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Best unsecured personal loans in Canada

Whether you've got good or bad credit, get access to the funds you need with Canada's best options for unsecured loans.

The good news is that there are plenty of options out there when it comes to finding an unsecured loan in Canada. We’ve compiled a list of some of the best lenders out there to help you get quick access to the loan you need.

The bad news is that you may encounter high interest rates if lenders consider you a risky borrower. Watch out for hidden fees with any lender you’re considering, and take care to avoid predatory payday loans.

Summary of the best unsecured personal loans in Canada

Loan search platforms

Direct lenders

Best unsecured loans in Canada (loan search platforms)

First, let’s take a look at the best lending platforms for unsecured loans in Canada.

Loans Canada

Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$300 – $50,000

Loan Amount

6.99% – 46.96%

APR

3 - 60 months

Term

Loans Canada is an online search and comparison website for personal loans. It boasts one of Canada's largest lender databases.

Why it's one of the best

Finder Award finalist. This platform is popular. Loans Canada won a Finalist award in the Personal Loans category for our Finder: Personal Loans Customer Satisfaction Awards 2023. The platform scored 75.15% for overall customer satisfaction, securing a spot in Canada's Top 15 Best-Rated personal loan providers for 2023.

Huge lender network. With just a single application, you can search a large network of lenders to quickly find the best loan for your needs.

Loans Canada community. Loans Canada has an active community that enables users to rate and review lenders, giving you the opportunity to feel well informed and confidently choose a lender.

  • Easy online application
  • Fast deposits
  • High loan amounts
  • Large lender network
  • High rates for bad credit
  • Potential penalties for early repayment
  • Origination fees with certain lenders
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 in as little as 24 hours.
Serviced provinces All of Canada

LoanConnect

LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $60,000

Loan Amount

8.99% – 46.96%

APR

3 - 120 months

Term

LoanConnect is another popular Canadian lending platform that enables you to search and compare loans from a database of various lenders.

Why it's one of the best

Easy application. You can submit one quick application to cast a wide net across a large network of lenders.

Varied loan types. LoanConnect allows you to search for many loan types, including personal loans, car loans, student loans and more.

Quick qualification. You can qualify for loan amounts up to $60,000 in a matter of minutes, with no hard credit check to apply.

  • Fast pre-approval
  • Bad credit options
  • BBB-accredited with an A+ rating
  • Quick loan funding
  • Higher rates for bad credit
  • Limited to lender network
Loan amount $500 – $60,000
APR 8.99% – 46.96%
Term 3 - 120 months
Min. credit score 300
Fees No application, origination or brokerage fees
Turnaround time Receive funds in as little as 24 hours.
Serviced provinces All provinces

Best unsecured personal loans in Canada (lenders)

Next we’ll dive into all of the best individual lenders for unsecured loans in Canada.

Spring Financial

Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $35,000

Loan Amount

10.8% – 46.99%

APR

6 - 60 months

Term

Spring financial provides lending services aimed at helping Canadians build credit and improve their finances through competitive personal loans and credit-building programs.

Why it's one of the best

Credit building. Spring Financial reports loan payments to the credit bureaus to help improve your credit score. If you don't qualify for an installment loan, Spring Financial will offer you its credit-building services to get you on the right track. However, make sure its credit builder loan is right for your current financial situation.

Local established lender. Spring Financial has been providing loan and credit-building products for Canadians since 2015 and is headquartered in Vancouver, BC.

Fast funding. Successful loan applications can be funded on the same day up to $35,000.

  • Established lender
  • Credit building program
  • Fast funding
  • 100% online application
  • Poor BBB rating
  • Complaints about credit building
  • High rates for bad credit
Loan amount $500 – $35,000
APR 10.8% – 46.99%
Term 6 - 60 months
Min. credit score 550
Fees No fees except $30 NSF fee
Turnaround time Within 24 hours
Serviced provinces All of Canada

easyfinancial

easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $100,000

Loan Amount

9.99% – 46.96%

APR

9 - 120 months

Term


easyfinancial provides lending services to Canadians via several types of loan, including unsecured personal loans, with a focus on quick approval and credit building.

Why it's one of the best

Fast quote. You can submit an application in a matter of minutes, with no changes to your credit score.

Work with a Finder favourite. easyfinancial was awarded Best Personal Loan Alternative Lender in our Finder: Personal Loans Best-in-Class Awards for 2024.

Credit building. easyfinancial can help you build your credit by reporting your repayment history to credit bureaus.

  • Unsecured loan options
  • 2% reduction when co-applying
  • A+ BBB rating
  • High rates for bad credit
  • Some 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

Mogo

Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $35,000

Loan Amount

9.9% – 46.96%

APR

6 - 60 months

Term

Mogo offers a range of lending products including personal loans and lines of credit.

