10 best personal loans in Ontario

Whether you prefer banks, credit unions or private lenders, there are plenty of options to explore when you need a personal loan in Ontario. This guide will help you compare rates and terms from a range of lenders so you can find the best loan for your needs.

Fast Financing

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• Accepts bad credit borrowers
• Same day funding
• 100% online
• No prepayment fees

Flexible Terms

Go to site

• Accepts bad credit borrowers
• Easy online application
• Quotes from multiple lenders
• Access cash within 1-3 business days

Competitive Rates

Go to site

• Accepts bad credit borrowers
• Quotes from multiple lenders
• Pre-approval in 5 minutes
• Funds in as little as 24 hours

Best personal loans in Ontario

1. Spring Financial: Private lender of fast personal loans

8.5 Great

Go to site Read review

$300 – $35,000
Loan amount

9.99% – 34.95%
APR

9 - 90 months
Term

• Our Take
• Pros + Cons
• Details

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.

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	$300 – $35,000
APR	9.99% – 34.95%
Term	9 - 90 months
Min. credit score	550
Fees	No fees except $30 NSF fee
Turnaround time	Within 24 hours
Serviced provinces	All of Canada

2. Loans Canada: Loan search platform for comparing offers

8.6 Great

Go to site Read review

$250 – $50,000
Loan amount

9.99% – 35%
APR

3 - 60 months
Term

• Our Take
• Pros + Cons
• Details

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.

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	$250 – $50,000
APR	9.99% – 35%
Term	3 - 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

3. LoanConnect: Loan search platform for all credit

8.8 Great

Go to site Read review

$500 – $60,000
Loan amount

8.99% – 35%
APR

3 - 120 months
Term

• Our Take
• Pros + Cons
• Details

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.

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 – $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

4. Fig: Online direct lender for good credit

7.8 Great

Go to site Read review

$2,000 – $35,000
Loan amount

8.99% – 29.49%
APR

24 - 60 months
Term

• Our Take
• Pros + Cons
• Details

Fig is a digital lender offering unsecured personal loans to Canadians with good to excellent credit.

Why it's one of the best

• Apply easily online. Fill out a user-friendly application and get pre-approved without impacting your credit.
• Get access to reasonable rates. Fig's rates start at 8.99%, which is very competitive against other online lenders.
• Work with a lender backed by a major company. Fig is backed by Fairstone, which has decades of lending experience.

• Seamless application
• No hidden fees
• Repay anytime without penalty

• Fair or bad credit borrowers may not qualify
• Same-day funding may not be possible

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

5. Fat Cat Loans: Loan search platform for same-day loans

8.5 Great

Go to site Read review

$300 – $50,000
Loan amount

6.99% – 35%
APR

3 - 84 months
Term

• Our Take
• Pros + Cons
• Details

Fat Cat Loans is an online loan-matching service that connects borrowers with lenders offering personal and bad credit loans, with quick online applications and same-day funding options.

Why it's one of the best

• Save time and effort. Apply just once to get matched with multiple 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.

• Easy application process
• Flexible loan amounts

• High rates for bad credit
• You're limited to its network of lenders

Loan amount	$300 – $50,000
APR	6.99% – 35%
Term	3 - 84 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Within 24 hours
Serviced provinces	Canada-wide

6. Kindred: Credit union with competitive rates

7.6 Great

$5,000 – $35,000
Loan amount

5.95% – 13.95%
APR

1 - 5 years
Term

• Our Take
• Pros + Cons
• Details

Kindred Credit Union offers various financial products and services, including personal loans, to residents of Ontario. You can apply if you have a good to excellent credit score.

Why it's one of the best

• Get a great rate. Kindred offers very competitive rates, but you'll need to have your finances in good shape to qualify.
• Choose between a fixed and variable rate. Lock in your rate with fixed or choose variable to adjust your rate with the Bank of Canada throughout your loan term.
• Work with a reputable lender. Kindred has been serving Ontario residents since 1964 and has over 27,000 members. It's also transparent with its rates and is a Certified B Corporation, meaning it meets standards for positive social and environmental impact.

• Clear rates on its website
• Various loan types available

• Riskier applications may not get approved
• Not available across Canada

Loan amount	$5,000 – $35,000
APR	5.95% – 13.95%
Term	1 - 5 years
Fees	Unknown
Turnaround time	Varies
Serviced provinces	Ontario

7. CIBC: Big bank with a convenient online application

7.9 Great

Read review

$3,000 – $200,000
Loan amount

Undisclosed
APR

1 - 5 years
Term

• Our Take
• Pros + Cons
• Details

CIBC is one of the largest banks in Canada and offers a wide range of financial products and services, including personal loans.

Why it's one of the best

• Easily apply online. Unlike other financial institutions, CIBC offers an online application for its personal loans.
• Get access to competitive rates. As a major bank, CIBC can offer more favourable rates than alternative lenders and some banks.
• Borrow with confidence. CIBC is an established, reputable lender, so you can be sure you're getting a personal loan from a trustworthy lender.

