Loans Canada is a free loan comparison and search platform, not a lender. You fill out one application, and we refer your request to lenders and financial service providers in our network who may be able to help. Since 2012, Canadians have submitted over 7 million applications through Loans Canada. Below are answers to the questions we hear most, grouped by topic.
- Cost to you: $0. Loans Canada is paid by its partners, not by borrowers.
- Loan amounts through our partners: $250 to $50,000 ($500,000 for businesses).
- APRs on personal loans: 9.99% to 35%, depending on the lender and your credit profile. Business loan rates vary by lender.
- Terms: 3 to 60 months for most personal loans.
- Never: Loans Canada and its partners will never ask you for an upfront fee or deposit to get an unsecured loan.
About Loans Canada
What is Loans Canada?
Loans Canada is a Canadian online loan search and comparison platform. Instead of applying with lenders one by one, you complete a single application and we refer it to lenders and providers in our network that match what you are looking for, such as personal loans, car loans, debt relief, and credit building products. We have operated since 2012 and are based in Toronto, Ontario.
Is Loans Canada a lender?
No. Loans Canada does not lend money, set interest rates, or make approval decisions. The lender or provider you are matched with decides whether to approve you, on what terms, and is the company you sign your agreement with. Always read that company's agreement before you accept.
Is Loans Canada free to use?
Yes. Applying and comparing offers through Loans Canada is free. You will never be charged a fee by Loans Canada to search for a loan.
How does Loans Canada make money?
Loans Canada may receive compensation from the lenders and providers whose offers appear on our site or who receive referrals from us. This is how the service stays free for borrowers. Compensation does not change the terms a lender offers you, and you are never obligated to accept an offer.
Is Loans Canada legitimate?
Yes. Loans Canada has operated in Canada since 2012, is headquartered at 18 King Street East in Toronto, is a Canadian Lenders Association approved vendor, and has been ranked on The Globe and Mail's list of Canada's Top Growing Companies and Deloitte's Fast 50 and Fast 500. Because scammers sometimes impersonate us, see the Safety and Scams section below to confirm you are dealing with the real Loans Canada.
What can I compare or apply for through Loans Canada?
Our partner network covers personal loans, bad credit loans, debt consolidation loans, car loans, home equity loans, small business loans, debt relief options, and credit building products. You can also browse our lender directory to research specific companies.
Where is Loans Canada available?
Our partners serve borrowers across Canada, in all ten provinces (British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador) and all three territories (Yukon, the Northwest Territories, and Nunavut). Product availability and terms vary by location because lending rules are set partly at the provincial and territorial level. See our guides for Ontario, British Columbia, Alberta, and Quebec.
Applying and Getting Approved
Who can apply for a loan through Loans Canada?
Requirements vary by lender, but most partners ask that you are a Canadian resident, have reached the age of majority in your province (18 or 19), have an active Canadian bank account, and have a regular, verifiable source of income. Some products also require a minimum credit score or income level.
What information and documents will I need?
The application asks for basic personal details, your income source, monthly income, housing costs, and existing debts. If a lender moves forward, it may ask for documents such as government-issued photo ID, recent pay stubs or benefit statements, bank statements, and proof of address. You should only be asked for documents that are needed to assess your file or are required by law.
What happens after I apply?
Your request is referred to one or more partners that may be a fit. A partner may contact you by phone, email, or text to discuss your options, confirm details, or request documents. If you are approved, the lender will send you the loan agreement, which shows your APR, payment schedule, and total cost of borrowing before you sign.
How long does it take to get the money?
It depends on the lender and product. Some online lenders can deposit funds as soon as the same or next business day after you sign your agreement. Larger loans and secured products like car loans or home equity loans usually take longer because of extra verification.
How can I speed up the process?
Answer every application question accurately, keep your phone and email handy, and send any requested documents as soon as possible. Mismatches between what you report and what your documents show are one of the most common causes of delays.
How can I improve my chances of being approved?
Our study of 476,277 personal loan applications submitted through Loans Canada in early 2026 found that stability matters more than income size. Applicants paid by direct deposit were 93% more likely to be funded than those paid other ways, and full-time workers were 46% more likely to be funded than the average applicant. Requests of $10,000 or less were funded more often than larger ones. These figures show relative likelihood, not guaranteed approval rates. Learn more in how to qualify for a personal loan.
How much can I borrow?
Loans through our partners range from $250 to $50,000 ($500,000 for businesses). The amount you are offered depends on your income, existing debt payments, credit history, and the lender's own limits. Lenders look closely at your debt-to-income ratio, so it helps to know yours before you apply. Try our loan calculator to estimate payments.
