Where can you find the easiest bank to get a loan in Canada? If you’re searching for a fast and easy loan, it’s worth noting that banks and credit unions have stricter eligibility requirements than online lenders. But no matter where you choose to apply, your personal financial situation is the main factor that will determine how easy it is to qualify for funding.
In this guide, we cover banks, credit unions and more lenient alternatives in Canada to help you find and get approved for a loan.
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| Category | Lender | Alternative |
|---|---|---|
| If you want an easy online application | Innovation | LoanConnect |
| If you want instant access to a loan | KOHO | Nyble |
| If you don’t have good credit | Fairstone | Spring Financial |
| If you want convenient access to a bank loan | CIBC | Loans Canada |
| If you want a no credit check loan | Vancity | Bree |
| If you want a small, quick loan | Servus | Green Loans |
| If you have a good credit score | Bank of Montreal | N/A |
Looking for loans with flexible approval and quick funding?
$5,000 – $50,000
Loan Amount
5.95% – 19.45%
APR
12 - 120 months
Term
Innovation Federal Credit Union, as the name suggests, is available across Canada. You can get a personal loan or line of credit online, with rates starting at Prime + 1%.
| Loan Amount | $5,000 – $50,000 |
|---|---|
| APR Range | 5.95% – 19.45% |
| Loan Term | 12 - 120 months |
| Serviced Provinces/Territories | All provinces (excluding Quebec) |
| Turnaround Time | Approval in one business day |
| Min. Credit Score | 640 |
| Fees | $5 membership fee |
| Requirements | 18 years of age and a Canadian resident |
$500 – $50,000
Loan Amount
8.99% – 35%
APR
3 - 120 months
Term
LoanConnect is an online loan search platform where you can fill out a single application and compare offers within seconds from multiple lenders. Applying won't impact your credit score, and there are options available for good and bad credit.
| Loan Amount | $500 – $50,000 |
|---|---|
| APR Range | 8.99% – 35% |
| Loan Term | 3 - 120 months |
| Serviced Provinces/Territories | All provinces |
| Turnaround Time | Receive funds in as little as 24 hours. |
| Min. Credit Score | 300 |
| Fees | No application, origination or brokerage fees |
| Requirements | Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income |
$500 – $60,000
Loan Amount
19.99% – 34.99%
APR
6 - 120 months
Term
Fairstone Financial is wholly owned by Fairstone Bank of Canada, a Schedule 1 bank. It has been providing lending services in Canada for almost 100 years. With 250 branches across the country, it specializes in personal loans and mortgages for near-prime borrowers.
| Loan Amount | $500 – $60,000 |
|---|---|
| APR Range | 19.99% – 34.99% |
| Loan Term | 6 - 120 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | as little as 24 hours |
| Min. Credit Score | 525 |
$500 – $35,000
Loan Amount
9.99% – 35%
APR
6 - 84 months
Term
Spring Financial offers fast personal loans and a completely online application process. Fair or bad credit is okay, and loans of up to $35,000 are available.
| Loan Amount | $500 – $35,000 |
|---|---|
| APR Range | 9.99% – 35% |
| Loan Term | 6 - 84 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | Within 24 hours |
| Min. Credit Score | 550 |
| Fees | No fees except a $30 NSF fee |
| Requirements | Min. income of $2,000, min. credit score of 550, 3+ months employed |
$20 – $500
Loan Amount
Starting at 0%
APR
Flexible
Term
KOHO is not a bank yet, but it's currently pursuing a Schedule 1 bank licence. When you need a small loan fast, KOHO Cover provides an interest-free cash advance of up to $500. You can repay it any time.
| Costs | 0% + monthly fee from $2 |
|---|---|
| Loan Amount | $20 – $500 |
| Loan Term | Flexible |
| Credit Check | No |
| Turnaround Time | Immediately |
| Requirements | KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services |
| Serviced Provinces | All provinces and territories |
| Apple App Store Rating | 4.8 |
| Google Play Rating | 4.8 |
$30 – $250
Loan Amount
Starting at 0%
APR
31 days, extendable
Term
Nyble offers a Credit Building Line of up to $250 to help you build your credit history. There are no interest charges, and you can get funded instantly. Your repayments are reported to the credit bureaus to help improve your credit score.
| Costs | 0% |
|---|---|
| Loan Amount | $30 – $250 |
| Loan Term | 31 days, extendable |
| Credit Check | No |
| Turnaround Time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
| Requirements | You must be 18 years or older and have a minimum monthly income of $1,000. |
| Serviced Provinces | All provinces and territories |
| Apple App Store Rating | 4.8 |
| Google Play Rating | 4.8 |
$3,000 – $200,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
CIBC is one of Canada's Big Five banks and has a history dating back to the 1860s. It offers a full range of banking products and services across Canada, including secured and unsecured personal loans and lines of credit.
