Note that while we try to keep this list up to date, it may not be a comprehensive listing of all Canadian loan providers at the time of reading, and that it may become out of date as brands merge, new brands are introduced or other changes take place. This list also includes our reviews of providers who might not be legit.
Compare loan companies in Canada
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These are the three main options to consider when comparing money lenders in Canada:
Banks
Bank personal loans are the first option that springs to mind when you need to borrow money. The Big Five and many other banks offer a wide range of secured and unsecured loans, with competitive fixed and variable rates also available. Banks typically have strict eligibility requirements, so you’ll need a good to excellent credit score to qualify for a personal loan.
Credit unions
Credit union personal loans generally offer slightly more flexibility than banks. You’ll need to become a member before taking out a loan, but secured, unsecured, fixed and variable loans are all available. Credit unions also tend to have slightly more lenient eligibility criteria than banks, but you’ll generally still need a good or better credit score to apply. That said, if you have bad credit but a solid history with the credit union, you may still be eligible for a small personal loan.
Online private lenders
Online lenders tend to have higher interest rates than banks and credit unions, but the rates offered can vary substantially between providers. These non-bank lenders often have flexible eligibility requirements as well. Some providers specialize in personal loans for bad credit borrowers and also offer fast loan approval. Just watch out for higher interest rates, and do your research to ensure you’re dealing with a legitimate lender.
Which private lenders in Canada should I check out?
If you’d like skip the banks and credit unions, here are a few options to consider.
If you want to compare multiple offers: LoanConnect
LoanConnect is an online loan search platform that lets you compare multiple private loan offers with a single application. Instead of lending money itself, it connects you with a network of lenders across Canada, making it easier to find options that match your needs and credit profile. Loan features vary by lender, but you can borrow between $500and $60,000 with APRs from 8.99% to 35% and repayment terms ranging from 3 to 120 months.
Quick online application
Works with a range of credit scores
Pre-approval within one minute
Same-day funds possible
Free to apply and browse loan offers
Rates and terms vary widely depending on the lender
Some lenders charge an origination fee
Not a direct lender
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Spring Financial is an online lender offering personal loans from $500–$35,000 with APRs ranging from 9.99% to 35%. It caters to a wide range of credit profiles and provides fast, fully digital applications with funding typically available within 1–2 business days via e-Transfer. Spring Financial also reports payments to credit bureaus, so on-time payments can help you build or improve your credit over time.
Same-day funds available via e-Transfer
Fully online process
No prepayment penalties
Good for credit rebuilding
High interest rates
D rating on BBB with complaints about unauthorized withdrawals, billing issues and unexpected enrollment in a credit-builder plan
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 84 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
No fees except $30 NSF fee
Requirements
Min. income of $2,000, min. credit score of 550, 3+ months employed
Loans Canada is a loan comparison and referral platform that helps borrowers of all credit types find suitable lending options. It matches users with lenders and financial service providers based on their income, credit profile and borrowing needs. You can apply for a range of products through Loans Canada, including personal loans with APRs starting at 8.99%, credit cards and insurance.
Largest lender network in Canada
Free credit check
Accepts all credit profiles
Free to use
Not a direct lender
NSF fee of around $45
Rates and terms vary widely depending on the lender
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
What are some private alternatives to private personal loan lenders?
If personal loans aren’t a good fit, there are other short-term borrowing options in Canada.
Cash advance apps
Cash advance apps like Nyble, Bree and KOHO Cover offer small, short-term advances that allow you to borrow a portion of your upcoming paycheque. They usually don’t require a credit check and can send funds instantly for a fee. These apps help cover unexpected expenses between paycheques, but borrowing amounts are capped at $500, and costs add up through subscription fees or optional tips.
Payday loans
Payday loans in Canada provide short-term funding, typically until your next paycheque, with extremely high fees — capped at $14 for every $100 borrowed in Canada. They’re easy to access and often don’t require good credit, but they come with substantial risks due to their high cost and short repayment timelines. Because of this, you should only consider payday loans as a last resort option.
What are the interest rates of loan companies?
Money lender interest rates range from 6.99% to 35%. The exact rate you’ll get will depend on factors such as your credit score and history, your income and the type of lender you choose.
Check out our guide to the latest personal loan rates for more information on the rates currently available from Canadian lenders.
Steps to find the best loan companies in Canada
1. Understand your personal financial situation
Work out how much you can afford to repay each month before you start comparing lenders. This will help give you a better idea of the loan amounts, interest rates and terms that suit you. It’s also important to check your credit score, which will allow you to determine whether you can approach a traditional lender like a bank or perhaps consider an alternative lender that specializes in bad credit loans.
2. Compare a range of lenders
Don’t just choose the first lender you come across. Instead, compare a variety of lenders that offer rates, loan terms and features that suit your needs, and shop around for the best deal. Learn more about low interest personal loans.
3. Make sure they’re registered
Check that the lender is registered in your province and is properly licensed to offer personal loans where you live. You can find out more about the lending laws in your province or territory from the consumer protection office.
4. Check their reputation
Next, read up on how long the lender has been in business and what previous customers have to say about them. Rather than relying on testimonials on the lender’s website, check independent review sites to find out if you’re dealing with a reliable provider. It’s also a good idea to check whether the lender is accredited by the Better Business Bureau (BBB) and what their BBB rating is.
5. Check what loans they offer
Now it’s time to consider factors such as the lender’s eligibility requirements and whether they offer secured and unsecured loans. You can also compare the rates, amounts and loan terms they offer. If a lender offers personal loan pre-approvals, you can use this “quote” to get a better idea of a loan’s cost and how it compares to the competition. If you don’t have the time or the knowledge to compare lenders on your own, you might want to seek help from a personal loan broker.
