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Best Personal Loans in Canada for 2024
Looking for a personal loan to fund a big purchase can be daunting. There are a lot of factors to consider, such as the interest rate, term length, and whether you can afford the monthly payments in the long run.
If you’re looking for the best personal loans in Canada, we’ve compiled a list of the six best providers currently available to make the process easier for you. So, without further ado, here’s our hand-picked list of the best lenders:
Top-Rated Personal Loans in Canada for April 2024
Loans Canada
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Boasting the largest network of lenders in Canada, Loans Canada is a platform dedicated to helping consumers of all credit profiles access personal loans they need. It offers a simple online application process and can connect you with lenders who offer loans of up to $35,000. Read more
- •Simple, three-step application process
- •Robust search platform
- •Low interest rates
LoanConnect
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
If you’re looking for a one-stop shop for personal loans and fast cash solutions, LoanConnect is the place to go. It’s a platform that connects applicants with bad credit with lenders who don’t run hard credit checks and don’t charge additional fees. Read more
- •Fast approval times
- •High loan amounts
- •No minimum credit score requirements
Mogo
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Founded back in 2003, Mogo has reached a base of more than 1.6 million members and has become one of the best places to apply for a loan in Canada. Mogo offers personal loans from $300 to $35,000 and boasts a quick pre-approval process that doesn't affect your credit score. Read more
- •Swift loan preapproval
- •100-day trial period
- •Low-interest rates
Borrowell
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Borrowell is not only one of the best personal loan providers in Canada, but it’s also an excellent place to learn about managing your personal finances. It offers free credit score reports, as well as personalized tips on how to improve your finances. Read more
- •Free credit report
- •Educational resources
- •Funds available within 48 hours
LendDirect
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
LendDirect is an online lending platform that offers unsecured personal loans and lines of credit of up to $15,000. It has a quick and easy application process with competitive interest rates and no hidden fees. Read more
- •Funds available in 15 mins via Interac e-Transfer
- •Optional loan insurance
- •Unlimited cash advances
Fairstone
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
A reputable financial institution, Fairstone was launched in 1923 and has since established over 240 branches across the country. It offers loans of up to $50,000 with flexible repayment terms and loan amounts. Read more
- •Flexible loan terms
- •Broad range of loan amounts
- •Over 100 years in business
6 Best Personal Loans in Canada for 2024:
Loans Canada - Lowest interest rates
LoanConnect - Best for applicants with a low credit score
Borrowell - Best credit score support
Mogo - Best for fast funding
LendDirect - Best line of credit loans
Fairstone - Best for flexible loan terms and amounts
Detailed Reviews of Canadian Personal Loans
Loans Canada Review
Loans Canada has been around since 2012. This reputable company boasts one of the largest lender databases and the lowest-interest personal loans in the country by far.
Loans Canada offers secured and unsecured personal loans of up to $35,000, and the types of loans you can get can be used for debt consolidation, home improvement, vacations, unemployment and emergency, rental and utility, and more. There’s even a separate Bad Credit Loans category for those who have been turned down by traditional lenders.
The application process can be completed in just a few minutes, and the preapproval will not affect your credit score. There aren’t any minimum income or credit score requirements. To apply, you simply need to fill out the online application form by adding personal, financial, and employment information, and submitting the required documents.
Then, with the help of the company’s proprietary matching technology, the platform will find the best online personal loans in Canada for you. Once you pick the one that suits you, the lender will approve your loan within 48 hours, and you’ll get your funds in one business day.
Loans Canada lets you repay your debt in flexible terms: from 4 to 60 months. All the platform’s financial services are 100% free, and you’ll only have to pay the costs charged by the lender. However, if you miss a payment, there might be an insufficient-funds fee of around $45.
Finally, Loans Canada boasts the lowest interest rate among competitors, starting from as little as 2.99%.
Key Benefits:
- Variety of financial products
- Lowest interest rates
- Robust search algorithm
LoanConnect Review
Established in 2015, LoanConnect is one of the leading online lending platforms in Canada with a vast network of verified and vetted lenders. It boasts an A+ BBB rating and can connect you with lenders that offer some of the best loan rates in Canada with a quick and easy application process.
With LoanConnect, you can get unsecured loans of up to $50,000 to use for various purposes, including debt consolidation, home renovations, covering medical expenses, vacations, and much more. You’ll get preapproved quickly with no impact on your credit score, and the funds will be transferred to your account in as little as 24 hours.
Borrower qualifications are lenient, and you can get approved for a loan even if you have bad credit or a past bankruptcy. The only requirement is for an applicant to be the age of majority in their province and be a Canadian citizen or permanent resident.
Loan repayment terms are pretty flexible, and users can choose to pay off their debt within 3 to 60 months (or even up to 120 months in some instances). At the same time, LoanConnect has some of the best rates for personal loans in Canada, which can be as low as 8.99% (but can go as high as 46.96%, depending on your credit score and other factors).
As the platform is not a direct lender but a mediator, the fees such as the origination fee are determined by the lenders in the network. The platform itself doesn’t charge anything and the online application process is free and straightforward.
