Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 35%
- Term
- 9 – 78 Months
- Amount
- Up to $60,000
- Rate
- 19.99% – 34.99%
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- 12.99% – 34.99%
- Term
- 9 – 60 months
- Amount
- Up to $10,000
- Rate
- Varies by product
- Term
- Varies by product
Personal Loan Lenders In Canada
Luckily for Canadians looking to apply for a personal loan, there are plenty of lenders and online lending platforms available. Let’s take a look at some of them, what they offer, their perks, and some things to watch out for.
Loans Canada
Loans Canada is an online loan aggregator that helps you find lenders and loan programs based on your financial and credit profile. It’s free to use and can make loan shopping quick, easy, and convenient. Based on your personal and financial information, Loans Canada will match you with the right lenders.
Loans Canada is particularly useful for those with subpar credit who may have trouble getting approved for a loan through conventional outlets, such as banks and credit unions. Loans Canada is partnered with many lenders that work with these types of underserved borrowers.
After completing a loan application with Loans Canada, you can get multiple offers from different direct lenders within 24 to 48 hours, and then funded within 1 to 3 business days.
Pros Of Loans Canada
- Several options for borrowers with both good and bad credit
- Interest rates as low as 2%
- Quickly matches borrowers with lenders and loan options
- A+ rating with the BBB
- Member of the Canadian Lenders Association
Cons Of Loans Canada
- Not a direct lender
- High-interest rates for those with low credit scores
easyfinancial
easyfinancial is an alternative lender that offers personal loans, home equity loans, and car loans. The company has been around since 2006 and now has more than 400 brick-and-mortar locations across Canada. You can apply for a loan and receive your funds entirely online, and your credit won’t be affected.
easyfinancial pays particular attention to those who would otherwise have a difficult time getting approved for a conventional loan, such as students, newcomers to Canada, and bad credit or no credit borrowers.
Pros Of easyfinancial
- Both secured and unsecured loans offered
- Quick loan application and approval
- Bad and no credit borrowers can qualify
Cons Of easyfinancial
- Interest rates can be expensive with APR’s capping at 35%
Mogo
As one of Canada’s leading fintech firms with more than 1.8 million members across Canada, Mogo provides simple digital solutions to help clients build wealth and achieve their financial goals. Mogo offers mortgages, stock trading, automated investing, and lines of credit.
Pros Of Mogo
- Credit lines up to $5,000
- Quick loan quotes and a relatively easy approval process
- 100-day money-back guarantee policy (interest and fees are refunded if you change your mind within 100-days.)
Cons Of Mogo
- High-interest rates
- Not paying off your credit line can lead to high interest payments
Spring Financial
Founded in 2014, Spring Financial is an alternative online lender that offers multiple loan products to consumers with fair or bad credit. Borrowers can apply for Spring Financial’s personal loan or credit-builder loan to establish and build credit. You can borrow anywhere from $500 to $15,000 and choose from loan terms between 9 to 48 months.
Pros Of Spring Financial
- Apply and get funded entirely online
- Quick loan approval and funding, within 24 hours
- No early prepayment penalty fees
- Easily accessible customer support
Cons Of Spring Financial
- High interest rates for bad credit borrowers
- You may be offered a credit builder loan instead if you don’t qualify for a personal loan
Loanz
Loanz is an online lender that offers personal loans for consumers with fair to bad credit. Its application and approval process is very quick and simple, with instant loan approval and funding provided within the same day in many cases. You can get $1,000 to $15,000 depending on your financial profile.
Pros Of Loanz
- Get pre-approved in as little as 3-minutes
- Get funded in as little as 15 minutes
- Has low requirements, bad credit or no credit borrowers are accepted
Cons Of Loanz
- APRs offered by Loanz start at 29.9%
- Fees not specified
Borrowell
Borrowell is a financial provider that helps consumers better manage their finances. Thousands of Canadians use Borrowell to check their credit scores for free. Borrowell also offers guidance on mortgages and recommendations on credit cards. Personal loans are available with loan amounts up to $35,000, which can be used to cover a wide range of expenses.
