Personal Loans

To apply for a loan, you'll need to fill out our online application. Once you've done that, you'll be matched with one of our partners or service providers who will then process your application, determine if they wish to fulfill your request, and get in contact with you.

You'll be matched with one of our lenders based on the information you provide on your application. After that, your lender will verify your identity and financial standing based on documentation they will request from you.

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 servicing ratio.

Depending on the type of loan you apply for, you can receive your funds within 1 to 3 days, sometimes even on the day you apply. To make sure you receive you 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.

No. Asking for upfront payments in any form is illegal. If a lender every 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.

Once you've been approved by the lender you were matched will, your loan will be directly deposited into your bank account.

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. But, do we work with many lenders who do not require any form of security.

Yes. Loans Canada prides itself in working with 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.

If you're approved for a personal loan, you can use it for whatever you need. If you apply for something more specific like an auto loan, you'll need to use the loan for its intended purpose.

Depending on your financial standing and the lender you're matched with, sometimes you may be offered a loan amount which is less than your request. All lenders have an obligation to perform due diligence before they can approve someone for a loan. Lenders will only offer loan amounts that they know a borrower can handle, because it is in everyone's best interest to ensure that borrowers are not overextended financially.