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.
Category | Lender | Alternative |
---|---|---|
If you don’t have good credit | Fairstone | Spring Financial |
If you want instant access to a loan | KOHO | Nyble |
If you want an easy online application | CIBC | Loans Canada |
If you want a line of credit | FirstOntario | Fora |
If you want a no credit check loan | Vancity | LoanConnect |
If you want a small, quick loan | Servus | LoansLoans |
If you have a good credit score | TD | Fig |
$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 | 19.99% – 34.99% |
Term | 6 - 120 months |
Min. credit score | 525 |
$500 – $35,000
Loan Amount
9.99% – 34.99%
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 | 9.99% – 34.99% |
Term | 6 - 84 months |
Min. credit score | 550 |
Fees | No fees except $30 NSF fee |
Turnaround time | Within 24 hours |
Serviced provinces | All of Canada |
$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.
Loan amount | $20 – $250 |
---|---|
APR | Starting at 0% |
Term | Flexible |
Fees | 0% interest with a subscription fee starting at $2/month |
Turnaround time | Immediately |
Serviced provinces | All provinces and territories |
$30 – $250
Loan Amount
Starting at 0%
APR
30 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.
Loan amount | $30 – $250 |
---|---|
APR | Starting at 0% |
Term | 30 days, extendable |
Fees | 0% interest with optional fees |
Turnaround time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
Serviced provinces | All provinces and territories |
$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 | Undisclosed |
Term | 1 - 5 years |
Serviced provinces | Across Canada |
$300 – $50,000
Loan Amount
9.9% – 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.
Loan amount | $300 – $50,000 |
---|---|
APR | 9.9% – 35% |
Term | 4 - 60 months |
Min. credit score | 300 |
Fees | No application, origination or brokerage fees |
Turnaround time | Receive funds in as little as 24 hours. |
Serviced provinces | All of Canada |
Undisclosed
Loan Amount
Starting at 8.24%
APR
Open
Term
Founded in 1939, FirstOntario Credit Union offers a wide range of bank accounts and borrowing options to over 125,000 members. It provides secured and unsecured lines of credit with lenient eligibility criteria, while student lines of credit are also available.
Loan amount | Undisclosed |
---|---|
APR | Starting at 8.24% |
Term | Open |
$1,000 – $15,000
Loan Amount
19.9% – 34.9%
APR
Open
Term
Launched in 2022, Fora Credit is 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.
Loan amount | $1,000 – $15,000 |
---|---|
APR | 19.9% – 34.9% |
Term | Open |
Fees | $0 |
Serviced provinces | AB, BC, NB, NS, ON and SK |
$100 – $2,500
Loan Amount
Starting at 19%
APR
2 weeks - 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 | Starting at 19% |
Term | 2 weeks - 24 months |
Fees | No prepayment fees |
Turnaround time | Within 10 minutes |
Serviced provinces | BC |
$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.
Loan amount | $500 – $60,000 |
---|---|
APR | 8.99% – 35% |
Term | 3 - 120 months |
Min. credit score | 300 |
Fees | No application, origination or brokerage fees |
Turnaround time | Receive funds in as little as 24 hours. |
Serviced provinces | All provinces |
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 | Undisclosed |
Term | 3 months - 2 years |
Serviced provinces | Alberta |
$500 – $1,000
Loan Amount
28% – 32%
APR
3 - 12 months
Term
LoansLoans.ca is an online broker that can help you find a short-term installment loan. Receive funds in less than 24 hours.
Loan amount | $500 – $1,000 |
---|---|
APR | 28% – 32% |
Term | 3 - 12 months |
Min. credit score | 300 |
Fees | Late payment fee (2.66% per month), $45 NSF fee, broker fee |
Turnaround time | Receive funds in less than 24 hours |
Serviced provinces | All of Canada (except Manitoba) |
$5,000 – $50,000
Loan Amount
Undisclosed
APR
1 - 7 years
Term
TD 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 | $5,000 – $50,000 |
---|---|
APR | Undisclosed |
Term | 1 - 7 years |
Min. credit score | 660 |
Fees | Origination Fee of $50 applies to secured loans only Annual fee of $25 applies to unsecured personal line of credit only |
Turnaround time | 48 hours |
$2,000 – $35,000
Loan Amount
8.99% – 29.49%
APR
24 - 60 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.
Loan amount | $2,000 – $35,000 |
---|---|
APR | 8.99% – 29.49% |
Term | 24 - 60 months |
Min. credit score | 700 |
Fees | NSF fee: $45 |
Turnaround time | Up to 5 business days |
Serviced provinces | Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan |
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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