10 Best Places to Get a Loan in Canada



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Looking to get a loan in Canada? There are hundreds of different loan options out there, but we’ve done some research and narrowed it down for you. Our selection is based on hours of research, user review analysis, and in-depth product review.

Where to Get a Loan in Canada

Here are our top 10 picks for the best places to get a loan in Canada;

  1. Meridian

Formed on April 1, 2005, Meridian is a Credit Union that provides customers with safe and secure chequing and savings accounts and personal loans, credit cards, and even mortgages. In terms of loans, Meridian offers loans of up to $35 000, making them a great option if you need to borrow a more considerable sum of money. They also have loan periods between 12-60 months. 

With that being said, the main benefit of Meridian is their interest rates. Rates start at just 5.15%, which is much lower than that of most other lenders. 

2. Loans Canada

Loans Canada was launched in 2012 and has been used by millions of Canadians ever since. They offer a variety of different loans, including personal loans, car repair loans, credit rehabilitation loans, and much more. Loans Canada lends anywhere between $500 – $50, 000 for periods of between 3-60 months. Interest rates vary between 3% and 47% depending on the terms of your loan agreement.

The largest benefit of obtaining a loan from Loans Canada is that you don’t need a minimum credit score or income to obtain a loan. This means that you don’t need good credit, nor do you need a verified income to apply. They also offer lending within 48 hours of application. 

3. Loan Connect

Loan Connect brands itself as the first loan search engine in Canada. Based out of Toronto, Ontario, Loan Connect started in 2016 to help all Canadians obtain loans. The website helps to connect Canadians with lenders regardless of their financial situation or credit score. With Loan Connect, you can be pre-approved for up to $50 000 in just 5 minutes. 

The best part about Loan Connect is that it allows you to find the best loan to suit your individual needs because it searches through multiple lenders. So whether you need a small or large loan, are looking for the best interest rates, or are looking to obtain a loan with poor credit, Loan Connect can help you find what you need. 

4. Mogo

Founded in 1972, Mogo has its headquarters in Vancouver, British Columbia. Mogo is purely dedicated to offering loans and lines of credit and will offer up to $15 000. Loan terms with Mogo range anywhere from 6-60 months, starting at 9.9% in interest. 

Mogo is an excellent option if you are looking for an unsecured loan. This means that you don’t need to provide anything as collateral. Instead, Mogo offers loans purely based on your credit score. They also offer no hassle, no fee credit checks that don’t affect your credit score. So if you have good credit, Mogo could be a great place to get your loan.

5. LendingMate

Operating since 2017, LendingMate is a lending service that focuses on offering loans to those who may have trouble obtaining them elsewhere. LendingMate allows you to borrow up to $10 000 and offers quick loan approvals. The process of applying is simple and easy, and with just the click of a few buttons, you can choose how much you want to borrow and for how long. 

The best part about obtaining a loan for LendingMate is that they don’t judge you based on your credit score. Instead, they look to see that you have someone who will support you if you can’t make your payments. In the case of LendingMate, it’s not computers making the loan decisions. Instead, it’s real people making them. 

6. LoanMeNow

LoanMeNow is a great place to get immediate approval if you’re looking for a smaller loan amount. The lender is designed to provide you emergency cash when you need it the most. Approvals are quick and easy, and money is transferred into your account within 24 hours. 

While LoanMeNow only offers small loan amounts (up to $1000), it makes borrowing easy, especially for those who have poor or no credit. With LoanMeNow, no credit check is required. All they require for approval is your banking information and proof of employment. 

7. Fairstone

In business for over 100 years, Fairstone is one of the most trusted lenders in Canada. They offer both secured and unsecured loans of up to $50 000. With Fairstone, you can apply for a loan from the comfort of your own home either online or by phone. The process is simple, easy, and won’t affect your credit score. 

You can also use Fairstone to manage your account online, and their representatives can help guide you through financial challenges like debt consolidation. 

8. Refresh Financial

Refresh Financial is different from other credit lenders in that its primary goal is to help people rebuild their credit profiles. So if you are looking to borrow money for this specific purpose, Refresh Financial is a great option. 

Refresh Financial has a specific Builder Program wherein you can borrow up to $25 000 at a time. You can use the money as you please, and all payments are reported to the credit bureau, thereby helping you build your credit as you borrow. The program can also help you to build credit with the help of financial monitoring, educational programs, and credit simulations. 

9. Cash Money

Cash Money can be a good place to start looking for a loan if you aren’t employed. Cash Money offers loans from $50-$10 000 and doesn’t have high requirements for application acceptance. 

Unlike many lenders who require you to show proof of employment, Cash Money will also provide loans to those on Government assistance or who receive other types of income such as employment insurance, Child Tax Benefits, or Pensions. 

10. goPeer

If you’re hesitant to use traditional forms of borrowing, you may be interested in a company called goPeer. goPeer brands itself as Canada’s first peer-to-peer lending program and is a great way to break the traditional model of lending. 

How does it work? goPeer does exactly what it sounds like – it allows real people to lend money to real people. So rather than working through a third party, like a bank, peer-to-peer lending connects people with one another. The main benefit of this type of lending is that real people can make money from lending you money, and you get better rates of interest than would be expected from the bank. 

What do you need to get a loan?

The qualifications required to get a loan can vary greatly from lender to lender. Having said that, many lenders do require you to have good credit. To confirm that you are a good candidate for a loan, most lenders will do a credit check. Good credit helps to give the lender confidence that you will pay them back.

In some cases, however, lenders do not require you to have good credit. Some of the lenders listed above, like LendMeNow, do not require a credit check at all. If your credit score is a concern, you may have to shop around for lenders that do not do a credit check.

Furthermore, although not the case for all lenders, most will require you to have proof of income. Again, this helps to give them confidence that you can pay back the loan. 

Proof of ID, address, and bank account information is almost always required. 

In conclusion, there are many places where you can obtain a loan in Canada. Take your time and shop around to find a lender that meets your needs.

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Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

Personal Finance and Travel Rewards Expert Contributor



Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.