📅 Last Updated: October 4, 2021
✏️ Written By Kale Havervold
🕵️ Fact-Checked by Caitlin Wood

Equipment Loans Toronto - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
201718582400 Wagepay$100 – $1500 Max of $8 per $100 & 24% interest up to 62 days Next payday (max 62 days)
$100 – $1500
1001709683200 DashloansUp to $1,250 Up to 32% 90 – 150 days
Up to $1,250
231700524800 ParachuteUp to $25,000 24.99% – 29.99% 30 or 60
Up to $25,000
161700524800 AimFinance$100 – $1,000 29% – 35% 9 – 24
$100 – $1,000
181695254400 GoLoans$500 – $5,000 Up to 32% 3 – 4
$500 – $5,000
71692748800 BreeUp to $350 0% Up to 65 days
Up to $350
1001688083200 City Lending Centers (CLC)$150 – $1,600 10 – 35% 3 – 6
$150 – $1,600
1001686182400 Northstar Brokers$300 – $3,000 18% + fees 6
$300 – $3,000
1001686182400 Deposit My Cash Now$300 – $3,000 18% + fees 6
$300 – $3,000
1001686182400 My Next Pay$300 – $3,000 18% + fees 6
$300 – $3,000
221683676800 Windmill Microlending$15,000 6.7% Up to 60
$15,000
21670889600 Fora$1,000 – $15,000 19.9% – 34.9%
$1,000 – $15,000
81666051200 Nyble$250 0%
$250
1001643932800 FlexMoney$500 – $15,000 Starting at 18.9% 6 – 60
$500 – $15,000
1001642723200 Pay2DayUp to $1,500 $14 per $100 borrowed 14 days
Up to $1,500
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
11620777600 Spring FinancialUp to $35,000 9.99% – 35% 6 – 60
Up to $35,000
241607558400 Helium Loans$500 – $50,000 Varies 6 – 60
$500 – $50,000
1001600646400 Iceberg Finance$1,000 – $35,000 12.99% – 29.99% 12 – 84
$1,000 – $35,000
1001598918400 LM FinancialUp to $15,000
Up to $15,000
1001598832000 LM Credit$500 – $15,000 Start at 10.99% 9 – 60
$500 – $15,000
1001551830400 Prudent Financial ServicesUp to $500,000 5.75% – 9.9%
Up to $500,000
191582243200 LendCare Up to 60
1001581033600 X-bankers$5,000+ Up to 60
$5,000+
1001580860800 SimplyBorrowed$1,500 – $10,000 12 – 60
$1,500 – $10,000
171580774400 goPeer$1,000 – $25,000 8.99% – 34.99% 36 or 60
$1,000 – $25,000
1001579478400 North’n Loans$100 – $1,500
$100 – $1,500
141579478400 MDG$850 – $1,600 29.78% – 34.95% 36 months
$850 – $1,600
1001579219200 Instant Payday CanadaUp to $1,500 $14 per $100 borrowed Up to 30 days
Up to $1,500
1001576713600 Financeit$500 – $100,000 Starting at 12.99% Up to 60
$500 – $100,000
1001562198400 Pylo Finance$500 – $15,000 15.99 – 35% 6 – 60
$500 – $15,000
101552262400 Money Mart$500 – $18,000 29.9% or 34.28% 6 – 60
$500 – $18,000
1001551830400 Payday King$100 – $1,000 $14 per $100 borrowed 14 days
$100 – $1,000
1001551830400 Progressa$1,000 – $15,000 19% – 34.95% 12 – 60
$1,000 – $15,000
1001551398400 My Canada PaydayUp to $1,500 $14 per $100 borrowed 14 days
Up to $1,500
1001551398400 Mr. Payday$100 – $1,500 $14 per $100 borrowed 14 – 31 days
$100 – $1,500
1001551398400 Loan ExpressUp to $1,500 $14 per $100 borrowed 14 days
Up to $1,500
1001546128000 Loan AwayUp to $5,000 19.9% – 35% 6 – 36
Up to $5,000
1001551139200 Loan & Go$250 – $1,250 29% – 32% 3 – 6
$250 – $1,250
231551139200 LendDirectUp to $15,000 34.99% Open-end
Up to $15,000
1001550534400 GoDay$100 – $1,500 $14 per $100 borrowed 14 days
$100 – $1,500
111569974400 iCashUp to $1,500 $14 per $100 borrowed Up to 62 days
Up to $1,500