Why it's one of the best

Instant decision. Get a free quote in minutes without impacting your credit score.

Online application. You can apply for a Mogo loan online, with funding coming in just a day or two.

Loan test drive. Mogo offers the chance to test out your loan for 100 days. However, this perk may not be available to borrowers with bad credit.

  • No penalties for prepayment
  • Strong security
  • Loan test drive
  • High rates for bad credit
  • Some negative reviews online
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

Fig

Fig Personal Loans
Finder Score:
★★★★★
Go to site Read review

$2,000 – $30,000

Loan Amount

12.99% – 31.99%

APR

24 - 60 months

Term

Fig is a Canadian fintech company offering unsecured personal loans via a sleek online platform.

Why it's one of the best

Flexible payments. With Fig loans, you can choose a repayment schedule that fits your lifestyle, with options for weekly, bi-weekly or monthly payments.

Online platform. The Fig loans platform is designed for your convenience, allowing you to apply for and manage your loan all in one place.

No monthly fees. Fig doesn't charge you extra monthly fees while you're paying off your loan.

  • Online pre-approval
  • Flexible payment schedule
  • Backed by Fairstone
  • Slow funding
Loan amount $2,000 – $30,000
APR 12.99% – 31.99%
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

goPeer

goPeer Personal Loan
Finder Score:
★★★★★
Go to site Read review

$1,000 – $35,000

Loan Amount

8.99% – 34.99%

APR

36 or 60 months

Term

goPeer is a Canadian peer-to-peer lending platform that connects borrowers with individual investors who provide accessible loan options.

Why it's one of the best

Competitive rates. For borrowers with high credit scores, there are competitive interest rates available.

No prepayment fees. You can pay off your loan ahead of schedule without having to worry about fees.
Fast online application. You can apply for a loan with goPeer online in just a few short minutes.

  • Borrow up to $35,000
  • Easy online application
  • Competitive rates for good credit
  • High credit score required
  • Origination fees (vary)
Loan amount $1,000 – $35,000
APR 8.99% – 34.99%
Term 36 or 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
Serviced provinces All provinces

Money Mart

Money Mart Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$500 – $15,000

Loan Amount

29.9% – 46.9%

APR

6 - 84 months

Term

MoneyMart offers Canadians a variety of financial services, but it's perhaps best known for payday loans, cash advances and small business loans.

Why it's one of the best

Fast approval. You can get approved for a loan either online or in-store in a matter of minutes.

Easy payout. Collect your loan funds in-person or online via direct deposit or Interac e-Transfer.

Bad credit allowed. As long as you can show a steady stream of income, you can apply for a loan.

  • Payday loans available
  • Fast application and funding
  • Established lender
  • High interest fees
  • Availability varies
Loan amount $500 – $15,000
APR 29.9% – 46.9%
Term 6 - 84 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

Magical Credit

Magical Credit Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$1,500 – $20,000

Loan Amount

19.99% – 46.8%

APR

12 - 60 months

Term

Magical Credit provides loans for borrowers with low credit scores. It has an easy application process for short-term installment loans.

Why it's one of the best

Fast approval. Get approved for an unsecured loan and receive your funds within 24 hours.

Accepts subsidized income. You can supplement your loan application with government-subsidized income sources such as EI, Canada Child Benefits or your pension.

Longer terms. Opportunity to apply for a longer loan term (up to 60 months).

  • Accepts bad credit
  • Quick funding
  • Extended loan terms
  • High interest rates
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)

Fairstone

Fairstone Personal Loans
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$500 – $60,000

Loan Amount

19.99% – 39.99%

APR

6 - 120 months

Term

Fairstone is a long established Canadian lender offering a range of lending products, including quick unsecured loans.

Why it's one of the best

Flexible funding amounts. With Fairstone, you can apply for loan funding between $500 and $60,000.

Large network of branches. With over 250 branches throughout Canada, there's a good chance you'll have the option of in-person service.

Flexible repayment options. Choose a repayment schedule that works for you.

  • Quick funding
  • Flexible loan terms
  • Lots of branches
  • High interest rates
  • Some negative reviews
Loan amount $500 – $60,000
APR 19.99% – 39.99%
Term 6 - 120 months

Kindred Credit Union

Kindred Credit Union Personal Loan
Finder Score:
★★★★★

$5,000 – $35,000

Loan Amount

7.2% – 16.2%

APR

1 - 5 years

Term

Kindred is a financial co-op based in Kitchener, Ontario. It offers a range of financial products to its members.

