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What are the easiest banks and credit unions to get a loan in Canada?
Compare 10+ options when you need fast and easy access to a loan.
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.
- Accepts bad credit borrowers
- Easy online application
- Quotes from multiple lenders
- Access cash within 1-3 business days
- Accepts bad credit borrowers
- Quotes from multiple lenders
- Pre-approval in 5 minutes
- Funds in as little as 24 hours
- Competitive rates
- Approval in 1 business day
- Easy online application
- Quarterly rewards
Summary: Easy banks, credit unions and online lenders
| Category | Lender | Alternative |
|---|---|---|
| If you want an easy online application | Innovation | Fora |
| 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 | LoanConnect |
| If you want a small, quick loan | Servus | Green Loans |
| If you have a good credit score | Bank of Montreal | Fig |
Looking for loans with easy approval and funding?
If you want an easy online application: Innovation Federal Credit Union
$5,000 – $50,000
Loan Amount
6.2% – 19.7%
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%.
What makes it an easy loan
- Convenient online application
- Approval in 24 hours
- High maximum rate, which means borrowers with lower credit may qualify
What to watch out for
- You'll need to become a member
- Not suitable for very bad credit
| Loan Amount | $5,000 – $50,000 |
|---|---|
| APR Range | 6.2% – 19.7% |
| Loan Term | 12 - 120 months |
| Serviced Provinces/Territories | All provinces (excluding Quebec) |
| Turnaround Time | Approval in one business day |
| Fees | $5 membership fee |
| Requirements | 18 years of age and a Canadian resident |
Alternative: Fora
$1,000 – $15,000
Loan Amount
19.9% – 34.9%
APR
Open
Term
Launched in 2022, Fora Credit isn't a credit union but an online-only lender that provides unsecured lines of credit to customers in AB, BC, NB, NS, ON and SK. Credit limits of up to $15,000 are available.
What makes it an easy line of credit
- Quick and easy online application
- Get funded as soon as the same day
- No extra fees to worry about
What to watch out for
- High rates
- Not available everywhere
- $15,000 credit limit
| Loan Amount | $1,000 – $15,000 |
|---|---|
| APR Range | 19.9% – 34.9% |
| Loan Term | Open |
| Serviced Provinces/Territories | AB, BC, NB, NS, ON and SK |
| Min. Credit Score | 550 |
| Fees | Dishonoured payment fee may apply |
| Requirements | Steady source of income |
If you don’t have good credit: Fairstone
$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.
What makes it an easy loan
- Apply online or in-store
- Get funded within one business day
- Lower minimum credit score requirement than other lenders
What to watch out for
- You need a credit score of 525 or higher to get an unsecured loan
- High interest rates
- You'll need to visit a branch to apply for a secured loan
| 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 |
Alternative: Spring Financial
$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.
What makes it an easy loan
- Online process with same-day funding
- Minimum credit score of 550
- Minimum monthly income of $2,000
What to watch out for
- High interest rates
- You may need to provide references
| 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 $30 NSF fee |
| Requirements | Min. income of $2,000, min. credit score of 550, 3+ months employed |
Related: Best personal loans in Canada
If you want instant access to a loan: KOHO
$20 – $250
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 $250. You can repay it any time.
What makes it an easy loan
- No credit check
- No income required to qualify
- Highly rated app
What to watch out for
- Monthly KOHO Cover fee of $2
- Monthly KOHO plan fee (waivable on an Essential plan)
- Small loan amount
| Costs | 0% + monthly fee from $2 |
|---|---|
| Loan Amount | $20 – $250 |
| 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 | 4.3 |
Alternative: Nyble
$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.
What makes it an easy loan
- No interest or late fees
- Minimum income of $1,000/month
- Easy application process
- Free credit score monitoring
What to watch out for
- Late payments are also reported to the credit bureaus
- Small loan amount
- Getting funded with a free account takes up to three business days
| 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 |
Related: Best loan apps in Canada
If you want a convenient bank loan: CIBC
$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.
What makes it an easy loan
- Easy online application process
- Secured and unsecured loans available
- Flexible repayment schedule
- Repay early without penalty
What to watch out for
- Not an option if you have bad credit
- Slow loan approval process
- Rates are not displayed online
| 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. |
Alternative: Loans Canada
$500 – $50,000
Loan Amount
8.99% – 35%
APR
4 - 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.
