Personal Loans

If you want to take a loan without putting up collateral, personal loans are ideal. Personal loans provide you with 'unsecured' money (in other words, the loan is not secured against a large asset such as your property). The amount you can borrow and for how long varies greatly according to lender, so take your time to compare personal loans services. Some personal loans providers will require that their customers must have an excellent financial history and a set amount of income while others are more flexible - check these features and any additional terms and offers below.

Search Report: Personal Loans  Unsecured Loans  Secured Loans

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Mogo
Mogo

Lender5.9% - 47.88%$100 - $35,0007 Days5 YearsTerms

Terms

See website for details

Suitable

Suitable

Full spectrum lender for 500+ credit score

Restrictions

Restrictions

Age of majority in ON, BC, Alta, only eligibility rules to sign up for a Mogo Account

NoYesMogo
MogoMoney is a unique line of loans designed to help Canadians get out of high interest debt. With a range of rates starting at 5.9%, Canadians with both good and not-so-great credit can apply. In three minutes, you could be pre-approved for a loan amount/interest rate and receive a FREE credit score. Unlike other lenders, Mogo has an innovative Level Up program that rewards your on-time payments with lower rates over time. Because the terms are fixed, you’d be paying drastically less interest overall compared to credit cards—even if you’re approved for a higher rate with Mogo. If for whatever reason you’re not satisfied with the loan, the 100-day money-back guarantee has you covered. To qualify you must have a credit score of at 500, earn $20,000 gross per annum, and be employed for 30 days. Saves customers up 93% compared to other credit products. DETAIL INFORMATION >>Services

Services

Online sign up/check your rate


Advantages

Advantages

1. Sign up a free Mogo account in 3 minutes, see your rate/loan offer with no impact to your credit
2. Free credit score
3. Full spectrum lender
4. $100 - $35,000
5. Terms up to 5 years


Disadvantages

Disadvantages

Only available in BC, AB, ON

CitiFinancial
CitiFinancial

Lender26.99%-36.99%$300 - $20,00012 Months60 MonthsTerms

Terms

You have some established credit history.

Suitable

Suitable

If you are looking for a loan amount of $300-$20,000

Restrictions

Restrictions

You are a resident of Canada, but do not reside in Nunavut

YesYesCitiFinancial
With 200,000 customers in Canada and two million in North America, CitiFinancial is the world's leading financial services provider. The application process for a personal loan is fast and secure. If you are approved, you could get up to $20,000 by tomorrow! Apply today and get the money needed to achieve your goals! Citi Financial is part of one of the largest banking groups in the world so if you decide that Citi is company for you you can feel safe in the knowledge that you are dealing with a bank with a great reputation. DETAIL INFORMATION >>Services

Services

Fixed interest rates for entire loan term


Advantages

Advantages


Get the money you need, when you need it. With CitiFinancial, you can rely on:
 
1. One-on-one, local service from a knowledgeable loan specialist at your local branch.
2. Fixed rates and manageable, fixed payments for the life of your loan
3. Loan options that suit your needs and budget
4. Flexible payment options: choose your due date and pay online or in person
5. Secure, 24/7 Online Account Management to make online payments, update account information and view payment history
6. Pay off your personal loan any time with no prepayment penalty or fees.
7. Change your mind and cancel your personal loan within 14 days with no charges and no questions.
8. CitiFinancial is a community-focused lender. We take pride in making a different in the communities where we live and work.
 


Disadvantages

Disadvantages

1. Collateral may be required depending on borrower's credit profile
2. Interest rates are based on various factors, which include your income, credit score and payment history.

Dollars Direct
Dollars Direct

Lender599.64%Up to $1,5008 days62 daysTerms

Terms

You must be employed, have an active bank account and be at least 18 years old

Suitable

Suitable

DollarsDirect.ca should be used in financial emergencies

Restrictions

Restrictions

DollarsDirect personal loan services are available in Alberta, Calgary, Edmonton, British Columbia, Vancouver, Ontario, Toronto Ottawa, Saskatchewan

NoYesDollars Direct
DollarsDirect provides you with a fast, convenient and reliable small personal loan service. Their personal loans can help you in financial emergencies. Dollars Direct offer loans for people with bad credit. The interest on these loans can be high but your credit rating can be poor and you may still be able to obtain credit. Make sure that you read the terms and conditions of these loans thoroughly in order to ensure that you know what you are getting into. To save 25% on your initial loan fee at DollarsDirect.ca, use discount code CJ2015. DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may qualify up to $500 for your first loan from DollarsDirect
3. Returning customers can receive up to $1,500


Advantages

Advantages

1. Apply in minutes online 24 hour a day, 7 days a week.
2. Easy to qualify.
3. Perfect credit is not required.
4. Cash as soon as today deposited directly into your account.


