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The Best Personal Loans in Canada for July 2024


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Finding out who has the best personal loans in Canada has never been easier. With the advent of financial technology companies, you can go online to compare and apply for a loan within minutes.

Read on to learn about lenders who offer secured and unsecured personal loans, plus the best personal loan rates in Canada.

Best Personal Loan Rates in 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. This company holds an A+ accreditation with the Better Business Bureau and features multiple lenders on its website.

Interest rate: 2.99% to 46.96%

Loan term: 3-60 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and employed for at least 3 months with proof of income.

loans canada logo

On Loans Canada’s website

  • Loan comparison platform that offers personal, debt consolidation, bad credit, guarantor, unemployed, no credit check, and no bank or employment verification loans.
  • Flexible terms and interest rates from 1.99% to 46.96% APR and 3-60 month term lengths.
  • Fill out one application and get access to hundreds of loan options without hurting your credit score.
  • Those with poor, average, or excellent credit scores can apply.
  • Compare multiple lenders for the best loan amounts, interest rates, and term lengths.
  • Complete your entire application online with no face-to-face interaction.
  • Apply in about 5 minutes with basic personal information and required documents.

Compare multiple lenders in one place

Fast and easy application process

Many different types of loans available

Interest rates can be as high as 46.96%

Some bad credit loans can incur early repayment penalties

Loan origination fee charged by some lenders

Loans Canada is one of the top loan comparison platforms in Canada that offers many types of personal loans from various lenders. You can easily compare and apply on their website, as well as view user reviews for each lender.


FatCatLoans is a Canadian loan comparison website. They take the work out of searching for a loan as they search the market to find trustworthy instant loan lenders. Get up to $50,000 with a personal, installment, bad credit, and debt consolidation loans.

Interest rate: 6.99% to 46.96%.

Loan term: 3-60 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory, have a regular source of income, and an active bank account.

FatCatLoans logo

On FatCatLoans’s website

  • FatCatLoans offers personal, bad credit, installment, debt consolidation, and online loans from different lenders across Canada.
  • Installment loan applications take only 7 minutes to complete online with instant approval.
  • Get loans from $1,000 to $50,000, with a 4.84% to 35.99% APR and 3 to 84-month terms.
  • Depending on the lender, you could have your loan within 1 to 3 days.
  • Bad credit loans are available for those with poor credit.
  • Applications are done entirely online with no phone calls or paperwork needed.

Loans are available in all provinces

A one-stop-shop for comparing different loans and lenders

Personal, installment, bad credit, debt consolidation, and other loans are offered

There can be high interest rates for some loans

They are not a direct lender

There are limited reviews and no phone number for customer service

FatCatLoans is a one-stop-shop to find loans for every purpose and credit score, including personal, installment, debt consolidation, and bad credit loans. They search the market to find and match the best loans for you. You can borrow up to $50,000.


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: 8.99% to 46.9%.

Loan term: 3-120 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory.

loanconnect logo

On LoanConnect’s website

  • No matter their credit score, Canadians can apply for a loan and are likely to be approved for a secured or unsecured loan from many different lenders.
  • Unsecured personal loans and installment loans are offered.
  • Types of loans include debt consolidation, home improvement, emergency, business, and medical expense loans.
  • Easily apply by filling out one form with the loan amount, purpose, personal, and employment details.

Get loans up to $50,000

No minimum credit score required

Searches through multiple lenders to find the best providers

Interest rates can be as high as 46.96% APR

LoanConnect is one of our top choices as they search through different lenders to find the best loan options for you based on the loan amount, purpose, employment information, and credit profile. The application process is straightforward, so you can get multiple loan offers in under a minute.


Along with its other products, Mogo offers flexible personal loans from Lendful and MogoLiquid powered by easyfinancial. You can get a no-obligation pre-approval loan in just 3 minutes and a personalized dashboard and payment plan.

Interest rate: 9.9% to 46.96%.

Loan term: 9 months to 5 years.

