Top Personal Loans in Canada in 2024

Loans Canada is among the most trusted lender network in the country, and for a good reason. The company offers a wide selection of lenders and can match you with the perfect one for your borrowing needs. What’s more, Loans Canada is a member of the Canadian Lenders Association and holds an A+ accreditation from the Better Business Bureau.

Types of Loans and Services

Besides personal loans, Loans Canada offers:

That being said, the minimum loan amount is $500 and goes up to $50,000. Moreover, Loans Canada’s loan terms vary from 3 to 60+ months. As for interest, you can expect rates from 2.99% to 46.96%, depending on the lender. 

Furthermore, the lending network boasts a clean and easy-to-navigate website design, packed with additional services like credit monitoring and credit score reports, as well as a plethora of financial guides

Eligibility 

Although each lender has different eligibility criteria, these are the most common five main things you should prepare before applying:

To get approval for a loan from Loans Canada, you need to be employed for at least three months and earn a minimum monthly income of $1,800.

Verdict 

Ultimately, even though Loans Canada isn’t a traditional lender, it has excellent features worth considering. From affordable interes rates to an extensive list of partner lenders, this network won’t let you down.

LoanConnect is an online search engine that offers a personal loan rates Canada comparison. It has one of the best personal loan rates in Canada and is also a BBB accredited business with an A+ rating.

Types of Loans and Services

LoanConnect offers a variety of loans with different types of interests. It provides unsecured loans that cover basically every type of loan, including debt consolidation loans, college loans, business loans, emergency loans, vehicle loans, and home renovation loans. The minimum and maximum loan amounts available on the platform are $500 and $50,000, with a loan period of 6 to 60 months. The interest rates vary from 10% and 46.96%. The fees depend on the lender you end up choosing.

LoanConnect offers an easy and quick way to search for the best personal loans in Canada, and the platform is free to use. But you can only use it for that because the company is not a direct lender and serves as a mediator between the lenders and the customers.

Eligibility Criteria

To apply for a loan with LoanConnect, you need to meet only two requirements. You have to be at least 18 years old and be a resident or citizen of Canada.

Verdict

When it comes to comparing the best personal loan interest rates and choosing the right loan for you, LoanConnect is your go-to website. This innovative service, available throughout Canada, can help you if you’re struggling financially and have a poor credit score.

Borrowell is a Canadian fintech lender with over 1 million customers. It’s one of Canada’s top personal loan providers, offering a variety of financial services. In addition, this Canadian lender is the first to make a deal with Equifax and offer free credit reports to its clients.

Types of Loans and Services

Some of the services that Borrowell offers are credit monitoring, credit cards, mortgages, banking and investing, and insurance programs. Loans, which range from $1,000 to $35,000, can be personal loans, small business loans, debt consolidation loans, home improvement loans, and vehicle purchase loans.

Borrowell loans start at $1,000 up to $35,000, with an annual percentage rate (APR) of 5.6% to 29.19%. Loan terms are from 36 to 60 months. There’s a one-time origination fee of 1%-5%, depending on the amount of the loan. Additionally, there’s a late payment penalty of $25 to $54.

One of the positive aspects of Borrowell’s services is that the company provides every information about the fees included in the loan. What’s more, it also helps you to calculate how much interest you’ll pay. The biggest drawback is that Borrowell only approves loans to people with good credit.

Eligibility Criteria

The basic requirements are a minimum credit score of 660, credit history of at least 1 year, and a minimum annual income threshold of $20,000.

Verdict

Borrowell is one of the top lenders in the country, proved by the many personal loan reviews from Canada. Known for offering some of the best online personal loans in Canada, the company’s biggest advantages are its free credit score and the wide variety of loan options.

Loan Away is an online-only lender that offers installment loans of up to $5,000. Currently, it is available in six Canadian provinces – Ontario, Alberta, New Brunswick, British Columbia, Newfoundland and Labrador, and Nova Scotia.

Types of Loans and Services

This Canadian lender offers personal unsecured loans, home equity loans, and debt consolidation loans. They can be used for covering various costs, including private student loans or emergency expenses. Loan Away loans start from $1,000 up to $5,000, with an APR between 19.9% and 45.9%. The loan terms are from 6 to 36 months. The fees and penalties of their loans are not disclosed.

If you’re thinking of applying for a loan with Loan Away, you should know the positive and negative aspects of its services. The best thing about the company is its 80% approval rate. Loan Away also approves customers with bad credit and has a simple and easy online application process. The biggest drawback of Loan Away loans are the high interest rates, especially if you have bad credit.

