In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Loans Canada Personal Loan
Finder score
APR Range
6.99% - 46.96%
Loan Amount
$300 - $50,000
Loan Term
3 - 60 months
Min. Credit Score

Our verdict

Apply for a loan through this reputable broker that has the largest lender network in Canada.

Loans Canada offers loans for all types of borrowers, including people with fair or bad credit. You fill out 1 online application in less than 10 minutes to get matched with lenders that are open to financing you. It takes 1 to 3 business days to get a loan. The platform is free to use.

Best for: People who want alternatives to banks and credit unions


  • Options for good and bad credit
  • Quickly compare multiple loan options in one place
  • Rates start at 6.99%
  • Multiple types of loans available


  • Not a direct lender
  • High rates for bad credit
  • Watch out for scammers posing as Loans Canada

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
Picture not described
Loans Canada was a finalist in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 75.15%

What is Loans Canada?

Loans Canada is a specialty online platform that you can use for free to find lenders. When you apply to Loans Canada, it will use your information to match you with lenders for your situation. This is especially helpful if your current circumstances limit your options – for example, if you have bad credit or have experienced bankruptcy in the past. Loans Canada has partners that can work with borrowers who may not qualify for a bank or credit union loan.

You can complete Loans Canada’s application in less than 10 minutes and get approval from a direct lender within 24 to 48 hours. All in all, you can get a personal loan within 1 to 3 business days, which is faster than applying to banks or credit unions.

Finalist — Best Personal Loan Search Platform category

Loans Canada earned the Finalist award in the Best Personal Loan Search Platform category in the Finder: Personal Loans Customer Satisfaction Awards 2023. Loans Canada scored 75.15% in the overall customer satisfaction score and secured a spot in Canada’s Top 15 Best-Rated personal loan providers in 2023.

Is Loans Canada legit?

Yes, Loans Canada is a legit loan broker platform. Operating since 2012, Loans Canada is a member of the Canadian Lenders Association and is accredited by the Better Business Bureau with an A+ rating. It has been mentioned in CBC News, Toronto Star and Financial Post.

Watch out for scammers posing as Loans Canada. Never give out your bank account login information, and do not respond to unsolicited emails with an attractive loan offer and claims that there are no upfront fees.

Loans Canada personal loan features

Loan amount$300 – $50,000
Loan term3 - 60 months
Interest rate6.99% - 46.96%
FeesNo application, origination or brokerage fees
Serviced provinces and territoriesAll of Canada
Basic eligibility requirementsMinimum credit score of 300

Go to site

Who is Loans Canada for?

Loans Canada works with over 60 lenders to help people of all credit scores find a loan. It has low interest loan options for people with credit scores above 660 and fair or bad credit loan options for those with credit scores below 660. You can apply to Loans Canada if you want to compare offers from multiple lenders to find the best loan for your needs.

What we like about Loans Canada

  • Largest lender network in Canada. Browse a selection of lenders that can potentially finance you.
  • Easy application. The application takes less than 10 minutes and only asks basic personal and financial information.
  • Quick approval and funding. You’ll get access to your cash within 1 to 3 business days from the time that you apply.
  • More choice. Loans Canada works with multiple lenders to give you as many options as possible so that you can find the best loan for your personal situation.
  • Free service. There’s no fee to use Loans Canada’s service since it receives a commission from the lender you sign up with directly.
  • High loan amounts. You can apply for up to $50,000 with a Loans Canada personal loan.
  • No collateral required. There are options for unsecured loans, so you won’t need to put up any collateral such as your home or vehicle.
  • Bad credit doesn’t matter. Loan decisions are based on factors like your income, so the state of your credit won’t be as important. The same applies if you have limited or no credit history.
  • Confidential and no obligation. All consultations with Loans Canada are confidential, and you are under no obligation to proceed with a loan.
  • Security. Loans Canada says that your data is protected and your connection encrypted.

What to watch out for

  • High interest rates for bad credit. The interest rates you’ll pay can reach as high as 46.96% APR if you have poor credit, which means your loan may cost more than what you would pay with your credit card.
  • Personal information required. You’ll be required to input sensitive information online that will be forwarded to the third-party lenders you match with.
  • No online quotes. You’ll have to speak to a customer service representative over the phone to find out what rates you qualify for.
  • Quotes come from affiliated providers. You’ll only get quotes from companies that Loans Canada is partnered with, so you may miss other competitive offers from non-partner lenders.
  • Credit checks may be required. While you can find out who your matches are without affecting your credit score, some of your matches may run a credit check. You’ll need to withdraw your consent if you don’t want a credit check.

Summary of Loans Canada reviews

Many people have commented through Loans Canada reviews that it is easy to use and fast, and those with less-than-perfect credit were able to get a loan. However, there have also been some Loans Canada reviews about high interest rates and fraud. Watch out for scammers pretending to be Loans Canada.

