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.
Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $18,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $100,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.
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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.
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.
Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.
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