What makes it an easy loan
- Multiple loan types available
- Options for good and bad credit
- Easy to compare multiple loan offers
What to watch out for
- High rates for bad credit
- Not a direct lender
- You're limited to its lending network
| Loan Amount | $500 – $50,000 |
|---|---|
| APR Range | 8.99% – 35% |
| Loan Term | 4 - 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 |
If you want a no credit check loan: Vancity
$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.
What makes it an easy loan
- No credit check required
- Eligibility based on your income
- Fixed 19% interest rate
- No penalties for paying back your loan early
- Quick and easy online application
What to watch out for
- You can only borrow up to $2,500
- Only for BC residents
- You need to become a member
| 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 |
Alternative: LoanConnect
$500 – $60,000
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 from multiple lenders. It won't impact your credit score to apply, and if you're searching for the easiest bank to get a loan, there are options available for good and bad credit.
What makes it an easy loan
- Bad credit is okay
- Compare multiple offers
- Get offers in as little as a minute
- Choose from secured and unsecured loans
What to watch out for
- Not a direct lender
- You're limited to its lending network
- High rates for bad credit
| Loan Amount | $500 – $60,000 |
|---|---|
| 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 |
If you want a small, quick loan: Servus
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.
What makes it an easy loan
- Get cash in as little as an hour (if you make an appointment)
- Competitive interest rate
- Flexible loan terms
What to watch out for
- You'll need to become a member
- Detailed application process
- $2,500 maximum loan amount
- Available in Alberta only
| Loan Amount | Up to $2,500 |
|---|---|
| APR Range | Undisclosed |
| Loan Term | 3 months - 2 years |
| Serviced Provinces/Territories | Alberta |
Alternative: Green Loans
$100 – $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.
What makes it an easy loan
- Fast access to funds
- No credit check
- Easy online application
- No collateral required
What to watch out for
- Very expensive
- Broker fee of up to $300
- Small loan amount may not suit everyone
| Loan Amount | $100 – $1,000 |
|---|---|
| APR Range | 22% – 35% |
| Loan Term | 3 - 12 months |
| Serviced Provinces/Territories | all provinces except Manitoba |
| 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. |
If you have a good credit score: Bank of Montreal
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.
What makes it an easy loan
- Choice between variable and fixed rates
- Lower rates and higher chances of approval if you have collateral
- Flexible loan amounts
- Early repayment without penalty
What to watch out for
- Strict eligibility criteria
- Bad credit is not accepted
- Slower approval process than online lenders
| Loan Amount | Starting at $2,000 |
|---|---|
| APR Range | Undisclosed |
| Loan Term | 1 - 5 years |
| Serviced Provinces/Territories | All of Canada |
Alternative: Fig
$2,000 – $35,000
Loan Amount
8.99% – 29.49%
APR
24 - 84 months
Term
Fig is an online lender that launched in Canada in 2023. Backed by Fairstone Bank, it offers fast online personal loans of up to $35,000 to borrowers with good to excellent credit.
What makes it an easy loan
- Fully digital application process
- Get funded in one business day
- Early repayment without penalty
What to watch out for
- Fair or bad credit may not qualify
- High minimum income requirement of $5,000/month
- You'll need to complete a credit check
| Loan Amount | $2,000 – $35,000 |
|---|---|
| APR Range | 8.99% – 29.49% |
| Loan Term | 24 - 84 months |
| Serviced Provinces/Territories | AB, BC, MB, NB, NWT, NS, ON, PEI, QC and SK |
| Turnaround Time | Up to 5 business days |
| Min. Credit Score | 700 |
| Fees | NSF fee: $45 |
| Requirements | min. income $5,000/month, 6+ months employed, min. credit score 700 |
Related: Low interest loans in Canada
What’s the easiest bank loan to get with bad credit?
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.
Tips to get easy approval from a bank or credit union
Boost your chance of getting approved with these simple tips:
Try your current bank first
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 before applying
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.
Limit your credit applications
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.
Pay down current debts
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.
Bottom line
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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