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Best personal loans in Ottawa
Get a personal loan whether you have good or bad credit.
If you live in Canada’s capital and you’re looking for a personal loan, you have plenty of lenders to choose from. Your first instinct is probably to head to your bank. This isn’t a bad idea as banks tend to offer competitive rates. However, they are not your only option, and if you have fair or bad credit, banks may even be out of reach.
In this guide, we cover the best personal loans in Ottawa for a variety of borrowers. Compare lenders to find the best one for your needs.
Best personal loans in Ottawa
How we found the best personal loans in Ottawa
To find the best personal loans in Ottawa, Finder experts collected more than 70 points of data for more than 60 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder, with partners listed first. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
464+
hours invested
112
lenders vetted
4,608
data points analyzed
1. Fig: Direct lender of personal loans for good credit
$2,000 – $30,000
Loan amount
Loan amount
12.99% – 31.99%
APR
APR
24 - 60 months
Term
Term
Fig is a digital lender offering unsecured personal loans to Canadians with good to excellent credit.
Why it's one of the best
- Apply easily online. Fill out a user-friendly application and get pre-approved without impacting your credit.
- Get access to reasonable rates. Fig's rates start at 12.99%, which is competitive against other lenders in this space.
- Work with a lender backed by a major company. Fig is backed by Fairstone, which has decades of lending experience.
- Seamless application
- No hidden fees
- Repay anytime without penalty
- Fair or bad credit borrowers may not qualify
- Same-day funding may not be possible
| 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 |
2. Loans Canada: Loan search platform with a large lender network
$300 – $50,000
Loan amount
Loan amount
6.99% – 46.96%
APR
APR
3 - 60 months
Term
Term
Loans Canada is an online loan search platform with a large network of lenders. Fill out one application and get your matches for free. You can get a secured or unsecured personal loan.
Why it's one of the best
- Get access to a large lender network. Loans Canada works with over 60 verified lenders.
- Get approved. Receive personal loan offers that match your profile.
- Work with an established company. Loans Canada has been in business since 2012. It has BBB accreditation with an A+ rating.
- Easy online application
- Quick deposits
- High loan amounts
- High rates for bad credit
- No online quotes provided
- Limited to its network
| 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 |
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 2023.3. SkyCap Financial: Private lender with excellent service
$500 – $10,000
Loan amount
Loan amount
12.99% – 39.99%
APR
APR
9 - 36 months
Term
Term
SkyCap Financial is a private lender of unsecured personal loans for fair to good credit scores.
Why it's one of the best
- Work with a reputable lender. SkyCap Financial is known for its friendly, professional customer service and is BBB accredited with an A+ rating.
- Get approved fast. Get your personal loan as soon as the same business day.
- Get some leniency. Rather than fixating on your credit score, SkyCap will take a more holistic approach and look at your overall finances.
- No prepayment penalties
- Apply online in minutes
- Funding on the same day or next day
- Not available in Nova Scotia or Quebec
- High rates for lower credit scores
| 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 |
Most Recommended + Best-Rated
SkyCap Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.4. Spring Financial: Quick online personal loans
$500 – $35,000
Loan amount
Loan amount
9.99% – 46.96%
APR
APR
9 - 84 months
Term
Term
Spring Financial offers fast personal loans for all credit scores. If you don't qualify for a personal loan, however, it'll offer you its credit builder loan The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time.
Why it's one of the best
- Get a loan from an established private lender. Spring Financial has been providing personal loans since 2015 with headquarters in Vancouver, BC.
- Improve your credit score. Spring Financial reports payments to the credit bureaus so you can increase your credit score.
- Get quick funding. If you provide the required documents on time, you can get your personal loan the same day you apply.
- 100% online
- Fast funding via e-Transfer
- No prepayment penalties
- High rates for bad credit
- C- BBB rating, received complaints about the credit builder loan
| Loan amount | $500 – $35,000 |
|---|---|
| APR | 9.99% – 46.96% |
| Term | 9 - 84 months |
| Min. credit score | 550 |
| Fees | No fees except $30 NSF fee |
| Turnaround time | Within 24 hours |
| Serviced provinces | All of Canada |
Most Recommended + Best-Rated
Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.5. LoanConnect: Loan search platform for all credit
$500 – $60,000
Loan amount
Loan amount
8.99% – 46.96%
APR
APR
3 - 120 months
Term
Term
LoanConnect maintains a large database of lenders and matches you with several personal loan offers based on your unique profile. It's been in business since 2016 and is BBB accredited with an A+ rating.
