With personal loans in Ontario, you can borrow as little as $500 and as much as $50,000. You can apply to a bank, credit union or online private lender.
Read this guide to learn about the best personal loans in Ontario and the key factors to consider when choosing the right loan for you.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
To find the best personal 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.
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 – $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.
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 – $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.
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 – $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.
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 – $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.
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 – $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.
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 – $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.
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 – $35,000
APR
8.99% – 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
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 – $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.
Lendful offers personal loans to people with near prime credit. It's a legitimate option if you can't get approved by a bank, but you're looking for better options than bad credit personal loans. Full Review
Why it's one of the best
Work with a reputable lender. Lendful is a subsidiary of Peoples Group, a federally regulated financial institution, and has been in business since 1985.
Get approved with no impact to credit score. You can get a formal loan offer in as little as 1 business day without impacting your credit score.
Get a reasonable rate. Receive offers that match your financial situation.
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.
Kindred Credit Union offers various financial products and services, including personal loans, to residents of Ontario. You can apply if you have a good to excellent credit score. Full Review
Why it's one of the best
Get a great rate. Kindred's rates are competitive, but your finances will need to be in good shape to access them.
Choose between a fixed and variable rate. Lock in your rate with fixed or choose variable to adjust your rate with the Bank of Canada throughout your loan term.
Work with a reputable lender. Kindred has been serving Ontario residents since 1964 and has over 27,000 members. It's also transparent with its rates and is a Certified B Corporation, meaning it meets standards for positive social and environmental impact.
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 – $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.
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 – $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.
What are the interest rates for personal loans in Ontario?
Personal loan rates in Ontario range widely from 6.99% to as high as 46.96%. The rate you’ll get will depend on many factors such as credit score, income, current debts and loan type.
Banks (like BMO) and credit unions (like Kindred) have lower rates than online lenders on average, but they have stricter eligibility criteria. Online private lenders (like SkyCap Financial and Spring) have higher interest rates than banks and credit unions, but they have more flexible requirements.
According to data released in the Finder: Consumer Sentiment Tracker Q3 (CSTQ3), the three biggest reasons why Canadians plan to get a personal/installment loan are:
Pay for bills and everyday expenses (34%)
Pay off credit cards (31%)
Improve their home (24%)
How to get the best personal loan in Ontario
You can take the following steps to find the best personal loans for your situation:
Getting your credit score will give you an idea of where to apply. Banks, credit unions and select online lenders offer personal loans only to people with good to excellent credit above 660. If your credit score is below 660, you have many options in online lenders.
Consider factors like lenders’ rates, fees, loan amounts, loan terms, turnaround times, repayment flexibility and reputation.
Get personal loan pre-approval from your top choices so you can compare loan offers. Some lenders can give you a quote within minutes of applying without affecting your credit score.
Once you have your number one lender, complete the rest of the process by submitting documents it needs to verify your income and identity, such as bank statements and recent pay stubs. Your lender will do a hard credit check if it hasn’t already.
If you’re approved, the lender will send you a contract. Review it carefully, taking into account the loan amount, loan term, payment schedule, interest rate and any other costs you may encounter.
Once you submit your signed contract, you’ll get your money via e-transfer or direct deposit.
What are the types of personal loans?
You can choose between a secured and unsecured personal loan as well as fixed and variable rate.
Secured loans. Since secured personal loans have collateral such as your house or car, they often have lower rates. If you default on your loan, your lender has the right to repossess your asset. How much you can borrow will depend on the asset you use as collateral.
Unsecured loans.Unsecured personal loans often come with higher interest rates since they don’t involve any collateral. Your eligibility will be determined by your credit score and other personal factors.
Fixed rate loans. With fixed rate personal loans in Ontario, you will lock in an interest rate at the beginning of your loan term so your repayments always stay the same.
Variable rate loans. Variable rate personal loans generally come with lower starting annual percentage rates (APRs) compared to fixed rates. The catch? As the name suggests, variable rate loans have fluctuating interest rates.
How to compare personal loans in Ontario
Interest rates. People with good credit will pay lower interest rates compared to those with a bad credit history. Having a solid understanding of personal loan interest rates in Canada will help you pick the best loan offer.
Loan amounts. You can get a loan in Ontario as small as $500 and as large as $50,000.
Loan terms. Personal loans usually have loan terms between 3 and 60 months. Keep in mind that the longer your loan term, the more you’ll pay in interest.
Repayment flexibility. Find a lender that offers the payment frequency you need, whether that’s weekly, bi-weekly, semi-monthly or monthly. Also find a lender that will not charge you penalties for making extra payments or paying off your loan early. Prepayment penalties are only common in personal loans secured by real estate.
