Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Compare personal loans for single parents

Learn about the options available to you as a single parent.

Needs funds?Compare loans
Not sure if you qualify?Learn more
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
Go to site
More Info
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
Go to site
More Info
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
Go to site
More Info
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
Go to site
More Info
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
Go to site
More Info
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
Go to site
More Info
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.
OFFER
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.
Go to site
More Info
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
Go to site
More Info
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
Go to site
More Info
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
Go to site
More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
loading

Compare up to 4 providers

The eligibility criteria for many banks and lenders can be difficult to meet with only one income. However, you might still need some extra cash to cover car repairs or an unexpected bill. Our guide will take you through what you need to know about being approved for a personal loan as a single parent.

Can a lender consider my marital status when evaluating my application?

No, a lender cannot deny or approve your application based on your martial status.

That being said, if you’re divorced, you’re likely still liable for any debt accumulated as a married couple if you had shared finances. Unfortunately, even if it was your partner who built most of the debt, as a co-signer you are bound to the agreement.

Why might a single parent not be approved for a personal loan?

Single parents are judged by the same lending guidelines as every other borrower, but the fact that they rely on a single income and are often solely responsible for their debts means that they occasionally don’t meet the necessary eligibility requirements set by the lender.

If you’re receiving government benefits or working part-time hours, this may be scrutinized as an insufficient source of income that will not allow you to cover your necessary monthly expenses and pay back your loan at the same time.

What income will I need to get a loan?

This will vary between lenders and the amount of money that you are looking to borrow, however some lenders have minimum income requirements as low as $15,000. Keep in mind your repayments will likely be weekly, bi-weekly or monthly, meaning living expenses and bills will need to be factored into your monthly budget. Lenders will determine if you’re able to pay your loan back with the money you’ll have leftover after living expenses have been covered.

How much can I borrow with a personal loan?

Personal loans range in amounts from a coupe hundred to $50,000, with a few lenders offering smaller and larger loan amounts. Depending on how much you borrow, these types of loans will typically need to be repaid in 3 to 10 years. Additionally, personal loans are usually only granted to those with a credit score of 650 or higher.

If you have a bad credit score, want to borrow less than $2,000 or want to repay your loan within just a few weeks or months, consider a payday loan instead.

How do I know if I can afford to repay a loan?

Before applying for a loan, you should calculate how much your loan will cost in full and then calculate what your repayments might be every week, two weeks or month. Factor the repayment amount into your usual monthly budget, taking into account your income and usual expenses. Keep in mind each lender is required to assess your borrowing power and ability to repay before extending a loan offer to you.

How do I compare my options?

When comparing your loan options, you should take the following factors into account:

  • Interest rate. Compare the interest rates on offer between a variety of different loans. Some lenders will stay competitive by charging lower interest rates on their loans.
  • Fees. The charged interest rate doesn’t always tell the full story. Loans can come with both one-time and ongoing fees, so compare any fees against the interest rate since they will contribute to the cost of the loan.
  • Restrictions. You may be restricted in how much you can borrow, what you can use the money for, whether you’re able to make extra repayments or if you can repay the loan early.
  • Repayment flexibility. This is an important consideration, as it could affect your ability to manage your repayments for the loan. Some lenders will allow you to choose between making weekly, bi-weekly or monthly repayments. Repayments generally coincide with your work pay schedule.
  • The lender. The actual lender you’re borrowing from should factor into your decision, as this is a business you’ll have to deal with for the next few months or years. See how easy the lender is to contact and how the customer service is. If you have an “off” feeling about anything, choose another lender.

How do I improve my chances of being approved?

  • Check your credit score. You can check your credit score for free to find out which loans you are eligible to apply for. The higher your score, the less of a risk you appear to the lender, which means you will have more loan options available to you.
  • Get informed. If you’re denied a loan, ask the lender why. Knowing the reasons can help you move forward and submit a stronger application.
  • Consider alternatives. Taking out a loan might not be the best option for you right now, and you may have alternatives depending on your situation. You might be able to make some extra cash by taking on a small side job or get an interest-free loan from a friend or family member.
  • Borrow a lower amount. A good rule of thumb is to only apply for as much money as you need to borrow, as lenders may reject your loan application rather than offering you a lower amount.

How do I apply for a loan?

Before you apply for a loan, do some research and compare different loans and lenders. Once you’ve found a loan that you want, apply directly on the lender’s website.

As part of your application, you’ll need to provide your contact information, financial information and the amount you’d like to borrow. Some lenders will approve your loan almost instantaneously, while others may take some time. If your loan is approved, the lender will send you a loan contract to read over and sign. Read the loan contract from top to bottom in order to understand all of the charges you may face.

Once you sign and return the loan contract, you’ll likely receive your loan directly into your account by the next business day. Some lenders may take longer to disburse the funds.

Frequently asked questions about loans for single parents

More guides on Finder

    Go to site