Maximum loan amount: Up to $35,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory; minimum income requirements, identity verification, and other conditions may apply.

mogo logo

On Mogo’s website

  • Mogo offers two personal loans with terms ranging from 9 months to 5 years:
  • Lendful personal loans from $5,000 to $30,000 with an APR of 9.9% to 21.5%. It is available to residents in BC, AB, ON, NB, MB, NL & NS.
  • MogoLiquid Personal Loan powered by easyfinancial – from $500 to $15,000 with interest rates ranging from 29.99% to 46.96%. It is available in BC, AB, MB, ON, NB, PE, NL & NS.
  • Get pre-approved in just 3 minutes for either loan.
  • MogoMoney pre-approval loans do not impact your credit score and are transparent.
  • When you make payments on time, you can get lower interest rates or higher loan amounts.
  • Access a personalized dashboard where you can see your payment progress, the amount remaining, and more.
  • The MogoLiquid loan has a fixed term, saving you money on interest.
  • Most Mogo loans include a 100-day test drive. If you don’t like your loan experience, pay back the principal, and they will refund you the interest and fees you’ve already paid.
  • Get a free MogoCard and monitor your credit score for no extra cost.
  • Loans can be paid off in full at any time with no penalties.

Low interest rates for Lendful personal loans

Pay off loans in full at any time with no penalties

100-day test drive and free MogoCard

Loans are not available in all provinces

There can be additional loan fees not disclosed on the website

$20 to $50 NSF fees if you can’t make payments on time

Mogo personal loans are available to most Canadian residents with lower interest rates and fixed-term payment schedules, designed to help you incur lower fees and interest. You can pay off the loan in full at any time with no penalties, and you get access to a free MogoCard and credit check.


Savvy New Canadians ranks the top personal loan providers in Canada based on their interest rates, loan terms, loan amounts, ease of application, eligibility requirements, and the types of loans they offer. Based on our research, these are some of the best personal loan companies in Canada. Visit their website to read their updated terms and conditions before applying.

Compare Best Personal Loans in Canada

Loans CanadaFatCatLoans
Max. loan amount$50,000$50,000$50,000$5,000$35,000
Loan term4-60 months3-60 months6-60 months9-24 months6-60 months
Interest rate1.99% – 46.96%6.99% to 46.96%5.75% – 46.96%46.00%9.9% – 46.96%
Min. credit scoreNone300NoneFairNone
Minimum incomeNone$1,000 monthlyNone – varies by lender$1,200/mo$13,000/yr

1. Loans Canada Personal Loans

Loans Canada was established in 2012 and is Canada’s first loan comparison platform.

The company works with various financial institutions that provide personal loans, bad credit loans, installment loans, car loans, and debt consolidation loans.

Some loan companies they work with include Spring Financial, Mogo, Fairsone, and LendDirect. 

After you complete the simple application online, you are matched up with a lender that suits your financial needs. There is no obligation to borrow, and you decide whether to accept the quote and terms offered.

Loan amounts range from $500 to $35,000, and interest rates are from 2.99% to 46.96%, depending on the strength of your credit profile.

The loan can be paid off between 4 months and 60 months, or even longer, depending on your contract.

Loans Canada also has a Learning Center and blog where you can learn about loans, how they work, and become financially aware before committing to a loan. 

2. FatCatLoans

FatCat Loans is an online platform that matches customer applications with lenders in its network based on information submitted via online applications. Its network includes lenders who loan to people with poor credit scores. 

You only need to apply once to access loans from different lenders. The application and approval process is fast, and funds can be available on the same day.

The eligibility requirements for a loan on this platform are:

  • Have a minimum credit score of 300
  • Be at least 18 years old
  • Earn at least $1,000 a month

You can borrow up to $50,000 for terms ranging between three and sixty months.

3. LoanConnect Personal Loans

LoanConnect is Canada’s leading personal loan search engine for comparing loan rates across multiple lenders. They offer unsecured loans for debt consolidation, bad credit, and more. 

After completing the short application form, pre-approval with a suitable lender takes about 5 minutes, and you have funds deposited in your bank account in as little as 12 hours.

Loan Connect lenders offer rates as low as 6.99% APR, and you can borrow up to $50,000 on a 3 to 120-month term. APR rates are based on your needs, financial information, and credit history. 

They do not charge a fee; however, some lenders on the platform may charge a small origination fee.

Loan Connect offers loans to those with any credit score; virtually anyone looking for an unsecured loan under $50,000. To apply, you must be the age of majority in your province and a Canadian resident. 

4. Mogo Personal Loans

Mogo was founded in 2003 and is traded on the TSE under the ticker symbol “MOGO.”

The company offers several financial products, including free credit scores, personal loans, mortgages, spare-change investing, and more.

You can access personal loans from Lendful, ranging from $5,000 to $35,000, with APRs from 9.9% to 21.5%. 

Mogo also offers MogoLiquid Personal Loans powered by easyfinancial. These loans range from $500 to $15,000, with a 29.99% to 46.96% APR. 

