If your credit isn’t stellar and traditional lenders have turned you down, you still have options. In Ontario, some lenders offer installment loans that consider more than just your credit score. These loans can provide much-needed funds along with greater flexibility for those facing financial challenges.
Check out the top installment loans in Ontario for when you need hassle-free approval and funding.
Spring Financial offers fast installment loans. If you don't qualify for an installment 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.
Why it's one of the best
Get a loan from an established lender. Spring Financial has been providing installment loans since 2015 and has over 200 employees 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 installment 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 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
2. Loans Canada: Gives you access to a large lender network
Fat Cat Loans is a loan search platform partnered with multiple lenders. Fill out an application to find the right installment loan for you and get funding as soon as the same day.
Why it's one of the best
Save time and effort. Apply just once to get matched with lenders.
Get funding on the same day. Fat Cat Loans is partnered with lenders who prioritize quick approval and funding.
Bad credit is okay. Many of Fat Cat Loans's lenders specialize in non-prime loans.
FlexMoney offers installment loans completely online. It's been in business since 2012 and is based in Toronto, Ontario.
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 on the same day or the next day.
Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
Make payments weekly, bi-weekly, bi-monthly or monthly
Easily make extra payments via e-transfer
A+ BBB Rating
High rates for bad credit
No in-person locations
Loan Amount
$500 – $15,000
APR Range
18.9% – 35%
Loan Term
6 - 60 months
Serviced Provinces/Territories
AB, BC, NL, NS, ON, PEI, SK and YT
Turnaround Time
Receive funds within as little as 24 hours
Min. Credit Score
500
Fees
No application, origination or prepayment fees
Requirements
- At least 20 years old - Proof of monthly income for the past 3 months - Income of at least $2,000 per month - Valid Canadian ID to confirm your identity, address and phone number - Valid email address and phone number
easyfinancial helps Canadians access financing when banks aren't an option. It offers installment loans across Canada online and in hundreds of locations.
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 installment 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 – $150,000
APR Range
9.99% – 35%
Loan Term
9 - 240 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Approval within 30 minutes
Min. Credit Score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Requirements
Be a Canadian citizen. Meet the minimum age requirement, which varies from province to province. Be able to demonstrate an ability to make repayments. Min. monthly income of $1,200.
Cash 4 You specializes in installment loans in Ontario. You can apply online or visit one of its stores.
Why it's one of the best
Less-than-perfect credit is okay. If you have fair or bad credit, Cash 4 You can still consider your application.
Rebuild credit. Cash 4 You reports payments to the credit bureau, so on-time loan payments will boost your credit score.
Get a quick loan. Cash 4 You offers approval within minutes, whether you apply online or in-store.
Fast bad credit loans
Flexible terms
No prepayment penalties
High rates
Loan Amount
$500 – $20,000
APR Range
Undisclosed
Loan Term
6 - 84 months
Serviced Provinces/Territories
ON
Turnaround Time
Within 24 hours
Fees
No origination fees, closing costs or prepayment penalties
Requirements
Ontario resident with a valid government issued photo ID, at least 18 years of age, have a steady source of income and an open and active bank account
How we found the best loans
Finder experts collected 11 points of data for more than 50 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. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder. While we aimed to review a wide range of lenders, the loans listed do not reflect the entire market. Read more about the Finder personal loan ratings and review methodology.
Key takeaways
Installment loans in Ontario provide borrowers with predictable, fixed payments over a set term, making them a structured way to manage debt. They are typically unsecured.
Borrowers can qualify for installment loans even with bad credit, but higher interest rates may apply. You can encounter rates up to 35%.
These loans are often used to cover expenses like emergencies, large purchases or consolidating debt.
Features of installment loans
Interest rates. Often between 18% - 35%, based on personal factors such as your credit score and income.
Loan terms. 3 - 60 months.
Loan amounts. Up to $10,000.
Loan security. These loans are unsecured, so there’s no need for collateral.
Are there installment loans in Ontario with guaranteed approval?
No, installment loans with guaranteed approval do not exist in Ontario. If a lender claims to offer guaranteed approval, it could be a scam, predatory or misleading. Reputable lenders can’t promise approval without first reviewing your financial details. They will assess your income, credit history and overall financial situation before making a decision.
Can I get no credit check installment loans in Ontario?
Yes, you can get an installment loan in Ontario without a credit check. These loans come with smaller amounts (typically under $1,500) and higher interest rates and fees, making them more expensive overall. That’s because lenders take on more risk when lending to borrowers with limited or poor credit histories.
Be cautious of broker or surety fees that often come with no credit check installment loans, because those can be in the hundreds.
Are there installment loans for bad credit?
Yes, you can get an installment loan in Ontario even if you have a low credit score. In fact, many alternative lenders in Ontario specialize in installment loans for bad credit. The downside is that you’ll need to be willing to pay steep interest rates.
Why do bad credit installment loans have such high rates?
Installment loans for poor credit have high rates because lenders are taking on more risk. People with low credit scores are more likely to default on their loans. Lenders offset this risk by charging steeper rates. In Ontario (and across Canada), lenders can’t charge more than 35% APR.
Tips to get installment loans in Ontario with bad credit
Apply to a loan search platform like Loans Canada or LoanConnect.
Have a recurring income (employment preferred).
Have no active payday loan debt.
Have no NSF transactions in the last 60-90 days.