Disadvantages

Disadvantages

1. Loan amount may vary based on funding criteria
2. For a loan of $1,500 the total cost of borrowing would be $315. The total amount you would repay would be $1,815.

Refresh Financial
Refresh Financial

Lender15.99%$1,200, $2,300, $3,200 and $5,5003 years5 yearsTerms

Terms

Weekly Payments Starting at Just $12

Suitable

Suitable

- Undischarged Bankrupts - Discharged Bankrupts
 - Individuals going through consumer proposal
- Individuals being declined for other loans due to bad credit
- New immigrants looking to establish credit in Canada
- Students looking to build up credit
- Individuals with no credit at all
- Individuals affected by identity theft

Restrictions

Restrictions

Canada only - excluding Quebec and Saskatchewan

YesNoRefresh Financial
Refresh Secured Savings Loans are specifically designed for those with bad credit. Whatever your credit past, a Refresh loan can help you rebuild credit allowing you to obtain future financing more easily and at competitive interest rates. A Secured Savings Loan from Refresh will not only help you rebuild your credit, but also help to build your financial savings as you progress through the loan term. Refresh services those individuals with no or little credit history, typically from financial distress such as bankruptcy or consumer proposal. Fill out a free and secure application today and experience the Refresh difference! DETAIL INFORMATION >>Services

Services

Loan / Credit Rebuilding


Advantages

Advantages

1.Affordable payments starting at as little as $12 per week.
2. Almost all applicants are approved.
3. No up-front out of pocket expense. Rebuild your credit after insolvency, or financial hardship.
4. Reports to the credit bureau (versus a payday loan that doesn’t report and therefore rebuild credit history).
5. Build up automatic savings to reach your financial goals as you progress through the loan.
6. Access cash during the loan term (without affecting your interest rate or payment amount) for emergency expenses, paying off debts, or going on a vacation.


Disadvantages

Disadvantages

1. Not an upfront cash loan.

My Canada Payday
My Canada Payday

Lender599.64%$100 – $15003 Days42 DaysTerms

Terms

You must be over 18

Suitable

Suitable

For those in need of a short term cash solution

Restrictions

Restrictions

1. Must be 18 years or older.
2. Ontario and British Columbia only.
3. No disability loans paid. You must be employed.

NoYesMy Canada Payday
My Canada Payday is Canada's Premier Online Payday Lender. Their quick and secure online application will have money in your account without even leaving your home ! My Canada Paydays staff are very helpful and their loan application process is extremely quick and easy. Ontario and British Columbia only. My Canada Payday are a lender who can offer loans for people with bad credit. Consider your options before you decide to borrow and make sure that this lender is the one for you. If you have any questions direct them to My Canada Payday. DETAIL INFORMATION >>Services

Services

Online Payday Loan Application


Advantages

Advantages

1.Totally Online Application Process – You can apply 24 hours a day, 7 days a week!
2.No Faxing Required.
3.Everything is done securely and safely via your PC.
4.Cash deposited direct to your bank account, or sent via EMT.
5.Safe, Convenient and Secure


Disadvantages

Disadvantages

1.Must be paid via Direct Deposit or Cheque only.
2.No cash allowed.
3.You must live in B.C. Or Ontario at time of review.
4. No disability loans paid. You must be employed.

Grouplend
Grouplend

Lender6.3%$1000 - $3000036 Month (Open Loan with no pre-payment penalties)36 MonthsTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Grouplend loans are primarily used to consolidate credit card debt, make a major purchase, or complete a home improvement project. Anyone who is looking to receive faster, more convenient, and cheaper service than the banks is a suitable borrower for Grouplend!

Restrictions

Restrictions

In order to receive a quote, you must be 19 years of age, a citizen or permanent resident of Canada, live in one of the eligible provinces, have 12 months of credit history within Canada, a minimum gross annual employment income of $30,000, and a minimum 690 FICO score.