Terms range from 9 months to 5 years for both types of loans.  

A Mogo loan requires that you earn a net income of at least $13,000, live in BC, AB, MB, ON, NB, NS, PEI, or NL, and be the age of the majority in your province.

Most loans from Mogo include a 100-day test drive. If you don’t like the experience, you can pay back the principal, and they will refund any fees or interest you’ve paid. 

When you apply for pre-approval, you can get free monthly credit score monitoring with the Mogo Visa Platinum Prepaid Card. 

5. AimFinance

Aim Finance offers personal loans for borrowers in Ontario with various credit profiles, typically below 575 or 600. Loan amounts are from $1,000-$5,000, and they come with a term ranging between 9-24 months.

Loan requirements include proof of being a Canadian resident, a minimum monthly income of $1,200, proof of steady income such as a pay stub or direct deposit, and a credit score that is fair to good.

The application process on AimFinance is straightforward, with approvals and loan payouts possible within 24-48 hours if you are eligible. The funds are sent through direct deposit or electronic funds transfer.

The APR for a personal loan from this company is 46.00%. 

Depending on your credit profile, Aim Finance may sometimes approve you for less than the requested loan amount. 

6. Loanz Personal Loans

Loanz is a lending platform for individuals with bad credit or no credit at all. You can use it to access unsecured personal loans in Canada.

The company is owned by Consumer Genius Inc., a well-known loan comparison firm across North America.

To get started, complete the short online application and choose how much you would like to borrow ($1,000 to $15,000) and for how long (12-60 months).

Loan interest rates range from 29.9% to 46.9%, depending on your credit situation.

Depending on how you choose to receive the funds, some loans can arrive in your bank account in as little as 15 minutes. 

This platform requires applicants to earn at least $1,200 monthly and have a steady job. They must also not have filed for bankruptcy and must not currently be in collections. They need a chequing account and must be over the age of majority in their province or territory.

7. Fairstone

Fairstone has been lending to Canadians for nearly 100 years, providing quick personal loans to borrowers with fair to good credit.

Unsecured loan amounts range from $500 to $25,000, with interest rates from 26.99% to 39.99%* and terms from 6 to 60 months.

You can borrow between $5,000 to $50,000 with a secured loan, at an interest rate of 19.99% to 24.49%** and terms from 36 to 120 months.

To apply for a loan, start by getting a quote online with no obligation or impact to your credit score. Then, complete the application process online or at a Fairstone branch. Once approved, you could have the money in your bank account in as little as one day.

*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC, 31.99% in MB, and 34.99% in QC.

**On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone’s website for details.

In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821. In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.

8. LendDirect

LendDirect offers lines of credit and installment loans at rates as low as 29.99%. You can get loans up to $15,000, depending on your province. 

LendDirect’s mission is to create better personal loan options for Canadians and make it easier to access funds faster. 

You only need to apply once for a line of credit. If approved, you can take cash advances as often as you like up to your credit limit. 

To apply, you’ll need to submit personal, income, and bank account information, along with documentation verifying your income. You must be between 18 to 70 to be eligible. 

Applications can be made online or over the phone. Once approved, you can receive your funds via Interac e-Transfer in as little as 15 minutes. Interest rates range from 29.99% to 46.9%. 

Secured Personal Loans in Canada

A secured loan is a personal loan that requires collateral.

Some lenders above offer this type of loan and require you to put down a security deposit that is usually equivalent to your credit limit, or you may be required to provide a guarantor.

Other Personal Loan Providers in Canada

You can also get a personal loan from these online lenders.

9. SkyCap Financial 

Founded in 2013, SkyCap Financial provides personal loans ranging from $500 to $10,000. They specialize in short-term loans for those who have poor or low credit. They offer many loans, including home improvement, travel and leisure, and moving expenses loans. 

Loan amortization is from 9 to 60 months, with an interest rate between 12.99% to 39.99%. 

To determine eligibility, they check your current income, credibility, and stability. They boast an application process of under 5 minutes with a quick decision and the promise to get your money fast, deposited directly into your bank account. 

After receiving your loan, SkyCap sets up an automatic payment plan so that payments are withdrawn from your account on a regular schedule. This way, you don’t have to worry about making payments and incurring interest fees. 

SkyCap Financial also offers SkyCap University, a free online course for clients that is designed to help improve financial literacy. Once clients complete the course, they get a reduced interest rate. 

10. Spring Financial

Spring Financial is another online lender you can use to access personal loans, credit-building products, and more.