1001550534400 Focus Financial Inc.Up to $1,500 $14 per $100 borrowed 14 days
Up to $1,500
1001550534400 Eastern Loans$500 – $1,000 23% 3 – 6
$500 – $1,000
1001550534400 DMO Credit$300 – $1,000 Up to 38% 3 – 4
$300 – $1,000
1001549411200 Capital Cash$100 – $1,500 $14 per $100 borrowed 14 days
$100 – $1,500
1001549411200 Cash 4 You$1,000 – $15,000 34.37% 9 – 60
$1,000 – $15,000
1001567555200 Cash Depot$300 – $3,000 18% + fees 6
$300 – $3,000
1001549238400 Credit Club$100 – $1,500 $14 per $100 borrowed Up to 62 days
$100 – $1,500
1001549238400 Credit2Go$250 – $1,500 23.99% – 29.99% 3 – 4
$250 – $1,500
201548720000 Ledn$500 – $1,000,000 7.9% 12
$500 – $1,000,000
1001548720000 Amber Financial$500 – $50,000 Starting at 8.99% 3 – 120
$500 – $50,000
61545264000 SkyCap Financial$500 – $10,000 12.99% – 34.99% 9 – 60 months
$500 – $10,000
1001545264000 Fast Access Financial$500 – $10,000 Starting at 9.90% 12 – 36
$500 – $10,000
41543622400 Fairstone FinancialUp to $60,000 19.99% – 34.99% 6 – 120 months
Up to $60,000
1001545350400 Lamina$300 – $1500 Starting at 18% 3 – 7
$300 – $1500
1001545350400 514 Loans$300 – $3,000 22% – 32% 3 – 4
$300 – $3,000
121545350400 Cashco FinancialUp to $7,000 35% 6 – 60
Up to $7,000
151545350400 LoanMeNow$500 – $1000 Up to 32% 3
$500 – $1000
1001545350400 Captain Cash$500 – $750 23% 3 – 4
$500 – $750
1001545350400 BC Loans$500 – $750 22% 90 – 120 days
$500 – $750
1001545350400 Urgent Loans$300 – $3,000 27% – 35% 90 – 120 days
$300 – $3,000
51545264000 easyfinancial$500 – $100,000 29.99% – 35% 9 – 84
$500 – $100,000
31545264000 Mogo FinanceUp to $5,000 34.37%
Up to $5,000
91568937600 Cash MoneyUp to $10,000 Varies by product Varies by product
Up to $10,000
211545177600 BorrowellUp to $35,000 Starting at 12.99% Up to 60
Up to $35,000
131545177600 Magical Credit$100 – $20,000 Up to 35% Up to 60
$100 – $20,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
31725321600 iCommissionUp to $40,000 $0.75 per $1,000 per day
Up to $40,000
81714089600 Primed Loans$10,000 – $20,000,000
$10,000 – $20,000,000
71714089600 OnTap Capital $10,000 – $2,000,000 10%+ Up to 36
$10,000 – $2,000,000
21669852800 Driven$10,000 – $300,000 3 – 24
$10,000 – $300,000
1001648512000 2M7 Financial Solutions$1000 - $250,000
$1000 - $250,000
1001620345600 TD Bank 12 – 60
1001611878400 Accord Financial
241607558400 Helium Loans$500 – $50,000 Varies 6 – 60
$500 – $50,000
1001603756800 Accelerated Payments
1001598918400 Loop
1001592438400 Core Capital Group Inc
1001585612800 BarterPay 6 – 60
1001580947200 Corl$200,000 – $5,000,000
$200,000 – $5,000,000
1001580860800 Travelers Financial
1001580860800 Peel Financial
1001580860800 Pioneer Financial Services$5,000 – $1,000,000
$5,000 – $1,000,000
1001580860800 Polaris Leasing
1001580860800 Patron West
1001580860800 Payability
1001580860800 Planet Financial
1001580688000 RiseUp to $10,000 Prime + 2.5% Up to 60
Up to $10,000
1001580256000 Merchant Growth$5,000 – $800,000 6 – 24
$5,000 – $800,000
1001579478400 Lionhart Capital$10,000 – $30,000,000
$10,000 – $30,000,000
1001579478400 Lift Capital$50,000 – $5,000,000 3 – 36
$50,000 – $5,000,000
1001579478400 Leaseline 24 – 60
1001579478400 Lease Direct
1001579478400 John DeereUp to $1,200,000 12 – 84
