{"id":1021556,"date":"2023-09-19T17:32:00","date_gmt":"2023-09-19T21:32:00","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1021556"},"modified":"2025-11-25T13:01:49","modified_gmt":"2025-11-25T18:01:49","slug":"personal-loans-customer-satisfaction-awards-2023","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-customer-satisfaction-awards-2023","title":{"rendered":"Finder: Personal Loans Customer Satisfaction Awards 2023"},"content":{"rendered":"

\"Customer<\/h2>

Welcome to the Finder: Personal Loans Customer Satisfaction Awards 2023<\/em><\/h2>

Approximately two-thirds of Canadians cut back on their spending in 2023 with many finding ways to save either by shopping for deals or looking for value.(1)<\/sup> But finding value can be hard, particularly when you don\u2019t have first-hand experience with a brand or product. To bridge this gap, many consumers rely on word-of-mouth recommendations directly from family and friends or through online reviews. But, in a fast-moving, competitive world it can be hard to find that first-hand experience. To help, we turned to the people with real-world experience working with personal loan providers: Customers.<\/p>

To tap into the power of word-of-mouth, we launched the Finder: Personal Loans Customer Satisfaction Awards 2023. <\/em>We asked customers for their honest assessment of Canada\u2019s leading personal loan providers and used these results to develop a list that recognizes Canada\u2019s best personal loan providers for 2023.<\/p>

Winners of the personal loan customer satisfaction awards 2023<\/h2>

The winners of the Finder: Personal Loans Customer Satisfaction Awards 2023<\/em> were determined based on the results of a customer survey that dictated each brand\u2019s overall customer satisfaction score. You can read our full methodology<\/a> below.<\/p>

Here are the winners for 2023:<\/p>

Best Personal Loan Alternative Lender<\/h3>

\"Customer<\/p><\/div>

Winner<\/h4>

Prudent Financial<\/h2>
<\/div>

As an Ontario-based alternative lender, Prudent Financial offers home equity and vehicle title loans \u2014 even to borrowers with poor or bad credit or those who have experienced bankruptcy. Customers appreciate the firm\u2019s \u201cgreat service attitude\u201d and this attention to customer needs pushed this personal loan lender to the top of the list with an overall customer satisfaction score of 87.89% and a Finder: \u2605\u2605\u2605\u2605\u2605<\/span> star rating.<\/p>

Read our review of Prudent Financial<\/a><\/p><\/div><\/div>

\"Customer<\/div>

Finalist<\/h4>

Cashco Financial<\/h2>
<\/div>

Loans from Cashco Financial not only help borrowers find financing but also help to rebuild or build credit. Loan repayments are reported to credit bureaus, and even those with poor or fair credit have options. Customers report that the application process is quick and easy giving this alternative lender an overall customer satisfaction score of 86.55% and a Finder: \u2605\u2605\u2605\u2605\u2605<\/span> star rating.<\/p>

Read our review of Cashco Financial<\/a><\/p><\/div><\/div>

Best Personal Loan Search Platform<\/h3>
\"Customer<\/div>

Winner<\/h4>

Borrowell<\/h2>
<\/div>

As a personal loan search platform, Borrowell is known for providing many options to its clients. Customers report helpful agents and a user-friendly process. This helped this personal loan search platform rise to the top with an overall customer satisfaction score of 76.45% and a Finder: \u2605\u2605\u2605\u2605\u2605<\/span> star rating.<\/p><\/div><\/div>

\"Customer<\/div>

Finalist<\/h4>

Loans Canada<\/h2>
<\/div>

Like many search platforms, Loans Canada specializes in finding multiple lenders for borrowers through one application. Customers report that the application process is easy and the online site is simple and easy to navigate \u2014 giving this personal loan search platform an overall customer satisfaction score of 75.15% and a Finder: \u2605\u2605\u2605\u2605\u2605<\/span> star rating.<\/p>

