Personal loans in Alberta can be anywhere from $500 to $50,000, but how much you can borrow will depend on individual factors like your credit score, income and current debts. You can get a personal loan from a bank, credit union or alternative lender.
Whether you need to borrow fast, get the best rate available or get some leniency with your financial situation, you can browse the best personal loans in Alberta below.
A "Best for" pick is a partner that scored high in a category based on Finder Canada's data-focused personal loans ratings and review methodology. Our experts vetted 112 lenders and analyzed over 4,600 data points to find the best lenders across a variety of categories. A "Promoted for" pick is a partner suited for a category, but it is not a recommendation or indication it is the best. Promoted products are based on a commercial advertising arrangement. Keep in mind that our picks may not always be the best for you – it's important to compare for yourself to find a product that works for you.
To find the best personal loans in Alberta, Finder experts collected more than 70 points of data for more than 60 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. Keep in mind, that the products listed are based on providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Loans Canada is an online loan search platform with a large network of lenders. Fill out one application and get your matches for free. You can get a secured or unsecured personal loan. Full Review
Why it's one of the best
Get access to a large lender network. Loans Canada works with over 60 verified lenders.
Get approved. Receive personal loan offers that match your profile.
Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
Easy online application
Quick deposits
High loan amounts
High rates for bad credit
No online quotes provided
Limited to its network
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All of Canada
Finalist — Best Personal Loan Search Platform category
Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada's Top 15 Best-Rated personal loan providers in 2023.
SkyCap Financial is a private lender of unsecured personal loans for fair to good credit scores. Full Review
Why it's one of the best
Work with a reputable lender. SkyCap Financial is known for its friendly, professional customer service and is BBB accredited with an A+ rating.
Get approved fast. Get your personal loan as soon as the same business day.
Get some leniency. Rather than fixating on your credit score, SkyCap will take a more holistic approach and look at your overall finances.
No prepayment penalties
Apply online in minutes
Funding on the same day or next day
Not available in Nova Scotia or Quebec
High rates for lower credit scores
Loan amount
$500 – $10,000
APR
12.99% – 39.99%
Term
9 - 36 months
Min. credit score
575
Fees
No fees except $50 NSF fee
Turnaround time
24 hours
Serviced provinces
All provinces and territories except Quebec and Nova Scotia
Most Recommended + Best-Rated
SkyCap Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Spring Financial offers fast personal loans for all credit scores. If you don't qualify for a personal 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. Full Review
Why it's one of the best
Get a loan from an established private lender. Spring Financial has been providing personal loans since 2015 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 personal 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
10.8% – 46.96%
Term
6 - 60 months
Min. credit score
500
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
LoanConnect maintains a large database of lenders and matches you with several personal loan offers based on your unique profile. It's been in business since 2016 and is BBB accredited with an A+ rating. Full Review
Why it's one of the best
Save time. Your application will be cast wide and you'll get your results right after you apply.
Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
Get approved. LoanConnect works with different types of lenders to help different types of borrowers find a loan.
Secured and unsecured options
Pre-approval in five minutes
Many bad credit loan options
BBB-accredited with an A+ rating
Fast funding
Not a direct lender
High rates for bad credit
Miss out on offers from lenders not partnered with LoanConnect
Loan amount
$500 – $50,000
APR
8.99% – 46.96%
Term
3 - 120 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All provinces
Most Recommended
LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Mogo is a Canadian fintech company that offers various financial products, including personal loans. Loans are available for good and bad credit. Full Review
Why it's one of the best
Get an instant decision. Get a free quote within a few minutes without affecting your credit score.
Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
Convenient mobile app
No prepayment penalties
Bank-level security
High rates for bad credit
Loans offered via third-party services (Lendful and easyfinancial)
Loan amount
$500 – $35,000
APR
9.9% – 46.96%
Term
6 - 60 months
Min. credit score
600
Fees
Non-sufficient funds fee of $20 to $50
Turnaround time
Within 24 hours
Serviced provinces
BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU
Best-Rated
Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
goPeer is a peer-to-peer lending platform offering unsecured personal loans. Rather than borrowing from a direct lender, you'll borrow from multiple investors. People with strong finances are more likely to get approved since they have less risky applications. Full Review
Why it's one of the best
Get a competitive rate. This platform doesn't have the same high operating costs as brick and mortal financial institutions, so it can pass on those savings to the borrower via low rates.
Easy online application. You won't ever need to visit a branch to provide paperwork.
