Loans Canada Review 2024: Get the Best Personal Loans in Canada

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Written by Brianna Harrison

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Are you looking to apply for a loan but don’t know where to start? There are many online loan companies in Canada, and it can be tough to know which ones have the best interest rates, terms, and which is best for your situation. 

Loans Canada is a top online platform that matches you to the best loan providers in Canada. You can get a loan for almost anything, including emergency expenses, car repairs, debt consolidation, and more. 

This Loans Canada review covers the different types of loans offered, how to apply, the pros and cons, and a few alternatives. 

Loans Canada Overview

Loans Canada is an online lending platform that connects you with online lenders for personal loans, debt consolidation loans, no credit check loans, and more. 

They also offer debt relief solutions, business financing, credit building solutions, car loan services, and mortgage services. 

Loans Canada is free to use, and they offer loans for people with both good and bad credit. 

You can get loans from $500 to $50,000 with terms ranging from 4 to 60 months or longer. The APRs range from 1.99% to 46.96% for both secured and unsecured loans.

There are many different lenders to choose from on their website, so it can be difficult to find the best one for you. Loans Canada matches you with personalized offers when you submit an application. 

What Types of Loans Are Offered? 

Loans Canada offers 8 main types of loans. 

Unsecured Personal Loan

A personal loan is versatile and can be used for any expenses that may come up, such as large purchases, car repairs, or emergencies. 

Through Loans Canada, you can get personal loans between $500 to $35,000 with flexible terms and affordable rates. Your credit and overall finances will determine the final amount you qualify for. 

If you live in Ontario, have a full-time job, a monthly income over $1,500, and your credit score is good, the top 3 personal loans you may qualify for include:

Loans CanadaUp to $50,0002% to 46.96%3 to 60 months
Loanz$1,000 to $15,00029.9% to 46.9% APR12 to 60 months 
Spring FinancialUp to $15,00014.99% to 46.96%6 to 12 months 

Debt Consolidation Loan

If you have trouble paying off your debt, a debt consolidation loan can help pay off any high-interest debt you have. This consolidates all your existing loans into one more affordable, manageable loan. 

You can use a debt consolidation loan on personal loan debt, credit card debt, or any other outstanding high-interest debt. The goal is to save on interest and become debt-free faster. 

If you live in Ontario, have a full-time job, a monthly income over $1,500, and your credit score is good, you may qualify for these loans:

Loans CanadaUp to $50,0002% to 46.96%3 to 60 months
Loanz$1,000 to $15,00029.9% to 46.9% APR12 to 60 months 
Spring FinancialUp to $15,00014.99% to 46.96%6 to 12 months 

Car Repair Loan

If your car needs repairs and you can’t afford to pay a lump sum of cash all at once, you can get an auto repair loan. The interest rate of a car repair loan is often less than putting the full amount on your credit card, and you’ll be paying it off with a reasonable payment plan. 

Once you’re approved for the loan, your mechanic or auto repair shop will receive the money in full and can get to work on your car. You’ll pay monthly installments until the loan has been paid off. 

Car repair loans cover general maintenance costs, cosmetic improvements, overall safety improvements, and accident/damage repairs. 

Guarantor (Consignor) Loan

A guarantor loan is an installment loan that you can get and pay back over time only when a guarantor is present to co-sign the loan. Usually, the guarantor is a trusted family member or friend. 

Guarantor loans are typically $10,000 or less, and are for those who have poor or bad credit and cannot receive any other type of loan. 

Your credit score will not be taken into consideration with this loan. 

Consumer Proposal Payoff Loan

If you’re currently repaying a consumer proposal, you may want to pay it off early so that you can start rebuilding your credit. With a loan, you can either increase the payment amounts or frequency of payments. 

Loans are available to pay off your consumer proposal so you can start rebuilding credit right away, but keep in mind that you will likely be paying a high interest rate, sometimes as high as 40%. 

Marble Financial offers a Fast-Track Loan, which helps repair your credit right away instead of waiting for the payments to be finished. You can get a loan from $2,500 to $5,000 with an interest rate of 19.44% to 31.90%, and terms ranging from 34 to 84 months. 