Up to $1,200,000
1001579046400 Hitachi Capital Canada
1001577059200 Export Development Canada
1001577059200 Essex Lease Financial Corporation
1001577059200 Equilease
1001575849600 Alliance Financing Group LTD$5,000 – $150,000 Starting 15% 6 – 24
$5,000 – $150,000
1001575849600 CanaCapUp to $250,000
Up to $250,000
1001575590400 CLE Capital
1001575590400 Canada Equipment Loan
11545955200 SharpShooter Funding$1,000 – $300,000 5.49% – 22.79% 12 – 60
$1,000 – $300,000
1001552262400 First West Credit Union$500,000 - $10,000,000
$500,000 - $10,000,000
1001552262400 PACE Credit Union
1001552262400 DUCA Credit Union
1001552262400 Laurentian Bank of CanadaUp to $250,000 Up to 10 years
Up to $250,000
1001552262400 National BankUp to $1,000,000
Up to $1,000,000
1001551830400 Desjardins
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 Up to 15 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)Starting at $5,000 Up to 84
Starting at $5,000
1001551398400 CWB National Leasing$3,500+
$3,500+
1001551398400 Money Line Capital$5,000+ 4.9% – 24.99% 18 – 48
$5,000+
1001551398400 Money in Motion$10,000 – $1,000,000 4% – 14% 12 – 84
$10,000 – $1,000,000
1001551139200 Lease LinkUp to $250,000 Up to 48
Up to $250,000
1001550534400 FundThrough$500 – $50,000 2.75% – 8.25% 12 week cycles
$500 – $50,000
1001550534400 Econolease Financial Services Inc.$1,000 – $1,000,000 6% – 20%
$1,000 – $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 24 – 72
Up to $5,000,000
1001550534400 Capify$5,000 – $200,000
$5,000 – $200,000
1001549411200 Canadian Equipment Finance$50,000 – $12,000,000 24 – 96
$50,000 – $12,000,000
1001548720000 BDCUp to $100,000
Up to $100,000
1001548720000 B2B Bank$10,000 – $300,000
$10,000 – $300,000
1001545264000 iCapitalUp to $250,000 3 – 24
Up to $250,000
61545350400 IOU Financial$15,000 – $1,500,000 6 – 36
$15,000 – $1,500,000
51545177600 Journey Capital$5,000 – $300,000 9% – 35% Varies by product
$5,000 – $300,000
41545177600 Lending Loop$5,000 – $500,000 4.96% – 24.93% 1 – 60
$5,000 – $500,000
61545264000 SkyCap Financial$500 – $10,000 12.99% – 34.99% 9 – 60 months
$500 – $10,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
21679529600 ClutchVaries Varies 24 – 96 months
Varies
1001643846400 Fix4 Capital$250 – $10,000 Starting at 14.99% 12 – 36
$250 – $10,000
31632960000 SafeLendMin. $10,000 6.93% – 19.99% 18 – 96
Min. $10,000
81624233600 Auto Credit Deals $5,000 – $75,000 12 – 96
$5,000 – $75,000
241607558400 Helium Loans$500 – $50,000 Varies 6 – 60
$500 – $50,000
71606435200 Wippy$500 – $10,000 Starting at 0% 3 – 48
$500 – $10,000
1001600646400 Iceberg Finance$1,000 – $35,000 12.99% – 29.99% 12 – 84
$1,000 – $35,000
1001582761600 Go Auto 36 – 96
61582761600 Eden Park
1001582761600 Auto Loan Solutions Up to 29.5%
1001581033600 Toyloan
1001580688000 Rifco Starting at 12.9%
1001579478400 National Powersports Financing
1001579478400 LMG Finance
1001579478400 Loans2Go
1001579219200 Leisure Trailer Sales
1001578873600 iA Auto Finance Starting at 10.99%
1001578873600 Gamache Group
1001551830400 Royal Bank of Canada (RBC)Starting at $5,000
Starting at $5,000
1001552262400 National BankUp to $1,000,000 up to 96
Up to $1,000,000
1001551830400 Desjardins 6 – 96