You only need to provide basic financial information and contact details, such as a Social Insurance Number or government-issued ID, and then pick the best offer from a list of lenders LoanConnect will provide.
Key Benefits:
- No minimum credit score
- User-friendly online platform
- Extensive network of lenders
Mogo Review
If you’re looking for a personal loan in Canada and need to get it quickly, Mogo might be the best fit. Serving more than 1,6 million Canadians, it’s a leading fintech company that provides personal loans along with a variety of financial options, such as mortgages and investing.
Mogo offers unsecured loans with amounts that go from as little as $300 all the way up to $35,000. The funds can be used for anything from debt consolidation to home improvement, credit card refinancing, or small business expenses. You can pay back your loan anywhere from two weeks to six months, which is quite flexible.
When it comes to personal loan rates in Canada, if you compare Mogo with other lending platforms, you’ll see that it offers some of the lowest rates in the industry, starting at only 5.9% and going up to 47.42%.
You can get preapproved in minutes without affecting your credit score and have the funds deposited into your account as soon as the next business day. And the best part is - if you don’t like the service, you can cancel it within 100 days. So long as you pay back your principal, all the other fees or interest will be refunded by the company.
The application process is straightforward. To prove that you’re eligible for one of Mogo’s low-interest loans in Canada, you’ll have to provide personal information such as a copy of your ID, and prove that your annual net income is at least $13,000, that you’ve had steady income for at least 30 days, and that your credit score is equal to or higher than 500. Once you apply, the money will be in your account within 24 hours.
Key Benefits:
- Access to smaller loans starting at $300
- Low interest rates
- Quick approval without affecting your credit score
Borrowell Review
With two million members, a stellar reputation, and an A+ BBB rating, Borrowell is one of the platforms that provide the best personal loans in Canada. With seven years in business, Borrowell has developed a strong network of over 50 financial partners to help you find unsecured loans that match your needs.
Borrowell’s loans can be used for the following purposes: to consolidate your debt, pay off your credit card, make a major purchase, buy a car, improve your home, or finance your business. Also, in case you’d like to pre-qualify for a loan, the provider might run a hard credit check and thus harm your credit score.
However, you can borrow anywhere from $1,250 to $10,000 and pay the loan back from 36 to 60 months in monthly payments. Borrowell’s interest rate for personal loans is 19.99%. The platform is free, but you’ll have to pay a one-time origination fee of 1% to 5%.
To apply, you’ll have to have a credit score of at least 660, a minimum income of at least $20,000, good credit history and credit utilization, and a serviceable debt service ratio. You should also list your documentation, including the proof of income, get your free Equifax credit score, check the offers that match your credit profile and choose the best one to go with. You can expect funds to be on your account within 48 hours.
What makes Borrowell truly stand out are its vast educational resources. Namely, Borrowell doesn’t just allow you to borrow money; it will also provide you with free weekly Equifax credit score and report monitoring, free credit improvement tips, and personalized financial product recommendations.
Key Benefits:
- Free weekly Equifax credit score
- Large lender base
- User-friendly platform
Lend Direct Review
If you wish to get a line of credit of up to $15,000 for ongoing personal expenses with unlimited cash advances without having to reapply, then LendDirect is the right choice for you.
To apply with LendDirect and get one of the best personal loans for bad credit in Canada, you will need to be at least 18 years old and have a valid ID, a bank account opened in your name, and proof of recurring income.
Applicants will instantly be notified if they have been preapproved. Upon providing the documents and being officially approved, the funds will be deposited into your account in just 15 minutes - provided that you use Interac e-Transfer. Otherwise, it’ll take up to two business days.
Once you get your loan, you can use it to fund literally anything: a large purchase, unexpected bills, or debt consolidation. You won’t have to worry about loan terms, as they are open-ended, just like with most personal lines of credit. Count on flexible payment options, fixed rates ranging from 19.99% to 43.96%, and unlimited no-fee cash advances.
LendDirect might be the best loans company for a swift and easy application process, as it does not require any paperwork or phone calls. It also offers a Loan Protection feature to cover your unexpected costs in case of involuntary unemployment, injury or sickness, critical illness, or other misfortunes.
Key Benefits:
- Unlimited cash advance
- Open-ended loan payment term
- Funding in 15 minutes
Fairstone Review
Ever since 1923, Fairstone has been providing some of the best personal loans in Canada. With almost 100 years of experience and a network of over 240 branches across the country, Fairstone is one of Canada’s most reputable lenders.
The company offers both secured and unsecured personal loans you can use to fund emergencies, car repairs, home repairs, or consolidate your debt. You can borrow anywhere from $500 up to $50,000 and pay the debt back within 6 to 60 months for unsecured loans, or within 36 to 120 months for secured loans. You can choose to pay biweekly, semi-monthly or monthly.
To apply and get some of the best personal loan rates in Canada, you should ask for a no-obligation quote that won’t affect your credit score and then wait for a lending specialist to reach out. You can complete your application by providing documents with your personal, financial, and housing information.
Some of the documents include recent pay stubs, CPP statement, the latest T4, and two notices of assessment. You should also have a minimum credit score of 660 to get approved. The cash will be on your account within 24 hours.