Credit Rehab Savings Loan

A credit builder loan helps reestablish your credit score while saving you a bit of money each month. 

Essentially, you enter the program and take out a loan which is used to buy you a GIC. You’d make contributions to it monthly and pay it off over the term of your loan. When it’s paid off, you get the benefits of the GIC.  

Top credit builder loans in Canada include the Spring Savings Loan, Refresh Financial’s Credit Builder Loan, and the Climb Accelerator Plan. 

Small Business Loan

A small business loan can help business owners pay various expenses, including renovations, opening a new location, paying wages, and covering marketing costs. 

Business loans are term loans that can be secured or unsecured. They are only available to businesses or business owners. 

There are many different types of business loans, including a business line of credit, equipment financing, inventory financing, and commercial mortgages. 

Car Loan

Car loans are essentially personal loans that are secured by the car you are purchasing. If you fail to make regular payments, the lender can seize your vehicle as collateral. 

With most lenders, you can borrow up to 80% to 100% of the value of the car. 

Car loans include new car loans, auto refinancing, rent-to-own, in-house financing, and lease buyout loans. 

Related: Best Payday Loans in Canada.

How To Apply For a Loan with Loans Canada 

The application process will vary by lender, but this is how applying for a loan works in most cases: 

  1. Fill out an online application. Visit the website of the lender you want to apply with. You’ll provide personal, financial, and employment information. 
  2. Compile required documents. Most lenders will require you to provide documents like bank statements, proof of employment, or government-issued ID. Getting these documents ready in advance ensures your best chances of approval. 
  3. Check your email and phone. After your application, you’ll want to look out for a call or email from the lender to see if you’ve been approved or provide additional documents if needed. 
  4. Wait for approval. After submitting all documents, it’s a waiting game. Most lenders should get back to you with a decision within 48 hours, but if they don’t, you can contact the lender directly about the status of your application. 
  5. Receive your funds. After approval, it shouldn’t take more than one day for the money to be transferred to your account. 

Here’s a step-by-step guide on how to apply for a personal loan with Loans Canada. 

In this example, I’m applying for a $10,000 personal loan for an emergency expense. 

My credit score is good (720+). 

I have a full-time income source, with my monthly pre-tax income being $5,000. I rent an apartment in Toronto, Ontario, for $1,300 monthly, and I have been living there for 13-18 months. 

I am not currently in bankruptcy, not in a debt program, and not in a consumer proposal. 

For work, I’m a marketing specialist and have been employed for 7-12 months. I have direct deposit and get paid bi-weekly. 

I have $4,000 in credit card debt and $7,000 in total other unsecured debt. 

To start the application process, enter your desired loan amount. 

Source: Loans Canada

Select the purpose of your loan from the dropdown list. 

Source: Loans Canada

Then, select if you have a good (720+), fair (581-720), or low (<580) credit score, or if you aren’t sure.

Source: Loans Canada

Select your main income source. 

Source: Loans Canada

Enter your postal code so Loans Canada can verify that lenders are available in your area. 

Source: Loans Canada

Enter your monthly income.

Source: Loans Canada

Next, enter some basic personal information, including your name, phone number, email, and date of birth. 

Source: Loans Canada

You’ll then need to provide details about your living situation (i.e. address, if you rent or own, how long you’ve been living there). 

Source: Loans Canada

Select either yes or no to the following questions:

  • Are you in bankruptcy?
  • Are you in a debt program?
  • Are you in a consumer proposal?
Source: Loans Canada

Then, enter your employment and income information. 

Source: Loans Canada

For the last step, enter how much credit card debt and total other unsecured debt you have. 

Source: Loans Canada

After submitting my application to Loans Canada, I was automatically redirected and pre-approved for a loan from Spring Financial. According to their website, you can apply in 3 minutes and receive up to a $15,000 loan. 

Here’s the application process with Spring Financial:

Enter the amount you want to borrow.

Source: Spring Financial

Enter your estimated credit score. 

Source: Spring Financial

Enter your employment status. 

Source: Spring Financial

Enter your income details and how long you have been receiving it. In this example, I am employed and earn an annual salary of $60,000 before taxes. I have been receiving it for 1 year. 