Flexible loan amounts. Borrow as little as $1,000 and as much as $35,000.
100% online
No prepayment penalties
Use the loan for any purpose, such as debt consolidation or making a large purchase
High rates for risky profiles
Not suitable for bad credit borrowers
Loan amount
$1,000 – $35,000
APR
8.99% – 34.99%
Term
36 - 60 months
Min. credit score
600
Fees
Origination fee varies No application or prepayment fees
Turnaround time
Receive a response within 24 hours of your loan application
FlexMoney is a private lender that offers unsecured personal loans completely online. It's been in business since 2012 and is based in Toronto, Ontario. Full Review
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 within one business day.
Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
Make payments weekly, bi-weekly, semi-monthly or monthly
Easily make extra payments via e-transfer
A+ BBB Rating
High interest rates
Minimum income required ($2,000 per month)
Only employment & pension income accepted
Loan amount
$500 – $15,000
APR
18.9% – 46.9%
Term
6 - 60 months
Min. credit score
500
Fees
No application, origination or prepayment fees
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
easyfinancial helps Canadians access financing when banks or credit unions aren't an option. It offers secured and unsecured personal loans across Canada online and in hundreds of locations. Full Review
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 nontraditional personal 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 – $100,000
APR
9.99% – 46.96%
Term
9 - 120 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time
Approval within 30 minutes
Serviced provinces
all provinces
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.
ATB is a Crown corporation serving residents of Alberta. It offers secured and unsecured personal loans to people with good to excellent credit. Full Review
Why it's one of the best
Work with an established lender. ATB has been in business since 1938 and serves more than 800,000 clients. It is regulated by the Alberta Superintendent of Financial Institutions (ASFI).
Get flexibility. Choose between a fixed and variable rate and repay your loan any time without penalty.
Get a competitive rate. Get a rate as low as the ATB Prime Rate if you use personal assets as collateral.
Magical Credit specializes in online personal loans for people with fair to bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario. Full Review
Why it's one of the best
Get a quick loan. Apply online and validate your information with instant bank verification to get a fast decision (funds sent within hours after approval).
Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
Receive funds within as little as 24 hours
Accepts child tax credit, EI, CPP, OAS, private pensions and more
Refer-a-friend program
High interest rates
May charge an administration fee
You must show income history for six months (if you receive employment income)
Loan amount
$1,500 – $20,000
APR
19.99% – 46.8%
Term
12 - 60 months
Min. credit score
300
Fees
A single administration fee of $194
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Canada-wide (excluding Manitoba, Saskatchewan and Quebec)
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Money Mart offers unsecured personal loans and payday loans to people with bad credit. It has been in business for over 40 years and is now one of the largest alternative lenders in Canada. Full Review
Why it's one of the best
Get your personal loan fast. Get a decision in minutes and receive funds the same business day with Interac e-Transfer.
Apply online or in-store. Get your personal loan online or at one of Money Mart's 500+ store locations.
Qualify. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with bad credit or low income.
Established lender
Convenient mobile app
Accepts different types of income
High interest rates
Availability in provinces varies in-store and online
Loan amount
$500 – $15,000
APR
29.9% – 46.9%
Term
6 - 60 months
Min. credit score
300
Fees
None
Turnaround time
Less than 1 day
Serviced provinces
AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT
Finder: Personal Loan Consumer Satisfaction Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada, based on customer satisfaction feedback. Read more about these awards and the methodology used to find the best personal loan providers, based on customer service scores.
What are the interest rates for personal loans in Alberta?
Personal loan rates in Alberta usually range from 6.99% to 46.96%. How much you’ll be charged will depend on personal factors like your credit score, income and existing debts.
Financial institutions generally have lower personal loan rates than online private lenders. Rates for banks and credit unions start around 7.2%. This is the current prime rate, but you’ll need collateral to get a rate this low.
The following are the basic requirements for personal loans in Alberta:
Be 18 years old or older.
Have an active bank account.
Have proof of a regular income, preferably from employment.
Some lenders may have additional criteria that you’ll need to meet in order to qualify for a loan. If you’re applying for a secured loan, for example, you will need collateral, such as proof of home equity or a car title.
Required documents
While the application process will vary from lender to lender, have these documents ready for a seamless process:
2 pieces of identification. This could include your passport or driver’s licence.
Employment and income verification. This could be via pay stubs and bank statements.
Banking information. This could be a void cheque or your bank account details.