• Secured and unsecured options
• Fixed or variable rate
• In-person service available

• You may not qualify with bad credit
• Slower funding than alternative lenders

Loan amount	$3,000 – $200,000
APR	Undisclosed
Term	1 - 5 years
Serviced provinces	Across Canada

8. Innovation Credit Union: Credit union with an easy customer experience

7.7 Great

$5,000 – $50,000
Loan amount

Undisclosed
APR

12 - 120 months
Term

• Our Take
• Pros + Cons
• Details

Innovation Credit Union offers personal loans with a member-focused approach, making it an attractive choice for Canadians seeking affordable and accessible financing solutions.

Why it's one of the best

• Apply online within minutes. Unlike other financial institutions, Innovation Credit Union offers an online application process.
• Enjoy strong customer service. One of its perks is personalized service that focuses on the needs of the individual.
• Get a fast decision. Get approval within one business day, which is fast for a credit union.

• Secured and unsecured options
• Fixed or variable rate

• You may not qualify with poor credit
• Slower funding than alternative lenders

Loan amount	$5,000 – $50,000
APR	Undisclosed
Term	12 - 120 months
Fees	$5 membership fee
Turnaround time	Approval in one business day
Serviced provinces	All provinces, excluding Quebec

9. easyfinancial: Secured and unsecured options for bad credit

8.6 Great

Finder Award Read review

$500 – $100,000
Loan amount

9.99% – 35%
APR

9 - 240 months
Term

• Our Take
• Pros + Cons
• Details

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.

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% – 35%
Term	9 - 240 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

10. BMO: Flexible bank personal loans for good credit

7.7 Great

Read review

Starting at $2,000
Loan amount

Undisclosed
APR

1 - 5 years
Term

• Our Take
• Pros + Cons
• Details

Bank of Montreal is a solid choice if you have a good to excellent credit score. It can work with you to get a secured or unsecured personal loan that matches your needs.

Why it's one of the best

• Work with an established lender. BMO is one of Canada's largest banks, and you can apply online or in one of hundreds of branches.
• Get flexibility. Choose between a fixed and variable rate as well as your payment schedule. Defer up to one month's payment twice a year.
• Get a competitive rate. As a big bank that works with prime borrowers, BMO can offer low rates. You can use personal assets as collateral to lower your rate and increase your chances of approval.

• Choose between fixed or variable interest rates
• Secure your loan for a lower rate
• Apply online or at a branch

• Slower process
• Strict eligbility criteria
• Bad credit may not qualify
• More documents required

Loan amount	Starting at $2,000
APR	Undisclosed
Term	1 - 5 years

Summary: Best personal loans in Ontario

Who are the best private loan lenders in Ontario?

Some of the best direct private lenders in Ontario include Spring Financial, easyfinancial and Fig. All three offer hassle-free online processes as well as competitive rates and terms when compared with others in their categories.

Personal loan rates to expect in Ontario

Personal loan rates in Ontario range widely from 6.99% to as high as 35%. The rate you’ll get will depend on many factors such as credit score, income, current debts, loan type and lender type.

Financial institutions vs private lenders

Banks (like BMO) and credit unions (like Kindred) have lower rates than online lenders on average, but they have stricter eligibility criteria. Online private lenders (like easyfinancial and Spring Financial) have higher interest rates than banks and credit unions, but they have more flexible requirements.

How to get the best personal loan in Ontario

You can take the following steps to find the best personal loans for your situation:

• Check your credit score

  Getting your credit score will give you an idea of where to apply. Banks, credit unions and select online lenders offer personal loans only to people with good to excellent credit above 660. If your credit score is below 660, you have many options in online lenders.

• Compare loans and lenders

  Consider factors like lenders’ rates, fees, loan amounts, loan terms, speed, repayment flexibility and reputation.

• Get pre-approval

  Get personal loan pre-approval from your top choices so you can compare loan offers. Some lenders can give you a quote within minutes of applying without affecting your credit score.

• Submit documents

  Once you have your number one lender, complete the rest of the process by submitting documents it needs to verify your income and identity, such as bank statements and recent pay stubs. Your lender will do a hard credit check if it hasn’t already.

• Get your formal loan offer

  If you’re approved, the lender will send you a contract. Review it carefully, taking into account the loan amount, loan term, payment schedule, interest rate and any other costs you may encounter.

• Submit your contract

  Once you submit your signed contract, you’ll get your money via e-transfer or direct deposit.

What are the types of personal loans?

You can choose between a secured and unsecured personal loan as well as fixed and variable rate.

• Secured vs unsecured personal loans

  • Secured loans. Since secured personal loans have collateral such as your house or car, they often have lower rates. If you default on your loan, your lender has the right to repossess your asset. How much you can borrow will depend on the asset you use as collateral.
  • Unsecured loans. Unsecured personal loans often come with higher interest rates since they don’t involve any collateral. Your eligibility will be determined by your credit score and other personal factors.

• Fixed-rate vs variable-rate personal loans

  • Fixed-rate loans. With fixed-rate personal loans in Ontario, you will lock in an interest rate at the beginning of your loan term so your repayments always stay the same.
  • Variable-rate loans. Variable-rate personal loans generally come with lower starting annual percentage rates (APRs) compared to fixed rates. The catch? As the name suggests, variable rate loans have fluctuating interest rates.

