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Best personal loans in Ontario

Compare the best unsecured and secured personal loans available for all types of borrowers.

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.

Best personal loans in Ontario

How we found the best personal loans in Ontario

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.

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. easyfinancial

easyfinancial Personal Loan
Finder Award
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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.

6. 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.

7. goPeer

goPeer Personal Loan
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Go to site
$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

8. Symple

Symple Personal Loan
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$5,000 โ€“ $50,000
Loan amount
6.99% โ€“ 32%
APR
12 - 84 months
Term
Symple Loans expanded to Canada in 2021 and offers online personal loans to people with good credit. Find out what rate you qualify for within minutes without affecting your credit score. Full Review

Why it's one of the best

  • Competitive rates. Symple Loans rates start low, so it's possible to get a great rate if you have strong credit.
  • Easy online process. Receive a personal loan offer that matches your profile.
  • Flexible loan amounts and terms. Borrow up to $50,000 with loan terms between 1 and 7 years.
  • Funding the next business day
  • Get a quote with no impact to credit
  • No need to visit a branch
  • Variable rate only
  • High rates for riskier profiles
Loan amount $5,000 โ€“ $50,000
APR 6.99% โ€“ 32%
Term 12 - 84 months
Min. credit score 650
Fees 0% - 5% loan establishment fees
Turnaround time Next Business day
Serviced provinces All of Canada (except NS, QC, SK)

9. 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.

10. Lendful

Lendful Personal Loan
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$5,000 โ€“ $35,000
Loan amount
10.78% โ€“ 22.48%
APR
6 - 60 months
Term
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.
  • No prepayment penalties
  • Apply online in minutes
  • Funding by the next business day
  • Bad credit applicants will not qualify
  • High rates for lower credit scores
Loan amount $5,000 โ€“ $35,000
APR 10.78% โ€“ 22.48%
Term 6 - 60 months
Min. credit score 600
Fees NSF fee: $50
Turnaround time Within 1 business day
Serviced provinces All provinces

11. 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

12. 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

13. Kindred

Kindred Credit Union Personal Loan
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$5,000 โ€“ $35,000
Loan amount
7.2% โ€“ 16.2%
APR
1 - 5 years
Term
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.
  • Clear rates on its website
  • Various loan types available
  • Riskier applications may not get approved
  • Not available across Canada
Loan amount $5,000 โ€“ $35,000
APR 7.2% โ€“ 16.2%
Term 1 - 5 years
Fees Unknown
Turnaround time Varies
Serviced provinces Ontario

14. 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.

15. 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 Ontario?

Personal loan rates in Ontario range widely from 6.99% to as high as 46.96%. The rate youโ€™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.

Primary reasons for getting a personal loan

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:

  1. Pay for bills and everyday expenses (34%)
  2. Pay off credit cards (31%)
  3. 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:

What are the types of personal loans?

You can choose between a secured and unsecured personal loan as well as fixed and variable rate.

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 youโ€™ll pay in interest.
  • Repayment flexibility. Find a lender that offers the payment frequency you need, whether thatโ€™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 ($25โ€“$50), late payment fees, origination/set-up fees (0โ€“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 youโ€™re applying for a $3,000 loan or $15,000 personal loan in Ontario, lenders follow a similar process in determining your eligibility. Hereโ€™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 youโ€™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, itโ€™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 lendersโ€™ rates, fees and reputation.

If youโ€™re experiencing financial hardship and struggling to get approved for any loan, you may wish to consider debt relief.

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 cosignerโ€™s finances into account too. Just make sure your cosigner knows what theyโ€™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 youโ€™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 doesnโ€™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 isnโ€™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.
  • Doesnโ€™t rush you. You may want to avoid lenders using high-pressure sales tactics to get you to sign a contract.

Survey Methodology โ€“ Finder: Consumer Sentiment Tracker Q3 2023

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

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