6 alternatives to LendingClub in Canada

You can't get a loan through LendingClub in Canada, but you can explore these alternative lenders instead.

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By

Stacie Hurst

&

Anna Serio

Updated

Fact checked

Former peer-to-peer (P2P) loan provider and now bank, LendingClub, is based in California and doesn’t offer services in Canada. As it stands, LendingClub isn’t the best option for online loans, with APRs running as high as 35.99% and origination fees reaching up to 8.00% of the loan amount. Its track record isn’t squeaky clean either—the bank has run into trouble with US regulators in the past.

Thankfully, there are a number of legitimate alternative lenders in Canada. If you’re looking for a loan like LendingClub, check out these Canadian lenders.

Loans Canada

Loans Canada logo
8.6 Great
Loans Canada Personal Loan
8.6 Great
9.99% - 35.00%
$500 - $50,000
3 - 60 months
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Why we like it

Loans Canada is a loan search platform that will match you up with lenders based on the information in your application. The platform works with an extensive network of Canadian lenders. It's completely free to use, and accepts people with all types of credit.

Pros

  • Largest lending network in Canada
  • Easily compare offers with one application
  • Loans for good and bad credit
  • Multiple loan types available

Cons

  • Not a direct lender
  • High rates for bad credit
  • Credit check might be required

LoanConnect

LoanConnect logo
8.8 Great
LoanConnect Personal Loan
8.8 Great
8.99% - 35.00%
$500 - $50,000
3 - 120 months
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Why we like it

With a single application, LoanConnect can help you narrow down your search for lenders. Apply online in minutes and find out if you're pre-approved. Both secured and unsecured loans are available as well as options for good and bad credit.

Pros

  • Fast pre-approval
  • Options for good and bad credit
  • Secured and unsecured loans

Cons

  • Not a direct lender
  • High rates for bad credit

Spring Financial

Spring Financial logo
8.5 Great
Spring Financial Personal Loan
8.5 Great
9.99% - 34.95%
$500 - $35,000
6 - 84 months
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Why we like it

Spring Financial caters to borrowers who have a hard time getting approved for loans from banks and credit unions. Spring could be right for you if you have fair or poor credit or don't meet traditional lenders' income requirements. Note that if you don't qualify for regular funding, you may be offered The Foundation loan, a credit building loan that isn't disbursed until you finish making payments with interest.

Pros

  • High-risk applications are okay
  • Flexible loan amounts from $500 to $35,000
  • No early repayment fees

Cons

  • Interest rates of up to 35% for bad credit
  • You may be offered a credit builder loan (The Foundation loan) instead of a personal loan

easyfinancial

easyfinancial logo
8.6 Great
easyfinancial Personal Loan
8.6 Great
9.99% - 35.00%
$500 - $150,000
9 - 240 months
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Why we like it

Apply for a secured or unsecured loan from easyfinancial whether you have good, bad or no credit—even if you're new to Canada. The application is fast, and applying with a co-applicant can lower your interest rate by 2%. You have the option of weekly, bi-weekly, monthly or semi-monthly repayments.

Pros

  • Fast application, approval and funding
  • Secured and unsecured loans
  • 2% rate reduction with a co-applicant
  • Low or no credit is okay

Cons

  • Steep rates for bad credit
  • Extra fees for optional services (i.e. loan insurance and Credit Optimizer)

SkyCap

SkyCap Financial logo
8 Great
SkyCap Financial Personal Loan
8 Great
8.99% - 35%
$500 - $100,000
9 - 60 months
View details
Compare product selection

Why we like it

SkyCap is an alternative to banks and traditional lenders if you have good to excellent credit. Apply for as much as $100,000 in just five minutes, and receive an approval decision in as little as 24 hours. The Ontario-based lender is accredited with the Better Business Bureau and has an A+ rating.

Pros

  • Quick application and funding
  • No early repayment penalties
  • Low minimum loan amount (borrow from $500 to $100,000)
  • Apply even with past bankruptcies or consumer proposals

Cons

  • Potentially high rates
  • Bad credit may not qualify
  • Optional loan insurance increases your cost

goPeer

goPeer logo
7.8 Great
goPeer Personal Loan
7.8 Great
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
View details
Compare product selection

Why we like it

Like LendingClub before it converted into a bank, goPeer is a peer-to-peer platform that connects borrow and lenders. The Canada-based company targets borrowers with good to excellent credit. Easily apply online with no upfront payment required.

Pros

  • Borrow from fellow Canadians
  • Apply anonymously
  • 15-day grace period for unexpected events
  • No prepayment penalties

Cons

  • 700+ credit score required
  • Rates as high as 34.99%
  • Origination fee
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How does LendingClub compare?

LendingClub may be best suited for US borrowers with less-than-perfect credit histories—the minimum recommended credit score is around 600. It offers a minimum loan amount of $1,000 and caps out at $40,000. The origination fee can be from 3% to 8%, which isn’t the highest or the lowest among American loan providers.

LendingClub is available in all 50 US states—a major plus—and has many positive customer reviews. But the Federal Trade Commission (FTC) sued LendingClub in 2018 for false promises. Learn how to recognize personal loan scams and find legitimate lenders in our detailed guide.

Pros

  • No prepayment penalties
  • Recently became a federally-regulated bank in the US
  • Simple application
  • Available nationwide in the US

Cons

  • High rates and fees
  • Origination fee for all borrowers
  • US FTC sued LendingClub in 2018
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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. See full bio

Stacie's expertise
Stacie has written 233 Finder guides across topics including:
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Anna Serio's headshot
Co-written by

Editor

Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio

Anna's expertise
Anna has written 49 Finder guides across topics including:
  • Personal, business, student and car loans
  • Building credit
  • Paying off debt
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