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Personal Loans Toronto 2020

Compare the best lenders in this region:
North’n Loans -
Loans Express -
Loan or Credit -
Instant Payday Canada -
Flexiti Financial -
FinanceIT -
Diamond Financial Services -
Climb 5 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Payday King 2 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Meridian Credit Union 3 / 5
Loan Away 4 / 5
Loan & Go 5 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Cash 4 You 3 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fast Access Finance 5 / 5
Fairstone 3 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
easyfinancial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Onesta -
Lionhart Capital -
Lift Capital -
Leaseline -
Lease Direct -
John Deere -
Hitachi Capital Canada -
Guardian Leasing -
4 / 5
Essex Lease Financial Corporation -
Equilease -
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
PACE Credit Union 5 / 5
Meridian Credit Union 3 / 5
DUCA Credit Union 5 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Desjardins 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money Line Capital 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
National Powersports Financing -
LMG Finance -
Loans2Go -
Leisure Trailer Sales -
iA Auto Finance -
Gamache Group -
Daimler Truck Financial -
DealerPlan Financial -
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canada Car Loans -
Car Loans Canada 5 / 5
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Prudent Financial Services 5 / 5
Dixie Auto Loans 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
Instant Loans Canada -
Newstart Canada 4 / 5
Fast Access Finance 5 / 5
BHM Financial 5 / 5
Mortgage Architects -
Keystone Finance Solutions -
Finser Mortgages -
IntelliMortgage -
Invis -
Manzil 5 / 5
Equitable Bank -
Dominion Lending Center -
Fisgard Asset Management -
First National -
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5
BDO 5 / 5
MNP 5 / 5
Raymond Chabot 5 / 5
Full Circle Debt Solutions Inc 5 / 5
Hoyes 5 / 5
Consolidated Credit 5 / 5
4Pillars 5 / 5

Toronto is one of the largest cities in North America and is a wonderful place to live. However, one thing that isn’t wonderful is the cost of living. Specifically, real estate in Toronto is quite expensive. For example, you could spend tens of thousands of dollars on a down payment and still have a mortgage that will cost you hundreds of thousands of dollars.

Add in things like groceries, entertainment, and car payments and there isn’t a lot of extra money to go around for many people. With many individuals and families low on funds due to such expenses, there is a large need in Toronto (and the rest of Canada, for that matter) for personal loans.

What Can You Use a Personal Loan For in Toronto?

We know that personal loans are very common in Toronto, but what can they be used for? Well, the options are essentially endless as you can use them on whatever you need. Some options include:

  • Travel and vacation
  • Emergency medical care or medical bills
  • Car repairs
  • Household improvements
  • Unexpected expenses

Of course, loans are used to secure vehicles, buy homes and go to school, but those are generally not seen as personal loans, but auto loans, mortgages and student loans respectively. However, just about everything else (as you can see from the list) can be purchased with a personal loan.

Learn how to get a personal loan when you’re unemployed.

You should only take out a personal loan in Toronto, however, if you truly need one and can afford it. A personal loan can be a great financial tool, but if used irresponsibly, it can cause unwanted and unnecessary amounts of debt. This is why it’s so important that you do your research and fully understand the total cost of the loan before you make your final decision.

The True Cost of BorrowingHave you ever wonder what the true cost of borrowing is? Click here.

How Big of a Personal Loan Can I Get?

Now that you know what a personal loan can be used for, how large of a personal loan can you get approved for in Toronto? Well, this depends on quite a few different factors:

The Lender

First of all, it will depend on the lender you choose to work and the type of loans they specialize in. If you’re looking for a small, short-term installment loan then choosing a lender that specializes in these types of loans will help you qualify for the amount you need.

Your Income

Next, the amount that you are able to repay will help to dictate how much you can get. Someone who makes $30k likely cannot secure the same loan as someone who makes $85k. Furthermore, it’s always in your best interest to take on a loan you can afford, expensive debt is never a good idea.


Opting for a secured loan can often make it easier to get approved for a larger loan. Putting up collateral like a vehicle or piece of property will provide that extra level of security that some lenders need.

Interested in the difference between secured and unsecured debt? Click here.

Your Credit

Lastly, your credit score (which is a snapshot of your overall credit health) will have an impact on whether a lender deems you too risky or not.

What Are Lenders in Toronto Looking For When Approving a Personal Loan?

When it comes to approving a personal loan application, all lenders in Toronto will have their own criteria and set of requirements. But, generally speaking, there are a few points all that lenders always look at during the approval process. If you’re looking to improve your chances of getting approved for a personal loan in Toronto, make sure you consider these factors:

Employment or Income

One of the most important factors that lenders in Toronto consider is whether or not an applicant can afford to make the payments associated with the loan they are applying for. Whether you have a traditional nine to five job, are a freelancer, or rely on another form of income, lenders want to see that you have some form of income.

Bank Statements

How do most lenders verify the income you have coming in each month? They often ask for the last three months of bank statements (not to be confused with asking for the login information to your online banking, no legitimate lender would ever ask for that). Having a visual representation of how and when your income comes into your account each month and then your spending habits, gives a lender a more comprehensive look at how you manage your finances.

Proof of Address

Most lenders in Toronto will want to see that you have a Canadian address and are in fact a resident of Canada. Usually, a government issues I.D. with your address will be required duing the application process.

Canadian Credit ScoreCheck out this infographic to learn how your credit score is calculated.

Credit Score Required For a Personal Loan in Toronto

Understanding how your credit score impacts your chances of getting approved for a personal loan is very important. In Canada, your credit score will range from 300 to 900. So, just what sort of a score do you need to get a loan in Toronto?

Generally, any credit score over 750 is excellent and you should have no trouble securing whatever loan you need. A score of 680 is often required for a mortgage, but some lenders are more flexible than that, especially for a smaller personal loan.

All lenders in Toronto will be different in terms of the credit score they require and some will also be more than willing to work with those who have bad credit. However, be aware that the better your credit score, the better the terms of your loan will be.

Thankfully, your credit score is only one thing that lenders will continue when evaluating you for a loan. Other things they consider include:

  • Your credit report and credit history
  • Your income and employment
  • How much debt you currently have

Did You Know a Personal Loan Can Help Improve Your Credit Score?

While we wouldn’t suggest that anyone living in Toronto take on debt for no reason, playing off a personal loan has the added benefit of helping you rebuild your credit. The most important thing to remember is what you need to make sure you lender reports to one or both of the credit bureaus. If your lender doesn’t report your payments, your credit score will not be positively affected. So, if you’re already in the market for a personal loan but need a little boost to your credit score, make sure the lender you choose will report your on-time payments to the credit bureaus.

Personal Loans Application Check List

Helping You Find the Right Personal Loan

Finding the right personal loan in Toronto isn’t always easy, especially if you’ve dealt with past financial issues or are currently struggling with less than great credit. The good news is there are lots of options personal loan lenders in Toronto to choose from. If you’re interested in seeing what your options are, Loans Canada can help by matching you with a loan that will work for you and your budget. 


Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Kale has focused on writing about finance, technology, cryptocurrency, entertainment, and sports. Kale work has been published on Yahoo, RentHop, the Regina Leader-Post, and Kale loves to create a wide variety of personal financ...

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