The best personal loan providers offer affordable monthly payments and rates that fit your financial situation. We’ve rounded up the top personal loans in Canada to help you compare options and find the best rates, fees and terms for your needs.
Personal loans are a convenient way to borrow a little or a lot of money to cover various expenses, from surprise medical bills to home improvements and vacations.
With funds typically transferred to your account immediately, the right personal loan can provide a much-needed financial boost. With a huge range of lenders to choose from, finding a personal loan that meets your needs and financial situation can be challenging. We’ve rounded up Canada’s top personal loan lenders by looking at key factors like interest rates, fees, loan amounts, and term lengths. Read on for everything you need to know about Canada’s best personal loan options and how to choose the best loan for your situation.
How do personal loans in Canada work?
Personal loans provide an upfront lump sum of money you pay back in individual instalments over time. On top of your instalments, you’ll pay interest, which can be fixed (stays the same for the life of your loan) or variable (changes throughout the life of your loan). Most personal loans have terms that range from a few months to several years, with loan amounts starting as low as $100 and going up to $50,000 (or more). As long as you meet the lender requirements, you can use a personal loan to access funds for various purposes – from paying bills to consolidating debt or buying a new car.
| 💡 PockBox Tip: Personal loans are secured or unsecured. Secured loans require collateral – like a vehicle or savings account. Most personal loans are unsecured, meaning they don’t require collateral. |
What do you need to get a personal loan?
Each lender’s application process will differ, although most Canadian personal loans have similar eligibility criteria. Some of the most common areas that lenders assess are:
- Income: Most lenders have a minimum income threshold to be eligible for a loan, so you’ll need to provide proof of income (e.g., a T4 slip).
- Debt-To-Income Ratio (DTI): Your DTI measures how much of your monthly income goes towards paying your monthly debt. A DTI of 44% is around the highest most lenders want to see – any higher and most lenders’ll likely reject you.
- Employment History: Lenders typically like to see that you’ve been employed with the same employer for 3 – 6 months to demonstrate job (and income) stability.
- Credit Score: Lenders may ask your permission to do a credit check as your credit history can significantly affect your ability to qualify for a loan and secure a lower interest rate.
Where can you get the best personal loans in Canada?
#1 – Spring Financial
| Borrow up to $35,000 | Rates as low as 9.99% | Get funds the same day | Repayments may build credit |
Spring Financial offers easy, stress-free borrowing with limits up to $35,000 without leaving your home (so no bank lines or face-to-face meetings). Apply online in minutes using Spring’s convenient application form with loans starting at $500. Repayments to your loan are reported to the credit bureaus which may help build your credit. To apply for a Spring Financial personal loan, you’ll need to be the majority age in your province as well as:
- A valid ID
- Some form of income
Like most personal loans, the amount you qualify for will depend on a number of factors such as your credit history, current income, and current debt load – so you’ll likely find better borrowing limits and terms with a stronger credit score. Your Spring Financial loan delivers funds in 1-2 business days with repayment terms from 9 to 60 months, depending on your needs.
- 100% online application: Find out how much you’re eligible to borrow and apply for a personal loan from home without getting off the couch.
- No penalties for early payment: Pay off your loan at any time with no penalties to reduce total interest payments.
- Flexible borrowing: Loan amounts range from $500 to $35,000 with bi-weekly or monthly repayments, so you’re not forced into a restrictive box or pushed deeper into a financial hole.
Need up to $35,000? >>>> Check out Spring Financial 👈
#2 – Fig
| Borrow up to $35,000 | Rates as low as 8.99% | Get funds in as little as 1 day | No early repayment fees |
Fig offers fast, secure and easy personal loans for Canadians. Download the app and share your personal details to find out how much you qualify for and your fixed rate offer without affecting your credit score. Complete your loan application in less than 10 minutes with no phone calls or branch visits required. With $200M+ funded and used by 1000s of happy Canadians, you choose your loan amount and the repayment schedule that works for you.
- Bank-level security: Fig is uniquely backed by Fairstone Bank which gives you the highest standard of data security, privacy and protection. It’s your information – which Fig, you keep it.
- Flexible loan options: Want to make early payments, pay extra this month, or change your payment method? Fig’s self-service online portal makes it easy to manage your loan the way you want.
- Zero early repayment fees: Pay off part (or all) of your loan any time you want without being punished by early repayment fees so you can pay less interest over the life of your loan.