They offer same-day personal loans from $500 to $15,000 for a 9-month to a 60-month term. The interest rate depends on several factors, including your current income, debt load, and credit history. 

To qualify for a loan from Spring Financial, you must be at least the age of majority in your province, have a valid ID, and earn some form of income.

You can apply online and get approved for a loan in just minutes. The entire process can be completed from home, with no face-to-face interactions. You can receive the funds the same day via Interac e-Transfer. 

Each bi-weekly or monthly repayment towards your loan is reported to the credit bureaus, helping build your credit history. 

This company does not offer loan products in Saskatchewan, Quebec, and New Brunswick.

11. Borrowell Personal Loans

Borrowell offers unsecured personal loans up to $50,000 from its partners, with rates ranging from 4.34% to 39.99% APR and terms from 6 months to 7 years.

Top loan providers who work with Borrowell include Fairstone, Sympleloans, SkyCap Financial, LendDirect, Refresh Financial, and CHIPReverseMortgage. 

To qualify for a Borrowell loan, you should:

  • Have a credit score of 660 or higher
  • Not have a bankruptcy, consumer proposal, or active collection on your credit file
  • Earn at least $20,000 per year
  • Have at least 12 months of credit history
  • Have a debt service ratio of less than 48%

Your loan application approval takes 1-2 business days, and you may be charged a 1-5% one-time origination fee that is included in your loan amount.

Read our Borrowell Loans review.

Loan Payoff Calculator

What is a Personal Loan?

A personal loan is a fixed amount of money borrowed from a lender with an agreement to pay back (principal, interest, and fees) through regular installments.

The lender can be a bank, credit union, private lender, online lender, or payday lender.

Personal loans come in different forms, including:

Secured Loan: For a secured personal loan, you must provide the lender with collateral, i.e. an asset that secures the loan, e.g. car, house, or bank savings account.

Unsecured Loan: An unsecured loan does not require collateral. The lender may charge a higher interest due to the increased risk of default.

Car Loan: A car loan is a type of personal loan used to purchase a new or pre-owned vehicle.

A personal loan can have a fixed or variable interest rate. With a fixed rate, the interest you pay stays the same throughout the loan term. If your loan has a variable rate, your interest payment will vary with the lender’s prime rate, and can go up or down.

How To Apply For a Personal Loan

Applying for a personal loan with the lenders featured in this post is an easy process and completely online.

To expedite the process and increase the chances you will qualify for a personal loan, you should meet the following basic requirements:

  • Be at least 18 years or older
  • Be a resident of Canada
  • Have a Canadian bank account and have proof of your residency, e.g., a recent utility bill
  • Have proof of income, e.g. paystub. Most lenders want to see that you have a regular income and earn at least $15,000 per year
  • Have an established credit history and credit score
  • Have a government-issued photo ID, e.g. driver’s license or Passport

The personal loan interest rate you qualify for will depend on your overall financial picture and credit score.

For the most competitive interest rates available, you should have a credit score of 650 or higher, and your debt-to-income ratio should be 40% or less.

It also helps if you don’t have a history of bankruptcy. Don’t know what your credit score is? Find out for free here.

When you have completed the application form of the lenders online, they typically get back to you within minutes to hours, and you can access funds in as little as 24 hours.

Generally, the cash is deposited directly into your bank account using e-Transfer.

How To Choose a Personal Loan

When deciding which personal loan to take out, you should consider a few different factors, such as:

Loan amount. Decide how big of a loan you want to take out and what you will use it for. Different lenders offer different amounts, and some only offer small loans, while others offer loans up to $50,000. 

Interest rates (APR). Be careful when looking at loans with different interest rates. Some lenders may offer loans with a high APR, making it difficult to pay them off quickly. Others may offer a lower interest rate, though you may pay more because of a longer loan term. 

Term length. Depending on how much money you take out for a loan, the term length will be different. If you want to pay it off faster, choose a lender with a shorter repayment tenure, but keep in mind you will be paying more each time than if you choose a loan with a longer term length. 

Lender reputation. Do your research and look at reviews for each lender. You want to ensure you’re taking out a loan from a reputable company that will not charge you tons of fees or have you locked in for a long time. 

Check your credit score. If you have a poor credit score, you will qualify for different types of loans than someone with a good to excellent credit score. Consider applying for a secured loan if you have a bad or no credit history. Those with good credit scores will likely be approved for most personal loans. 

No matter which factor is most important to you, do your research and compare multiple lenders before choosing one. You can easily get a quote on most websites before committing to one lender. 

