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Symple personal loan review

Apply online for a loan of up to $50,000 with interest rates as low as 5.75%.

To qualify, borrowers must be a Canadian citizen or permanent resident, at least 18 years old, employed earning at least $25,000 annually and free from previous bankruptcies.

5.75% - 33.08%

Interest Rate

$50,000

Max. Loan Amount

600

Min. Credit Score

Please note: All information about Symple personal loan has been collected independently by Finder and this product is not available through this site.

30-second take

If you’re looking for an alternative lender, Symple may be an option worth considering.

  • Think of a Symple personal loan if you’re looking for a way to apply for a personal loan of up to $50,000 completely online, without visiting a physical branch.
  • Pick something else if you live in New Brunswick, Nova Scotia, Quebec or Saskatchewan. These provinces aren’t serviced by Symple.
  • Keep in mind, Symple allows you to pay off some or all of your loan early without incurring prepayment penalties.

Expert review

If you’re looking for a lender that aims for transparency with fees and interest rates, you may want to consider Symple. While some lenders don’t disclose APRs, loan origination fees and late charges online, this new lender, which launched in January 2018 in Australia and in January 2021 in Canada, clearly lays out its loan structure.

Symple also makes the loan application process easy to follow. You don’t need to visit a physical branch and you can apply online within minutes. You’ll also receive a quote quickly. If everything checks out, you’ll get your funds the next business day, making for a seamless process from start to finish.

Is Symple Loans legit?

It is. In Canada, it’s accredited by the Better Business Bureau and is a verified lender according to the Canadian Lenders Association. It has also received industry recognition awards from the likes of Borrowell and Smarter Loans. The company has Australian origins, where it launched in January 2018, followed by an expansion to Canada in January 2021.

Symple has its Canadian headquarters on Bay Street, Toronto’s financial district and its flagship head office in Melbourne, Australia. Canadian borrowers can receive customer service online, by phone or by email.

What are the benefits of a Symple personal loan?

  • Repay your loan without additional fees. You can repay some or all of your personal loans before your term ends without incurring any prepayment penalties.
  • Varying loan terms. You can choose between 1– and 7-year terms for your personal loan.
  • Competitive interest rates. Interest rates start as low as 5.75%, which you may be able to get if your finances, including your credit score, are in great shape.
  • Convenient application process. Apply and manage your account completely online, 365 days a year 24/7.
  • Wide range of loan amounts. You can borrow $5,000 up to $50,000 and use the funds as you need.

What to watch out for

  • Minimum borrowing amounts. Symple‘s lower threshold for a personal loan is $5,000. For some people, this may be too much debt to shoulder.
  • Fees and charges. Expect a loan origination fee from 0-5% to be tacked onto your loan. You’ll also face a $45 charge for late or missed payments.
  • Minimum employment income required. You’ll need to make at least $25,000 annually to qualify for a Symple loan.
  • No in-person customer service. Because Symple is an online lender, you won’t be able to visit a bricks-and-mortar location for in-person help.
  • Not all provinces are serviced. You won’t be able to apply for a loan in New Brunswick, Nova Scotia, Quebec or Saskatchewan.

Compare personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
Spring Financial Personal Loan
Finder Rating: 4 / 5: ★★★★★
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: 500
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An online lender offering unsecured personal loans and credit builder loans. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
LoanConnect Personal Loan
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.
Mogo Personal Loan
Finder Rating: 4.5 / 5: ★★★★★
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.
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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.
goPeer Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year, no payday loan debt
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
SkyCap Financial Personal Loan
Finder Rating: 4.1 / 5: ★★★★★
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.
Fairstone Unsecured Personal Loan
Finder Rating: 3.9 / 5: ★★★★★
Fairstone Unsecured Personal Loan
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.
ConsumerCapital Personal Loan
Finder Rating: 3.2 / 5: ★★★★★
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed, no payday loan debt
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.
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Compare up to 4 providers

Am I eligible?

To qualify for a loan through Symple, you must meet the following criteria:

  • Be a Canadian citizen or a permanent resident.
  • Be at least 18 years of age or the age of majority in your province or territory.
  • Earn a minimum of $25,000 annually.
  • No history of bankruptcies.
  • Residing in Canada, excluding NB, NS, QC and SK.

How to apply for a Symple personal loan

If you meet the baseline eligibility requirements for a Symple personal loan, you can get your application going by following these steps:

  1. Head to the Symple website. Click on “Check my rate” on the homepage.
  2. Identify how much you want to borrow. You can borrow from $5,000 to $50,000.
  3. Identify the purpose of your loan. Choose from options such as debt consolidation, paying bills, home improvement, education, travel or buying a car.
  4. Provide your personal details. These include your full name, date of birth and Social Insurance Number (optional).
  5. Provide your citizenship status. Choose between Canadian citizen, permanent resident or other.
  6. Provide your contact information. Fill in your email address, phone number, home address, city and province.
  7. Submit your application. You’ll receive a pre-approval decision emailed to you within 60 seconds. If you’re approved for a loan, remember to review the terms and conditions of the contract before signing and accepting the offer. Take some time to compare other loan providers to ensure you’re getting the most competitive offer out there.

I got the Symple personal loan. Now what?

If you’ve secured funding from Symple, get organized with repaying your loan. Your loan contract will detail your repayment terms and APR. Make sure you mark due dates on your calendar and set up automated payments so you don’t miss any deadlines.

Take advantage of being able to repay some or all of your loan early, without incurring any penalty charges, too. Your goal is to pay off your debt as quickly as possible.

Bottom line

If you’re looking for an easy loan application process, Symple is a great option. The application can be completed within minutes and you’ll receive a loan quote within minutes after you submit your details. Overall, the speed and ease make this a smooth experience for borrowers. If your credit score is in good shape, you may even be able to secure interest rates that are as low as 5.75%.

As always, shop around before deciding which lender is offering the best rates and loan options. Check out our guide to comparing personal loans to help you with your search.

Frequently asked questions

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