Read our review of Loans Canada<\/a><\/p><\/div><\/div>

Best Personal Loan Traditional Lender<\/h3>
\"Customer<\/div>

Winner<\/h4>

Vancity<\/h2>
<\/div>

Vancity is a BC-based credit union with a wide range of personal loans, including flexible lines of credit, personal loans over $5,000 and short-term loans to help borrowers rebuild their credit scores. Customers appreciate the personalized service and the credit union\u2019s simple, straightforward process. This gave this traditional lender an overall customer satisfaction score of 86.75% and a Finder: \u2605\u2605\u2605\u2605\u2605<\/span> star rating.
Read our review of Vancity<\/a><\/p><\/div><\/div>

\"Customer<\/div>

Finalist<\/h4>

TD<\/h2>
<\/div>

As a traditional lender, TD offers a great deal of flexibility when it comes to personal loans. Customers appreciate how easy and fast the personal loan application process is with TD Bank and the trustworthiness of this traditional lender. As a result, TD\u2019s overall customer satisfaction score was 86.15% with a Finder: \u2605\u2605\u2605\u2605\u2605<\/span> star rating.<\/p>

Read our review of TD<\/a><\/p><\/div><\/div>

Top 15 Finder: Most Recommended<\/em> Personal Loan Providers in Canada in 2023<\/h3>

Opinions matter. It\u2019s why firms spend time and money building brand loyalty. It\u2019s why customers \u2014 overwhelmed by provider and product choices \u2014 will focus on word-of-mouth recommendations. <\/span><\/p>

According to a report from McKinsey & Company, word-of-mouth referrals drive 20% to 50% of purchasing decisions(2)<\/sup> \u2014 and the power of personal recommendations actually amplified and accelerated over the last decade with the growth of the digital revolution. <\/span><\/p>

To capture the importance of personal recommendations, Finder created the \u201cMost Recommended\u201d list of personal loan providers in Canada. The only criterion was the percentage of past customers who would recommend the personal loan provider to a friend or family member.<\/p>

Here are the Top 15 Most Recommended personal loan providers in 2023:<\/p>
Award<\/th>Loan Provider<\/th>Finder: Most Recommended Score<\/th><\/tr><\/thead>
\"Most<\/td>

Cashco Financial<\/h4>

Cashco Financial scores high as a recommended brand with 93.10% of former customers who would recommend this lender to a friend or family member. Former customers praised the company for the easy application process and quick approval time, as well as the firm\u2019s transparent and easy-to-understand fees and terms.<\/p>

\u00a0<\/p><\/td>

93.10%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

Vancity<\/h4>

Vancity is a BC-based credit union that takes pride in giving back to its community and its customers. It ranked very high in the Most Recommended list with a score of 92.00%. Current and former customers praised this traditional personal loan lender for its proactive helpful approach, uncomplicated loan application process and great customer service and open communication.<\/p><\/td>

92.00%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

Spring Financial<\/h4>

Spring Financial specializes in online-only loan application and funding. By dedicating resources to building a solid digital infrastructure and excellent customer service, this alternative lender is now building a solid reputation for easy loan applications and a fast approval process. Customers really appreciate this quick and easy approach, and this translates into 91.30% who would recommend this alternative personal loan lender to a friend or family member.<\/p><\/td>

91.30%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

Prudent Financial<\/h4>

Prudent Financial is an alternative personal loan lender that offers home equity and vehicle title loans to customers in the Greater Toronto Area (GTA). Clients with poor credit history appreciate the helpful service offered by this company, while former customers praise the firm for a simple and fast submission and application process. Turns out 89.47% of clients would recommend Prudent Financial to a friend or family member.<\/p><\/td>