Eligibility Criteria

Even though it’s easy to be approved by Loan Away, you have to meet the eligibility criteria. The minimum credit score can vary depending on the loan, and your minimum annual income has to be the least $12,000. As to the minimum length of credit history, you have to provide recent bank statements.

As we mentioned earlier, there are no restrictions on using the loan, which means it can be used for anything.

Verdict

All in all, Loan Away is a great digital lender, especially if you’re looking for a quick loan. It’s one of the few lenders in Canada that give second chances to people who struggle financially and have a poor credit hFistory.

Fairstone is one of the non-banking financial institutions operating since 1923. It offers financial services like payday loans and short-term loans to Canadians who cannot obtain them from traditional banks. With over 240 branches, Fairstone’s personal loans Canada are available in all provinces in the country except Nunavut.

Types of Loans and Services

Fairstone offers five types of personal loans. They are secured personal loans, unsecured personal loans, car and auto loans, mortgage loans, and online loans. Fairsone’s loans come with an APR of 19.99% to 39.99% and term lengths of 6 to 120 months (depending on whether the loan is unsecured or secured). The loan amounts are from $500 up to 35,000. There are no fees on unsecured loans, but there are fees on returned payments and late payments on secured loans.

Fairstone’s main personal loans advantages in Canada are the fast pre-approval, free-to-use process, and giving the funds in less than 2 days. The drawback is the F rating it has with the Better Business Bureau (BBB). Fairstone also offers unemployment protection, called creditor insurance, which helps to cover loan payments in case of involuntary job loss, as well as other unexpected events.

Eligibility Criteria

The loan requirements are to be over 18 or the age of majority for personal loans by province, be a Canadian resident, have a minimum credit score of 660, recent pay stubs, CPP statement, the latest T4, and two notices of assessment. A variety of loans can be used for emergencies, car repair, home renovation, weddings, vacations, paying off debt or covering multiple debts, and credit building.

Verdict

To sum up, Fairstone is one of the companies that offer short and long term personal loans in Canada that can be beneficial to many Canadians. The quick and straightforward application process, along with the availability of the company’s service all across the country, makes Fairstone one of the top lenders in Canada.

Mogo is a financial lending institution based in Toronto, with a clientele of over 900,000. It’s high on the list of the best personal loans in Canada.

Types of Loans and Services

Mogo offers Canadians a wide variety of financial options, such as personal loans from $100 to $35,000, mortgages, free credit score monitoring, identity fraud protection, credit cards, and cryptocurrency. The APR of Mogo’s loans is from 5.9% to 46.96%. The good thing about Mogo is that it will give you a loan even if you have a bad credit score. However, you have to be careful in this case because the interest rate can be quite high.

Some of the benefits that Mogo offers to customers are operating in almost every province and territory and providing a variety of financial options. There’s also 24/7 service, good loan payments that appear on your credit report, free credit score monitoring, and a free Mogo Visa Platinum Prepaid Credit Card.

Eligibility Criteria

The provinces and territories in which you have to be a permanent resident to get a Mogo loan are Ontario, British Columbia, Alberta, Manitoba, Prince Edward Island, Nova Scotia, Saskatchewan, Newfoundland & Labrador, New Brunswick, the Northwest Territories, and Nunavut. In order to be eligible to apply for a loan, candidates need to be past the age of majority (18 or 19, depending on the province or territory). Mogo doesn’t have any restrictions on how to use the loan.

Verdict

Many users define Mogo as the best loan company Canada has because the list of perks is quite wide. In fact, the quick and easy registration form and the fact that users can get loans even with a bad credit history make Mogo ideal. Mogo’s 100-day trial is an extra perk that many users find appealing.

LendingMate is a non-bank lender offering loans to borrowers with any credit score and to those who can’t get a loan from traditional banks or other institutions. Its services are currently available in two Canadian provinces – Ontario and British Columbia.

Types of Loans and Services

Lending Mate offers guarantor-based loans. So, you’ll need a guarantor who can vouch for you and pay back the loan in case you can’t. The loans can be used to cover different expenses like debt consolidation, home improvements, vacation, vehicle purchase, student loans, and more. LandingMate’s minimum loan amount is $2000, while the maximum is $10,000. Loan terms are between 12 and 60 months, with an interest rate of 43%.

Even though LendingMate has one of the highest interest rates among its competitors, it’s very transparent about that. There’s a loan calculator on the website that will tell you exactly how much you’ll be charged.