Why it's one of the best
- Save time. Your application will be cast wide and you'll get your results right after you apply.
- Easily compare offers. Compare offers from multiple lenders and log in regularly to see if new offers are available.
- Get approved. LoanConnect works with different types of lenders to help different types of borrowers find a loan.
- Secured and unsecured options
- Pre-approval in five minutes
- Many bad credit loan options
- BBB-accredited with an A+ rating
- Fast funding
- Not a direct lender
- High rates for bad credit
- Miss out on offers from lenders not partnered with LoanConnect
| 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 |
Most Recommended
LoanConnect made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.6. easyfinancial: Secured and unsecured personal loans for low credit
$500 – $100,000
Loan amount
Loan amount
9.99% – 46.96%
APR
APR
9 - 120 months
Term
Term
easyfinancial helps Canadians access financing when banks or credit unions aren't an option. It offers secured and unsecured personal loans across Canada online and in hundreds of locations.
Why it's one of the best
- Get a quick quote. Apply in minutes with no commitment and it won't affect your credit score.
- Work with a well-known lender. easyfinancial is one of the biggest lenders of nontraditional personal loans in Canada.
- Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.
- Secured and unsecured loan options
- 2% rate reduction with a co-applicant
- BBB-accredited with an A+ rating
- Steep rates for bad credit
- Many 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 |
Winner: Best-in-Class
easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.7. Mogo: Pre-approval with no impact to credit
$500 – $35,000
Loan amount
Loan amount
9.9% – 46.96%
APR
APR
6 - 60 months
Term
Term
Mogo is a Canadian fintech company that offers various financial products, including personal loans. Loans are available for good and bad credit.
Why it's one of the best
- Get an instant decision. Get a free quote within a few minutes without affecting your credit score.
- Apply easily online. Set up an account within minutes and get approval and funding within one to two days.
- Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.
- Convenient mobile app
- No prepayment penalties
- Bank-level security
- High rates for bad credit
- Loans offered via third-party services (Lendful and easyfinancial)
| 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 |
Best-Rated
Mogo made it to the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.8. goPeer: P2P loans with competitive rates
$1,000 – $35,000
Loan amount
Loan amount
8.99% – 34.99%
APR
APR
36 or 60 months
Term
Term
goPeer is a peer-to-peer lending platform offering unsecured personal loans. Rather than borrowing from a direct lender, you'll borrow from multiple investors. People with strong finances are more likely to get approved since they have less risky applications.
Why it's one of the best
- Get a competitive rate. This platform doesn't have the same high operating costs as brick and mortal financial institutions, so it can pass on those savings to the borrower via low rates.
- Easy online application. You won't ever need to visit a branch to provide paperwork.
- Flexible loan amounts. Borrow as little as $1,000 and as much as $35,000.
- 100% online
- No prepayment penalties
- Use the loan for any purpose, such as debt consolidation or making a large purchase
- High rates for risky profiles
- Not suitable for bad credit borrowers
| 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 |
9. FlexMoney: Fast online installment loans
$500 – $15,000
Loan amount
Loan amount
18.9% – 46.9%
APR
APR
6 - 60 months
Term
Term
FlexMoney is a private lender that offers unsecured personal loans completely online. It's been in business since 2012 and is based in Toronto, Ontario.
Why it's one of the best
- Get an instant decision. FlexMoney has automated processes to give you a no-obligation quote within minutes.
- Get your funds fast. Funds should reach your account within one business day.
- Rebuild your credit. FlexMoney will report regular, on-time payments to the credit bureau.