Only need to borrow a small amount? You can get a personal loan as small as $500 from many online private lenders and some credit unions. Banks tend to be less flexible as they often start their loan amounts at $3,000-$5,000.
To make sure you end up with the right lender, keep the following in mind to help you narrow down your top picks:
Loan type
You can choose between secured and unsecured personal loans. Secured loans typically come with higher loan amounts and lower interest rates, but borrowers must put up collateral, such as home equity. Unsecured loans come with higher interest rates, but they don’t require collateral.
Loan amounts
Loan amounts of personal loans in Alberta vary among lenders. Lenders may approve you for an amount lower or higher than your original ask based on their review of your finances.
Loan terms
Lenders may offer you from 3 to 60 months or more to repay your personal loan. Longer terms give you lower monthly payments, but you’ll pay more interest overall.
Annual percentage rate
The APR represents the annual cost of your loan and gives you a truer view of its cost because it includes the interest rate and the fees you must pay to get the loan. Ultimately, you want the true cost of borrowing to be as low as possible. People with bad credit will end up paying higher interest rates compared to those with a strong credit history.
Fees
Don’t fixate solely on the interest rate your lender is charging you. Look for NSF fees, late payment fees, early repayment penalties and administration fees.
How to apply online for loans in Alberta
Fill out the application. Provide personal details such as your name, address, housing situation and employment. Make sure your application doesn’t have errors that could result in an automatic denial.
Get pre-approved. Once you submit, get a tentative loan offer from the lender based on a quick review of your finances.
Get verified. If you wish to proceed, provide documents to verify your income and identity or agree to instant bank verification.
Get an official loan offer. Review your contract carefully, taking into account the overall cost and payment schedule, and sign.
Get funded. Receive your money through e-Transfer or direct deposit.
What credit score do I need to get a personal loan?
If you have good to excellent credit above 660, borrowers have a wide range of low interest loan options, from banks to credit unions to online lenders. A fair credit score is between 560 and 660, and a bad credit score is anything less than 560. If you have a low credit score, you can apply for bad credit loans in Alberta, but be ready to encounter higher interest rates between 18% and 47% in exchange for lenient eligibility requirements.
Signs of a legitimate private lender in Alberta
Private lenders offer loans that are easier to get approved for than banks and credit unions, but make sure to apply to a legit lender. Here are some green flags to look out for:
The lender has an address, phone number and email as well as online profiles such as a Google profile, BBB profile or Trustpilot profile.
The lender takes the time to explain the loan to you and doesn’t pressure you to sign.
The lender is transparent about all the costs of the loan, such as rates and fees.
The lender does not guarantee approval.
The lender never asks you to pay any upfront fees or requires you to pay for loan insurance.
That depends on your total loan amount, your loan term and your APR. Suppose you want to get a personal loan for $5,000 with terms of either 1 or 2 years. Here are some examples of how much this loan may cost you, at varying interest rates and terms:
Loan amount
Term
Sample interest rate
Monthly amount
Total cost
$5,000
12 months
9.99%
$439.35
$5,272.16
$5,000
24 months
9.99%
$230.70
$5,536.84
$5,000
12 months
19.99%
$463.15
$5,557.78
$5,000
24 months
19.99%
$254.45
$6,106.91
Debt in Alberta
According to Equifax Canada, the average debt in Alberta in Q3 2023 was $24,208. Average debt in this province decreased by 2.88% year-over-year. However, the delinquency rate increased by 18.79% year-over-year.
The maximum personal loan interest rate in Alberta is 60% (effective annual interest).
You can use personal loans in Alberta for any legitimate purpose, such as to buy a car, consolidate debt, finance a major expense or improve a home.
This depends on where you apply and your personal situation. If you have bad credit, you have a higher chance of approval if you apply to online lenders instead of banks and credit unions. Online lenders have more flexible eligibility requirements, and some even specialize in bad credit loans. However, they also charge higher rates.
Some lenders provide loans with no credit check. Instead of looking at your credit score, they'll focus on your income. It's worth warning that there are predatory or unlicensed lenders that offer no credit check loans, so be sure to apply to a legitimate lender.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
Find out if you’re eligible for a $3,000 loan, and learn how to compare your loan options in Canada.
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According to Equifax Canada, the average debt in Alberta in Q3 2023 was $24,208. Average debt in this province decreased by 2.88% year-over-year. However, the delinquency rate increased by 18.79% year-over-year.