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ 12 – 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 Up to 15 years
Up to $1,000,000
1001577059200 Daimler Truck Financial
1001577059200 DealerPlan Financial
1001575849600 Coast Capital Savings
1001575849600 Canada Auto Finance$5,000 – $45,000 4.90 % – 29.95%
$5,000 – $45,000
1001575849600 Credit River Capital Inc
1001575590400 Capital Trust Financial
61569974400 Car Loans Canada Up to 29.99% 12 – 96
1001561507200 Auto Capital Canada
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera Finance
1001551830400 Prudent Financial ServicesUp to $500,000 6 – 48
Up to $500,000
1001550534400 Dixie Auto Loans
1001548633600 2nd Chance Automotive Starting at 4.2%
61545264000 SkyCap Financial$500 – $10,000 12.99% – 34.99% 9 – 60 months
$500 – $10,000
1001545177600 Carloans411 12 – 84
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
1001578873600 Instant Loans CanadaUp to $50,000 24 – 60
Up to $50,000
1001545264000 BHM FinancialUp to $50,000
Up to $50,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
31726531200 Lotly$5,000 + 6% – 16% 12 – 60
$5,000 +
71708473600 Blue Pearl Mortgage
51700524800 Rocket Mortgage - -
1001695945600 Mortgage Intelligence
41690934400 Neo Mortgage
21688601600 nestoMin $110,000 4.14% – 6.29% 24– 120
Min $110,000
31679616000 Frank Mortgage$100,000 – $2,000,000 Varies 12 – 60
$100,000 – $2,000,000
41541030400 Meridian Credit Union 4.19% – 8.00% 6 – 120
1001627344000 Peoples Bank 4.50% – 5.97% 12 – 60
1001551830400 Prudent Financial ServicesUp to $500,000 Starts at 8.49%
Up to $500,000
1001581033600 Mortgage Alliance 4.19% – 6.04% 12 – 120
1001580860800 Verico
1001580860800 True North Mortgage 2.99% – 5.49% 6 – 60
1001580860800 Tangerine$50,000+ 12 – 120
$50,000+
1001580860800 Think Financial
1001580860800 Turnedaway
1001580860800 REICO
1001580688000 Motusbank 6 – 60
1001580688000 Northwood Mortgage 4.19% – 6.04% 12 – 120
1001580688000 Matrix Mortgage Global
1001579478400 Mortgage Architects 4.54% – 7.49% 6 – 120
1001578873600 Invis
1001578268800 Manzil
1001577059200 Equitable Bank Varies
1001577059200 Dominion Lending Center
1001577059200 Fisgard Asset Management
1001577059200 First National Financial LP 4.49% – 6.63% 1 – 10 years
1001574985600 CMLS Financials$10,000 – $1,000,000 4.99% – 7.29% 12 – 120
$10,000 – $1,000,000
1001574899200 CHIP Reverse Mortgage 12 – 60
1001574899200 CanWise 4.24% – 6.30%
1001560124800 Centum 4.64% – 5.80% 1 – 10 years
1001548806400 Capital Direct$10,000 – $3,000,000 Varies 12 – 24
$10,000 – $3,000,000
1001548720000 Bridgewater Bank 12 – 60
11517097600 Alpine Credits$10,000 – $500,000 Starting at 10%
$10,000 – $500,000
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Raymond Chabot Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Running a business is a goal that many people have in Toronto, but the upfront and recurring costs of operation can hold a lot of people back from accomplishing this dream. Business owners need to have the means to pay for everything from product, to a website, to an office, to staff. However, one of the biggest costs many companies in Toronto and the rest of Canada incur is actually equipment.

