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Private loans

Apply for a private loan online to get quick access to funds without needing to visit the bank.

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FlexMoney Personal Loan

FlexMoney Personal Loan logo
  • Rates from 18.90% - 46.93%
  • Loan term from 6 - 60 months
  • Pay off loan anytime
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Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
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Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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Private loans are personal loans from alternative lenders that aren’t affiliated with a particular bank or credit union. You can apply for these types of loans online. They often come with less strict eligibility criteria and higher approval rates than bank loans. You may also be able to get funds deposited into your bank account in as little as 24 hours once you’re approved, depending on the lender.

How do private lender loans work?

Private loans work just like bank loans, except they are usually issued online rather than in-person. You simply need to apply using the lender’s website and agree to a certain interest rate and loan duration, which will be used to determine your monthly payment.

Once you’re approved for a private loan, you’ll have to repay it in monthly installments in most cases. You’ll have to repay a set monthly payment if you choose fixed interest rates or a fluctuating monthly payment if you go with variable interest rates.

Features of private loans

  • Online application. The majority of private loans are offered online, though you can get private loans issued in-person in some Canadian cities.
  • Turnaround times. Some private loan lenders can turn a loan around in less than 24 hours, while others may take a few business days or weeks.
  • Term. Short-term private loans can range from a few months to years, while long-term loans can extend between 3 and 7 years, depending on how much you borrow.
  • Interest rates. Rates can be fixed or variable and tend to fall between 8% and 47%. The rate you get will depend on the lender you choose and the state of your credit.
  • Eligibility criteria. You may be able to qualify for private loans with bad credit or with a lower income than what’s required by the bank.

Types of private loans

There are several different types of private loans that you can qualify for:

  • Personal private loans. Take out a personal loan with a private loan lender to use the money you borrow to pay for anything you want.
  • Bad credit private loans. Apply with private lenders for bad credit personal loans in Canada to qualify for loans even if you have a low credit score.
  • Private student loans. Consider private student loans if you can’t take out government student loans or are having trouble applying with the bank.
  • Debt consolidation loans. Think about a private debt consolidation loan if you want to get your finances in order and you can get a decent interest rate.

What can I use my private loan for?

You can use your private loan for any expense that you need in most cases, especially if you take out an unrestricted personal loan. In rare cases, some private lenders for personal loans will create parameters for how you can spend the money you borrow.

For instance, you can only spend a debt consolidation loan on trying to cut down on your debt. Just make sure that you specify in advance with your lender if it needs to know or have control over how you spend the money you borrow.

Benefits of private loans

There are many benefits to private loans that you won’t get with bank or credit union loans:

  • More choices. You’ll have more private lenders for personal loans to pick from and you can use a broker to compare them to find the best deal.
  • Potential for lower rates. You may be able to qualify for lower rates if you take the time to compare your options.
  • Fewer eligibility requirements. It may be possible to qualify for a loan with a lower income or credit score than you would need with the bank.
  • Approval for bad credit. You’ll have a better chance of getting approved for a loan with private lenders for bad credit personal loans in Canada.

What to watch out for with private loans

Consider the following questions before applying with direct private lenders for personal loans:

  • Higher rates. You may be stuck paying higher interest rates with a private lender, especially if you’re applying with bad credit.
  • Potential for fraud. You could have a higher chance of running into a fraudulent lender when you shop for private loans online.
  • Can lead to high debt load. You may end up saddled with a private loan that you can’t afford since they are easier to get approved for.
  • Unexpected fees. You could be required to pay additional or hidden fees with some lenders if you don’t check how much your private loan will cost in advance.

How much do private lenders for personal loans charge?

Private lenders for personal loans typically offer loans with interest rates that sit between 8% and 47%, depending on factors such as your credit score and debt-to-income ratio. You may also have to pay origination fees, late payment fees and early repayment fees.

Your best bet to find out the true cost of a private loan is to get your lender to outline fees and interest rates in advance. You can use this information to determine how much you’ll have to pay to maintain your loan over time.

When should I consider private lenders for personal loans?

You may want to use direct private lenders for personal loans when:

  • You’re struggling to get approved. Private lenders often have more lenient eligibility criteria than banks and credit unions, which means you may have an easier time getting approved for financing.
  • You need a loan quickly. Private lenders can typically issue your loan funds within a couple of days of applying – or sometimes even within a few hours.
  • You have a bad credit score. It’s easier to get approved for financing when you apply with private lenders for bad credit personal loans in Canada.

When to avoid private lenders for personal loans

You may want to avoid applying for private loans in the following situations:

  • You can’t afford one. Steer clear of private loans even if you qualify for one if you don’t think you can afford your repayments.
  • You can get a better deal with your bank. Avoid private loans if you have an established relationship with your bank or it offers you lower rates.
  • You can’t get a decent interest rate. Compare interest rates and make sure you don’t settle for a rate above 15% for most private loans.

Private loans for bad credit

There are plenty of private lenders for bad credit personal loans in Canada to choose from if you’re struggling to get approved. That said, not all lenders are created equal so you’ll want to do your homework before you apply for financing.

The main thing to do is keep your eye out for private loan scams. For example, you might want to avoid lenders that aren’t registered in your province or are offering no credit check loans. You should also avoid lenders that want you to pay fees for your loan upfront.

Eligibility criteria and documents

You may need to meet the following eligibility criteria to qualify with direct private lenders for personal loans:

  • Be at least 18 years old or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Be employed and have a steady income
  • Meet credit score and income requirements

Required documents

To apply for private loans, you’ll usually need to provide the following documents:

  • Identity documents. Personal identification such as your passport or driver’s license.
  • Proof of income. Pay stubs, employment records, tax records and other documents.
  • Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
  • Credit score. Consent for your private loan lender to run a credit check.

Bottom line

If you have a low credit score or you need a loan as quickly as possible, a private lender may be a good solution. Private loan lenders offer fast turnaround times, flexible loan options and varying loan amounts to provide you with a suitable loan for your needs. Before applying for a loan with a private lender, compare your loan options in our table above.

Frequently asked questions about private loan lenders

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