Source: Spring Financial

They will then ask you to enter your phone number so they can verify it and send you a code. After applying, a representative from Spring Financial will call or email you to discuss further details. 

I also received an email from Loans Canada saying they matched me with 2 other service providers: Spring Financial and Loanz. You can go ahead with the application process by clicking on the links. 

Pros and Cons of Loans Canada


Some advantages of using Loans Canada to get quick loans include:

  • It is an easy application process, and you get matched with lenders in minutes
  • They match you with top-rated lenders with the best rates
  • You can expect to receive most loans within 48 hours or less 
  • They have loans for all types of situations, including auto repair, debt consolidation, and emergency expenses 
  • Interest rates and terms are flexible with most lenders


Some downsides of Loans Canada include:

  • Interest rates can be as high as 46.96%
  • Interest rates tend to be high for those with bad credit 
  • You cannot get an exact quote online; you’ll have to talk to a representative over the phone to find out the rates you qualify for
  • Some lenders may charge a loan origination fee

Is Loans Canada Legit? 

Yes, Loans Canada is legit and has been in business for 10 years now. They are an accredited business on the BBB with an A+ rating. 

They will never ask for any information that isn’t needed to apply for a loan, and you will always be directed to the lender’s official website. 

Loans Canada Alternatives 

Below are two alternative companies worth checking out if you want to apply for a money loan in Canada. 

Loans Canada vs LoanConnect

LoanConnect is a personal loan search engine that helps you find a loan for good credit, bad credit, or anywhere in between. 

Through LoanConnect, you can search Canada’s lenders and get pre-approved for up to $50,000 in 5 minutes and get funds sent to you the same day. 

They offer loans with rates ranging from 5.99% to 46.96% APR and terms of 6 to 60 months. 

The application process is almost exactly the same as Loans Canada. You enter your details and can get multiple loan offers almost instantly. 

Loans Canada vs Loanz

With Loanz, you can apply for a personal loan of up to $15,000. They claim that it takes less than 3 minutes to get approved, and you can receive funds in just 15 minutes (for some loans). 

Terms range from 12 to 60 months, with an APR of 29.9% or 46.9%.

It is an easy, secure application that you can even do on your phone. Loanz verifies your details in real-time, which is why the approval process is so fast.

It is different from Loans Canada and LoanConnect, as it is not a search engine. 


Loans Canada was the first Canadian online loan search engine. They’ve been around for 10 years, matching Canadians with top providers, ensuring they get the best rates possible. 

If you need a loan, don’t go to a payday lender, where you’ll be paying sky-high interest rates. We recommend checking out Loans Canada, where you can be matched with reputable lenders in just a few minutes. 

Visit LoansCanada to get a quote.


How do I know if a loan company is legitimate in Canada? 

To ensure a loan company is legitimate and to avoid scams, do your research on the company. Read customer reviews and make sure they have a real-life presence, such as a head office and locations around the country.

Watch out for upfront fees and offers like 0% interest for a certain time, as most lenders will not make you pay a fee before you receive your loan. 

What is the easiest loan to get in Canada? 

Payday loans are usually the easiest, on-the-spot loans you can get in Canada. However, we would recommend avoiding them if you can because of the high interest rates.

When applying through Loans Canada, you may be pre-approved for a loan from Spring Financial. 

Can I borrow money from the Canadian government? 

You cannot borrow money from the Canadian government directly. However, you may be eligible to receive benefits, such as the Canada Workers Benefit (CWB) and childcare benefits. 

Who can apply for a personal loan in Canada? 

Generally, to apply for a personal loan in Canada, you must be 18 years or older, a resident of Canada, have a steady income, and have proof to show it. Depending on the lender, requirements vary.


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Gravatar for Brianna Harrison

Brianna Harrison

Brianna is a writer from Toronto, Canada, specializing in the personal finance and tech niche. She has been writing, editing, and proofreading for over 5 years as a freelancer. She loves to travel, meet new people, and discover new places. When she’s not writing or travelling, Brianna likes to bake, decorate cakes, and even ran her own custom cake business.

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