6. Consider the turnaround time
If you need money quickly, check how long it takes for the lender to assess your application. Once approved, how long will you have to wait until the money is in your account?
7. Watch out for fees
Don’t forget to check the fine print to find out what fees may apply to your loan. These can include origination, NSF and prepayment fees.
8. Know how to recognize a scam
Finally, make sure you can spot the red flags that could indicate a personal loan scam. These can include the lack of a physical address, high-pressure sales tactics and guaranteed loan approval.
What are the eligibility requirements?
The exact personal loan eligibility requirements you’ll need to satisfy differ between lenders, but as a general guide, you’ll need to meet the following criteria:
Be at least 18 years old.
Be a Canadian citizen or resident.
Have an active bank account.
Meet the minimum credit score.
Have a steady income.
To apply for a loan, you’ll need to provide:
Proof of ID, such as a driver’s licence or passport.
Proof of income and employment, such as bank statements and pay stubs.
Details of your assets, debts and expenses.
Many lenders will also require you to complete a credit check.
What factors do loan companies look at when reviewing an application?
Money lenders in Canada will take into account a variety of factors before deciding to approve a loan. These include the following:
Your credit score. Traditional lenders may require a good credit score of 660 or higher, but there are also plenty of private money lenders who offer loans to borrowers with bad credit.
Your income. A steady source of income is important to allow you to repay a loan.
Your debt-to-income (DTI) ratio. Money lenders will also compare the amount of your outstanding debts to your monthly income. The lower your DTI ratio, the greater your chances of approval and the better interest rates you can get.
Your work history and job title. If you’re a full-time employee with a lengthy work history, you’ll be seen as a much more attractive borrower than a part-time worker who regularly changes jobs. In many cases, you’ll also need to have been in your current job for a minimum period of at least three months.
NSF transactions in your bank account. If you’ve been recently charged NSF fees on your bank account, this will impact how the lender views your ability to make on-time payments each month.
Your collateral. If you’re applying for a secured loan, the lender will need to assess the value of the asset you offer as collateral.
The loan amount and term. Your lender may also vary their rates based on how much you want to borrow and the time you take to repay it.
How much can you borrow from money lenders?
Loan amounts vary between lenders. As a general guide, personal loan amounts range anywhere from $500 to $50,000, but some lenders may have lower maximum limits.
Minimum loan amounts also vary — for example, some banks will only approve loans of $3,000 or more — while borrowers with bad credit can typically only access smaller loans than people with good credit.
What loan terms do money lenders offer?
Private money lenders in Canada typically offer personal loans for periods ranging from 6 to 60 months. However, some offer terms of up to 7 or even 10 years, while terms as short as 3 months are available in some cases.
Choosing a long loan term means spreading your repayments out across a greater period, which means your monthly payments will be smaller, but you’ll have to pay extra interest fees, so the loan will end up costing more to repay.
For example, let’s say you borrow $5,000 at an interest rate of 14.99%:
With a 5-year loan term, your monthly repayment is $119, and the total cost will be $7,135.
With a 7-year loan term, your monthly repayment is $96 ($23 less), but the total cost to repay the loan is $8,102 ($967 more).
What types of personal loans do money lenders offer?
There are a few options to consider when applying for a personal loan from a money lender. The first thing you’ll need to decide is whether your loan will be secured or unsecured.
Secured loans. With a secured loan, you offer an asset (such as your car) as collateral. The lender will classify you as a lower-risk borrower as a result, which means you can access lower interest rates, making this an option well worth considering if you have bad credit. But if you default on the loan, the lender can repossess your collateral.
Unsecured loans. If you take out an unsecured loan, you can borrow money without providing any collateral. The lender will consider factors such as your credit score and income when assessing your application, but interest rates are generally higher than you can get with a secured loan. They’re generally designed for borrowers with good to excellent credit, but bad credit unsecured loans are available, too.
Next, the interest rate on your loan could be fixed or variable.
Fixed-rate loans. With a fixed-rate loan, your interest rate stays the same until the end of the loan term. With a fixed repayment schedule, you can budget for your monthly repayments in advance and enjoy protection from rate rises. However, rates are often higher than on variable loans, and you’ll miss out on savings should interest rates fall.
Variable-rate loans. Interest rates on variable loans fluctuate in line with the Bank of Canada’s benchmark rate. This means your monthly repayment amount may differ — it’s good news if rates fall, but your loan will end up costing more if rates increase.
Bottom line
There’s a wide range of money lenders in Canada, from banks and credit unions to private and online options. Compare rates, terms and eligibility carefully, and be cautious with higher-cost alternatives like payday loans. Borrow only what you can afford to repay and check the lender’s reputation before committing. If you can’t get approved for a traditional personal loan, consider loans for bad credit instead.
Frequently asked questions
Yes. But it's important to make sure the lender you choose is legitimate before you apply for a loan. Look for a lender that's properly licensed and registered in your province, and know the warning signs that could indicate a scam (such as promising guaranteed approval or asking you to pay an upfront fee).
The interest rate you get varies depending on factors such as your credit score, income and debt-to-income ratio. Additional charges such as origination fees, NSF fees and prepayment penalties may apply, so check the fine print carefully before you apply.
Yes, provided that you borrow from a legitimate lender. Research money lenders in Canada carefully to make sure they're licensed and registered, that they abide by lending regulations in your province and that they're upfront and transparent about the full cost of your loan.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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