Pros Of Borrowell
- Check your credit score for free
- Has 50+ financial partners
- Receive your funds in as little as 48 hours
- No early prepayment penalty fees
Cons Of Borrowell
- Bi-weekly payment option is not available, only monthly payments are available
Fairstone
Fairstone is an alternative lender that offers secured and unsecured personal loans and debt consolidation loans. It’s been in the industry for a century and has over 230 locations across Canada.
With Fairstone, you can obtain free no-commitment quotes that won’t affect your credit. Interest rates charged are higher than what banks offer, but less than what is typically charged for payday loans. In order to qualify for a loan from Fairstone, you’ll need fair to good credit.
Pros Of Fairstone
- High loan amounts offered up to $60,000 for secured loans and up to $25,000 for unsecured loans
- Flexible loan terms ranging from 6 months to 120 months
- No early repayment penalties on unsecured loans
Cons Of Fairstone
- High interest rates, as much as 34.99%
- Extra fees possible on secured loans
How Much Of A Loan Can You Qualify For In Toronto?
Personal loan lenders often provide loans as low as $300 and as high as $35,000. However, some even provide $50,000 loans. How large of a personal loan you can get approved for in Toronto depends on quite a few different factors including:
- The Lender – The lender you choose to work with and their requirements will affect the loan amount you’re approved for.
- Your Income – Lenders will check your income level to see how much loan you can afford. The more you make the higher the loan amount you can qualify for.
- Your Debt – In addition to your income, your lender will evaluate your current debt obligations to see how much of your income goes toward it. If you already have a lot of debt, your lender may be unwilling to provide you with a large loan as you may not have enough left to cover a new loan.
- Security – If you provide collateral like a vehicle or piece of property, you can usually qualify for a larger loan as it reduces the lender’s risk.
- Your Credit – Your credit scores can also impact the loan amount you qualify for. Generally, those with good credit can qualify for larger loans and access better terms and more affordable rates.
Learn How To Qualify For Other Loan Amounts
What Are The Requirements For A Personal Loan In Toronto?
Different lenders have their own lending criteria that applicants must meet, but you’ll need to meet the following:
- Be the age of majority in your province or territory
- Be a Canadian citizen or a permanent resident
- Have an active bank account for fund deposits and payment withdrawals
- Be employed with a steady income
- Have the minimum credit score the lender requires
Documents Required
- Name, date of birth, contact information
- 1 or 2 government-issued IDs (1 photo)
- Social Insurance Number (SIN)
- Proof of employment (income, employers name, job title)
- Loan purpose
- 3 months' worth of bank statements
- Bank account details (for direct deposit and withdrawal of payments)
How To Apply For A Personal Loan In Toronto
To apply for a personal loan, follow these steps:
Step 1: Comparison Shop
Before applying for a loan, take a few minutes to conduct a quick online search of the lenders and loan products available. There are plenty of online loan aggregators you can use that will instantly populate a number of lenders and the personal loan products they offer, along with the rates based on the information you provide.
Step 2: Submit An Application
If you’re using an online lender to get a personal loan, the application process will be entirely online. Have all of the necessary information ready to input into the application to streamline the process.
You’ll need to provide details such as the following:
- Full name
- Address
- Contact information
- Information about your income and employment
- Information about your assets and debts
Step 3: Submit Required Documents
Your lender may require proof of your employment, income, and assets. As such, you may be asked to submit any of the following:
- Government-issued I.D.
- Bank statements
- Letter of employment
Depending on the type of loan you’re applying for, the lender may or may not conduct a credit check. If a credit check is required, your lender will need your consent to pull your credit report.
Step 4: Review and Submit Your Application
Carefully read over your loan application to make sure you’ve completed all sections and that all information is 100% accurate. Then submit your application.
Step 5: Review Your Agreement
After your loan application is approved, your lender will send a loan agreement. Review this contract in its entirety before agreeing to its terms. If you’re comfortable with the agreement, sign it.
