Best Loan Companies in Ontario: Line of Credit & Personal Loans

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When you need cash fast in Ontario, personal loans and lines of credit are among the easiest forms of credit to obtain. This applies when facing unexpected expenses like a medical emergency or car repairs.

This guide will explore the top loan providers in the region, their pros and cons, and how to choose the most suitable option to address your specific needs.

Best Companies Offering Personal Loans in Ontario 

Loans Canada

Loans Canada is a loan search platform and comparison website founded in 2012 that helps Canadian borrowers seeking loan products by connecting them with online lenders. 

Interest rates for personal loans range from 6.99%-46.96% and loan terms range from 3-60 months. The maximum loan amount is $50,000. 

Borrowers only need to fill out an online application form once and get multiple quotes from various lenders. Loans Canada runs the largest lender network in Canada.

Here’s a detailed review.


With nearly 16,000 car buyers using its platform, CarsFast is a well-known car loan shopping site where you can submit one application form and receive multiple loan offers from online lenders. 

Loan terms are up to 96 months and the maximum amount you can loan is $75,000. While interest rates depend on the lender, the APR may range from 3.90%-29.90%. 

Those with bad credit or limited credit histories can apply for a loan. Application is quick and upon approval, you gain access to a broad selection of Carsfast 350+ dealership partners. 

Related: Best Car Loans in Canada


ZoomCarLoans works with a network of lenders to provide car loans to eligible borrowers. It works by connecting lenders and car dealerships with borrowers regardless of their credit history. 

The platform offers up to $5,000 in loan amount, with interest rates of 2.00%-46.96%, and loan terms of 2-7 years. The lender may conduct a credit check to determine eligibility. 

Eligible borrowers can enjoy same-day approval for their applications. Depending on the lender, a 10% minimum down payment may be required. 


LoanConnect is a fintech company that runs as an online loan marketplace, offering borrowers loan products from multiple lenders. No minimum credit score is required.

It offers pre-approvals of up to $50,000 with same-day fund release. APR starts from 8.99%, with loan repayment terms from 3-120 months. 

While LoanConnect has no hidden fees, its partner lenders may charge fees like insurance, administration, home valuations and others. 


Mogo offers personal loans for Canadians in the form of a no-obligation line of credit pre-approvals that don’t impact your credit score. 

Loan amounts range from $500 to $35,000, with loan terms of 6 to 60 months, and interest rates start at 9.9%. No security deposit is required. 

Once approved, you can test drive your loan for 100 days. If you’re unsatisfied, you just pay back the principal, and Mogo will refund the fees or interest you have already paid.

Pros and Cons of Personal Loans


  • Fast application process
  • Quick approval
  • Multiple loan types are available
  • Can be used for anything
  • Flexible borrowing terms
  • No collateral needed
  • Fast access to cash


  • High interest rates 
  • Fees and penalties
  • May lead to a debt cycle

Best Payday Loans in Ontario 


LoanMeNow is a payday loan provider that offers short-term loans to various types of borrowers, including those with bad or poor credit, to help them meet unexpected expenses. 

The application process is straightforward and approval is fast. Loan amounts range from $500-$1,000. APRs range from 28%-32%. The standard repayment term is 3 months. 

Money Mart

Money Mart is a financial services company offering payday loans to Canadians to help cover financial situations needing quick cash, such as car repairs or emergencies.

Loan amounts range from $120-$1,500. APR can be 29.9% or 46.9%, and repayment terms range from 6-60 months. 


iCASH is an online lender that offers no-refusal payday loans and short-term loans for up to $1,500 to eligible borrowers, including those with bad or poor credit.

The repayment schedule can be right up front or spread out over 62 days. For Ontario residents, the APR on a $500 loan of 62 days is 88.31%.

Cash Money

Cash Money offers Canadians quick access to cash through payday loans of up to $1,500 that qualified applicants can receive within 24 hours through Interac e-Transfer or in-store pickup.

Upon approval of your loan at Cash Money, you only need to pay back the amount you borrowed plus a flat fee on your next payday. For Ontario residents, the maximum allowable cost of borrowing per $100 borrowed is $15. 


GoDay is an online lender that offers payday loans of $100-$1,500 and can be released in as little as 1 hour from approval through direct deposit or email money transfer. 

In Ontario, the cost of borrowing at GoDay is $15.00 per $100.00 for each $100.00 advanced. For a $500 loan for 14 days, the total payback is $575, with the cost of the loan being $75 and an APR of 391.07%. 

Pros and Cons of Payday Loans


  • Quick and easy application process
  • Less stringent requirements
  • Fewer approval requirements
  • Fast access to cash
  • Helpful during emergencies


  • Steep interest rates and charges
  • Short repayment schedules
  • These loans don’t help build credit

Best Line of Credit Companies in Ontario 


Fora is an online lender offering personal lines of credit to borrowers with various credit profiles. Lines of credit allow you to make draws and repayments, and redraw as needed. 

The lines of credit amounts range from $1,000-$10,000. Rates may vary from 19.9%-46.9%. There are no origination fees, annual fees, late fees or any other charges. 


LendDirect is an online provider of personal loans that help borrowers meet specific situations, such as home repairs or student loans.

The maximum amount you can borrow is $10,000. The annual interest rate starts at 19.9% and can go up to 46.93%, depending on your eligibility and creditworthiness.

Pros and Cons of Lines of Credit


  • Covers unexpected expenses
  • Provides continuous access to funds
  • Interest is only charged on the amount you use
  • The interest rate is lower than for a credit card 


  • High interest rates
  • Penalties for late payments
  • May lead to overspending

How to Choose the Best Loan Company in Ontario for You 

  1. Compare loan providers and determine your eligibility to narrow down your choices to those that offer loans that fit your credit profile.
  2.  Apply for prequalification to see your rates and compare loan options from various lenders.
  3. Review the terms offered by each lender, the repayment schedule, and the fees they charge that can affect the overall cost of the loan. 
  4. Fill out a full application to confirm your eligibility. If your application is approved, you’ll receive the final loan agreement and the funds. 

Loans Canada

Loans Canada is a loans comparison website for various types of loans, including personal loans, car loans, bad credit loans, and debt consolidation loans.

Interest rates: 2.99% to 46.96%.

Loan term: 4-60 months.

Loan amount: $500 to $35,000.


Which Canadian bank is the easiest to get a personal loan? 

This will depend on your individual circumstances, including your credit history, the type of loan you need, and your income level. Online-only banks and alternative lending platforms are fast becoming an option to get loans due to less stringent requirements and paperwork, and more loan flexibility. 

Can I get a loan with bad credit in Ontario? 

Numerous lenders in Ontario cater to borrowers with less-than-excellent credit scores, offering loans without conducting credit checks. They typically offer secured loans that require collateral, which lowers their risk while improving the likelihood of approval for the borrower.

Related: Top Payday Loan Apps in Canada

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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