Can I apply if I am self-employed?
Yes, but expect more paperwork. In our 2026 application study, self-employed applicants were about 56% less likely to be funded than the average applicant, largely because their income is harder for lenders to verify. Having recent tax returns or Notices of Assessment, business bank statements, and a consistent deposit history ready can help.
I am new to Canada. Can I still apply?
Yes. Some partners work with newcomers who have little or no Canadian credit history, though you will typically need proof of income, a Canadian bank account, and valid ID. See our guide to loans for newcomers to Canada.
I was turned down by my bank. What are my options?
A bank decline does not mean every lender will say no. Banks tend to have the strictest criteria, while alternative and private lenders may consider applicants banks do not. Rates from these lenders are often higher, so compare the total cost carefully. It is also worth asking the bank why you were declined and checking your credit report for errors.
Can I get a loan with bad credit?
Possibly. Several partners specialize in fair and poor credit. In our 2026 study, applicants who self-reported low credit (under 550) were funded at a little over half the rate of those with fair credit, so bad credit narrows your options but does not always close them. See our picks for bad credit loans. Be cautious of any company that promises guaranteed approval.
Can I get a loan if I am in a consumer proposal or have declared bankruptcy?
Some lenders will consider applicants in or after a consumer proposal or bankruptcy, usually at higher rates or smaller amounts. If you are still in an active proposal or bankruptcy, check with your Licensed Insolvency Trustee before taking on new credit. Read more about getting a loan during a consumer proposal.
Can I qualify if my income is from government benefits or EI?
Some lenders accept regular benefit income, such as the Canada Child Benefit, CPP, OAS, or disability benefits, if it is steady and verifiable. In our 2026 study, benefit recipients paid by direct deposit were far more likely to be funded than those who were not. See loans with the Canada Child Benefit and loans while on EI.
Credit Checks and Credit Scores
Will applying through Loans Canada affect my credit score?
Getting a quote through Loans Canada does not impact your credit score. A lender may need to run a full credit check before it gives you a final approval, and it must have your consent to do so. That type of check, called a hard inquiry, can lower your score slightly for a short time.
What is the difference between a soft and hard credit check?
A soft check lets a company or you view your credit information without affecting your score, and it is not visible to other lenders. A hard check happens when you formally apply for credit and is recorded on your credit report. Several hard checks in a short period can lower your score, so avoid applying with many lenders separately.
Can I check my credit score for free?
Yes. You can get your free credit score through Loans Canada, which is an authorized reseller of the Equifax Risk Score. Checking your own score is a soft check and does not affect it. You can also request free credit reports directly from Equifax Canada and TransUnion Canada.
What credit score do I need for a loan?
There is no single minimum. Banks generally prefer good credit (roughly 660 and up), while alternative lenders work with fair and poor credit, usually at higher rates. Income stability and existing debt matter as much as your score. See what your credit score range means and which credit bureau lenders check.
How can I improve my credit score?
Pay every bill on time, keep your credit card balances well below their limits, avoid applying for lots of new credit at once, and check your credit report for errors. Credit-building products that report to the bureaus can help if you have a thin file. Read our guide to improving your credit score.
Rates, Fees and Repayment
What interest rates do Loans Canada partners offer?
APRs from our partners range from 9.99% to 35%. Your rate depends on the lender and its assessment of your credit, income, and debts. For example, on a $500 loan paid monthly over 9 months, a borrower would pay $81.15 per month, or $730.35 in total, including the partner's optional loan protection.
What is APR?
APR (annual percentage rate) is the yearly cost of borrowing expressed as a percentage, including interest and most mandatory fees. It is the best single number for comparing loans, because two loans with the same interest rate can have different APRs once fees are included. Lenders must show the APR and the total cost of borrowing in your agreement.
What is the maximum interest rate allowed in Canada?
Since January 1, 2025, the Criminal Code caps most consumer loans at 35% APR. There are limited exemptions, including payday loans in provinces with their own payday loan regulations and certain pawn and commercial loans. A lender offering a regular personal loan above 35% APR is a red flag.
How much can a payday loan cost?
In provinces with an approved payday loan regime, the cost is capped at $14 per $100 borrowed. That sounds small, but on a two-week loan it works out to an APR of over 350%. Compare it with a personal loan before borrowing. See personal loans vs payday loans and our payday loan cost calculator.
What fees should I watch for?