89.47%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

RBC<\/h4>

RBC competes for the title of the largest bank in Canada \u2014 and is one of the largest banks in the world. However, this doesn\u2019t stop this large traditional personal loan provider from offering excellent customer service. The bank\u2019s long history and large presence leave many customers feeling safe and secure with the brand and former customers appreciate the smooth and hassle-free loan process. As a result, RBC Loans earned a recommendation score of 86.30%.<\/p><\/td>

86.30%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

TD<\/h4>

TD is one of the largest banks in Canada and, despite its size, still manages to provide clients with a quick, easy loan application process. Former customers appreciate the bank\u2019s dedication to good customer service that is marked by honest, open communication. Other customers appreciate TD\u2019s promotional low-rate offers and its commitment to going online for many of its banking services. As a result, TD Loans earned a recommendation score of 86.15%.<\/p><\/td>

86.15%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

Servus Credit Union<\/h4>

Servus Credit Union is one of the largest credit unions in Canada. As a traditional personal loan lender, Servus Credit Union provides a wide range of loans (as well as a long list of banking products and services). As a result, this credit union has many repeat and long-term clients. While some customers weren\u2019t crazy about the slow application process, most clients appreciate this traditional lender\u2019s honest, straightforward approach that doesn\u2019t forget a human-centred approach to customer service. As such, this credit union obtained a recommendation score of 84.85%.<\/p><\/td>

84.85%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

LendDirect<\/h4>

LendDirect is an alternative personal loan lender that specializes in providing an online application and approval process, LendDirect offers borrowers in almost all provinces and territories an opportunity for instant pre-approval. Former customers value the fast, easy application and the speedy funding process and give this alternative personal loan lender a recommendation score of 84.62%.<\/p><\/td>

84.62%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

CIBC<\/h4>

CIBC offers a reputation as a large, reliable bank with the ability to tailor loans to meet customer needs. For instance, customers appreciated this traditional lender\u2019s ability to complete loan applications over the phone, while others liked the competitive rates and comprehensive loan repayment plans. The bank\u2019s polite and helpful approach meant that CIBC received a recommendation score of 82.93%.<\/p><\/td>

82.93%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

Magical Credit<\/h4>

Magical Credit impressed customers with its simple and easy application process and various loan products. Some clients didn\u2019t like the higher fees, while others were pleased with the company\u2019s transparent fee structure. As such, 82.61% would recommend this personal loan lender to a friend or family member.<\/p><\/td>

82.61%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

Scotiabank<\/h4>

Scotiabank requires customers to book an appointment and speak with a customer service specialist. For some clients, this personalized, human-centred approach was great in developing a sense of reliability and security. While others were not as happy with the process, they appreciated the good rates and relatively simple application process. Based on its reputation, reliability and commitment to customer service, Scotiabank obtained a recommendation score of 82.46%.<\/p><\/td>

82.46%<\/p><\/td><\/tr>

\"Most<\/td>

Loan Away<\/h4>

Loan Away offers installment loans to people with fair to poor credit. Past customers appreciate the variety of loan products and the firm\u2019s professional approach to helping clients find the best loan option for their needs. As such, Loan Away earned a recommendation score of 82.35%.<\/p><\/td>

82.35%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

LoanConnect<\/h4>

LoanConnect offers customers a chance to apply once but shop for multiple loan products with as many as 20 lenders. Customers like the company\u2019s friendly online user interface and easy-to-navigate loan application process. This combined with LoanConnect\u2019s great customer service prompted 81.25% of past customers to recommend the brand to a friend or family member.<\/p><\/td>

81.25%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

SkyCap Financial<\/h4>

Skycap Financial specializes in providing customers with a completely online personal loan process. Customers with fair to good credit appreciate the firm\u2019s holistic approach to loan qualification and past clients praise the firm\u2019s attention to after-sales care and a fast and efficient application process. As a result, 81.08% would recommend the lender to a friend or family member.<\/p><\/td>

