{"id":1021967,"date":"2023-08-22T10:13:22","date_gmt":"2023-08-22T14:13:22","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1021967"},"modified":"2026-01-20T17:07:40","modified_gmt":"2026-01-20T22:07:40","slug":"smarter-loans-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/smarter-loans-review","title":{"rendered":"Smarter Loans review"},"content":{"rendered":"

What is Smarter Loans?<\/h3>

Smarter Loans is an online loan directory where you can compare a range of financial products and services. If you\u2019re looking for a personal loan, Smarter Loans makes it easy to compare loans from a network of 50 lenders on a single platform.<\/p>

Once you fill out an online questionnaire about your borrowing needs, and potentially submit to an optional soft credit check, you can get pre-approved for loan offers from Smarter Loans\u2019 lender network. If you get an offer you like, you can then complete a full loan application.<\/p>

Is Smarter Loans legit?<\/h3>

Smarter Loans was founded in 2016 and is based in Toronto. It is free to use, works with dozens of legitimate and licensed lenders, and is a member of the Canadian Lenders Association.<\/p>

Smarter Loans is not BBB accredited, but it does have an active social media presence.<\/p>

Features of loans from Smarter Loans<\/h3>
Feature<\/th>Personal loan<\/th><\/tr><\/thead>
Loan amount<\/td>$500 \u2013 $35,000<\/td><\/tr>
Loan term<\/td>3 \u2013 240 months<\/td><\/tr>
APR<\/td>9.99% - 35.00%<\/span><\/td><\/tr>
Serviced provinces<\/td>All provinces and territories<\/td><\/tr>
Eligibility requirements<\/td>Must be the age of majority, a Canadian resident and receive steady income from employment<\/td><\/tr><\/tbody><\/table>

What are the interest rates of Smarter Loans?<\/h3>

The interest rate you\u2019ll get will vary depending on the lender and type of loan you choose, your credit score, your income and your existing debt levels. At the time of writing (August 2023), personal loan APRs listed on the Smarter Loans website ranged from 6.99% to 47.72%.<\/p>

What we like about Smarter Loans<\/h3>
  • Large network of lenders.<\/strong> Smarter Loans offers access to loans from a network of over 50 lenders.
    Compare multiple loan offers. By filling out a single application, you\u2019re able to compare loan offers from multiple lenders in one place.<\/li>
  • Easy to weigh up your options.<\/strong> The platform\u2019s user-friendly interface makes it simple to compare the features, rates, fees and eligibility requirements of different loans to find one that\u2019s right for you.<\/li>
  • Lender requirements.<\/strong> Lenders that are featured on Smarter Loans must meet a range of eligibility criteria, including being properly licensed, having been in business for at least two years and following responsible lending practices. More than 30 professional journalists across the country are enlisted to help investigate and choose loan providers that are featured on the platform.<\/li>
  • Available across Canada.<\/strong> Smarter Loans can help borrowers in all provinces and territories find loans.<\/li>
  • Financial education resources.<\/strong> The Smarter Loans website also features a wide range of articles, videos and loan calculators to help you broaden your financial knowledge and understand your credit options.<\/li><\/ul>

    What to watch out for<\/h3>
    • Not a direct lender.<\/strong> Smarter Loans is a loan comparison website, not a direct lender, so you\u2019ll be dealing with a third-party provider once you take out a loan.<\/li>
    • Some lenders not featured.<\/strong> Smarter Loans does not feature a complete list of legitimate Canadian lenders, so keep in mind that you may be able to find a more suitable loan elsewhere.<\/li>
    • High rates for bad credit.<\/strong> If your credit score is poor, you\u2019ll only be able to qualify for loans with higher interest rates than people with good to excellent credit.<\/li><\/ul>

      Alternatives to Smarter Loans<\/h3>