How to compare personal loans in Ontario

• Interest rates. People with good credit will pay lower interest rates compared to those with a bad credit history. Having a solid understanding of personal loan interest rates in Canada will help you pick the best loan offer.
• Loan amounts. You can get a loan in Ontario as small as $500 and as large as $50,000.
• Loan terms. Personal loans usually have loan terms between 3 and 60 months. Keep in mind that the longer your loan term, the more you’ll pay in interest.
• Repayment flexibility. Find a lender that offers the payment frequency you need, whether that’s weekly, bi-weekly, semi-monthly or monthly. Also, find a lender that will not charge you penalties for making extra payments or paying off your loan early. Prepayment penalties are only common in personal loans secured by real estate.
• Fees. In addition to prepayment penalties, look out for NSF fees ($25–$50), late payment fees, origination/set-up fees (0–5% of the loan amount) and loan insurance (an optional product).
• Speed. Complete the process with online private lenders in one to three business days. Credit unions and banks, on the other hand, can a few days to a few weeks. Need a loan as soon as possible? Learn about emergency loans.

Am I eligible for personal loans?

Whether you’re applying for a $3,000 loan or $15,000 personal loan in Ontario, lenders follow a similar process in determining your eligibility. Here’s a look at five key areas to consider to help you put your best financial foot forward:

Credit score

Your credit score is put together based on factors like your debt payment history and credit utilization ratio. If you have good to excellent credit, you qualify for low-interest personal loans.

Income

Lenders require that you have a stable source of income to ensure you can keep up with the loan repayments. Lenders vary in their income requirements, but generally, you need a minimum of $1,200 to $1,800 per month.

Employment

Applications ask for your employment information because lenders want to find out whether you have the income to repay your loan. If you’re unemployed, some lenders accept applicants who receive government benefits or private pension. Your goal is to show lenders you can afford to repay the loan. Learn more about unemployment loans.

Loan security

Offering collateral to secure your loan increases your chances of approval.

Debt-to-income ratio (DTI)

DTI is the percentage of your gross monthly income that goes towards your monthly debt payments such as rent/mortgage, car loan, student loan and credit card minimums. It does not include living expenses such as groceries, utility bills, cell phone bills and entertainment.

Can I get personal loans in Ontario with bad credit?

If you have bad credit, it’s possible to get a personal loan. Online lenders are the main source of bad credit loans in Ontario. You can apply online, providing information such as your employment history, income and credit score, and you should hear back within the same day or the next day.

Bad credit loans will be expensive because lenders see borrowers with low credit scores as higher risk of defaulting. Be sure to compare lenders’ rates, fees and reputation.

If you’re experiencing financial hardship and struggling to get approved for any loan, you may wish to consider debt relief.

How can I tell if a private lender in Ontario is legitimate?

Borrowing online can be a lot more convenient than visiting a lender in person. But it also comes with a higher chance of borrowing from the wrong lender. Look for the following signs to make sure you’re working with someone legitimate:

• Does not guarantee approval. Sites that promote guaranteed approval loans in Ontario are either a scam, predatory or have fine print that actually doesn’t make the loan guaranteed. Reputable lenders are clear about their eligibility requirements and do not promise to approve everybody. Learn more about guaranteed approval loans.
• Has an established presence. Pick a lender that has a verified office address, phone number and email and has received a decent amount of reviews from customers.
• Does not ask for any upfront payment. If a lender asks you for any money before you access your loan, avoid it. This is a common scam.
• Doesn’t rush you. You may want to avoid lenders using high-pressure sales tactics to get you to sign a contract.

Frequently asked questions

• Are there personal loans with no credit checks in Ontario?

  Yes, there are some lenders that don't do credit checks for their personal loans, but you will get approved for lower loan amounts and at much higher rates. Be careful of where you apply, because scammers sometimes use the "no credit check" tagline to steal financial and personal information.

• How much do private lenders charge in Ontario?

  Private loan lenders in Ontario typically charge between 6.99% and 35% for a personal loan, depending on factors like your credit score, income and other personal financial factors.

• Where can I find small loans in Ontario?

  This depends on how small the loan amount is. Banks and credit unions generally start at $3,000 to $5,000 for their personal loans in Ontario, though you may find a local credit union that can finance a smaller amount. Online lenders of personal loans in Ontario generally start at $500 to $1,000.

• Can I get a personal loan in Ontario if I'm unemployed?

  It's possible if you have another source of income. However, it also depends on the lender. Some lenders accept government benefits and/or private pension as a valid source of income, while others do not. Learn more about loans when you're unemployed.

• How long does it take to get approved for personal loans in Ontario?

  This depends on the lender. Online lenders can provide approval on the same day or next day. Banks and credit unions can take a few days to a few weeks because they have stricter eligibility requirements.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and 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. See full bio

Leanne's expertise

Leanne has written 184 Finder guides across topics including:

• Personal Loans
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Co-written by

Chelsey Hurst

Publisher

Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio

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Chelsey has written 140 Finder guides across topics including:

• Banking
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