Best Personal Loans In Canada For May 2024

Bank of Montreal offers a broad range of loan amounts, from a small $1,500 to a considerable $35,000, catering to diverse financial needs. BMO’s same-day funding feature makes it a standout choice for borrowers in urgent need of financial assistance. With the flexibility of no prepayment penalties and the advantage of autopay and loyalty perks, BMO showcases their commitment to customer-friendly loan solutions. Additionally, the absence of a specified minimum credit score suggests BMO caters to a broad range of borrowers, including customers with past credit challenges.

Eligibility: With no specified minimum credit score, BMO’s personal loans are accessible to a wide range of borrowers. The bank also offers co-signer or co-borrower capabilities, potentially increasing the chances of loan approval for some applicants.

Loan Uses: BMO’s versatile loan amounts between $1,500 and $35,000 can be utilized for a plethora of purposes, whether it’s consolidating debt, funding a major purchase or handling unexpected expenses.

Turnaround Time: One of BMO’s strong suits is their ability to provide same-day funding, making it a top choice for borrowers who need funds urgently. Combined with an efficient online application process, obtaining a personal loan is made swift and hassle-free.

Fusion Credit Union offers an unparalleled range of loan amounts, catering to both individual small needs and large-scale business investments. The flexibility in loan terms, spanning one to 25 years, ensures borrowers can choose a repayment period best suited to their financial situation. With competitive starting APRs, the opportunity for a beneficial deal exists, although potential borrowers should be wary of the higher APRs, even if their maximum APR of 10% is not as high as some of their competitors. The credit union’s commitment to the personal touch with daily human contact and the inclusion of modern features, like online applications and a mobile app, make its borrowing process both personal and convenient.

Eligibility: Fusion Credit Union offers a broad spectrum of loan options without mandating a minimum credit score. The ability to include a co-signer or co-borrower further enhances the accessibility of their loans across different financial profiles.

Loan Uses: With the capability to lend up to $10 million, Fusion Credit Union can support various financial requirements, from personal needs like debt consolidation and home renovations to substantial business expansions or acquisitions.

Turnaround Time: Specific turnaround time details are unavailable, but the online application system might expedite the loan processing time. Prospective borrowers should enquire about the estimated waiting period.

easyfinancial bridges the gap for many borrowers who may find it difficult to get loans due to a lack of credit history. Same-day funding ensures swift financial relief for urgent needs. While the APR range is on the higher side, easyfinancial offers perks like autopay and loyalty discounts. With a flexible loan term ranging from 9 to 120 months and no prepayment penalties, borrowers have the freedom to pay off their loans at a pace that suits them.

Eligibility: easyfinancial stands out by catering to individuals who don’t have a credit history. Additionally, the co-signer or co-borrower capability offers an extra layer of security and assurance, potentially helping more people get approved.

Loan Uses: With loan amounts between $500 and $100,000, borrowers can cover a variety of needs, from consolidating debts to financing significant life events or emergency expenses.

Turnaround Time: The promise of same-day funding makes easyfinancial a go-to option for those in immediate financial need. The online application streamlines the process, ensuring borrowers don’t have to wait long for their funds.

Eastern Loans emerges as a clear choice for individuals requiring smaller loan amounts on a short-term basis. With a consistent APR of 23% and no prepayment penalties, it provides transparency and flexibility in the repayment process. The absence of a credit history prerequisite means it’s accessible to a broader spectrum of borrowers. Their four-star TrustPilot rating further attests to a positive customer experience. Coupled with same-day funding, Eastern Loans offers a quick and relatively hassle-free borrowing experience for borrowers with urgent financial needs.

Eligibility: Eastern Loans provides an inclusive borrowing environment, particularly for those without a credit history. Furthermore, the provision for a co-signer or co-borrower amplifies the chances of loan approval.

Loan Uses: The loan amounts ranging from $500 to $750 cater to immediate, short-term financial requirements. Be it for an unexpected bill, a minor repair or a short-term financial gap, Eastern Loans bridges the divide.

Turnaround Time: For borrowers in a rush, Eastern Loans proves to be an ally with their same-day funding. The online application further accelerates the borrowing process, ensuring minimal wait times.

Spring Financial fills a niche for borrowers who may not have an established credit history but require personal loans for diverse needs. Their competitive starting APR makes the lender an attractive option for individuals who qualify for the lower rates. The lack of late payment fees and prepayment penalties ensures borrowers will have a more flexible repayment experience. Coupled with a high rating on TrustPilot, Spring Financial demonstrates a level of customer satisfaction worth noting. Their promise of a one to two business-day turnaround can be appealing for borrowers in urgent need of funds.

Eligibility: Spring Financial makes it accessible for a broad range of applicants by not necessitating an established credit history. This can be particularly beneficial for young adults or newcomers to Canada.

Loan Uses: With loan amounts ranging from $500 to $35,000, Spring Financial caters to multiple needs, whether it’s for a small project, debt consolidation or a significant purchase.

Turnaround Time: One of the strengths of Spring Financial lies in their quick processing, promising a turnaround time of just one to two business days after you fill out an application.

