Personal Loans

Personal loans are versatile credit products that can be used for any expense such as a car repair, a wedding, or a medical emergency. Depending on the lender, you can get personal loans between $500 to $35,000 with affordable rates and flexible terms. However, the amount you qualify for will depend on your credit and overall finances. These loans can also be secured or unsecured and can come with variable or fixed rates, making it a flexible financial solution.


Loans Canada

Up to $50,000
2.00% to 46.96%
3-60 months


$1,000 - $15,000
29.9% - 46.9% APR
12 - 60 months

Symple Loans

$5,000 - $50,000
6.99% - 22.99%
Up to 84 Months

Spring Financial

Up to $35,000
9.99% - 46.96%
6 - 60 Months


$1,000 - $25,000
7.5% - 31.5%
36 - 60 months


$5,000 - $35,000
Starting at 9.99%
6 - 60 Months

Loan Away

Up to $5,000
19.9% to 45.9%
6 - 36 Months


$500 - $1000+
28 to 32%
3 Months

Consumer Capital Canada

$500 - $12,500
19.99% to 34.99%
No minimum term

Mogo Finance

$300 – $35,000
9.9% - 47.72%
3 - 60 Months

Fairstone Financial

Up to $50,000
19.99% - 39.99%
6 - 120 Months

The Loan You Want, When You Need It

From alternative personal loans to help deal with an emergency expense to debt consolidation loans to help tackle debt. Regardless of your situation, there is a loan option to meet your needs.

Personal Loans

From last-minute travel plans to an unexpected issue with your car, a personal loan is a great way for you to gain access to the money you need, quickly, affordably, and from the comfort of your home.

Bad Credit Loans

Having bad credit doesn’t mean that personal loans are out of your reach. You can still apply for and get approved for an affordable personal loan. And better yet, repaying your loan can help you build credit.

Short Term Loans

A short-term loan can help you cover the cost of an emergency expense and help you get back on track with affordable payments and convenient terms.

Installment Loans

The best alternative to predatory payday loans is an installment loan. With it, you can get a personalized repayment plan that will help you plan your budget around your payments.

Debt Consolidation Loans

Break the cycle of debt with a debt consolidation loan. You can consolidate your debt with a single loan, reduce your interest payable and save money. Get out of debt faster by consolidating your debt.

Emergency Loans

Life is unpredictable, but that doesn’t mean that your finances need to be. Emergency loans are the best option for those who find themselves in unexpected and expensive situations. Quick approval times and affordable payment plans mean you don’t need to put your life on hold to handle an emergency.

Car Loans

Whether you’re looking for the car of your dream or need something a little more practical to drive your family around, a car loan can help anyone afford the car they want and need. 

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Personal Loan FAQs

How do I apply for a personal loan?

To apply for a personal loan, you first need to choose a lender to work with. If you choose an online lender, next you should fill out and submit their online application. If approved you should hear back from the lender in a few days. You should also be prepared to provide further documents or information if the lender asks for it.

How much money can I get from a personal loan?

The amount you can qualify for depends on many factors, which may vary from lender to lender. But generally, your approval is based on your overall ability to pay down your loan, which is usually a function of your income and debt-to-income ratio.

How long will it take for me to get my personal loan?

Depending on the type of loan you apply for, typically it can take anywhere from 1 to 3 business days to receive your funds, sometimes even on the day you apply. To make sure you receive your money as quickly as possible, make sure you fully complete your application and promptly provide your lender with any additional information or documentation they may need.

Do I need to provide an upfront payment to get my loan?

No. Asking for upfront payments in any form is illegal. If a lender ever asks you to do this, it is likely a scam. Do not provide them with your personal or banking information and report to the Canadian Anti-Fraud Centre.

Do I need to provide security or collateral for a personal loan?

No, not necessarily. This depends on the type of loan you apply for. Borrowers who can provide security, for example, a vehicle, can often get approved for a larger loan. 

I have bad credit, can I still get a personal loan?

There are many lenders all across the country who provide all Canadians, regardless of their credit, with the loans, credit, and debt relief products they need. Keep in mind that certain loan products may require a specific credit score and a credit check. No lender can or will check our credit without your express permission.

Personal Loan Myths

Only people with great credit and high incomes can get approved for personal loans.

False. There are many lenders whose main goal is to provide all Canadians, regardless of their credit scores, with access to the personal loans, car financing, business financing, debt relief, and related services they need. Furthermore, having bad credit isn’t a permanent state, if you have bad credit and want to work toward improving it, there are many actionable steps you can take.

Only banks provide personal loans.

