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The Best Canadian Personal Loans

Who Offers the Best Personal Loans in Canada?

In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.

Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.

Friday, June 21st

2024 Canadian Personal Loan Reviews

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

Loan Connect

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

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 Review 4.5 Star Rating


4.5 Star Rating

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 Review 4 Star Rating


4 Star Rating

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 Review 3.5 Star Rating

Fairstone Financial

3.5 Star Rating

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 Review 3.5 Star Rating

Spring Financial

3.5 Star Rating

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 Review 3 Star Rating


3 Star Rating

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 Review 2.5 Star Rating

Loans Canada

2.5 Star Rating

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 Review 2 Star Rating


2 Star Rating

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 Review 1.5 Star Rating

Loan Away

1.5 Star Rating

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 Review 1 Star Rating


1 Star Rating

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.

Compare the Best Reviews

Continued from above...

A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.

Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.

Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.

As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:

  • Direct funding or referral platform. Will the provider directly fund your loan, or will they connect you with various lenders for comparison? If it's a referral service, who are their lending partners, and can they be relied upon?
  • Transparency. Does the service disclose upfront the average interest rates paid by borrowers? How hard is it to find out how much you can borrow? Are any fees clearly outlined?
  • Reputation. What do other borrowers say about the lender or referral platform? Are they rated and/or accredited by the BBB? Is the provider established and trustworthy?
  • Timeframe for receiving funds. How long will it take to get your loan funded? Some lenders can transfer money within an hour of your loan's approval, while others may have you waiting for a week or longer. Choose accordingly if you're trying to get money quickly.

For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!

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

Canadian Personal Loan FAQ

Sometimes referred to as "instalment loans" or "consumer loans" , personal loans involve borrowing a set amount of money and agreeing to pay it back in regular payments. These loans may be for a specific purchase, like a home renovation or car, or used to pay off debts with higher interest rates.
Yes, usually. During the quote and application process, you may be asked to specify the purpose of your personal loan - but that's not a binding commitment. That information is often used to give you alternative types of financing, like debt consolidation or an auto loan.
In Canada, most providers of personal loans offer amounts that range from $500 to $50,000. Your loan offers will depend on several factors, such as your credit history, your current income, your debt-to-income ratio and your employment history.
It helps. The higher your credit score, the less you'll probably pay in interest and fees, and the bigger the amount of the loan you'll qualify for. But, if you're not quite there yet, there are some lenders who specialize in personal loans for people with less-than-stellar credit.
Most of the time, yes, without penalty. That's good to know if you're applying for a loan with a lender that only offers longer-term funding (e.g. 3 or 5 years): as long as there's no prepayment penalty, you can pay it back as quickly as you like. Read the terms of your loan offer carefully before you sign, to determine if there will be any fees if you pay it back ahead of the loan period.
Beyond the interest charged on your loan, you might have an origination fee as well. The origination fee is often a percentage of your total loan amount, and may either be added to the total of your loan or subtracted from it before you receive the payout. For example, if your origination fee is 1% of a $1000 loan, that $10 may either give you a total borrowed amount of $1010, or you may only receive a payout of $990.
That depends on how quickly you can gather any required documents for the application and on the lender you select. Once your personal loan has been approved, some providers can have the funds in your account in as little as an hour, while others may take up to a week or more to get the money to you.
Absolutely. Most of the financial services you already know and trust make their loan application process easy to complete online. Plus, doing your research on the internet helps you find the personal loan with the best rate and terms for your situation, instead of just taking whatever your local bank may have to offer. As with all online transactions, however, be sure to choose a loan provider with a proven track record: a positive rating from the BBB and numerous customer reviews are two good signs that you can trust a given lender online.
See the Best Canadian Personal Loan
The Best Reviews of Canadian Personal Loans