Alternatives when you have bad credit
If you don’t qualify for an installment loan because of your credit score, there are other options available to you:
Payday loans. Borrow up to $1,500, but you’ll repay it in full by your next payday.
How to get your installment loan online
Visit your chosen lender’s website to begin your application. You’ll need to share how much you want to borrow, what the funds are for and some personal details. Be prepared to upload documents that confirm your income and identity.
Getting an installment loan is quick. It usually takes around 24 to 48 hours from start to finish. Once you receive your loan, you’ll pay it back in monthly installments over several months to a few years. The terms for your loan will be set by your lender, who will tell you how much you need to pay every month, including interest.
Representative example: Marie gets an installment loan
Marie, who lives in Ottawa, needs to replace the hot water tank in her basement. She applies for several installment loans in Ontario and ends up with a $10,000 loan to cover her expenses. She gets an interest rate of 15.4% and wants to repay the loan in 24 months. This is what her financing will look like:
Loan amount
$10,000
Interest rate (APR)
15.4%
Loan term
2 years
Additional fees
None
Monthly payment
$486.77 per month
Total loan cost
$11,682.46
What do you need to qualify for an installment loan?
Installment loans in Ontario tend to have similar eligibility requirements. In general, to qualify for an installment loan, you’ll need proof of income, which can include full-time or part-time employment, disability, EI or pension payments. You’ll also need an active bank account and valid government-issued ID.
You usually need to prove that you have a decent credit score to qualify for installment loans by submitting to a credit check. There are dedicated installment loans for bad credit in Ontario too, so even if you have a poor credit score you may still qualify.
Can installment loans be used for debt consolidation?
Installment loans in Ontario can be used for debt consolidation. This means you can take out a large amount to pay off multiple smaller debts.
Keep in mind, getting an installment loan to consolidate debt may end up costing you more. Applying to consolidate debt suggests to lenders that you may have taken on more debt that you can manage. Because of this, they may not approve you for lower interest rates. However, you can use a debt consolidation loan to extend your loan term and lower your monthly payments. It’ll cost you more in the long run, but you get more room in your monthly budget.
There are several reasons why getting installment loans might be the right move for Ontarians. Here are some of their key benefits:
Help with unexpected expenses. Installment loans can help Ontarians pay for unexpected expenses like car repairs, home repairs or medical bills.
Easy process. Apply online within minutes. Some online installment loan lenders in Ontario can give instant personal loan pre-approval. Get funding within 24 to 48 hours.
Flexible eligibility criteria. Getting online installment loans in Ontario with bad credit is possible, primarily because lending requirements are slightly more relaxed. “No credit check” online installment loans generally don’t make hard inquiries on your credit score, but you’ll need to demonstrate how you’ll be able to repay the loan back.
More manageable repayments structure. Unlike payday loans that you have to repay by your next payday, you can take longer to repay your installment loan. Most lenders even give you the ability to choose between making payments once or twice a month for several months to years.
Drawbacks
Potentially high interest rates. Installment loans can have very high interest rates – as high as 35%. You’ll only qualify for a higher interest rate if your credit score is low or you have lower or inconsistent income. Watch out for long loan terms because you could end up paying more interest than the amount you borrow.
Disreputable lenders. Be wary of which lender you choose and where you provide your personal and financial details online. Learn more about personal loan scams.
How to compare installment loans in Ontario
When comparing options for installment loans in Ontario, consider the following features so you can find the right loan for your budget and needs.
Interest rates and fees
This is the most important factor to compare. Keep an eye on the rate as well as any fees a lender may include, such as administration fee, surety fee, brokerage fee, late payment fee and NSF fee.
Loan term
Installment loans can be as short as 3 months and as long as 60 months. Generally, the shorter the loan term, the less interest you’ll pay.
Repayment terms
Look for an installment loan lender in Ontario that offers flexible terms, including repayment assistance plans if you run into trouble and can’t honour the original terms of the loan for some reason. Check to see if there are any early repayment terms if you want the option to save on interest and repay your installment loan early.
Calculate your installment loan monthly payment
Calculate how much you could expect to pay each month
Payday loans are a different type of loan compared to installment loans. Payday loans have shorter loan terms than installment loans, because you’ll have to pay back a payday loan by your next paycheque, whereas installment loans can be paid back over months or years.
Payday loans are also much more expensive compared to installment loans. While installment loan APRs typically max out at 35%, payday loan APRs can reach over 300%.
That’s why it’s important to carefully compare your options to make sure you can afford to pay back your loan. Some examples of reputable payday loan providers that operate in Ontario are iCash, Cash Money, GoDay and Money Mart.
Installment loans in Ontario are often used to pay for one-off expenses and are usually offered by online lenders. They can be a good alternative for bad credit borrowers compared to higher interest loans like payday loans.
However, watch out for installment loan lenders in Ontario offering guaranteed approval.
Frequently asked questions
Most lenders of installment loans do require a credit check, though there are some who don't.
If a lender does a hard credit check while assessing your loan application, then yes, it may briefly hurt your credit score. However, your credit score could improve over time if you consistently make your repayments by the deadline.
The easiest installment loans to get approved for in Ontario are short-term installment loans with no credit check. These loans usually take less than 6 months to pay off and have lower loan amounts.
Yes, there are installment loan lenders in Ontario that accept child tax.
Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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Compare rates and terms of installment loans in BC to find the right loan for you.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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