MDG is an Ontario-based lender and electronics retailer that offers a choice of two funding options—a $20,000 personal loan and a $3,200 line of credit. If you can’t qualify for an MDG Financial loan, or if you’re just shopping around for the best rates and terms, here are five loans like MDG worth checking out in Canada.
Established in 2015, online lender Spring Financial offers personal loans of up to $35,000. You'll have between 6 months and 84 months to repay what you borrow, and you can qualify for funding even if you have less than perfect credit. You can apply online in a matter of minutes and get funded the same day via e-Transfer.
Large loan amounts available
Fair or bad credit is OK
No prepayment penalties
Quick and easy online application process
4.6/5 stars based on over 18,000 Trustpilot reviews
Maximum APR of 35%
You might be offered a credit builder loan instead
1.06/5 stars based on over 140 Better Business Bureau reviews
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
Loans Canada is not a lender but rather a loan search platform. When you take 10 minutes to fill out an online application, Loans Canada will match you with partners from its lending network who are willing to offer you a loan. Bad credit won't stop you from getting funded, and the Loans Canada platform is free to use.
Loans for good or bad credit
Compare multiple lenders in one place
Easy online application process
Canada's largest network of lenders
It could take 1-3 business days to get a loan
Not a direct lender
High rates for bad credit
Check the contract for any loan fees
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
LoanConnect is a loan search platform that allows you to fill out a single application and then compare offers from a network of lenders. Bad credit is OK, and there are secured and unsecured loans available. You can get online pre-approval in as little as a minute with no impact to your credit score.
Compare multiple lenders
Easy online application
Get pre-approved in minutes
Financing for good and bad credit available
Not a direct lender
High rates for bad-credit borrowers
Watch out for any loan fees that may apply
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
KOHO members who subscribe to the Cover bundle can access an interest-free cash advance of up to $250. Designed to help you cover unexpected bills, these advances provide instant access to funds through the KOHO app. It's quick and easy to apply, and you won't need to complete a credit check to get funded.
No interest charges
No credit checks
Fast access to your money
You don't need to meet an income requirement to qualify
Maximum loan amount may be too small for your needs
Monthly KOHO Cover fee applies
Monthly KOHO plan fee (waivable)
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
When you need a little extra cash to help you get through to your next payday, Bree offers a $500 line of credit to help you avoid overdraft fees. You won't pay any interest on the money you borrow, and there are no late fees to worry about either. And with no credit checks during the application process, it's quick and easy to qualify for funding.
No interest charges to worry about
Quick and easy to apply
No credit checks
No late fees
Get an instant decision
Maximum advance amount of $500
$2.99 optional monthly subscription fee applies for features including instant transfers
Costs
0%
Loan Amount
$20 – $500
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
All provinces and territories
Apple App Store Rating
4.8
Google Play Rating
4.9
How does MDG compare?
For a detailed rundown of what MDG Financial has to offer, check out our full MDG Financial review. But if you’re just after a quick summary, check out the pros and cons below.
Pros
Get a loan of up to $20,000, or a line of credit of up to $3,200 to shop online at MDG
Pre-qualify without it affecting your credit score
Early repayment allowed
Loans available across Canada
Flexible payment plans to suit your pay schedule
Making on-time payments could improve your credit score
Credit monitoring service available
Cons
High interest rates
Bad credit could stop you from getting a loan
Missed payments will also be reported to the credit bureaus
Line of credit is for purchases from MDG only
Questions to ask yourself before you get a loan like MDG
What is the APR? If you have bad credit, your loan could come with an APR as high as 35%.
Are there any fees? Cash advances may come with monthly subscription and instant funding fees, while personal loans may have administration, NSF and late payment fees.
When do I need the money? Depending on the loan option you choose, you may have to wait a few business days to receive your funds.
How much do I need? Cash advances offer small amounts of $500 or less, so they may not provide sufficient funds for your needs.
Can I afford it? Online lenders and cash advance providers tend to have lenient eligibility criteria, so be wary of taking on more debt than you can comfortably afford to repay.
How to apply for loans like MDG and get your funds fast
It’s easy to apply for loans like MDG online. You’ll need to provide:
Your name and date of birth
Your phone number and email address
Your residential address
Proof of ID, such as a driver’s licence or passport
You’ll also generally need to prove that you have sufficient income to manage your loan repayments. Traditionally, you would have had to provide bank statements or pay stubs to do this, but many online lenders now support instant bank verification. This allows the lender to check your bank statement electronically to verify your income, allowing you to get approved and funded as quickly as possible.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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Here’s how to get a $500 loan to see you through until your next payday.
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