Eligibility Criteria

If you want to apply for a loan with LendingMate, you will need a cosigner who has a good credit score and credit history. Also, you have to be over 18 or the age of majority in your province and be a Canadian resident. There aren’t any restrictions on how you can use the loan.

Verdict

For LendingMate personal loans in Canada, no credit check is required, which is great if you have bad credit or no credit history. This puts LendingMate high on the list of best personal loans in Canada and an excellent lender for people who struggle financially. It’s also one of the few companies with a simple application process and no hidden fees on their loans.

SkyCap Financial is one of the fastest-growing personal loan lenders in the country. Its main goal is to provide alternative financial solutions to all Canadians regardless of their credit history or financial past.

Types of Loans and Services

SkyCap Financial offers personal loans that are usually approved in 24 hours. These personal loans online in Canada can be used for home improvements, bills and expenses, travel, debt consolidation, moving expenses, weddings, and more. SkyCap Financial loans range from $500 to $10,000, with interest rates starting at 12.99% up to 39.99%. Loan terms are between 9 to 36 months. There is a non-refundable administrative fee of $75 as well as an NFS (non-sufficient fund) fee of $50.

The company offers a better lending experience to its customers through the quick and easy online application process that can be completed in just five minutes. Its services are available throughout Canada, except for Nova Scotia and Quebec.

Eligibility Criteria

The SkyCap Financial personal loan eligibility criteria are to be over 18 or the age of majority in your province, be a Canadian resident, and have a monthly income of $1200. There are no credit requirements. As we mentioned earlier, there are no restrictions on how to use the loan. It is up to you to spend the funds however you want.

Verdict

If you need a quick loan to fund a large purchase or to cover some expenses, SkyCap Financial is definitely one of the lenders that you should go to. The company recognizes that people sometimes fall into financial difficulties. So, it provides solutions that will benefit and help the borrower.

LendDirect is one of the niche lenders offering unsecured personal loan products where borrowers can use up to $15,000 on an ongoing basis with unlimited, no-fee cash advances. Once your application for these best personal loans in Canada is accepted, you can expect to have an open-ended line of credit within one business day. The service is available in Ontario, Alberta, British Columbia, and Saskatchewan.

Types of Loans and Services

The service that LendDirect offers is a personal line of credit with a loan ranging up to $15,000. LendDirect’s loans have an interest rate of 19.99% APR, while the terms in months are open-ended. The funding time is just within 15 minutes with Interac E-Transfer and direct deposit.

Some of the benefits that LendDirect offers to users are credits up to $15,000 and minimal approval requirements, unlimited cash advances, courtesy payment extensions, no fixed payment amounts, and the possibility for early repayment of balances.

Eligibility Criteria

The basic requirements you’ll need to have in order to qualify for a loan are to be a Canadian citizen or resident over 18, be employed for at least three months, have a checking account, have a minimum monthly income of $15,000, and live in the provinces where the service is available.

LendDirect doesn’t have any restrictions on how you can use the funds. A personal line of credit from this lender can be used to cover any type of expanse that you might be facing.

Verdict

Getting a loan from LendDirect is an excellent choice for Canadians who have good to great credit scores. No matter what the reason for your loan is, LendDirect can help you reach your financial goals.

Easter Loans is an alternative payday lender that provides safe and quick loans. The loans are available online, and the whole process of applying for these best personal loans in Canada is fairly simple.

Types of Loans and Services

Eastern Loans offers alternative online payday loans up to $1,000 with an approximate APR of 23%. The interest rates are lower than those of other online payday lenders. The loans can be repaid in 3, 6, or 12 installments over the course of a 3-month period. There is a surety fee that will depend on the loan and other fees that are not disclosed on the website.

One of the benefits of Eastern Loans is that you can extend your payment over 5 months. The company also gives you the option to pay your loan in weekly, bi-weekly, or monthly installments. Keep in mind that these types of loans cost more than regular personal loans.

Eligibility Criteria

The basic requirements for a loan are to be over 18 or the age of majority, be a Canadian resident, have a minimum credit score of 640, and make at least $1,200 a month. In addition, Eastern Loans does not accept the following forms of income – Canadian pension plan, child tax benefit, disability assistance, student loan, welfare, and self-employment income.

Verdict

Easter Loan is a great online payday lender, available in all provinces in Canada. It offers longer terms, as well as lower interest rates, which makes it a good choice for many Canadians.