Advertisement | The best personal loans in Canada 2022 (2023)

Advertisement | The best personal loans in Canada 2022 (1)

Advertisement | The best personal loans in Canada 2022 (2)


When it comes to finding the right personal loan, Canadians have more options than ever before.

Tue., May 10, 2022timer6 min. read

updateArticle was updated May. 24, 2022

The opinions noted below are of Loans Canada and not of the Toronto Star.

A personal loan is an unsecured loan, meaning there is no collateral involved as seen with a mortgage or a car loan. These types of loans are typically on the small side but can range anywhere from $1,000 to $50,000 or more. Larger personal loans may require better credit and often come with stricter requirements. But, this doesn't mean that consumers with lower credit may not be eligible. The personal loan options outside of traditional financial institutions are varied and cater to a wide variety of borrowers.

We’ve identified four personal loan options to help Canadian borrowers make the best decision for their unique financial needs.

How To Choose The Best Personal Loan

  • When researching, it’s important to consider these factors:
  • The overall cost, including interest rates, fees, penalty charges and insurance fees
  • The eligibility criteria, like having good credit or a certain debt-to-income ratio
  • The documents needed to apply, such as photo ID and recent bank statements
  • The repayment conditions and length of term
  • The source of the loan and whether it’s a trustworthy business

The Best Personal Loans in Canada 2022

As promised, here’s some information about the top 4 personal loan lenders in Canada:

Symple (Best For Higher Credit Individuals)

Symple is an online lender that was founded in Australia in 2018. Two years later, they opened a Canadian branch called Symple Loans Canada, which is headquartered in Toronto. Their innovative lending platform is advertised as transparent and hassle-free.

They offer personal loans of $5,000 - $50,000, with 1 - 7 year terms, competitive rates starting at 5.75% and origination fees of 0% - 5%. Applicants with better credit may find it easier to qualify but riskier clients may still be approved at higher interest rates.

Symple Unique Features

  • Transparency - Symple is great because they’re upfront about their costs. Borrowers can get a free personalized quote to determine their potential interest rate, with zero effect on their credit. Additionally, they don’t charge prepayment penalties.
  • Convenient - Symple is based online, so borrowers can apply for personal loans and manage their accounts 24/7, 365 days a year. Applying is fast and easy, quotes are instant and any approved funds will be deposited by the next business day.
  • Secure - As of this year, Symple has an A- rating from the Better Business Bureau and is verified by the Canadian Lenders Association.

Spring Financial (Best User Experience)

This online lender was launched in 2016 and has helped over 1 million Canadians gain more financial freedom by borrowing the money they need, despite their lower credit scores. For those who want a quick loan online or over the phone, Spring Financial is available.

Presently, Spring Financial offers flexible personal loans of $500 - $15,000, with terms of 9 - 60 months.

Spring Financial Unique Features

  • Poor Credit Accepted - One of the best things about Spring Financial is that applicants who have fair or bad credit may get approved.Borrowers can even use their personal loan to make timely payments and which may gradually improve their credit scores.
  • Preapprovals and Low Payments - Borrowers can visit the Spring Financial website to get preapproved for a personal loan and interest rate based on their credit history, current income, and current debt load. On top of that, repayment plans can start as low as $31 per two weeks (bi-weekly).
  • Credit Building Loans - Spring Financial offers much more than just unsecured personal loans of varying sizes. Borrowers can also apply for smaller loans that are meant specifically for improving credit through responsible payments:
  • The Foundation -This program does not provide money upfront, it is a program intended to help those with any credit level improve their credit score. The program features a 12-month term and small bi-weekly payments. These payments are reported to the credit bureaus, which can build credit and improve financial health. Upon completion of the 12-month term, the borrower will receive $750 available as savings.
  • The Evergreen Loan -All subscribers who finish the Foundation program will be automatically approved for a $1,500 upfront cash loan, which has payments as low as $44 bi-weekly, 18.99% AIR and an 18-month term.

LendDirect (Best Line of Credit)

LendDirect was founded in Toronto in 2016 and is mainly based online. However, they have established a number of physical branches across Southern Ontario and will accept applicants who come from Alberta, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Saskatchewan, British Columbia and the Northwest Territories too.

Basically, rather than providing lump sums of upfront cash, LendDirect offers unsecured, open-ended lines of credit of up to $15,000. These revolving credit lines feature interest rates as low as 19.99%.

LendDirect Unique Features

  • Flexible Payment Options - Personal lines of credit offer borrowers the ability to make minimum or partial payments to avoid penalties. Similarly, borrowers can choose to pay off the loan early to save on interest.
  • Fixed Interest Rates - LendDirect Lines of Credit come with fixed interest rates as low as 19.99%.
  • Cash Advance Benefits - As long as the full monthly balance is paid and the credit limit is not exceeded, extra cash can be accessed whenever needed, without any fees or penalties. Interest will be charged on amounts accessed.

Fairstone (Best in Quebec & Best For Homeowners)

Fairstone Financial is one of Canada’s largest non-bank providers of personal loans. They’ve been around for almost 100 years and now have over 235 locations across the country. Fairstone offers unsecured personal loans of up to $25,000 with interest rates starting at 26.99% and payment terms of 6 - 60 months.

Homeowners will find that Fairstone is a particularly good option as they can access larger loans and better rates when they opt for a secured personal loan. With a secured personal loan from Fairstone, borrowers can access up to $50,000 with rates starting 19.99% and terms of 60 - 120 months.

Fairstone Unique Features

  • Quebec Consumers Accepted - As mentioned, Fairstone Financial is good because they offer personal loans to applicants living in every province and territory, including Quebec, which isn’t always an option with other lenders.
  • More Options - Fairstone is known for personal loans but also provides mortgages, car/auto loans and instant online loans with bi-weekly, monthly and semi-monthly payment plans. They offer point-of-sale financing for Canadian businesses too.

Loans Canada (Best Comparison Platform)

Interested in seeing all the options available to you in one place? is a loan comparison platform that consumers can use to compare their options and make an informed decision based on their unique needs.

With Loans Canada potential borrowers only need to submit one application to receive multiple offers from different lenders. Not only is it convenient to see multiple offers in one place, but borrowers will save time as they won’t need to submit multiple applications.

  • Loans up to $35,000
  • Free quotes from multiple online lenders
  • Receive multiple personal loan offers with a single application

Access to the largest lender network in Canada

Loans Canada has an affiliaterelationship with the companies listed above. The monetization did not impact how the companies ranked within this article.

Disclaimer This content was supplied by the advertiser.


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