Why it's one of the best

Competitive rates. Kindred offers rates that can compete with those offered by most banks.

Fixed or variable rates. Choose between the security of a fixed interest rate or the flexibility of a variable rate.

Pre-approval. You can get a pretty good idea of the loan terms available to you before you commit.

  • Competitive interest rates
  • Flexible rates
  • Pre-approval
  • Ontario only
  • Bad credit not accepted
  • Application by appointment
Loan amount $5,000 – $35,000
APR 7.2% – 16.2%
Term 1 - 5 years
Fees Unknown
Turnaround time Varies
Serviced provinces Ontario

FlexMoney

FlexMoney Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$500 – $15,000

Loan Amount

18.9% – 46.93%

APR

6 - 60 months

Term

FlexMoney is an online loan provider available throughout most of Canada, with various lending options to choose from.

Why it's one of the best

Quick application and approval. Get approved for a loan after a simple 10-minute application.

Long terms and flexible repayment. Lock in a term of 6 to 60 months, with flexible repayment plans to suit your schedule.

You don't have to be employed. If you're earning at least $2,000 from government-subsidized income such as CPP, you may still be approved for a loan.

  • Quick application
  • Funding within 24hrs
  • Minimal documentation required
  • High interest rates
Loan amount $500 – $15,000
APR 18.9% – 46.93%
Term 6 - 60 months
Min. credit score 500
Fees No application, origination or prepayment fees
Turnaround time 24 hours
Serviced provinces Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, and Saskatchewan

SkyCap Financial

SkyCap Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $10,000

Loan Amount

12.99% – 39.99%

APR

9 - 36 months

Term

SkyCap Financial offers personal loans for Canadians, focusing on accessible financial options, quick approval and affordable payments for bad credit borrowers.

Why it's one of the best

Quick approval. You can get approved for a loan with SkyCap's quick and easy application process.

Flexible repayment. SkyCap allows for flexibility when it comes to your repayment amounts and terms, making it easier for you to manage your loan no matter where you're at.

Customer service. SkyCap has a strong customer service rating and an A+ score with the BBB.

  • Fast approval
  • Flexible repayment options
  • Easy qualification
  • A+ BBB rating
  • High interest rates on some loans
  • Some hidden fees
  • Not available throughout Canada
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

What is an unsecured loan?

Personal loans are generally either secured or unsecured. An unsecured loan is one that is lent without the borrower being required to provide collateral (such as a vehicle, home or other asset). A secured loan is a loan that does require collateral, i.e. as a form of security for the lender.

Unsecured loans are supported primarily by the borrower’s creditworthiness and overall financial situation, as opposed to a collateral asset. Because of this, unsecured loans will often come with higher interest rates than secured loans, since the lender is taking on more risk.

Types of unsecured loans

Unsecured personal loans in Canada generally fall into three categories:

Pros and cons of unsecured loans

Pros

  • Simple and quick application. Most lenders allow you to apply online and submit a loan application in a matter of minutes.
  • No assets required. With an unsecured loan, you won’t need to provide any assets as collateral, which makes funding much more accessible. There’s no need to worry about losing your valued property if you default on repayment.
  • Flexible spending. You’ll have the freedom to use your loan however you choose, unlike a secured loan which is typically intended for a specific purchase category. The exceptions are car title loans and home equity loans or HELOCs, which require your car or house as collateral, but you can use the loan funds for any purpose.
  • Quick funding. Unsecured loans can generally be processed within a day or two, making it a great option when you need to access emergency funding.

Cons

  • Higher rates. Unsecured loans come with higher interest rates compared to secured loans. That’s because, with no collateral, lenders are taking on greater risk.
  • Hard to qualify with bad credit. If your credit score is less than average, it can be difficult to get approved for an unsecured loan. If you do find options, you’ll likely be faced with high interest rates.
  • Credit score damage if you default. Missing unsecured loan repayments will result in an immediate hit to your credit score, so managing your repayments is key.

Bottom line

An unsecured loan can help you access the cash boost you need without having to put your home, car or any other valuable assets on the line. However, you’ll need a good credit score to access the best interest rates. Online pre-approval with most lenders makes the application process quick and easy.

Frequently asked questions

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To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.
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Written by

Contributor

Steven Brennan is a freelance finance writer working from Vancouver, B.C. He has a BA and an MA in English Literature at the University of Ireland, Maynooth, and also spent time working in Italy and Vietnam as an English teacher. Today, he writes regularly on a range of personal finance topics including banking, loans, mortgages, insurance and tax. His work has appeared on sites such as LowestRates.ca and WealthRocket, as well as in print with Canadian MoneySaver. See full bio

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