On the flip side, you’ll have to pay between 19.99% and 39.99% interest for the loan, depending on your credit score and other factors.
Ever since 1923, Fairstone has been providing some of the best personal loans in Canada. With almost 100 years of experience and a network of over 240 branches across the country, Fairstone is one of Canada’s most reputable lenders.
The company offers both secured and unsecured personal loans you can use to fund emergencies, car repairs, home repairs, or consolidate your debt. You can borrow anywhere from $500 up to $50,000 and pay the debt back within 6 to 60 months for unsecured loans, or within 36 to 120 months for secured loans. You can choose to pay biweekly, semi-monthly or monthly.
To apply and get some of the best personal loan rates in Canada, you should ask for a no-obligation quote that won’t affect your credit score and then wait for a lending specialist to reach out. You can complete your application by providing documents with your personal, financial, and housing information.
Some of the documents include recent pay stubs, CPP statement, the latest T4, and two notices of assessment. You should also have a minimum credit score of 660 to get approved. The cash will be on your account within 24 hours.
On the flip side, you’ll have to pay between 19.99% and 39.99% interest for the loan, depending on your credit score and other factors.
Key Benefits:
- Fast preapproval
- Flexible loan terms and payment options
- A legitimate and reputable company
Our Guide on Choosing Top Personal Loans in Canada
Personal loans can be a great way to finance a large purchase, consolidate debt, or cover unexpected expenses. In case you’re unfamiliar with them, personal loans essentially constitute a certain amount of money you borrow from a lender and agree to pay back over a set period of time, with interest.
There are many personal loan options available in Canada, each with its own set of terms and conditions. To find the best one for your needs, it’s important to compare lenders and their offers to see what’s available. Here are a few things to keep in mind when searching for a personal loan with the best interest rates in Canada:
- The size of the loan: How much money do you need to borrow?
- The interest rate: What is the APR?
- The term: How long do you have to repay the loan?
- The fees: Are there any origination fees or prepayment penalties?
- The repayment schedule: How often do you have to make payments?
- Your credit score: What is your credit score, and how will it affect the loan?
When comparing personal loans, be sure to look at the total cost of the loan, not just the interest rate. To find the best lender or the best bank for personal loans in Canada, you should look for those with the lowest total cost, which includes the interest rate, fees, and the term of the loan.
Finally, if you have a good credit score, you’ll likely be able to qualify for a lower interest rate. However, if you have bad credit, you may still be able to qualify for a personal loan, but it may come with a higher interest rate.
How We Evaluate Personal Loans in Canada
To find the best personal loan providers in Canada, we’ve looked at a variety of important factors. Here’s a detailed overview of how we’ve narrowed down our picks to six providers:
Loan Type
Most lenders on our list offer both secured and unsecured personal loans. However, we consider it a big plus if the companies offer additional choices, such as affordable debt consolidation loans, co-signed and joint loans, personal lines of credit, “buy now, pay later,” and more.
Sometimes, lenders restrict the usage of the loans they give out to specific purchases only. We preferred Canadian loan companies that offered a variety of loan types so as to allow their potential clients more flexibility.
Loan Amount and Terms
The next thing we considered was how much money you could borrow and for how long. Higher maximum loans and longer repayment periods mean additional flexibility and a wider potential customer base. Our list includes lenders who offer loans of up to $50,000, with terms ranging from two weeks to seven years.
Application Process and Funding Time
After identifying the lenders that offered the largest sums for the longest periods of time, we looked for loans with low interest rates that can be easily obtained. A lengthy and complicated application process can be discouraging, especially if you’re in need of quick cash. We’ve only listed companies that have an online presence and can give you an answer within minutes (or hours at most).
Interest Rates and Fees
Lenders might charge origination fees, late payment fees, closing costs, etc. We prioritize companies that have competitive fees and transparent pricing. The companies on our list have annual interest rates that range from 2% to 47%, depending on the lender, your credit score, and other factors.
Borrower Qualifications
To qualify for the best personal loan rates in Canada, you must meet certain requirements set by the lender. We prioritize companies with lenient eligibility criteria, such as a low minimum credit score, low annual income requirements, no strict requirements regarding employment status, etc.
FAQ
What is a good interest rate on a personal loan in Canada?
Interest rates on personal loans in Canada vary depending on the lender and your credit score. Generally, you can expect to pay an interest rate as low as 2%-3% if you have good credit, which represents some of the best loan rates in Canada.
Which bank gives personal loans easily?
Out of the six platforms we listed in our review, LoanConnect, LendDirect, and Loans Canada have the most straightforward online application process with the fewest requirements. For example, LendDirect only requires users to be at least 18 years old and have a valid ID, a bank account in their name, and proof of recurring income.
What documents do I need to apply for a personal loan in Canada?
When you are looking for the best personal loans in Canada, lenders will typically require you to provide some basic information about yourself and your finances. This may include your name, address, date of birth, Social Insurance Number, employment information, and income. You will also likely need to provide some documentation, such as proof of income and bank statements.