- Make payments weekly, bi-weekly, semi-monthly or monthly
- Easily make extra payments via e-transfer
- A+ BBB Rating
- High interest rates
- Minimum income required ($2,000 per month)
- Only employment & pension income accepted
| Loan amount | $500 – $15,000 |
|---|---|
| APR | 18.9% – 46.9% |
| Term | 6 - 60 months |
| Min. credit score | 500 |
| Fees | No application, origination or prepayment fees |
| Turnaround time | Receive funds within as little as 24 hours |
| Serviced provinces | Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan and Yukon |
Most Recommended + Best-Rated
FlexMoney made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.10. BMO: Bank personal loans for prime borrowers
Starting at $2,000
Loan amount
Loan amount
8% – 16%
APR
APR
1 - 5 years
Term
Term
Bank of Montreal is a solid choice if you have a good to excellent credit score. It can work with you to get a secured or unsecured personal loan that matches your needs.
Why it's one of the best
- Work with an established lender. BMO is one of Canada's largest banks, and you can apply online or in one of hundreds of branches.
- Get flexibility. Choose between a fixed and variable rate as well as your payment schedule. Defer up to one month's payment twice a year.
- Get a competitive rate. As a big bank that works with prime borrowers, BMO can offer low rates. You can use personal assets as collateral to lower your rate and increase your chances of approval.
- Choose between fixed or variable interest rates
- Secure your loan for a lower rate
- Apply online or at a branch
- Slower process
- Strict eligbility criteria
- Bad credit may not qualify
- More documents required
| Loan amount | Starting at $2,000 |
|---|---|
| APR | 8% – 16% |
| Term | 1 - 5 years |
11. Fairstone: Secured and unsecured loans for fair credit
$500 – $60,000
Loan amount
Loan amount
19.99% – 39.99%
APR
APR
6 - 120 months
Term
Term
Fairstone offers secured and unsecured personal loans. Apply online or visit one of hundreds of locations across Canada.
Why it's one of the best
- Get a quote with no impact to credit score. Fairstone will only do a soft credit check to pre-approve you for a loan.
- Get funded fast. Receive your personal loan funds as soon as the same day.
- Work with an established lender. Fairstone has been providing financial services to Canadians for almost 100 years.
- Quick and easy application
- Multiple loan types (unsecured, secured, home equity, auto title)
- No prepayment penalties for unsecured loans
- High rates for low credit
- Potential for extra fees
- Prepayment penalties for secured loans
- Some negative customer reviews
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 19.99% – 39.99% |
| Term | 6 - 120 months |
12. Kindred: Credit union personal loan with competitive rates
Finder Score:
★★★★★
$5,000 – $35,000
Loan amount
Loan amount
7.2% – 16.2%
APR
APR
1 - 5 years
Term
Term
Kindred Credit Union offers various financial products and services, including personal loans, to residents of Ontario. You can apply if you have a good to excellent credit score.
Why it's one of the best
- Get a great rate. Kindred's rates are competitive, but your finances will need to be in good shape to access them.
- Choose between a fixed and variable rate. Lock in your rate with fixed or choose variable to adjust your rate with the Bank of Canada throughout your loan term.
- Work with a reputable lender. Kindred has been serving Ontario residents since 1964 and has over 27,000 members. It's also transparent with its rates and is a Certified B Corporation, meaning it meets standards for positive social and environmental impact.
- Clear rates on its website
- Various loan types available
- Riskier applications may not get approved
- Not available across Canada
| Loan amount | $5,000 – $35,000 |
|---|---|
| APR | 7.2% – 16.2% |
| Term | 1 - 5 years |
| Fees | Unknown |
| Turnaround time | Varies |
| Serviced provinces | Ontario |
13. Magical Credit: Online personal loans with flexible criteria
$1,500 – $20,000
Loan amount
Loan amount
19.99% – 46.8%
APR
APR
12 - 60 months
Term
Term
Magical Credit specializes in online personal loans for people with fair to bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario.
Why it's one of the best
- Get a quick loan. Apply online and validate your information with instant bank verification to get a fast decision (funds sent within hours after approval).
- Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.
- Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.
- Receive funds within as little as 24 hours
- Accepts child tax credit, EI, CPP, OAS, private pensions and more
- Refer-a-friend program
- High interest rates
- May charge an administration fee
- You must show income history for six months (if you receive employment income)
| 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) |
Most Recommended
Magical Credit made it to the Top 15 Most Recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.14. Money Mart: Unsecured personal loans for bad credit
$500 – $15,000
Loan amount
Loan amount
29.9% – 46.9%
APR
APR
6 - 84 months
Term
Term
Money Mart offers unsecured personal loans and payday loans to people with bad credit. It has been in business for over 40 years and is now one of the largest alternative lenders in Canada.
