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5 Best Personal Loans in Alberta in 2023

Finding a personal loan in Alberta is easy if you have a great credit score.

On the other hand, it can be tough to find the best personal loan rates if you have bad credit because your bank may not be interested in extending your credit.

This guide covers the best personal loan providers in Alberta, including places where you can get short-term loans and loan options for bad credit.

Best Personal Loans in Alberta

 Loans CanadaLoanConnectLoanzMogo
Maximum loan amount$50,000$50,000$15,000$35,000
Interest rate1.99% – 46.96%1.90% – 46.96%29.9% – 46.96%9.9% – 47.72%
Loan term3-60 months6-60 months4-60 months6-60 months
Minimum credit scoreNoneNoneNoneNone
Minimum incomeVaries by lenderVaries by lender$1,200/month$13,000/year

1. Loans Canada

Loans Canada

Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. It has partnerships with some of Canada’s largest lenders and offers free access to your Equifax credit score.

Interest rate: 1.99% to 46.96%.

Loan term: 4-60 months.

Maximum loan amount: Up to $50,000.

Loans Canada is an online platform where you can apply for personal loans and get matched with a lender that meets your needs.

It offers loans for various purposes, including credit building, debt consolidation, mortgage refinancing, car loans, debt relief, business financing, and more.

Loans Canada was founded in 2012 and is available throughout Canada.

You can borrow up to $50,000 with terms ranging from 4-6 months and interest rates ranging from 1.99% to 46.96%.

Given its large provider network, individuals looking for short-term and bad credit loans in Alberta have a fairly good chance of finding a suitable loan via this platform. You can also access your credit score for free.

Eligibility: On average, you want to show you earn enough income to cover your bills and debt repayment.

You must also be a resident of Canada and be the age of the majority in your province.

2. LoanConnect


LoanConnect is a search engine for finding personal loans online from various lenders. You can use it to find a loan that works for your situation regardless of your credit score.

Interest rate: 6.99% to 46.9%.

Loan term: 3-120 months.

Maximum loan amount: Up to $50,000.

LoanConnect is a search engine for all types of loans in Alberta, such as:

  • Debt consolidation loans
  • Cash loans
  • Bad credit loans
  • Personal loans and more

You can use the platform to locate the best personal loan rates in your area and receive funding within a day.

Loan amounts up to $50,000 are available at rates ranging from 1.90% to 46.96%, depending on the term length, loan type, and credit rating.

The maximum loan term is 60 months.

Eligibility: You can apply for a loan even if you have a bad credit score or a past bankruptcy.

To be eligible, you must be a Canadian resident and be at least 18 or 19 years old (depending on your province).

LoanConnect is available throughout Canada, and it has an A+ rating with the Better Business Bureau.

Read our detailed review.

3. Loanz


Loanz offers unsecured loans for debt consolidation, bad credit, emergencies, and other types of personal loans.

Interest rate: 29.9% to 46.9%.

Loan term: 12-60 months.

Maximum loan amount: Up to $15,000.

Loanz is another loan comparison site for finding personal loans in Alberta.

It has a short online application you fill out, and they contact you with quotes within minutes.

The unsecured personal loans available range from $1,000 to $15,000 for 12-60 month terms.

Loan rates are 29.9% to 46.96%.

Eligibility: To qualify for a loan, you must be over the age of 18 and reside in Alberta, BC, SK, MB, ON, NL, NS, NB, or PEI.

Applicants must also have a steady source of income ($1,200 per month) and not be bankrupt.

4. Mogo


Mogo is a financial technology company that provides personal loans through its lending partners and access to mortgages, investment products, and prepaid cards.

Interest rate: 9.9% to 46.9%.

Loan term: 12-60 months.

Maximum loan amount: Up to $35,000.