Desjardins stands out for their flexibility in loan amounts and terms, catering to both small and relatively larger personal financial needs. The presence of perks and loyalty discounts adds to their appeal, especially for long-term customers. Moreover, the same-day funding provision ensures quick access to capital, making it ideal for borrowers in urgent need. Their 24/7 customer support and daily human contact are indicative of a strong focus on customer service.

Eligibility: Applicants must have a credit score of at least 640 and reside in one of the 13  provinces/territories where Desjardins offers personal loans. Though Desjardins bank branches and offices are primarily located in Ontario and Quebec.

Loan Uses: Desjardins’ personal loans can cater to multiple financial needs, from small emergencies to significant expenses, making it versatile for borrowers.

Turnaround Time: Desjardins promises quick loan processing, with the possibility of same-day funding, ensuring timely financial support for borrowers.

goPeer provides borrowers with low credit score access to personal loans. Their range of APRs allows flexibility in lending, while the instant pre-qualification with no impact to the applicants’ credit score is a boon for urgent needs. While they don’t have round-the-clock customer support or a mobile app, their commitment to human contact on business days signals a dedication to a personal touch in the lending process.

Eligibility:  goPeer requires a minimum credit score of 600 and is available to borrowers that are the age of majority in their province nationwide.

Loan Uses:  goPeer’s loan range is versatile, suitable for various needs, from managing small debts to making significant purchases.

Turnaround Time: Loan application can take zero to two business days to process and funding of the loan can take longer than two days because it is funded by a pooled investment from Canadian peers.

Lendful stands out as a provider catering to borrowers without any credit history, allowing a broader audience to access financial resources. Their APR range is competitive, ensuring borrowers can anticipate reasonable costs. The absence of prepayment penalties provides flexibility to clients wishing to repay early. However, they lack 24/7 customer support and a mobile app, indicate areas of potential improvement. Their online application process is streamlined, ensuring potential borrowers don’t face undue delays.

Eligibility: While Lendful doesn’t require any credit history and borrowers across Canada are eligible.

Loan Uses: The offered loan range by Lendful can cover multiple needs, from debt consolidation to funding significant expenses or investments.

Turnaround Time: Although a specific turnaround time isn’t mentioned, Lendful’s online application hints at a streamlined process designed to cater to urgent financial needs.

Magical Credit distinguishes itself by extending personal loans to borrowers with no credit history, offering a lifeline to many who might otherwise be sidelined by traditional lenders. With a commendable TrustPilot rating of four stars, it appears to maintain a decent rapport with their clientele. The absence of late payment fees and prepayment penalties indicates a borrower-friendly approach. The reasonably quick turnaround time of one to two business days further underscores their commitment to fast service. Yet, the lack of 24/7 customer support and a mobile app highlights areas for potential improvement.

Eligibility: Magical Credit stands out by not necessitating a credit history, granting loans in nine  provinces/territories, allowing a wide range of Canadians to access their services.

Loan Uses: Given their range, Magical Credit’s personal loans are versatile—apt for debt consolidation, emergencies, significant expenses or other personal ventures.

Turnaround Time: For borrowers in a rush, Magical Credit offers a prompt response, usually providing funding within one to two  business days post-application.

Fairstone caters to a broad audience by offering both secured and unsecured loan options to borrowers online and in every province except Nunavut. Its flexible loan terms, coupled with their simple loan application process and over 100 years of lending experience, make it a standout choice. With a credit score requirement of 550, they tend to cater to those who don’t have excellent credit. Its quick turnaround time, especially for unsecured loans, is an attractive feature for borrowers in urgent need of funds. The option to add a co-signer or co-borrower to its loans further enhances accessibility, although its online management for co-signers could be improved.

Learn more: Read our Fairstone Loans Review

Eligibility: Fairstone requires applicants to have a fair to good credit score (minimum credit score of 550), and offers loans in every province and territory except Nunavut.

Loan Uses: With a diverse loan range, Fairstone can cater to a variety of needs, from emergency bills to home improvements, debt consolidation and significant purchases.

Turnaround Time: Fairstone funds unsecured personal loans in as little as 24 hours. However, secured personal loans may take three or more days, varying by location.

Disclaimer:

*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC, 31.99% in MB, and 34.99% in QC.

In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.

In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.

LM Credit stands out for their same-day funding offer, making it a prime choice for borrowers in immediate financial need. Their willingness to provide loans without specifying a minimum credit score requirement opens doors for many potential borrowers. The varied APR range suggests flexibility, depending on the loan amount. In addition, their added perks and discounts can be enticing for some customers. While they operate in all provinces (except Quebec) it’s clear that LM Credit is tailoring their services to be as accommodating and swift as possible.

Eligibility: LM Credit operates in every province except Quebec and doesn’t specify a minimum credit score, making it widely accessible to a diverse group of applicants.

Loan Uses: Given the broad loan amount range, LM Credit can assist various financial needs, be it small urgent bills or more substantial expenditures.

Turnaround Time: LM Credit shines in their service delivery with an impressive same-day funding offer for applicants, ensuring immediate financial relief.