81.08%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Most<\/td>

FlexMoney<\/h4>

FlexMoney is a Toronto-based alternative personal loan provider that offers loans to Canadians in most provinces and some territories. Customers like the ease and speed of the online application process and the firm\u2019s commitment to security and reliability. As an alternative loan provider with a reputation for being easy to work with, FlexMoney earned a recommendation score of 80.00%.<\/p><\/td>

80.00%<\/p>

Read review<\/a><\/p><\/td><\/tr><\/tbody><\/table>

\u00a0<\/p>

Top 15 Finder: Best-Rated<\/em> Customer Satisfaction Personal Loan Providers in Canada in 2023<\/h3>

In this digital age, brand reputation matters. Positive online reviews can help build trust and grow a company\u2019s client base. For customers, online reviews help with research and allow for more strategic spending decisions.<\/span><\/p>

According to Brand Rated, a US-based review and affiliate marketing site, 95% of consumers read reviews before buying a product or service.(3)<\/sup><\/p>

To capture the importance and power of online reviews, Finder created the \u201cBest-Rated\u201d list of personal loan providers in Canada. The only criterion was how satisfied past customers were when dealing with the personal loan provider or platform.<\/p>

Here are the Top 15 Best-Rated personal loan providers in 2023:<\/p>
Award<\/th>Loan Provider<\/th>Finder: Best-Rated Score<\/th><\/tr><\/thead>
\"Best-Rated:<\/td>

Prudent Financial<\/h4>

Prudent Financial is an alternative personal loan lender that really emphasizes the customer service experience. Prior clients describe the firm as \u201cwarm\u201d and \u201cthoughtful,\u201d and the majority of Prudent Financial\u2019s past customers consider the firm to have a \u201cgreat service attitude.\u201d Unsurprisingly, this small alternative personal loan lender gets top marks in customer satisfaction with a top score of 86.32%.<\/p>

\u00a0<\/p><\/td>

86.32%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

TD<\/h4>

TD Personal Loans offers clients a variety of products and services with fair to excellent credit scores. Borrowers like the easy and informative loan application process and love the after-sales service this branch and its representatives consistently provide. The result is a top customer satisfaction score of 86.15%.<\/p><\/td>

86.15%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

Vancity<\/h4>

Vancity is a BC-based credit union that\u2019s committed to community building and customer service. Past customers appreciate the friendly, human-centred approach to setting up loans, the credit union\u2019s interest rates, and the ongoing help Vancity offers its clients \u2014 to help them through tough times and maximize their savings. As a result, this credit union gets an 85.00% best-rated customer satisfaction score.<\/p><\/td>

85.00%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

LendDirect<\/h4>

LendDirect customers appreciate how this alternative personal loan lender enables them to apply and get approved for a personal loan from the comfort of their own homes. Despite a completely online process, LendDirect customers appreciate the smooth process and clear communication, and this translates into 81.54% of customers being \u201cvery satisfied.\u201d<\/p><\/td>

81.54%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

Cashco Financial<\/h4>

Cashco Financial customers like this alternative lender\u2019s easy application process and quick approval time. The feedback from previous borrowers is that Cashco Financial focuses on a smooth, comfortable and transparent experience, which is why it gets an 80.00% customer satisfaction score.<\/p><\/td>

80.00%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

RBC<\/h4>

RBC is a traditional bank lender with a variety of loan products and services for borrowers across Canada. Despite RBC\u2019s size, many former customers are positive about their experience with RBC with reports of strong after-sales service and helpful staff. As a result, RBC Loans obtained a customer satisfaction score of 79.78%.<\/p><\/td>

79.78%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

Meridian<\/h4>

Meridian offers a full range of banking services and personal loan products. What customers appear to like is the credit union\u2019s honest, straightforward approach and quick and easy online application process. As a result, many clients stay with the credit union for years, giving them a best-rated score of 77.73%.<\/p><\/td>