Step 6: Get Funded
You can expect the funds from your personal loan within 1 to 2 business days, depending on the lender and the exact type of loan you’ve applied for. The funds will be deposited into your bank account unless you don’t have one, in which case other arrangements can be made.
Ontario Personal Loan Regulations
| Max Interest Rate | Currently, there are no provincial interest rates or fee limits on high-cost credit lenders (other than payday lenders) in Ontario. However, lenders must follow the federal Criminal Code interest rate limit of 35% (APR). |
| Fee Caps | While there are no provincial caps on fee charges, there are federal rules. The total fees, cost and interest of a high-cost personal loan cannot be more than the criminal interest rate of 35% APR. |
| Licensing Requirements | Alternative lenders (other than payday lenders) are not required to be licensed in Ontario. |
| Debt Collection Rules | While there are consumer protection rules on how collection agencies can contact borrowers, none such exist for high-cost credit lenders (other than payday lenders). |
Can You Get A Personal Loan In Toronto With Bad Credit?
There are several online lending firms available that cater to borrowers with bad credit. Some may require a credit check, while others might not. That said, these lenders don’t place as much emphasis on your credit scores as the banks do. Instead, alternative lenders look at a variety of other factors, including your income, job stability, and bank account when deciding whether or not to approve your loan application. Keep in mind, however, that when you apply for a personal loan with bad credit, you’ll likely be paying higher interest rates.
Can You Get A Personal Loan In Toronto With No Credit Check?
While conventional lenders might require a credit check, there are alternative lenders in Toronto who provide “no credit check” loans. Similar to bad credit loans, a no credit check loan usually means you’ll have to meet other lending criteria to make up for your lack of credit. Again, you’ll likely pay higher interest and qualify for lower loan amounts with these no credit check lenders in Toronto.
Can You Get A Personal Loan In Toronto With No Bank Verification?
Lenders in Toronto typically require an active bank account for funding and repayment purposes. Similarly, lenders usually require your bank information to help them verify certain financial information. But if you don’t have access to a bank account, you may still be able to secure a loan.
A “no bank verification” loan is a specific type of loan that does not require any documentation to be verified by the lender. There’s no need to provide the lender with any documentation surrounding your bank account or other assets, though you will still need to prove your income when you apply.
Can You Get A Personal Loan In Toronto With No Refusal?
Loans with no refusal are quick, short-term loans, with funding available in as little as 24 hours after application.
A “no refusal” loan is one that does not require a credit check. In other words, you don’t have to prove that you have strong credit to get approved, so your application won’t be rejected as a result of your bad credit. Instead, the lender will base their decision to approve you for a loan on other factors, including your income and assets.
Can You Get A Personal Loan In Toronto With Instant Approval?
Certain lenders provide instant approval following loan applications, typically these are payday loans so make sure you understand the costs associated with this type of loan.
An instant approval loan is just what it sounds like: a loan that is instantly approved after you complete the application. These short-term loans are designed to help consumers who need quick access to funds to cover unexpected or urgent expenses. The entire application, approval, and funding process is streamlined, allowing borrowers to apply and be approved within minutes.
Loan amounts are usually not very high, as these loans are typically meant to cover smaller financial expenses. Funds are made available as soon as possible.
How To Calculate The Cost Of Your Toronto Personal Loan
The exact amount that your personal loan will cost you depends on several factors, such as the following:
- Your Credit Scores. A high credit score not only increases your chances of getting approved for a loan, but it may also lower the APR on your loan. Generally speaking, credit scores over 660 will ensure lower APRs compared to those with scores under this threshold.
- Loan Amount. The more you borrow, the more interest you’ll have to pay over the life of the loan.
- Loan Term. The length of your loan term plays a role in the overall amount you pay in interest. Longer loan terms might mean smaller monthly payments, but you’ll pay more in interest over the term.