#3 – Mogo
| Borrow up to $3,500 | Flexible line of credit | No impact on credit score | 100-day loan “test drive” available |
Mogo offers up to $3,500 to help bridge the gap between paychecks or cover emergency expenses. Despite advertising itself as a Canadian personal loan, Mogo’s terms and conditions make it very clear that MogoMini is a line of credit and NOT a term loan. This means you won’t repay your “loan” by making monthly minimum payments as these do not include any part of the principal balance.
To get money from Mogo you’ll need:
- A steady income for at least 30 days
- A minimum annual net income of $13,000
- Verification information (your bank information and a copy of your ID)
You’ll also need to be living in British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, PEI or Newfoundland (and the age of majority in your province). Most Mogo loans come with a “test drive” feature. If you don’t love your loan experience in the first 100 days, you can pay back your principal and Mogo will refund any fees or interest you’ve already paid.
- Increase your loan amount: Mogo’s Level Up feature rewards you for on-time payments which gives you access to higher loan amounts so you can borrow more money.
- Fast pre-approval: Without hurting your credit score, Mogo can give your obligation-free line of credit pre-approval in as little as 3 minutes.
- Smart alerts and reminders: Mogo sends Smart Alerts with regular reminders about your upcoming payments so you don’t lose track of your payment schedule.
#4 – Fairstone
| Borrow up to $60,000 | Terms from 6 to 120 months | Secured and unsecured loans | 250+ Branches Across Canada |
Fairstone offers secured and unsecured personal loans for Canadians up to $60,000 either online or at one of our 250+ branches across Canada. With a high borrowing limit, Fairstone loans can be used for a wide range of expenses from emergencies to vacations. Fairstone’s secured personal loans are the best option for homeowners with higher borrowing limits (up to $60,000) with lower interest rates – though home ownership is required.
If you’re not a homeowner, Fairstone offers unsecured loans up to $25,000 with loan terms from 6 to 60 months. There’s no penalty for paying off your loan early. Online unsecured loans are also available to borrow money from the comfort of your home with funds deposited in your account in as little as 24 hours.
- Affordable Payments: Fairstone offers flexible payment plans across monthly, semi-monthly, bi-weekly or weekly payments.
- Personalized Service: Whether you get a Fairstone loan online or at your local branch, you’ll have access to 1:1 support from a knowledgeable Lending Specialist.
- Apply from anywhere: With branches Canada-wide and online options, it’s easy to apply for a loan anywhere, anytime, on any device and receive your money directly into your account.
#5 – Skycap Financial
| Borrow up to $10,000 | Terms from 9 to 60 months | APR depends on credit history | Loans for bad credit borrowers |
Skycap offers personal loans up to $10,000 and advertises itself as an alternative to banks who reject everyday Canadians. Skycap carefully considers your current circumstances rather than just your past credit history. Lending decisions are based on three factors:
- Your credibility
- Your stability
- Your current income.
You can apply for a loan in under 5 minutes and get a quick decision so you’re not waiting for hours (or days). Once your loan is approved, funds are deposited into your nominated bank account. Unlike payday loans that force you to settle your entire debt on your next paycheck, Skycap Financial offers flexible repayment terms ranging from 9 to 60 months (5 years). Payments are automated with flexibility available if you need to delay a payment.
- Options for bad credit borrowers: Skycap loans are based on the idea that bad things can happen to good people so if you have bad credit or a past bankruptcy, you’ll still have options.
- Simple, hassle-free application: The application process is quick and easy – all you need is a valid government-issued photo ID (with a helpful customer service team available to help with any questions).
- Higher loan amounts available: Need funds to cover a major purchase or expensive repairs? Unlike some of the personal loans on this list that cap your limit (iCash offers a max of $1,500), Skycap can lend you up to $10,000.
#6 – iCash
| Borrow up to $1,500 | Instant decisions 24/7 | Get funds within 2 minutes | Loans for bad credit borrowers |
iCash advertises the “fastest and fairest” e-transfer loans in Canada with up to $1,500 available. Offering instant automated approval and funds sent 24/7, getting an online loan is simple. Select your required loan amount, choose your repayment plan and provide a few personal details. Your online loan application will be analyzed with an immediate decision so you know whether you’ve been approved instantly.
After signing your loan agreement, your funds are yours in as little as 2 minutes with over 2.3 million loans issued since 2016.
- Fast online application: iCash’s online application is simple to use and easy to access 24/7 from your own home (no documents needed) for a fast and convenient way to access cash.
- Instant decisions: Need money ASAP? iCash provides an immediate decision on your application without having to wait hours (or days) and risk slipping further into a debt hole.
- Up to 20% cashback: iCash offers membership perks including up to 20% cashback on the cost of borrowing when you complete a loan (terms and conditions apply).