Fig Financial offers personal loans between $2,000 and $35,000 with rates between 8.99% - 29.49%. A bank alternative for prime borrowers, it’s a legitimate option when you need a quick online personal loan, but it’s not your only option.
Like Fig Loans, Spring lets you easily apply online and receive a response almost right away. If approved, you'll get your funds as soon as the same day. You can choose between Interac e-Transfer or direct deposit to get your money.
High-risk applications are okay
Flexible loan amounts from $500 to $35,000
No early repayment fees
Interest rates of up to 34.95% for bad credit
You may be offered a credit builder loan (The Foundation loan) instead of a personal loan
Loan Amount
$500 – $35,000
APR Range
9.99% – 34.95%
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
Loans Canada is a broker that collects your information in a single application and connects you with suitable loan options from its extensive network of partner lenders. The platform is totally free to use, and there are options for both good and bad credit borrowers.
Loans for good and bad credit
Compare multiple lenders
APRs starting at 9.99%
Get funded in one to three business days
High rates for bad credit
Not a direct lender
Limited to Loans Canada's partner network
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 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
LoanConnect matches you with a lender based on your profile. You can apply with bad credit, as LoanConnect is partnered with many lenders that specialize in loans for low credit.
Fast bad credit loans
Flexible terms
No collateral required
No prepayment penalties
High rates and fees
Not a direct lender
You're limited to lenders within its network
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
Alternative for short-term installment loans: Green Loans
If you want a short-term loan but wish to avoid a payday loan, Green Loans is worth checking out. You can borrow as low as $300 and as much as $1,000 without a credit check. If approved, you'll get your money within 24 hours. However, watch out for a broker fee costing in the hundreds.
Bad credit is okay
Fast access to funds
Easy online application
No collateral required
No early repayment fees
Brokerage fee applies
Requires a minimum monthly income of $1,200
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.
Alternative if you want a credit union loan: Innovation
Like Fig Financial, Innovation Federal Credit Union offers online personal loans across Canada to people with good to excellent credit. Choose between a fixed and variable rate, and get a decision in as little as one business day.
Traditional lender with convenient online process
Competitive rates
Choice between fixed and variable rate
Bad or fair credit may not qualify
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
Fees
$5 membership fee
Requirements
18 years of age and a Canadian resident
How does Fig Financial compare?
You can learn more in our Fig Financial review, but its key pros and cons include the following:
Pros
Fully online
Convenient application process
Competitive rates
Backed by an established company
No collateral required
Cons
Good credit only
Up to two business days to receive your funds, which is faster than banks but slower than other online lenders
Are Fig Loans US and Fig Financial the same?
No, although they share the same name, they are completely separate companies serving different markets. Fig Financial is backed by Fairstone Bank and provides installment loans to Canadians, primarily targeting prime borrowers. Fig Loans US, operated by Fig Tech Inc., focuses on serving individuals in the United States who may have limited access to traditional credit, often targeting non-prime borrowers.
Alternatives to online installment loans
1. Use a cash advance app
Cash advance apps in Canada like Nyble, Bree and KOHO Cover provide small loans of up to several hundred dollars with 0% interest and little, if any, fees. You may not need a credit check to qualify, and funds are usually available fast. One downside is that you can’t borrow a large amount. But cash advances can be useful if you need a small amount quickly to cover unexpected, short-term expenses.
2. Apply for an auto title loan
If you own a completely paid-off vehicle, you may be able to use it to secure a loan. Auto title loans are easier to qualify for than unsecured loans, and it’s possible to get approved with less-than-good credit. But be aware that if you fail to make repayments, you’ll lose your vehicle, and high fees may apply, such as vehicle inspection and title search fees.
3. Pick up a side hustle
If you have time to invest in a side hustle, it’s much better to increase your income rather than go into more debt. Examples of side hustles include filling out surveys, dog walking, translating and virtual assisting. Learn more in our how to make money online guide.
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family.
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Leanne Escobal is a senior publisher at Finder with more than 13 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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Compare lenders that provide emergency loans in Canada in as little as one hour.
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