Why it's one of the best
- Get your personal loan fast. Get a decision in minutes and receive funds the same business day with Interac e-Transfer.
- Apply online or in-store. Get your personal loan online or at one of Money Mart's 500+ store locations.
- Qualify. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with bad credit or low income.
- Established lender
- Convenient mobile app
- Accepts different types of income
- High interest rates
- Availability in provinces varies in-store and online
| 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 |
Features of personal loans in Ottawa
- Loan terms: 3 - 60 months
- Loan amounts: $500 – $50,000
- Interest rates: 6.99% to 46.96%
- Maximum interest: 60% (effective annual interest)
- Types of loans: Secured or unsecured; fixed rate or variable rate
Types of personal loans you can get in Ottawa
- Secured. Secured personal loans in Ottawa involve some sort of collateral, such as your investments or house, that acts as insurance to your lender in case you default. They are a common way to get approved for a personal loan, especially if you want to borrow a large amount, have a lower credit score or want the lowest rate rate. Lenders prefer houses as collateral (a “home equity loan”).
- Unsecured. Unsecured personal loans don’t require any collateral and come with higher interest rates than secured loans since the lender is taking on more risk.
- Fixed rate. If you prefer a predictable repayment plan, fixed-rate personal loans will lock in your interest rate at the beginning of your loan term, and your payments will stay consistent.
- Variable rate. With this loan, your interest rate will shift with the markets. Your payment amount will generally stay the same, but more will be allocated towards either the interest or principal depending on whether your rate goes up or down.
Where to get personal loans in Ottawa
Below is a breakdown of the different types of lenders that operate in Ottawa.
What rates and fees can I expect with a personal loan in Ottawa?
Personal loan rates in Ottawa are 6.99% – 46.96%. How much you’ll be charged will depend on your personal factors.
Focus on the annual percentage rate (APR), which is your interest rate plus mandatory fees you’ll pay to get the loan. These fees can drive up the cost of your loan if your lender charges them (not all of them do).
- Minimal NSF transactions. Your bank account must have little to no NSF transactions in the last two to three months.
- Room in your budget. You must show the lender, through your current income and debt payments, that you have room to take on a bad credit loan. The lender will verify this by checking your bank statements.
- No payday loan debt. Having payday loan debt will lower your chances of approval.
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-
-
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Comparing providers
Interest rates depend on your credit history as well as what type of loan you’re taking out (secured or unsecured) and the type of lender you borrow from. The example below illustrates the overall cost of a $5,000 loan over a 36-month term with four different providers.
| Lender | Interest rate | Monthly amount | Total cost |
|---|---|---|---|
| Credit union | 7.84% | $156.31 | $5,627.27 |
| Bank | 11.99% | $166.05 | $5,977.72 |
| Online lender | 19.99% | $185.79 | $6,688.53 |
| Peer-to-peer lender | 9.5% | $160.16 | $5,765.93 |
In this example, a credit union is the least expensive option. This is why it pays to compare a number of different options before settling on a provider.
Can you get bad credit loans in Ottawa?
Yes, but watch out for high interest rates. Lenders of bad credit loans in Ottawa charge more because they’re taking on more risk to lend money.
Types of bad credit loans you can get in Ottawa include personal loans and payday loans. Personal loans have lower APRs, longer loan terms and higher loan amounts. Payday loans in Ontario are easier and quicker to get, but they have much higher APRs, and you’ll need to repay the loan in full by your next payday.
Tips to get approved for bad credit loans in Ottawa
To maximize your chances of approval for bad credit personal loans in Ottawa, you’ll need the following:
Related: Best bad credit loans
Can you get loans in Ottawa with no credit check?
You can, but expect to pay high interest rates and make sure you’re applying to a legitimate lender. Scammers use “no credit check” to steal an applicant’s information, while predatory lenders use it to get you to take out a loan you can’t afford.
If a loan offer sounds too good to be true, it may not be legitimate.
Must read: No credit check loans
What can I use a personal loan for?
Canadians use personal loans to cover a host of unforeseen or large expenses, including home renovations and car repairs. Some also use personal loans to consolidate debts at a lower rate. Also, personal loans are frequently used to help borrowers build their credit scores, particularly if the lender reports on-time payments to the credit bureaus.