NoYesGrouplend
Grouplend is Canadas first peer-to-peer lending company, and offers Canadians a better way to borrow; faster, more convenient, and cheaper than the banks, or any other Canadian financing providers. We offer refreshingly simple loans; no origination fees, no early payment penalties, rates starting from 6.3% and the most convenient application process available in Canada. Our applications take only a few minutes, and funding will be in your bank account within 24 hours of acceptance. None! We don't charge you a fee for originating your loan. We also don't charge fees for paying off your loan early. However, we do charge a $50 fee if we ever attempt to process a monthly payment and we are unable to because the funds aren’t available in your account. DETAIL INFORMATION >>Services

Services

1. Obtaining a quote from Grouplend takes only a few minutes (and will not affect your credit score).
2. Loans range from $1,000 - $30,000


Advantages

Advantages

1. Our application does not affect your credit score
2. Instant Personalized Quotes
3. Funding in 24 Hours from acceptance
4. No Origination Fees
5. No Early Payment Penalties
6. Rates starting from 6.3%
7. Borrow up to $30,000


Disadvantages

Disadvantages

1. This product is only available to people making an employment income of $30,000
2. Not available in SK or QC.

Borrowell
Borrowell

Lender5.6%$1000 - $3500036 Month (Open Loan with no pre-payment penalties)60 MonthsTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Borrowell personal loans can be used to pay off credit card debt, make a major purchase, home improvement, pay for a wedding, or fund other projects.

Restrictions

Restrictions

In order to qualify for a loan, you must:
1. Be a Canadian citizen or resident
2. Have reached the age of majority in the province where you reside
3. Have a valid account with a Canadian bank or other financial institution
4. Have a valid email address
5. Have a minimum credit history of 12 months
6. minimum credit score of 660

NoYesBorrowell
Borrowell is an innovative Canadian online lender that offers fast, fair, and friendly personal loans. We help responsible Canadians with good credit eliminate their credit card debt today and sleep better tonight. We offer 3 or 5 year loans for up to $35,000. Our online form takes only a minute. If you qualify, you’ll instantly get an obligation-free quote. You also get an interest rate tailed just for you, starting from 5.6% APR. Borrowell has no hidden fees and offers fixed rates. Your scheduled payments are the same every month and won’t go up. Repay in full with no prepayment penalties. DETAIL INFORMATION >>Services

Services

1. Checking your rate with Borrowell takes a minute and will not affect your credit score
2. Money in your bank account in under 48 hours
3. Loans range from $1,000 - $35,000, rates from 5.6% APR, 3 of 5 year term options


Advantages

Advantages

1. Checking your rate does not affect your credit score
2. Instant loan offer
3. Funding within 48 Hours from acceptance
4. 3 or 5 year term options – choose how long you would like to pay back!
5. No Early Payment Penalties 6. Rates starting from 5.6 APR% 7. Borrow up to $35,000


Disadvantages

Disadvantages

1. This product is only available to people with a credit score above 660
2. Not available in SK or QC.

If you wish to speak to someone: Contact Us

Compare Personal Loans

Personal loans cover wide range of loan types and they can help you achieve your goals.

What is a personal loan?

People take out personal loans for a number of reasons. Whether it is for a new home, new car, for unexpected expenses or debt consolidation personal loans can be a usefully when you need a cash injection. Personal loans can be used for any purpose and you will be able to find one whatever your credit rating.

Unsecured vs. Secured Personal Loans

You will be able to find both secured and unsecured personal loans.

With a secured loan you are required to put up an asset used as collateral such as your home or car. As the lender has this security should you default on payments you will be able to borrow more money and be offered lower interest rates with a secured loan. However, should you miss payments then you risk having this asset seized meaning in a worst case scenario you could have your home repossessed. You are more likely to qualify for a secured loan if you have a good credit rating.

An unsecured loan is considered to be a less risky option for the borrower because you are not required to put up an asset against the loan. However, as there is more risk for the lender you will find that interest rates can be considerably higher. You can also find you will not be able to borrow as much as when compared to a secured loan. People with bad credit are more likely to qualify for an unsecured loan.

How do you find the right personal loan for you?

Before taking out a loan remember that a loan is a serious financial commitment. You need to make sure that you will be able to make the repayments when they are due because you could have to deal with fines and interest charges which can easily accumulate. You will also damage your credit score by missing payments.

There are many personal loan options for you to choose from. Choose a lender that offers a loan that suits your needs and your budget. With some lenders you will be able to choose a fixed rate loan where the interest rate won’t change for the life of your loan.

It is important that you take the time to compare different personal loans so you can be sure you find the one best suited to you and your finances. Use the table above to weigh up the pros and cons of some of the leading personal loans in Canada.

How to find the cheapest personal loan

Compare the monthly repayments, additional features and any fees or charges offered by various providers before you commit to a particular loan. If you prioritise your needs you will be in a much better position to make an informed decision. You might find that although cheap interest rates are important, it is also important that you have the option for a repayment holiday. What is suitable for your friends and family, might not be suitable for you so you must ensure you do your research properly.

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