False. Maybe several decades ago this might have been more true, but now the financial world has changed. If your looking for a personal loan regardless of your credit or income there are alternative options available to you. Being rejected by your bank is no longer the end of the road for consumers who want to take out a personal loan.

You need a perfect credit score to apply for a personal loan.

False. Anyone, regardless of their credit score can apply for and get approved for a personal loan. Our number one tip for applying for a personal loan: always make sure you can afford it. Loans can open up so many doors, but if you can’t handle the payments, a loan can cause more issues than it’s worth.

Personal Loan Glossary

Accrued Interest

Interest that is earned by an individual, but not yet received. Or, interest that is owed, but not yet paid. Interest is typically earned or payable after a certain period of time, such as a month or a year, which is why it can accrue.

Annual Percentage Rate (APR)

The interest rate you pay over a full year in exchange for borrowing. An APR is expressed annually but is typically charged monthly. You can determine the total monthly interest you’ll pay on debt by multiplying the borrowed amount by the APR and then dividing by 12.


Anything that has financial value is considered an asset. In order to reap the benefits of an asset, you must also own it as an individual or business. When it comes to debt, usually only real estate, jewellry, vehicles, and investments are considered assets.


An individual or entity that takes something (for example money or equipment) with the intention of returning it to the original owner. When the borrower it taking out a loan, there is usually an agreement involved and applicable interest.

Cash Advance

A cash withdrawal from a credit card. Cash advances are a very expensive form of financing as the interest rate on the borrowed amount is higher and there is often a flat fee. In addition, interest becomes effective immediately after you withdraw the cash, instead of after the balance due date.


An individual who shares an obligation of something that was borrowed with one or more people. All co-borrowers listed on an agreement are fully responsible for repaying the obligation.


Any asset that is used to secure debt. In the event that the borrower defaults on the loan, the lender has the right to seize the asset and sell it to cover the owed amount. Collateral is also commonly referred to as security.


An individual who agrees to make your loan payments and otherwise be responsible for your debt in the event that you default on the loan. Using a cosigner is a popular option for individuals who have trouble securing debt on their own.

Cost of Borrowing

All of the costs a borrower incurs when borrowing an asset or money. Examples of borrowing costs include legal fees, interest, loan origination fees and penalties.


An individual or entity that owes a sum of money to a creditor.


Failure to pay the minimum payment on a loan or account on or before the agreed-upon payment date. Delinquency is typically categorized in 30, 60, 90 or 120 days since lenders typically have monthly payment cycles. Delinquent accounts may eventually turn into defaulted accounts.


An individual who relies on another individual for financial support. Usually, this refers to a family member, common-law partner or spouse who is unable to financially support themselves.


The market value of an asset you own less the amount still owed (including any additional fees to sell or repay debts) on the loan used to purchase the asset if any. Equity increases when you pay down the debt as well as when the value of the asset increases. Equity can be calculated at any point in time and is also referred to as lendable value or net value.


A payment schedule that breaks up an owed amount of money into several equal amounts, otherwise known as installments, which are paid over an agreed period of time.


An amount of money that is borrowed by one entity from another with the expectation that the amount will be paid back. Interest is typically applied on the owed amount.

Loan-to-Value Ratio (LTV)

The ratio of what amount was borrowed to purchase an asset in relation to the market value of that asset. The formula would be: the total amount borrowed for the purchase divided by the total selling price of the asset. The borrowed amount can differ from the selling price if the individual makes a down payment, for example. In general, the lower the LTV, the more favourable the terms of the financing will be.

Payday Loans

A short term, small loan that a borrower promises to repay on their next pay day. Payday loans are known to be an expensive and risky form of financing that makes it challenging for the borrower to repay and manage.

Payment Period

The period of time over which a borrower is obligated to make a payment. Payment periods could be weekly, bi-weekly or monthly, sometimes even longer.

Prime Rate

The prime rate advertised by a lender is typically based on the Bank of Canada’s interest rate that is set each night, which may change at any time.

Principal Balance

The total remaining balance of a loan, without considering interest and other fees.

Secured Loan

A loan that is secured by an asset known as collateral or security. In the event that the borrower defaults on the loan, the lender has the right to seize the asset securing the loan and sell it to repay the owed amount. This type of loan bears less risk for the lender, but more risk for the borrower.

Unsecured Loan

A loan that is not secured by an asset known as collateral or security. In the event that the borrower defaults on the loan, the lender will not have the opportunity to seize the collateral or security to repay the owed amount. This type of loan bears more risk for the lender, but less risk for the borrower.

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