If you want to take out a personal loan, only borrow as much as you’ll be able to repay in full by the deadline. You should always try to make your payments on time to avoid late payment fees and NSF fees, and make sure to communicate with your lender in advance if you think you’ll have trouble making your payments. If you default, your loan will be sent to collections and you will receive a negative mark on your credit score which can stay there for up to seven years.
How to find the best installment loans in Ottawa
With so many options, how do you decide which loan to get? Here are some questions to ask yourself.
How can I apply for a personal loan in Ottawa?
You can typically apply for a personal loan either in person or online. If you decide to borrow online, you can submit an application in as little as five minutes. Some lenders give approval and funding within 24 hours, while others take longer.
Before applying, be sure you meet the eligibility requirements and gather the necessary documents.
Eligibility requirements
- Be at least 18 years of age.
- Be a Canadian citizen or a permanent resident with a permanent address.
- Have a regular income.
- Have a working bank account.
Required documents
You may be asked to produce the following documents:
- Valid form of ID
- Pay stubs
- Bank statements
If you apply via instant bank verification, you won’t need to send documents.
How can I tell if a lender in Ottawa is legit?
There are some tell-tale signs you can look for to make sure a lender is legitimate and can provide loans in Ottawa, Ontario:
- The lender is registered. Visit Canada’s business registry to check whether the lender is a registered business.
- The lender can be contacted easily. The lender provides its address, phone number and email on its website.
- The lender has an online presence. Check consumer review sites like the Better Business Bureau and Trustpilot to see what existing customers have to say about the lender.
Watch out for unlicensed lenders
Taking out a personal loan can be a viable solution to a short-term financial problem, but it’s important to be aware of the risks associated with borrowing from unlicensed lenders:
- Illegally high interest rates or fees. If you’re being charged more than 60% interest on your personal loan, then it’s likely you’re dealing with an unlicensed lender.
- Identity theft. Be wary of lenders that ask for excessive personal information or seem a little off for whatever reason. Many unlicensed and online lenders have been known to steal customers’ personal information to sell to third parties, which could potentially lead to identity theft or a hacked bank account.
- Funds taken from your bank account without your permission. Lenders that don’t play by the rules are more likely to break provincial and federal laws, including withdrawing money from borrower’s bank accounts if they’re unable to make repayments.
Unlicensed lenders can operate out of the province or even outside of Canada, making it difficult for Ontario to prosecute them. That’s why it’s so important to make sure your lender is licensed to operate in Ottawa before you borrow.
How to file a complaint against a lender
If you want to file a complaint against a lender, you can send a preliminary letter of complaint to the business. If they fail to respond, you can contact Consumer Protection Ontario, who will act on your behalf to contact the lender. If Consumer Protection Ontario finds that your lender violated provincial law, it could take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.
Personal loan alternatives in Ottawa
If you’re feeling overwhelmed with unexpected expenses and can’t seem to get your head above water, a personal loan might not be the right option for you. Check out some of these low-cost alternatives before you head to your nearest lender.
Ottawa assistance programs
Ontario has some programs that can help lower the costs of everyday expenses for some residents and newcomers who are struggling to make ends meet.
- Child benefit provides low-income families with financial assistance to cover expenses like medical bills, food, rent and utility bills.
- Ontario Works can provide you with money and help you find a job during temporary financial difficulties.
- Resettlement Assistance Program provides financial assistance to refugees and protected persons for accommodations, essential clothing, household effects and living expenses.
- Income Assistance Program provides funding to First Nation communities to help their eligible members meet basic needs, such as food, clothing and shelter.
- Disability Income Support helps people with disabilities who are in financial need pay for living expenses, like food and housing.
Credit counselling
If you’re caught in a cycle of debt and can’t seem to keep your head above water, then you might like to consider a credit counselling program. These not-for-profit programs are designed to help low-income residents stay afloat, while helping to manage and consolidate their debts.
Bottom line
If you find yourself in need of a personal loan, compare different lenders to find the best deal. Be wary of unlicensed lenders and know your rights before you accept the conditions of your loan. If you don’t think you can afford the repayments, consider a different financing option.
Dive deeper: Have time? Compare 40+ personal loans
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