Common fees include origination or administration fees, insufficient funds (NSF) fees of around $45 for a missed payment (amount varies by lender), late payment fees, and optional add-ons like loan protection insurance. All mandatory fees must be disclosed in your agreement. Ask the lender to explain any fee you do not understand before signing.
Is loan protection insurance required?
It should be optional. Loan protection can cover payments if you lose your job, become ill, or pass away, but it adds to your total cost. If a lender tells you insurance is mandatory for an unsecured personal loan, ask for that in writing and consider other offers.
Can I pay off my loan early?
Many lenders let you repay early without a penalty, and several provinces limit prepayment penalties on consumer loans. Paying early reduces the total interest you pay. Check the prepayment section of your agreement before you sign.
What happens if I miss a payment or default?
A missed payment can trigger NSF and late fees and may be reported to the credit bureaus, which can lower your score. If you default, the lender may end your payment plan and pursue the balance through collections or legal action. Our lending partners are expected to use fair collection practices. If you are struggling, contact your lender before you miss a payment. Read how missed payments affect your credit.
Can I renew or get another loan?
Many lenders let you apply for a new loan once your current one is repaid in full, and some offer top-ups or refinancing before then. Be cautious about repeatedly renewing or stacking loans, as fees and interest can add up quickly.
Safety and Scams
Why is a lender asking me for a deposit or upfront fee?
This is very likely a scam. Neither Loans Canada nor its partners will ever ask you to pay a deposit, "insurance payment," or upfront fee to receive an unsecured loan. Scammers often ask for payment by gift card, prepaid card, cryptocurrency, or e-transfer, and that money is very hard to recover. Stop all contact and do not send money.
How do I know I am dealing with the real Loans Canada?
Our website is loanscanada.ca and our only phone number is 1-877-995-6269. We will never ask for an upfront fee, your online banking password, or payment by gift card or cryptocurrency. If you are unsure, hang up and call us directly. Read how to spot companies posing as Loans Canada.
How do I report a loan scam?
Report it to the Canadian Anti-Fraud Centre at 1-888-495-8501 or through its website, and to your local police. If someone used the Loans Canada name, please also contact us so we can warn others. If you shared banking details, call your bank right away.
Privacy and Communications
Who sees the information I submit?
Your information is shared with the partners in our network that may be able to help with your request, as described in our Privacy Policy. Only provide information through loanscanada.ca or directly to a lender you have verified.
How is my personal information protected?
Our site uses an encrypted connection, and we handle personal information in line with Canada's federal privacy law (PIPEDA) and applicable provincial laws, including Quebec's private sector privacy law. Details on how we collect, use, and keep your information are in our Privacy Policy.
How do I stop emails, texts, or calls?
Every marketing email from Loans Canada includes an unsubscribe link, and you can reply STOP to marketing texts. Under Canada's anti-spam law, unsubscribe requests are processed within 10 business days. To stop calls from a specific partner, ask that partner directly or contact us.
Can I access, correct, or delete my information?
Yes. You can ask to access or correct the personal information we hold about you, or withdraw your consent to its use, subject to legal and contractual limits. Residents of Quebec have additional rights under Quebec law. See our Privacy Policy for how to make a request.
Debt Relief, Mortgages and Other Products
Can Loans Canada help me with debt?
We can connect you with options such as debt consolidation loans, debt settlement, and licensed insolvency professionals. Only a Licensed Insolvency Trustee can file a consumer proposal or bankruptcy in Canada. Start with our Canada debt relief guide.
Does Loans Canada arrange mortgages?
No. Loans Canada is not a mortgage broker and does not arrange mortgages. If you are looking for a mortgage, home equity loan, or second mortgage, we can refer your request to licensed partners. Learn more about mortgages in Canada and try our mortgage calculator.
Can I get a car loan through Loans Canada?
Yes. We work with partners that offer new and used car financing, including for borrowers with fair or poor credit. See car loans in Canada and our car loan calculator.
Do you help with business loans?
Yes. Our partners include lenders that offer financing for small businesses and self-employed Canadians. Compare options in our guide to the best small business loans.
Contact and Partnerships
How do I contact Loans Canada?
Call 1-877-995-6269, use our contact form, or write to us at 18 King Street East, Suite 1400, Toronto, ON M5C 1C4. For questions about a loan you already have, contact your lender directly, since they manage your account.
How can my business partner with Loans Canada?
Lenders, financial service providers, car dealerships, and publishers can work with us. Visit our partnerships page or learn about the Loans Canada affiliate program.