Fees. In addition to prepayment penalties, look out for NSF fees ($25–$50), late payment fees, origination/set-up fees (0–5% of the loan amount) and loan insurance (an optional product).
Speed. Complete the process with online private lenders in one to three business days. Credit unions and banks, on the other hand, can a few days to a few weeks. Need a loan as soon as possible? Learn about emergency loans.
Am I eligible for personal loans?
Whether you’re applying for a $3,000 loan or $15,000 personal loan in Ontario, lenders follow a similar process in determining your eligibility. Here’s a look at five key areas to consider to help you put your best financial foot forward:
Credit score
Your credit score is put together based on factors like your debt payment history and credit utilization ratio. If you have good to excellent credit, you qualify for low interest personal loans.
Income
Lenders require that you have a stable source of income to ensure you can keep up with the loan repayments. Lenders vary in their income requirements, but generally, you need a minimum of $1,200 to $1,800 per month.
Employment
Applications ask for your employment information because lenders want to find out whether you have the income to repay your loan. If you’re unemployed, some lenders accept applicants who receive government benefits or private pension. Your goal is to show lenders you can afford to repay the loan.
Loan security
Offering collateral to secure your loan increases your chances of approval.
Debt-to-income ratio (DTI)
DTI is the percentage of your gross monthly income that goes towards your monthly debt payments such as rent/mortgage, car loan, student loan and credit card minimums. It does not include living expenses such as groceries, utility bills, cell phone bills and entertainment.
Can I get personal loans in Ontario with bad credit?
If you have bad credit, it’s possible to get a personal loan. Online lenders are the main source of bad credit loans in Ontario. You can apply online, providing information such as your employment history, income and credit score, and you should hear back within the same day or the next day.
Bad credit loans will be expensive because lenders see borrowers with low credit scores as higher risk of defaulting. Be sure to compare lenders’ rates, fees and reputation.
Got bad credit? Increase your chances of approval with a cosigner
If you have damaged credit, a cosigner can help, who is usually a family member or close friend. Rather than relying on your credit history alone, lenders take your cosigner’s finances into account too. Just make sure your cosigner knows what they’re committing to, because if you default on payments, they will have to pay on your behalf.
How can I tell if a private lender in Ontario is legitimate?
Borrowing online can be a lot more convenient than visiting a lender in person. But it also comes with a higher chance of borrowing from the wrong lender. Look for the following signs to make sure you’re working with someone legitimate:
Does not guarantee approval. Sites that promote guaranteed approval loans in Ontario are either a scam, predatory or have fine print that actually doesn’t make the loan guaranteed. Reputable lenders are clear about their eligibility requirements and do not promise to approve everybody.
Has an established presence. Pick a lender that has a verified office address, phone number and email and has received a decent amount of reviews from customers. You may also want to check if the lender is BBB accredited, although this isn’t a requirement.
Does not ask for any upfront payment. If a lender asks you for any money before you access your loan, avoid it. This is a common scam.
Doesn’t rush you. You may want to avoid lenders using high-pressure sales tactics to get you to sign a contract.
The results of the Finder: Consumer Sentiment Tracker Q3 (CSTQ3) were collected through an online Pollfish survey conducted between August 10 to 21, 2023. In the survey, 1,013 Canadians from across the country were asked about their current debt obligations, among other questions regarding money goals and financial confidence. The estimated margin of error for the survey is +/- 3%, 90% of the time.
Frequently asked questions
Yes, there are some lenders that don't do credit checks for their personal loans, but you will get approved for lower loan amounts and at much higher rates. Be careful of where you apply, because scammers sometimes use the "no credit check" tagline to steal financial and personal information.
Private loan lenders in Ontario typically charge between 6.99% and 46.96% for a personal loan, depending on factors like your credit score, income and other personal financial factors.
This depends on the lender. Banks and credit unions typically require a credit score above 660. Online private lenders typically require a credit score above 500 to 560. Credit score is just one of many factors that lenders look at when determining your eligibility.
This depends on how small the loan amount is. Banks and credit unions generally start at $3,000 to $5,000 for their personal loans in Ontario, though you may find a local credit union that can finance a smaller amount. Online lenders of personal loans in Ontario generally start at $500 to $1,000. Learn more about small loans.
It's possible if you have another source of income. However, it also depends on the lender. Some lenders accept government benefits and/or private pension as a valid source of income, while others do not. Learn more about loans when you're unemployed.
This depends on the lender. Online lenders can provide approval on the same day or next day. Banks and credit unions can take a few days to a few weeks because they have stricter eligibility requirements.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
A guide to loans for 18-year-olds — or older depending on the age of majority where you live.
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