Some equipment required in certain industries can cost thousands of dollars, which is an amount that most people don’t just have sitting around. Thankfully, equipment loans exist, which can make purchasing equipment much easier for your company in Toronto.

Looking for a business loan in Toronto? Check this out.

Equipment Loans Canada

Types of Equipment That Can Be Purchased

So just what types of equipment can be purchased with an equipment loan in Toronto? Well, the list is quite long, as there are dozens of industries that require a different assortment of equipment to operate. In general, the equipment you can purchase in Toronto with an equipment loan includes:

  • Farming and agriculture
  • Restaurant
  • Transportation
  • Construction
  • Manufacturing
  • Commercial
  • Aircraft
  • Medical

As you can see, equipment loans are quite versatile and can be used to purchase any number of equipment related products and machinery in Toronto. Restaurant equipment can be anything from stoves to tables and chairs to technology.

Need a tractor loan for your farming business? Take a look at this.

Of course, be sure to only take out loans for things you actually need at the time, as purchasing items you only “might” need can end up costing you a lot. Also, each lender in Toronto will offer different rates and might specialize in lending for different types of equipment or industries, so be sure to do your homework before agreeing to work with one lender over another.

Here’s how you can expand your business using new capital.

Benefits of Choosing Equipment Financing in Toronto

Despite what many may think, equipment financing is about more than just getting money into your account to purchase more equipment. You will be working alongside experts and professionals in Toronto with extensive knowledge of your industry. This type of assistance can help you in many ways such as:

  • Help you come up with an accurate and fair budget and ensure you find the right equipment that fits perfectly within your budget.
  • You will save time as these experts will know how to help you and where to go to help you. This will get your business up and running and expanding once again, ensuring you aren’t missing out on any opportunities in the city of Toronto.
  • Your lender in Toronto will understand your needs and might even introduce you to ideas or equipment that you hadn’t even considered.
  • The repayment plans with equipment loans can also be customized greatly as every type of business has different cash flow schedules so what works for a fishery might not work for a restaurant.

So if you need a loan for some new equipment, be sure to look for equipment financing in Toronto, as you will likely get more bang for your buck when compared to a standard loan.

Business Loan Check List

How an Equipment Loan Can Expand Your Business in Toronto

While many people need to purchase equipment when starting a new business, that isn’t the only time that an equipment loan can be used. In fact, these loans are also perfect for those looking to expand or grow their business in Toronto.

So how can an equipment loan expand your business in Toronto? Well, there are a few different ways:

  • An equipment loan can help you upgrade or update old equipment that isn’t as useful anymore.
  • It can be used to purchase new equipment or technology that will help your business become more profitable, successful, or efficient.
  • It can assist you in purchasing extra equipment you might need to keep up with demand or need to scale your business.
  • It can help you purchase valuable backup equipment in case the current equipment you have were to fail or start to experience some issues.

These are just a few of the many different ways that an equipment loan can save your business or help you expand. Growth is always hard to handle for a business, but equipment loans definitely make everything a little bit more manageable.

Curious about investing in greener business equipment? Click here.

Finding a Great Equipment Loan For Your Needs

If you require an equipment loan for your business in Toronto, you have come to the right spot. We are confident we can help those in Toronto and anywhere across the country to gain access to the equipment financing they need.

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