BBB accreditedYes
BBB ratingA+
Google rating4.2 out of 5 stars, based on 82 Loans Canada reviews
Trustpilot scoreLimited number of reviews
Customer reviews verified as ofJanuary 16, 2024

Loans Canada reviews from Finder survey

How Loans Canada compares to similar providers

FeatureLoans Canada

Loans Canada



Loan amount$300 – $50,000$500 – $50,000
Loan term3 - 60 months3 - 120 months
Interest rate6.99% - 46.96%8.99% - 46.96%
FeesNo application, origination or brokerage feesNo application, origination or brokerage fees
Serviced provinces and territoriesAll of CanadaAll provinces
Basic eligibility requirementsMinimum credit score of 300Minimum credit score of 300
Go to Loans Canada siteGo to LoanConnect site

Types of loans available through Loans Canada

Loans Canada offers the following types of personal loans:

  • Unsecured personal loans. With an unsecured personal loan, you do not need to put up any collateral.
  • Credit builder loan. As the name suggests, this is a loan to rebuild your credit score. With this loan, you receive your money only after you make all your loan payments.
  • Cosigned loan. This loan involves a guarantor who will sign the loan with you. If you default on the payments, the guarantor is on the hook to pay them on your behalf.
  • Home equity loan. Use your home as collateral to secure lower interest rates.
  • Debt consolidation loan. Combine your existing unsecured debts into 1 loan with a lower interest rate.
  • Vehicle title loan. Use your car as collateral to get a loan. You can continue to use the car, but if you fail to make payments, the lender can repossess it. Your car must be paid off.
  • Consumer Proposal Payoff Loan. Get a loan to help pay off your consumer proposal early so you can start rebuilding your credit sooner.

Other types of loans

Am I eligible for financing through Loans Canada?

Since Loans Canada is partnered with many types of lenders, it only has basic eligibility requirements:

  • Be a Canadian citizen or resident
  • Be the age of majority in your province
  • Have a minimum credit score of 300
  • Have an income

What will increase my chances of approval if I have bad credit?

To increase your chances of getting approved for a personal loan by one of Loans Canada’s partners, you’ll need to show you’ve had no recent NSF transactions in your bank account, show no recent payday loan debt and demonstrate you have enough monthly income to take on more debt.

How do I apply with Loans Canada?

If you want to apply for a loan with Loans Canada, click the green “Go to site” button to be securely redirected to Loans Canada's website where you can fill in an online application. You’ll need to submit personal and financial information such as your name, phone number, address, occupation and monthly income. You’ll also be required to consent to a credit check.

Once you’ve submitted your application with details about how much you want to borrow, you’ll be contacted by the lenders you match with to discuss your prospective loan in more detail. From there, the lender you choose will coordinate with you directly and you will no longer need to deal with Loans Canada.

Your lender may ask you to submit documents to prove the information you provided, such as a government-issued ID (e.g. driver’s licence, passport) and proof of income (e.g. bank statements, pay stubs).

Preview of Loans Canada’s application

Step 1: Enter desired loan amount.

Loans Canada Quote Step 1

Step 2: Choose the loan purpose.

Loans Canada Quote Step 2

Step 3: State your credit score

Loans Canada Quote Step 3

The Loans Canada’s application has several steps to complete beyond what we’ve shown here.

I got a loan through Loans Canada. Now what?

Once you’ve signed the contract with the lender you choose and you’ve received your money, you’ll start to repay your loan. You’ll make repayments to the lender rather than Loans Canada directly. You’ll usually have to sign up for automatic withdrawals from your bank account to begin to repay your loan.

Warning iconLoans Canada impersonation scams

Since Loans Canada is such a well-known company, unfortunately, many fraudsters have tried to use its brand name in scams. Loans Canada has a full breakdown of the names and types of scams to watch out for on its website.

Generally speaking, if you get a “legal notice” or “arrest warrant” that claims to be from Loans Canada, it’s likely a scammer. Loans Canada claims that it will never send its customers a legal notice. A loan company also cannot threaten you with arrest.

If you receive any of these scam notices, don’t engage with them or give them any personal information. Instead, report the scam to the Canadian Anti-Fraud Centre.

Bottom line

Loans Canada provides a user-friendly platform that lets you compare multiple lenders all in 1 place. You can apply with good or bad credit and get approved on the same day or next day in many cases. From there, it will take about 1 business day to get the money deposited into your account.

Loans Canada is a strong option for finding the right loan for your financial situation. However, you may want to avoid applying if you don’t want your personal information to be shared with a multiple third-party direct lenders.

Compare personal loans from brokers and direct lenders

1 - 8 of 8
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 $1,800/month, 3+ months employed, min. credit score 500
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
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
goPeer Personal Loan
Finder Score:
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $35,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%) Vehicle Title Loan
Finder Score:
9.95% - 29.00%
$1,000 - $50,000
12 - 72 months
Requirements: Vehicle must be 10 years old or newer, and must not be financed or leased.

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

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