- Miscellaneous Fees. Lenders can charge an array of extra fees, such as loan origination fees, administrative fees, NSF fees, and early prepayment penalties.
| APR | Monthly Payment | Total Interest | Total Cost |
| 10% | $87.92 | $54.99 | $1,054.99 |
| 20% | $92.63 | $111.61 | $1,111.61 |
| 30% | $97.49 | $169.85 | $1,169.85 |
Is Employment Required To Get A Loan In Toronto?
Lenders typically require proof of income to ensure you can pay back the loan. However, traditional employment is not always required to get a personal loan in Toronto. Some lenders may accept alternative income sources, such as the following:
- Employment Insurance (EI) benefits
- Canada Pension Plan (CPP) benefits
- Private pension
- Disability benefits
- Canada Child Benefit (CCB)
Keep in mind that if you apply for an installment loan with non-employment income, you may be charged a higher interest rate, making the loan more expensive. Further, you may not qualify for a larger loan amount.
Places To Help You Get A Job In Toronto
Getting a job in Toronto can be tough, especially with the competition among other job seekers. If you’re having difficulty finding work on your own, there are staffing agencies available throughout Toronto to help. Here are just a few:
| Agency | Services | Location |
| Staff Plus | Temporary, permanent, and contract placements Professional development Online job board | 6620 Finch Ave W. Unit 7, Toronto |
| Forge Recruitment | Online job postings Career coaching Salary guides | 18 King St E, Toronto |
| Recruiting in Motion | Online job listings Resume submission Customized job alerts | 91 Skyway Ave, Suite 104, Toronto |
Toronto, ON Government Employment Assistance Offices
A handful of government-backed employment centres are available to help you find work in Toronto:
City of Toronto Employment & Social Services: This service supports Toronto residents with financial aid, employment help, training programs, and access to key resources. Several locations are available throughout Toronto, including the following:
- 1 York Gate Blvd
- 700 Lawrence Ave W #330
- 111 Wellesley St E
Ontario Works: This government assistance program provides financial assistance and employment support to those in financial need. The Toronto-based office is located at 1631 Queen St E.
Employment Ontario: Get free assistance writing your resume, preparing for interviews, and finding work in Toronto, both in the private or public sector. The Toronto office is located at 10 Gateway Blvd.
Additional Government Benefits Available In Ontario
Other Financial Assistance Programs In Toronto
A personal loan in Toronto may provide you with temporary financial relief, but you may not want to add more debt to the pile. Or, perhaps you’re having trouble qualifying.
Depending on your specific needs, there are resources throughout Toronto that can offer you some relief. One efficient way to find these programs is to use www.211.ca, an online resource that lists several local support services, including the following:
Rent Assistance. The Canada-Ontario Housing Benefit provides eligible low-income households with a housing subsidy to help the cost of rent in the private market.
Subsidized Housing. Rent-Geared-to-Income Housing in Toronto provides subsidized housing to eligible households that pay rent based on 30% of their income.
Food Banks. If you and your family are facing food insecurity, several food banks are available throughout Toronto, including the following:
- Loyan Community Food Bank: 44 Willowridge Rd, Toronto
- Thistletown Food Bank: 248 Jamestown Cres, Toronto
- St James Food Basket: 400 Burnhamthorpe Rd, Toronto
Utilities Assistance. Hydro One’s Connected With Care program offers solutions for eligible customers to ensure they’re able to cover their electricity bills during times of financial struggle. Options include installment plans and financial assistance.
Financial Assistance For Prescriptions. The Ontario Trillium Drug Program provides low-income residents with financial assistance to cover the cost of expensive prescription medication. Benefit amounts are based on household income.
Bottom Line
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 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.
Personal Loans in Toronto FAQs
What credit score do I need to get a personal loan in Toronto?
Can a personal loan affect my credit scores?
How do I know if a lender in Toronto is legit?
- The lender should be registered as an active business in your province or territory.
- The lender should have a physical address, and active contact information, including a phone number and email address.
- The lender should not be promising “guaranteed loan approval.” Steer clear of lenders who make this promise, as they’re likely predatory in nature.