| Loan Amount | $3,000 – $200,000 |
|---|---|
| APR Range | Undisclosed |
| Loan Term | 1 - 5 years |
| Serviced Provinces/Territories | Across Canada |
| Requirements | Canadian citizen or permanent resident, of the age of majority in your province, with good to excellent credit (660 or higher), earn a minimum income of $17,000 annually, have not claimed bankruptcy within the last 7 years, have not been declined for any CIBC credit in the past 6 months. |
$500 – $50,000
Loan Amount
9.99% – 35%
APR
3 - 60 months
Term
Loans Canada is an online loan search platform that provides access to the largest network of lenders in Canada. After filling out a single application, you can compare personal loan offers from multiple lenders to find one that's right for you.
| Loan Amount | $500 – $50,000 |
|---|---|
| APR Range | 9.99% – 35% |
| Loan Term | 3 - 60 months |
| Serviced Provinces/Territories | All of Canada |
| Turnaround Time | Receive funds in as little as 24 hours. |
| Min. Credit Score | 300 |
| Fees | No application, origination or brokerage fees |
| Requirements | Canadian resident, age of majority in your province of residence |
$100 – $2,500
Loan Amount
Starting at 19%
APR
12 - 24 months
Term
Founded in 1946, Vancity is now the largest credit union in Canada. It offers a full range of banking products and services to its members, including a payday loan alternative, the Fair and Fast Loan, that is designed to help Canadians break the debt cycle.
| Loan Amount | $100 – $2,500 |
|---|---|
| APR Range | Starting at 19% |
| Loan Term | 12 - 24 months |
| Serviced Provinces/Territories | BC |
| Turnaround Time | Within 10 minutes |
| Fees | No prepayment fees |
| Requirements | Unknown |
$20 – $750
Loan Amount
Starting at 0%
APR
Next pay cycle (90 days max)
Term
Bree offers 0% interest cash advances of up to $750. It doesn't require credit checks, and 24/7 funding is available, making it useful for emergency expenses. If you opt for standard delivery, you won't be charged any fees.
| Costs | 0% |
|---|---|
| Loan Amount | $20 – $750 |
| Loan Term | Next pay cycle (90 days max) |
| Credit Check | No |
| Turnaround Time | Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery. |
| Requirements | You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV |
| Serviced Provinces | Bree is not currently accepting applications from new customers in Quebec, Saskatchewan, Nova Scotia, or New Brunswick |
| Apple App Store Rating | 4.9 |
| Google Play Rating | 4.8 |
Up to $2,500
Loan Amount
Undisclosed
APR
3 months - 2 years
Term
Servus Credit Union is one of the top five largest credit unions in Canada, offering a wide range of accounts, mortgages and loans to its members. Its Fast Forward Small Loan is a payday loan alternative that allows you to borrow up to $2,500.
| Loan Amount | Up to $2,500 |
|---|---|
| APR Range | Undisclosed |
| Loan Term | 3 months - 2 years |
| Serviced Provinces/Territories | Alberta |
$300 – $1,000
Loan Amount
22% – 35%
APR
3 - 12 months
Term
Green Loans is an online broker that can help you find a short-term installment loan within 24 hours.
| Loan Amount | $300 – $1,000 |
|---|---|
| APR Range | 22% – 35% |
| Loan Term | 3 - 12 months |
| Serviced Provinces/Territories | all provinces except Manitoba and Alberta |
| Turnaround Time | within 24 hours |
| Min. Credit Score | 300 |
| Fees | 2.66% late fee |
| Requirements | • Share banking access via our secure IBV system (Instant Banking Verification) • Have a Canadian bank account open for 90+ days with online access • Be a Canadian citizen or permanent resident with a job • Be 18 or older (or provincial age of majority) • Earn at least $1,200 monthly in net income • Provide a valid phone number, email, and home address • You must not be in a bankruptcy or a consumer proposal. • You must not be planning to declare bankruptcy or a consumer proposal. |
Starting at $2,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
Bank of Montreal is one of Canada's Big Five banks and offers personal loans and lines of credit across the country. Flexible repayment options are available, but you'll need good to excellent credit to qualify.
| Loan Amount | Starting at $2,000 |
|---|---|
| APR Range | Undisclosed |
| Loan Term | 1 - 5 years |
| Serviced Provinces/Territories | All of Canada |
If you have bad credit, the easiest bank loan to get is Fairstone. Its minimum credit score for loans is 525, which is much lower than other banks.
Boost your chance of getting approved with these simple tips:
If you have an established relationship and a strong track record with a lender, you may be able to qualify for a preferred rate.
Check your credit score to ensure that you’ll meet the lender’s eligibility criteria, and make sure you don’t have any missed or late payments on your credit file.
Multiple personal loan or credit card applications in a short period of time can indicate an unstable financial situation to lenders, which can decrease your chances of approval.
By paying down your current debts as much as possible before applying for a loan, you’ll not only improve your credit score, but you’ll also lower your debt-to-income ratio, which increases your chance of getting approved.
If you’re searching for the easiest bank to get a loan in Canada, you’ll generally find more lenient eligibility criteria from online lenders. But your personal financial situation is the key factor in determining if you qualify for funding. So, taking steps to boost your credit score and pay down existing debts will boost your chance of approval.
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