Pros of Personal Loans in Canada

Most personal loan companies in Canada offer a quick and easy application process. They’ll let you know immediately if you’ve been approved and will give you a quote – most of which come with no obligation. You won’t have to visit a branch or talk to someone in person, and you can receive the loan in just a few hours or days. 

In most cases, you’ll receive the loan in one lump sum payment. You can use it right away for anything you need. You’ll get a fixed interest rate and payment schedule, so you’ll know exactly when and how much you owe. 

Some lenders offer secured loans, meaning those with poor or no credit history can still receive a loan and build their credit score. 

Lastly, some lenders offer a lower interest rate than credit cards. It can be as low as 4% to 9%, depending on multiple factors.

Downsides of Personal Loans in Canada

Personal loans can have high interest rates, as high as 46.9% in some cases. This is much higher than credit card interest rates, which average around 19.99% to 24.99%. A high-interest rate can almost double the amount you’re paying back each installment.

If you can’t pay the loan on time or miss a payment, the penalties and fees can be quite high. This isn’t even taking into account origination or loan processing fees. 

Personal loans can be difficult to qualify for, especially if you have a poor credit score. Most don’t require a guarantor or co-signor, which can diminish your approval odds. 

Lastly, personal loans can hurt your credit score if you don’t make payments on time. Just as they report positive payment history, lenders will report missed or late payments to the credit bureaus. 

Do You Need a Personal Loan?

You should ask yourself this question before applying for credit of any kind.

Do you need a personal loan?

Perhaps, you could access funds via other means and not have to go into debt. If financing is the way to go, consider paying off your loan as soon as possible to lower the interest payments and get out of debt.

Can you afford a personal loan?

Only apply for a loan amount that your budget can handle, i.e. you should be able to make the monthly payments on time. You can use the personal loan calculator to estimate your monthly payments, excluding extra fees.

Related Posts

Best Personal Loans in Canada FAQs

What is a good interest rate on a personal loan in Canada?

The best personal loan interest rates depend on your financial situation and how much you can pay back each installment period. For example, if your term length is a few years, you will probably want a low interest rate of around 10%, whereas shorter terms will likely have higher interest rates unless you have good credit.

What is the difference between secured vs. unsecured loans?

A secured loan is ‘secured’ against your assets, e.g. cash savings, car, or home. If you cannot repay your loan, the lender takes possession of the security deposit. An unsecured loan is not protected using any collateral and may have a higher interest rate.

What is the current interest rate on a personal loan?

Personal loan rates in Canada vary based on the lender, your credit score, creditworthiness, debt-to-income ratio, prime rate, and more. For the most current rates available, visit the lenders’ website via the links to confirm what’s being offered.

What is the best online loan for bad credit?

You can read about personal loan offers for bad credit here.

Will a personal loan hurt my credit score?

Your credit score may cause a small temporary drop in your credit score. If you make your payments on time, a personal loan can help to raise your credit score over time. Late or missed payments will damage your credit score.

What is the easiest loan to get in Canada?

The easiest loan to get in Canada is a payday loan, which doesn’t require a credit score. However, these types of loans are not recommended as they come with high interest rates. 

What is the maximum amount I can borrow with a personal loan?

Generally, you can borrow up to $35,000; however, LoanConnect has lenders offering up to $50,000.

How does my credit score affect my interest rate?

Your 3-digit credit score is based on your credit report and measures your creditworthiness. Lenders look at your credit rating and are willing to offer more competitive rates if you have a good to excellent credit score.

Do I need to pay to check my credit score?

No, you can check it for free using a credit monitoring company like Borrowell.

Do I need a guarantor to get a personal loan?

Only if you are applying for a guarantor loan because your credit is poor or bad.

Can I check my credit score without affecting it?

Yes. When you check your own credit score, it is seen as a “soft inquiry” and does not affect it. If a lender pulls your credit file to assess your loan application, it is seen as a “hard inquiry” and affects it.

Who is Canada’s biggest lender?

The lenders on this list are some of the biggest and most popular in Canada, including Fairstone and Refresh Financial. The largest loan search engine platforms are LoanConnect, Loans Canada, and Loanz. 

Top Loan Offers this month

Compare the best loans for good and bad credit in Canada

Get the best loan rates from lenders regardless of credit score.

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%.

Check your credit score for free online in 3 minutes or less

Get access to your Equifax credit score for free.

It takes only a few minutes online, and no credit card is required.

Access free identity monitoring and protection.

Includes your credit report updated weekly.


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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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