In this guide

  • Our verdict
  • Details
    • Product Details
  • Frequently asked questions
  • Your reviews
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Thunderloan Personal Loans
Interest Rate
Loan Amount
Loan Term
3 to 6 months
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Our verdict

Get a no credit check loan with same-day funding, but watch out for loan fees.

Thunderloan offers fast loans of between $500 and $1,000 online. There’s no credit check needed to apply, and it’s possible to get your loan amount via e-Transfer the same day. You can then pay the loan back in 3, 6 or 12 installments, depending on your financial situation. However, be aware that you may need to pay a hefty surety fee, and first-time borrowers can only take out loans of $500.


  • Same-day funding available
  • No credit checks
  • Easy online application
  • Repay over 3 to 6 months


  • First-time borrowers limited to $500
  • High cost of borrowing
  • Watch out for fees
  • Doesn't accept all types of income

In this guide

  • Our verdict
  • Details
    • Product Details
  • Frequently asked questions
  • Your reviews


Product Details

Product Name Thunderloan Personal Loans
Interest Rate 23%
Loan Amount N/A
Loan Term 3 to 6 months

What is Thunderloan?

Thunderloan is an online lender that offers no credit check loans in most Canadian provinces. It offers a fast and easy loan application process with instant banking verification, and you can apply online 24/7.

If approved, your loan amount is deposited by e-Transfer, so it’s possible to get your money the same day. Repayment terms range from three to six months, while you also have the option of paying back your loan early if you wish.

Is Thunderloan legit?

Thunderloan’s website lists an office address in Toronto as well as phone and email contact details. It also features terms and conditions, a privacy policy, and its collection policy.

Thunderloan has also received more than 120 reviews on Trustpilot.

What we like about Thunderloan

  • No credit checks. You don’t need to complete a credit check when you apply for financing from Thunderloan, so bad credit won’t stop you from qualifying for funding. Learn more about no credit check loans.
  • Fast access to funds. With fast approvals on e-Transfer loans, you can get funded the same day.
  • Longer repayment terms. Loan terms range from three to six months, giving you a longer period to pay back what you borrow.
  • Early repayment allowed. If you come into some extra money, you have the option to pay your loan off early and save on interest.
  • Available 24/7. You can apply for a loan online 24 hours a day, 7 days a week.

What to watch out for

  • Check the APR. Thunderloan charges an annual interest rate of 23%. That’s not unusual for a lender that offers loans to people with bad credit, but if you have a solid credit history, you may be able to qualify for a better rate elsewhere.
  • Brokerage fees. Thunderloan also charges brokerage fees, so make sure you’re aware exactly how much you’ll pay in fees before deciding whether this is the right loan for you.
  • Surety. Some customers complain about the surety fee Thunderloan charges to borrowers. This is a separate agreement you enter into to guarantee your loan payments, but Thunderloan refers to it as optional.
  • First-time borrowers limited to $500. The maximum amount you can borrow as a first-time Thunderloan customer is $500.
  • Doesn’t accept all types of income. When assessing your financial situation, Thunderloan doesn’t accept employment income, social assistance, student loans, CPP, child tax, private pensions, disability payments or other income from insurance.
  • Job confirmation. As part of the application assessment process, Thunderloan will need to contact your employer to confirm your employment details.
  • Not in Quebec. Thunderloan loans are not available in Quebec.

Alternatives to Thunderloan

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Note: You may be charged a broker fee up to $300.
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Requirements: min. income $1,000/month, min. credit score 300
Spring Financial Installment Loan
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Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Loans Canada Installment Loan
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Requirements: min. credit score 300
LoanConnect Installment Loan
Customer Survey:
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SkyCap Installment Loan
Customer Survey:
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Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy

What are Thunderloan’s interest rates?

Thunderloan’s interest rate is 23%. If you default on your payments and there’s an outstanding loan amount, a monthly interest rate of 1.92% applies.

You’ll also need to consider the fees that apply to your loan, which may include brokerage and surety fees. Check the loan agreement closely to find out the full cost of borrowing before you sign. When reviewing the payment amount, make sure you know how much of that goes towards principal, interest and fees.

What do Thunderloan reviews say?

Customer reviews for Thunderloan are generally positive, with the lender scoring an average of 4.4 out of 5 stars from more than 120 Thunderloan reviews on Trustpilot.

Those who left positive reviews commented on factors such as fast and easy applications and approvals as well as friendly customer service. But customers who left negative Thunderloan reviews mentioned high surety fees and complained about rejected applications.

Summary of Thunderloan reviews

Trustpilot4.4 out of 5 stars, based on 123 Thunderloan reviews
GoogleNo Thunderloan reviews available
BBB accreditationNo
BBB ratingN/A

Am I eligible for a loan from Thunderloan?

To qualify for a loan from Thunderloan you will need to:

  • Be a Canadian citizen
  • Be 18 years or older
  • Reside in Ontario, Prince Edward Island, British Columbia, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick or Newfoundland
  • Have income of at least $1,200 per month, received by cheque or direct deposit into a Canadian bank account that has been active for at least 3 months
  • Have been employed for at least 3 months
  • Not be on the verge of bankruptcy or about to enter into a consumer proposal
  • Have minimal or no NSF transactions
  • Have a low short-term debt ratio

How to apply

You can apply for a loan from Thunderloan by completing the following steps:

  1. Navigate to the Thunderloan website and click the “Get fast cash” link.
  2. Provide your name, date of birth, contact details and Social Insurance Number (SIN).
  3. Enter your residential address.
  4. Specify your source of income, pay frequency, how you’re paid and when your next pay is due.
  5. Enter your desired loan amount and specify whether you are planning to declare bankruptcy or enter a consumer proposal.
  6. Enter your bank account details.
  7. Provide the name and contact information of a safety contact.
  8. Click “Apply now” to submit your application.

What to expect once you’ve received your loan

If you apply and get approved before 2pm EST, the money will be deposited into your account by e-Transfer the same day. You will then have 3 to 6 months to repay it, with repayment schedules of 3, 6, or 12 installments depending on your financial situation and pay frequency.

You’ll need to make the first loan payment as scheduled. However, you’re then able to pay back your loan early if you’re financially able to do so. Just note that Thunderloan will need 48 hours notice to stop a regular payment being deducted from your account, and 7 days notice to stop a surety fee.

If you think you’ll struggle to make an on-time payment, you can defer it. However, you’ll be charged a $28 fee for deferring a payment.

And if you miss a payment, a $48 NSF fee will apply. But there is a 5-day grace period, so an NSF fee will not be charged if you can make that payment in 5 business days.

Bottom line

If your credit history is less than perfect and you need a fast loan, Thunderloan is worth checking out. It offers an easy application process, no credit checks and same-day funding. But be aware that fees apply on top of your loan interest rate — check your loan agreement carefully to find out the full cost of a loan before you sign.

Compare no credit check loans from a range of lenders before deciding which loan is right for you.

Frequently asked questions

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