Mogo is a financial technology company that offers loans and other financial products and services:

  • Stock trading app
  • Prepaid credit (MogoCard)
  • Free credit scores
  • Identity theft protection
  • Cryptocurrency trading and more

You can apply for a loan of up to $35,000 through this platform for 6-60 month terms, and rates ranging between 9.9% and 46.9%.

Eligibility: Applicants must be at least 18 years old (or 19 years, depending on the province) and live in Alberta, BC, ON, MB, NB, NS, PEI, or NL.

Also, a net annual income of $13,000 and steady employment for at least 30 days is required.

Read our review.

5. Borrowell

Borrowell is a financial technology company and loans comparison site.

In addition to company rates for insurance, mortgages, and personal loans on the platform, you can also use it to monitor your credit score for free.

Loan amounts available range from $500 to $50,000, and interest rates are from 5.75% to 39.99%.

Eligibility: You must be 18+ years of age and have steady employment with proof of income. A decent credit score of 660 or higher is also required to qualify for a loan.

5 Best Personal Loans in Alberta

How To Qualify for a Personal Loan in Alberta

Most lenders look at the following when assessing your loan application:

Employment status: If you are employed and have a steady income, you have a better chance of qualifying for a personal loan. It also helps if your monthly income exceeds $1,200.

Canadian residency: You must be a resident of Canada and have a Canadian residential address.

Age of majority: Loan applicants must be at least 18 years old or 19 years in some provinces.

Credit score: While the companies on this list work with lenders that accept bad credit, some require borrowers to have a good credit score (660+). Check your credit score here.

Proof of identification: You will need to identify yourself using a valid government-issued ID.

Canadian bank account: You will need to own a bank account in Canada as this is required to set up pre-authorized repayment of your loan.

Types of Personal Loans in Alberta

Unsecured personal loans: You don’t need to provide collateral or a security deposit for this loan. The best personal loans in Alberta listed above are mainly unsecured.

Secured personal loans: These loans require you to provide collateral such as your house. If you can’t repay the loan, the lender can repossess your asset and dispose of it.

Payday loans: These are costly loans you can get online or by walking into a payday loan shop. Their interest rates can exceed 500%, and you should avoid them if possible.

How To Choose The Best Personal Loans in Alberta

Before accepting a loan offer in Alberta, you should:

Compare rates: You can save much money on interest fees by comparing rates across providers. It is easier to accomplish this when you use a loan comparison service like Loans Canada or LoanConnect.

Ask about fees: Some lenders apply an origination fee to your loan. This can be up to 6% of the loan amount, so confirm beforehand. Also, ask about other fees such as NSF fees, late payment charges, processing fees, and other admin fees.

Payment options: Find out what the payment schedule is: biweekly, semi-monthly, monthly, weekly, etc.

Can you prepay the loan without penalty? This is important since you want the flexibility of paying off the loan sooner if the opportunity arises.

Best Personal Loans in Alberta FAQ

What credit score is needed to get a personal loan in Alberta?

You can get a personal loan in Alberta with any credit score. That said, a good to excellent credit score (over 660) makes it easier to qualify for a loan.

How do I get a short term loan in Alberta?

Visit the loan comparison sites listed above and submit your application. They provide loans for various reasons, including car repairs, debt consolidation, auto financing, short-term loans, and more.

Can I get a no credit check loan in Alberta?

Yes, there are no credit check loans in Alberta. However, you pay a higher interest rate, and the lender may ask you to provide collateral.

What is the best personal loan platform in Alberta?

The best platform for finding personal loans in Alberta is Loans Canada.

What is the interest rate for a personal loan in Alberta?

Loan rates in Alberta depend on your credit score, creditworthiness, loan amount, loan term, and more. The interest rates range between 2% and 46.96%.


Top Loan Offers this month

Compare the best loans for good and bad credit in Canada

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Quick online application from the comfort of your home.

Borrow up to $50,000 for 3 months to 60 months.

Loans for any reason with rates from 2.99% to 46.96%.

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Includes your credit report updated weekly.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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