Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 35%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% – 34.99%
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- 12.99% – 34.99%
- Term
- 9 – 60 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
How To Apply For A Personal Loan In London, Ontario
Step 1: Get Pre-Approved
Before applying for a personal loan, get pre-approved with multiple lenders first. This will allow you to compare various loan offers based on your financial situation. Moreover, the pre-qualification process is often instant and only requires a “soft” credit check, so it won’t negatively impact your credit scores.Step 2: Choose A Lender
Compare your loan offers and choose one that comes with affordable rates and favourable terms. Be sure to also compare funding times if you need the cash urgently.Step 3: Gather All Required Documents And Apply
You’ll need to provide your lender with specific documents to verify your creditworthiness and identity. You can upload these documents and submit them electronically with your application. This may include a government-issued photo ID, bank statements, pay stubs and other related documents. Be sure to read over the application to make sure all the information is accurate.Step 4: Wait For Approval
Once you’ve submitted the application you should receive a response shortly after. If approved, the funds will be deposited into your account within 24 to 48 hours (via direct deposit or e-Transfer), depending on the lender.Learn more: How To Apply For A Loan
Documents Required
- Name, date of birth, contact information
- 1 or 2 government-issued IDs (1 photo)
- Social Insurance Number (SIN)
- Proof of employment (income, employers name, job title)
- Loan purpose
- 3 months' worth of bank statements
- Bank account details (for direct deposit and withdrawal of payments)
Can You Get A Personal Loan With Bad Credit?
Yes, you can still get a loan with bad credit by applying with a credit union or private lender. These alternative lenders often base their approval on your overall financial health. However, rates may be higher when working with an online lender.
Learn more: Bad Credit Loans
Ontario Personal Loan Regulations
| Max Interest Rate | Currently, there are no provincial interest rates or fee limits on high-cost credit lenders (other than payday lenders) in Ontario. However, lenders must follow the federal Criminal Code interest rate limit of 35% (APR). |
| Fee Caps | While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 35% APR. |
| Licensing Requirements | Alternative lenders (other than payday lenders) are not required to be licensed in Ontario. |
| Debt Collection Rules | While there are consumer protection rules on how collection agencies can contact borrowers, none such exist for high-cost credit lenders (other than payday lenders). |
How To Increase Your Chances Of Qualifying For A Personal Loan In London
Here are a few ways to improve your chances of qualifying for a personal loan in London:
- Compare Lenders. Researching lenders to see which ones have lending criteria you can qualify for will minimize your chances of loan rejection. By comparison shopping using an online tool like CompareHub, you’ll be matched with lenders that can offer you a personal loan based on your financial and credit profile.
- Provide Collateral: Securing your loan with a valuable asset, such as a car or house, can reduce the lender’s risk and make them more willing to approve your loan application.
- Boost Your Credit Score: Steadily improve your credit score by making timely bill payments and reducing your credit utilization ratio. A good credit score will reflect positively on your creditworthiness, which can increase your odds of loan approval.
How Much Does It Cost To Take Out A Loan In London Ontario?
Other than actually paying off the money you borrow, you’ll be paying an interest on the amount owed and potentially fees in regards to the application process. The processing fees may also include administrative fees and will typically cost between 1-3% of the amount borrowed.
Depending on the lender you choose in London Ontario, there will likely be a charge for an late or missed payments. So, be sure to inform yourself by asking your lender.
| APR | Monthly Payment | Total Interest | Total Cost |
| 10% | $87.92 | $54.99 | $1,054.99 |
| 20% | $92.63 | $111.61 | $1,111.61 |
| 30% | $97.49 | $169.85 | $1,169.85 |
Can You Get A Personal Loan On Employment Insurance (EI) In London?
It’s possible to get a personal loan in London while on Employment Insurance (EI). While traditional banks may require income from employment, some alternative lenders accept EI as a valid income source. That said, your options may be more limited than they would be if you applied with traditional employment.
Lenders who allow EI as a source of income may charge higher interest rates and offer less flexible or favourable loan terms because of the higher risk involved. It’s important to carefully research lenders and make sure you’re able to meet their repayment terms.
Places To Help You Get A Job In London
Finding work on your own can be daunting. If you’re not sure where to look for a job or need some assistance, several employment agencies throughout London, ON are available to help:
| Agency | Services | Location |
| Liberty Staffing Services | – Temporary and permanent placements – Online job listings – Job placement feedback | 715 Wellington Road South, Unit C, London |
| ABL Employment | – Training support – Career guidance – Online job board | 159 Albert St, London |
| Leads Employment Services | – Employment action plan – Customized cover letters and resumes – Job coaching | 171 Queens Ave., Ste. 410, London |
Government Employment Assistance Offices In London
Government-backed agencies are available in London to help you find employment in the area:
- London Regional Employment Services. This agency helps job seekers connect with employers. They also offer job training, career planning, and recruitment support in the London region. The office is located at 355 Wellington Street.
- Employment Ontario Apprenticeship Office. This service provides support for those looking to pursue a career in the skilled trades. The agency offers training, guidance, and resources to start or expand their apprenticeship career. The London office is located at 1200 Commissioners Rd E.
- Ontario Works. This agency provides employment guidance to those looking to find work in London. The office is located at Citi Plaza, 355 Wellington St, Suite 248.
Additional Government Benefits Available In Ontario
Other Financial Assistance Programs In London
A personal loan in London may provide you with some financial relief, but this may only be a temporary solution. Plus, it requires that you take on more debt, or meet certain eligibility criteria to qualify.
If you prefer an alternative to personal loans, there are various programs throughout London that are designed to meet specific needs, such as help with the cost of food, housing, and utilities, among others. You can find many of these programs on www.211.ca, an online resource for support programs in your area.
Here are a few to help you get started:
Utility Assistance. The Ontario Electricity Support Program (OESP) provides low-income residents with monthly credits to their utility bills to help reduce the cost of electricity. The credit amount is based on income level and household size.
Housing and Rent Assistance. The Housing Access Centre (HAC) connects eligible residents with affordable housing options, including rent-geared-to-income housing and rent supplements. It also provides assistance in managing applications and waitlists for local housing programs.
Food Banks. London residents who are having trouble paying for groceries may access one of the food banks in the city to fulfill their needs, including the following:
- London Food Bank: 926 Leathorne St, London
- Paul’s Place: 472 Richmond St, London
- Community Fridge: 390 Base Line Rd W, London
Learn more: How To Find Food Banks In Canada
Homeless Shelters. If you’re in need of emergency shelter, you may seek refuge at any one of the following shelters in London:
- Salvation Army Emergency Shelter: 281 Wellington St, London
- Mission Services of London, Rotholme Family Shelter: 42 Stanley St, London
- Unity Project, Emergency Shelter: 717 Dundas St E, London
Baby Items. Low-income parents in London can get assistance with emergency baby food and diapers from the South London Neighbourhood Resource Centre Emergency Baby Food and Diaper Cupboard.
The Right Personal Loan For Your Needs
Are you looking for a high-quality personal loan in London? If so, be sure to reach out to Loans Canada, we are confident we can help you out.
