.

What are the interest rates for personal loans in Alberta?

Personal loan rates in Alberta usually range from 6.99% to 46.96%. How much youโ€™ll be charged will depend on personal factors like your credit score, income and existing debts.

Financial institutions generally have lower personal loan rates than online private lenders. Rates for banks and credit unions start around 7.2%. This is the current prime rate, but youโ€™ll need collateral to get a rate this low.

Personal loan requirements

The following are the basic requirements for personal loans in Alberta:

  • Be 18 years old or older.
  • Have an active bank account.
  • Have proof of a regular income, preferably from employment.
  • Some lenders may have additional criteria that youโ€™ll need to meet in order to qualify for a loan. If youโ€™re applying for a secured loan, for example, you will need collateral, such as proof of home equity or a car title.

Required documents

While the application process will vary from lender to lender, have these documents ready for a seamless process:

  • 2 pieces of identification. This could include your passport or driverโ€™s licence.
  • Employment and income verification. This could be via pay stubs and bank statements.
  • Banking information. This could be a void cheque or your bank account details.

If you opt for instant bank verification, you wonโ€™t need to send any documents.

Where to get small loans in Alberta

Only need to borrow a small amount? You can get a personal loan as small as $500 from many online private lenders and some credit unions. Banks tend to be less flexible as they often start their loan amounts at $3,000-$5,000.

How to compare the best personal loans in Alberta

To make sure you end up with the right lender, keep the following in mind to help you narrow down your top picks:

Loan type

You can choose between secured and unsecured personal loans. Secured loans typically come with higher loan amounts and lower interest rates, but borrowers must put up collateral, such as home equity. Unsecured loans come with higher interest rates, but they donโ€™t require collateral.

Loan amounts

Loan amounts of personal loans in Alberta vary among lenders. Lenders may approve you for an amount lower or higher than your original ask based on their review of your finances.

Loan terms

Lenders may offer you from 3 to 60 months or more to repay your personal loan. Longer terms give you lower monthly payments, but youโ€™ll pay more interest overall.

Annual percentage rate

The APR represents the annual cost of your loan and gives you a truer view of its cost because it includes the interest rate and the fees you must pay to get the loan. Ultimately, you want the true cost of borrowing to be as low as possible. People with bad credit will end up paying higher interest rates compared to those with a strong credit history.

Fees

Donโ€™t fixate solely on the interest rate your lender is charging you. Look for NSF fees, late payment fees, early repayment penalties and administration fees.

How to apply online for loans in Alberta

  1. Fill out the application. Provide personal details such as your name, address, housing situation and employment. Make sure your application doesnโ€™t have errors that could result in an automatic denial.
  2. Get pre-approved. Once you submit, get a tentative loan offer from the lender based on a quick review of your finances.
  3. Get verified. If you wish to proceed, provide documents to verify your income and identity or agree to instant bank verification.
  4. Get an official loan offer. Review your contract carefully, taking into account the overall cost and payment schedule, and sign.
  5. Get funded. Receive your money through e-Transfer or direct deposit.

What credit score do I need to get a personal loan?

If you have good to excellent credit above 660, borrowers have a wide range of low interest loan options, from banks to credit unions to online lenders. A fair credit score is between 560 and 660, and a bad credit score is anything less than 560. If you have a low credit score, you can apply for bad credit loans in Alberta, but be ready to encounter higher interest rates between 18% and 47% in exchange for lenient eligibility requirements.

Signs of a legitimate private lender in Alberta

Private lenders offer loans that are easier to get approved for than banks and credit unions, but make sure to apply to a legit lender. Here are some green flags to look out for:

  • The lender has an address, phone number and email as well as online profiles such as a Google profile, BBB profile or Trustpilot profile.
  • The lender takes the time to explain the loan to you and doesnโ€™t pressure you to sign.
  • The lender is transparent about all the costs of the loan, such as rates and fees.
  • The lender does not guarantee approval.
  • The lender never asks you to pay any upfront fees or requires you to pay for loan insurance.

What is the monthly payment on a personal loan?

That depends on your total loan amount, your loan term and your APR. Suppose you want to get a personal loan for $5,000 with terms of either 1 or 2 years. Here are some examples of how much this loan may cost you, at varying interest rates and terms:

Loan amountTermSample interest rateMonthly amountTotal cost
$5,00012 months9.99%$439.35$5,272.16
$5,00024 months9.99%$230.70$5,536.84
$5,00012 months19.99%$463.15$5,557.78
$5,00024 months19.99%$254.45$6,106.91

Debt in Alberta

Edmonton Alberta skylineAccording to Equifax Canada, the average debt in Alberta in Q3 2023 was $24,208. Average debt in this province decreased by 2.88% year-over-year. However, the delinquency rate increased by 18.79% year-over-year.

If youโ€™re struggling to keep up with your debt payments, head over to our guide on debt relief companies.

Frequently asked questions

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