In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Symple Personal Loan
3.0
★★★★★
Finder score
APR Range
6.99% - 32.00%
Loan Amount
$5,000 - $50,000
Loan Term
12 - 84 months
Min. Credit Score
650
All information about Symple Personal Loan has been collected independently by Finder. Finder is not connected with Symple products, and this page is not sponsored, endorsed or administered by, or associated with, Symple. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Symple Loans offers competitive rates for prime borrowers, but look elsewhere if you want a fixed interest rate.

Please note: Symple Loans is no longer accepting new applications. Go to Symple Loans alternatives
If you're looking for an alternative lender with low starting interest rates, a personal loan from Symple Loans is worth considering. It offers favourable interest rates and fast approvals to people with good to excellent credit. You can apply and get your funds completely online. Look elsewhere, however, if you need a bad credit loan or if you prefer a fixed interest rate.

Best for: Good credit borrowers looking for competitive rates

Pros

  • Low starting rate
  • Loans for borrowers with good credit
  • Free quote with no impact to credit score

Cons

  • Not for people with fair or bad credit
  • Variable interest rate

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Symple Loans?

Symple Loans is an online lender that specializes in personal loans for prime borrowers (credit score of 660 or higher). The company has Australian origins, where it launched in January 2018, followed by an expansion to Canada in January 2021. Symple has its Canadian headquarters on Bay Street, Toronto’s financial district.

Is Symple Loans legit?

It is. In Canada, it’s accredited by the Better Business Bureau with an A rating and is a verified lender according to the Canadian Lenders Association. It has its headquarters in Toronto, Ontario, and Canadian borrowers can receive customer service online, by phone or by email.

Symple personal loan features

FeatureDetails
Loan amount$5,000 to $50,000
Loan term1 to 7 years
Interest rate6.99% - 32.00%
Fees$45 late payment fee and 0-5% origination fee (“establishment fee”)
Secured or unsecured?Unsecured (no collateral required)
Serviced provincesAvailable All of Canada (except NS, QC, SK)
Basic eligibility requirementsMinimum $50,000 annual income, minimum 660 credit score

What we like about Symple Personal Loans

  • Easily find out what rate you qualify for. Not all lenders can offer a quick free quote without impacting your credit score, so this is a real benefit. (Other lenders that do this: Mogo and Fairstone).
  • Pay off your loan early without extra fees. You can repay some or all of your personal loan before your term ends without incurring any prepayment penalties.
  • Competitive interest rates. Interest rates start as low as 6.99%, which you may be able to get if your finances, including your credit score, are in great shape.
  • Convenient online experience. Apply and manage your account completely online, 24/7 365 days a year.
  • High maximum loan amount. You can borrow up to $50,000.
  • Use the money for any purpose. You can use the Symple loan to consolidate debt, improve your home, refinance credit card debt, finance your education, invest, make a major purchase and more.

What to watch out for

  • Variable rate. The interest rate is variable, so your rate will increase or decrease depending on the Bank of Canada’s lending rate. If the rate goes up, more of your payments will go towards paying the interest than the principal. If the rate goes down, more of your payments will go towards paying the principal.
  • Minimum borrowing amounts. Symple‘s lower threshold for a personal loan is $5,000. For some people, this may be too much debt to shoulder.
  • Fees and charges. Expect a loan origination fee from 0-5% to be tacked onto your loan. You’ll also face a $45 charge for late or missed payments.
  • No in-person customer service. Because Symple is an online lender, you won’t be able to visit a bricks-and-mortar location for in-person help.
  • Loan insurance. You may be offered this insurance product in case you miss your payments. This is an optional product that adds to the cost of your loan. You shouldn’t feel obligated to get it.

Low-interest alternatives to Symple loans

LoanConnect Personal Loan logo

LoanConnect Personal Loan

★★★★★

Finder rating 3.5 / 5

Go to site


Loan Amount

$500 - $50,000


Loan Term

3 - 120 months


APR Range

8.99% - 46.96%

Loans Canada Personal Loan logo

Loans Canada Personal Loan

★★★★★

Finder rating 3.5 / 5

Go to site


Loan Amount

$300 - $50,000


Loan Term

3 - 60 months


APR Range

6.99% - 46.96%

Mogo Personal Loan logo

Mogo Personal Loan

★★★★★

Finder rating 3 / 5

Go to site


Loan Amount

$500 - $35,000


Loan Term

6 - 60 months


APR Range

9.90% - 46.96%

What do Symple Loans reviews say?

People who have left negative reviews have commented on being denied by Symple Loans despite having good credit. Those who have left positive reviews have commented on its fast process and favourable rates.

Summary of Symple Loans Canada reviews

FeatureDetails
BBB accreditedYes
BBB ratingA+
BBB customer reviewsNo Symple Loans Canada reviews
Trustpilot scoreNo Symple Loans Canada reviews
Google reviews2.6 out of 5 based on 26 reviews
Customer reviews verified as ofDecember 12, 2023

Am I eligible?

To qualify for a loan with Symple, you must meet the following criteria:

  • Be a Canadian citizen or a permanent resident.
  • Be at least 18 years of age
  • Earn a minimum of $50,000 annually.
  • No history of bankruptcies or current consumer proposals
  • Residing in Canada, excluding NS, QC and SK.

How to apply for a Symple Personal Loan

If you meet the baseline eligibility requirements for a Symple Personal Loan, you can get your application going by following these steps:

  1. Click the green ‘Go to site’ button above to be securely redirected to the Symple website.
  2. Identify how much you want to borrow. You can borrow from $5,000 to $50,000.
  3. Identify the purpose of your loan. Choose from options such as debt consolidation, paying bills, home improvement, education, travel or buying a car.
  4. Provide your personal details. These include your full name, date of birth and Social Insurance Number (optional).
  5. Provide your citizenship status. Choose between Canadian citizen, permanent resident or other.
  6. Provide your contact information. Fill in your email address, phone number, home address, city and province.
  7. Submit your application. You’ll receive a pre-approval decision emailed to you within 60 seconds. If you’re approved for a loan, remember to review the terms and conditions of the contract before signing and accepting the offer.

Banking verification

If you’re happy with your quote and decide to proceed with the rest of the application, you may be asked to log in through a secure encrypted portal to authorize your bank to send Symple Loans electronic copies of your bank statements. Lenders like Symple do this to verify your financial profile and income and determine whether you’re eligible for a loan.

Preview of Symple’s application

Getting your quote is easy. The application is user-friendly and takes only 7 to 8 steps. Below is a preview.

I got the Symple Personal Loan. Now what?

Once you’ve secured funding from Symple, get organized with repaying your loan. Your loan contract will detail your repayment terms and APR. Set up automated payments so you don’t miss any deadlines. If you need to change your payment date, contact Symple’s customer service team.

Take advantage of being able to repay some or all of your loan early without incurring any charges. Your goal is to pay off your debt as quickly as possible.

Bottom line

Symple Loans is a solid alternative to banks and credit unions if you’re a prime borrower, because you may be able to score a rate that’s better than the traditional lenders. However, Symple Loans only offers a variable interest rate; it’s not for people who want to know exactly how much interest they’ll pay over the life of the loan. Symple also has an origination fee up to 5%, which not all lenders of personal loans charge.

As always, shop around before deciding which lender is offering the best rates and loan options. Check out our guide to comparing personal loans to help you with your search.

Compare other personal loans

1 - 9 of 9
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fig Personal Loans
Finder Score:
★★★★★
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
Up to 36 months
Requirements: no min. income, min. credit score 560
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
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Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

Frequently asked questions about Symple loans

Frequently asked questions

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