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The Best Canadian Business Loans

The 5 Best Canadian Business Loans

Who Offers the Best Business Loans in Canada?

With so many challenges in traditional employment settings today, an increasing number of people are choosing to go their own way and start a business. And, regardless of how long you've been in business - a brand-new entrepreneur or an established owner of a family company that's been passed down for generations - you'll probably need a loan at some stage of your growth. You may need to cover an unanticipated gap between your profits and expenses in order to make payroll, or you might need a little extra to meet a welcome surge in customer demand.

Where should you turn when you need a business loan? Your first thought might be to use the financial institution where you already have accounts, either personal or business. That may be your most convenient option but not the best one. Why? Your local bank has little incentive to offer you the lowest rates. Also, if it's a smaller bank, it may not have the resources to approve a larger loan if you're really going for something big.

Sunday, March 26th

2023 Canadian Business Loan Reviews

Thinking Capital Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

Thinking Capital

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

If you've been in business for at least 6 months and you accept credit or debit cards as a form of payment, Thinking Capital is your best choice for a business loan. This lender specializes in funding small- and medium-sized Canadian companies, with over 16,000 businesses helped since 2006. You'll find both flexible and fixed loan options, repayment choices ranging from daily to bi-weekly, and excellent customer service at every step of the way. Thinking Capital earns our highest recommendation for business loans in Canada.

Merchant Growth Review 4.5 Star Rating

Merchant Growth

4.5 Star Rating

Merchant Growth can help your business get the funding it needs, through both fixed and flexible loan programs. This proudly Canadian lender gets very high marks from clients and has loaned more than $300 million since 2012. Although it's possible that you might get lower interest rates from one of the other providers in our review, Merchant Growth is still one of the best overall choices for your business loan.

OnDeck Review 4 Star Rating


4 Star Rating

OnDeck provides business loans in every province and territory in Canada, with funds available as quickly as the same business day your application is accepted. They make it easy to see how much you can borrow and what your terms will be, without having to verify your financial details beforehand. While their eligibility requirements are a little stricter than some lenders', OnDeck has proven itself to be a trustworthy source of loans for most Canadian businesses.

Lending Loop Review 4 Star Rating

Lending Loop

4 Star Rating

Lending Loop is the only Canadian business loan platform in our review that relies on peer investors to provide the funding. That comes with some pros and cons, such as lower-than-usual interest rates but higher-than-average wait times to get the money deposited to your account. You've also got bigger qualifications to meet than you'll find with some of Lending Loop's rivals. Worth it? Their reputation would say that this service deserves your consideration - just not if you're in a big rush to get your business loan funded.

Loans Canada Review 3.5 Star Rating

Loans Canada

3.5 Star Rating

Loans Canada is a referral service that can match you with many different lenders for your business loan. The company is "A+" rated and accredited by the BBB and might be worth considering if you want to get a quick feel for which financial institutions match your needs. However, you'll still have to take the additional steps of connecting with your matched lender, and Loans Canada also clutters the process with a lot of extra, sometimes-unrelated product recommendations.

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Continued from above...

The good news is that business owners in Canada have a number of options to choose from when looking for a loan. Not only can you turn to your neighborhood bank, but you should also consider some of the most popular, trustworthy lenders who make it easy for you to apply online (and maybe even receive your loan proceeds within a business day or two!). Compare any offers you receive, both locally and from web-based lenders, to see which loan gives you the best rates and terms.

How can you tell which lender is right for your business? Here are several criteria to keep in mind:

  • Loan amount and rate. How much can you borrow for your business? What interest rate will they charge, and how long you have to repay the loan?
  • Loan application process. How long will it take to apply for your business loan? Can you complete the entire process online? How long will it take for your loan to be approved and for the funds to be deposited to your account?
  • Loan requirements. Are you eligible for a loan, based on the length of time you've been in business or your gross revenue? Will you have to provide collateral?
  • Reputation. What do other businesses say about the lender? Has the Better Business Bureau rated the company? Does the financial institution get positive feedback from its clients?

TopConsumerReviews.com has reviewed and ranked the best Canadian Business Loan providers available today. We hope this information helps you get the funding you need for your company to grow and thrive!

The Best Canadian Business Loans Compare Canadian Business Loans Compare Canadian Business Loan Reviews What are the best Canadian Business Loans Best Canadian Business Loan Reviews

Canadian Business Loan FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.

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