77.73%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

Magical Credit<\/h4>

Magical Credit offers customers a simple and easy application process and a range of loan products. Some clients didn\u2019t like the higher fees, while others appreciated the free loan counselling and informative staff. As a result, 77.39% of customers are \u201cvery satisfied.\u201d<\/p><\/td>

77.39%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

Spring Financial<\/h4>

Spring Financial is an online-only loan application and funding alternative lender. Customers really appreciated this firm\u2019s speed during the application review stage and the firm\u2019s commitment to explaining terms and conditions clearly and concisely. As a result, 76.52% of Spring Financial customers are \u201cvery satisfied.\u201d<\/p><\/td>

76.52%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

Loans Canada<\/h4>

Loans Canada works hard to match borrowers to the right lender \u2014 even if you have fair or bad credit. The loan application process is simple and easy \u2014 taking only 10 minutes to complete \u2014 and past customers appreciated the platform\u2019s large lender network and great customer service. Approximately 3 out of 4 (76.08%) Loans Canada customers were \u201cvery satisfied.\u201d<\/p><\/td>

76.08%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

SkyCap Financial<\/h4>

Skycap Financial customers appreciate the easy and fast application process, but some found the approval and funding process to be a bit long. Still, over three-quarters (75.68%) of customers were \u201cvery satisfied.\u201d<\/p><\/td>

75.68%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

CIBC<\/h4>

CIBC is a large, reliable bank that can provide a personalized touch. Many customers consider this traditional lender very easy to work with \u2014 with some recognizing that the bank is creating a more accessible process when applying for and finalizing loans that don\u2019t require in-branch visits. As a result, 75.00% of customers reported being \u201cvery satisfied.\u201d<\/p><\/td>

75.00%<\/p>

Read review<\/a><\/p><\/td><\/tr>

\"Best-Rated:<\/td>

Scotiabank<\/h4>

Scotiabank is a traditional lender and, in many cases, will require customers to visit a branch to complete a loan application. Despite this in-person requirement, customers appreciate the lender\u2019s fast, easy application process and the good rates. As such, 75.00% of Scotiabank loan customers were \u201cvery satisfied\u201d when working with this lender.<\/p><\/td>

75.00%<\/p><\/td><\/tr>

\"Best-Rated:<\/td>

FlexMoney<\/h4>

FlexMoney is an alternative personal loan provider with customers from across Canada. Prior customers love the easy online application process and the firm\u2019s commitment to security and reliability. This means most customers \u2014 3 out of 4 (75.00%) \u2014 were \u201cvery satisfied\u201d when working with this lender.<\/p><\/td>

75.00%<\/p>

Read review<\/a><\/p><\/td><\/tr><\/tbody><\/table>

<\/div>

Finder: Personal Loans Customer Satisfaction Awards 2023 \u2014 Selection Criteria<\/h3>

The initial step in determining the short list of personal loan providers was to list lenders currently operating in Canada, including traditional lenders, loan search platforms, and alternative financing sources.<\/p>

Finder experts ran this long list of loan providers through an independent search traffic database to eliminate niche or smaller-market loan providers. Only brands with a monthly search volume of 10,000 or more were shortlisted. Using this preliminary list, Finder experts added market leaders in the alternative lenders and loan search platform markets \u2014 two categories specializing in providing personal loans to borrowers with less than exceptional credit scores. The final result was a list of 29 personal loan providers.<\/p>

While we endeavour to assess the majority of product providers in the personal loan marketplace, this is not always possible, and, as a result, not every product or brand found in the Canadian market was included in our customer satisfaction assessment.<\/div><\/article>

Finder: Personal Loans Customer Satisfaction Awards 2023 \u2014 Survey Methodology<\/h3>

Between April and June 2023, Finder experts ran an independent customer satisfaction survey. Almost 1,100 customer responses (1,063) were recorded \u2014 with respondents providing detailed opinions on their current lender experience.<\/p>

In particular, survey respondents were asked to assess, measure and rank their experience with their personal loan providers based on the following criteria:<\/p>