The Best Canadian Personal Loans

Tuesday, January 21st

2025 Canadian Personal Loan Reviews

Loan Connect

Short Loan Connect is a phenomenal resource for Canadians who want to comparison shop among all of the available options for taking out a personal loan. With just one simple online form (and no requirement to opt into spammy contacts), you can see which lenders would likely be willing to fund your loan request. No matter how much you're looking to borrow or what your credit score is, Loan Connect can tell you which options will be your best bet. While you'll still need to take the steps of applying with the lender you choose, you can save a bunch of time by letting this top-rated service do some of the legwork for you first.

FlexMoney

FlexMoney touts itself as "Canada's most innovative digital lender”, offering installment loans between $500 and $15,000, with interest rates ranging from 18.9% to 46.9%. With no origination fees and quick funding via direct deposit within 24 business hours, FlexMoney is available to residents in most Canadian provinces and territories. The straightforward process, positive (though limited) borrower feedback and an "A+” rating from the BBB, and the absence of complaints contribute to FlexMoney being a terrific option for Canadians seeking personal loans, making it a lender we are very comfortable recommending.

Borrowell

Borrowell, a leading Canadian service offering free credit scores nationwide, focuses on credit education and connects you with personal loans through its extensive network of 75+ trusted partners. While specific details about credit requirements are now less transparent, Borrowell's shift may indicate that they now offer more flexibility in accommodating consumers with various financial profiles. Despite a slight slip downward in our rankings due to Borrowell's competition, the company remains a reliable platform for Canadians seeking personal loans and credit monitoring, with convenient access to multiple lenders.

Fairstone Financial

Since 1923, Fairstone Financial has been a trusted option for over 3.3 million Canadian borrowers, including those with diverse credit histories. With nationwide availability and both secured and unsecured loan options ranging from $500 to $50,000, the lender holds an "A+" rating and accreditation from the BBB. However, some aspects disappoint, such as their higher starting interest rates (19.99% on secured, 26.99% on unsecured) compared to competitors. While our rating reflects the company's longstanding history and varied loan options, we still have concerns that stem from mixed customer reviews. Despite this, for many, Fairstone remains a viable choice for obtaining needed funds through secured and unsecured personal loans.

Spring Financial

For Canadians caught in the high-interest payday loan cycle, Spring Financial offers a refreshing solution with their all-mobile, user-friendly process. As a direct lender available nationwide, they provide fee-free loans from $500 to $35,000, with interest rates between 9.99% and 46.99%. Despite a "C-" rating from the Better Business Bureau, improvements in addressing complaints and overwhelmingly positive client reviews averaging 4.8 stars suggest that this lender is moving in the right direction. Spring Financial's proactive measures and increasing client satisfaction signal the potential for a higher rating in the near future.

goPeer

In the realm of Canadian personal loans, goPeer stands as a unique player. Unlike any other lender in our review, it relies on everyday consumers as investors, and its inception dates back only to Fall 2020. Due to the nature of waiting for investors to opt for funding, there's a potential delay in receiving your money, spanning from a few days to a week. While early indications are positive (like an "A+” from the BBB), we've been hoping to see an increase in borrower reviews for goPeer, and it still lacks the established track record seen in the majority of the personal loan providers on our list.

Loans Canada

Loans Canada has been around for over 10 years, helping people across the nation to get quotes from various well-vetted lenders. Although the BBB gives the service a perfect grade, and the website's lender database is a good resource for anyone looking for a personal loan, Loans Canada has consistently given us trouble with even the most basic steps of the quote process. Try one of the higher-ranked comparison platforms on our list if you want to shop around for a loan.

Mogo

Mogo is a huge name in fintech, with nearly 2 million Canadian users of its array of digital-based services. Their personal loan, known as MogoMoney, is actually structured as a line of credit. Be super-clear on that, because Mogo has earned lots of negative reviews from borrowers who didn't understand the terms of the money they got. Also, you can only get up to $3,500 here, and Mogo is only available to residents of eight provinces. We recommend looking at Mogo's higher-ranked competitors first.

Loan Away

Loan Away, a Canadian online lender, claims to approve over 80% of personal loan applications, offering one-day funding on loans ranging from $1,000 to $5,000. Despite an "A+" rating from the BBB, customer reviews tell a different story, with over 50 1-star reviews complaining about incompetent support, missing payments, and threatening messages from the company. Outdated website content, inactive social media links, and an eight-year-old site copyright are even further proof of Loan Away's lack of credibility, making it a lender we'd avoid.

LendingMate

LendingMate starts out as much more limited than most of the personal loan providers we evaluated: they only operate in two Canadian provinces (ON, BC) now, and you'll only get funded for up to $10,000 if you have someone to serve as a guarantor. Even if you qualify, the BBB and former LendingMate clients would advise you to go elsewhere: an "F” rating and plenty of 1-star reviews speak volumes. LendingMate continues to be one of our least-recommended options when it comes to personal loans in Canada.