Best Personal Loans in Toronto

A Review of 6 Lenders for the Best Personal Loans in Toronto

Whether it’s to consolidate existing debt or help you move forward to the next stage in your life, a personal loan can help you take that big leap.

In today’s review, we’ll look into providers who can give the best personal loans in Toronto. For each one, we’ll talk a bit about interest rates, repayment tenure, and maximum loan amount.

Read on to discover how each lender made our list plus other things you need to know about taking out a personal loan.

The Cost of Taking out a Personal Loan in Toronto

If you want to know how much you have to pay back, remember three things. These are your loan amount, interest, and additional fees.

The total of your loan will be divided into equal payments, usually spread out over 12 to 60 months. The bigger the loan and the longer the term, the more you’ll end up paying thanks to interest.

As per the interest rate, lenders aren’t allowed to charge more than 60% interest every year. Your interest rate will be defined depending on the type of lender, type of loan, and credit history.

See the table below to find a sample computation based on various interest rates:

Interest RateMonthly PaymentTotal Amount
8.99% 64$2,304 
19.99%75$2,700 
39.99%97$3,492 
59.99%121$4,356 

*IF Loan Amount is $2,000 and payment term is 36 months.

The Best Personal Loans Providers in Toronto

Note that the maximum loan amount and your repayment terms largely depend on the provider you choose. Make sure to select the one that meets your needs and has favorable repayment schemes.

1.  SkyCap Financial

SkyCap Financial's Homepage
SERVICES Short-term loans
WEBSITEhttps://skycapfinancial.ca/l
ADDRESS1020 Bayridge Dr Suite 104, Kingston, ON K7P 2S2, Canada
CONTACT DETAILS+1 [email protected]
OPERATING HOURSMonday – Friday: 8:00 AM – 10:00 PMSaturday: 9:00 AM – 6:00 PMSunday: 9:00 AM – 6:00 PM

SkyCap Financial is a loan agency based in Kingston that offers services in nine provinces. This includes 93 Canadian cities including, of course, Toronto.

The agency focuses on short-term loans from $1,000 to $10,000. Their loan amortization term ranges from nine to 36 months at a 12.99% to 39.99% interest rate.

They based their lending decisions on three factors: current income, stability, and credibility. If you’ve been approved, you’ll receive the money directly in your bank account, which is a plus for convenience.

What we like about the entire process is how fast you get your loan amount. You can get approval within 24 hours so if you need a loan as early as the next day, this is a quick option.

Another striking feature about this deal is how easy it is to pay the loan back. They’ll set up an automatic payment program where they’ll simply withdraw the payment amount from your account.

The reason we took note of this is that it prevents you from missing payments. And missing payments affects the course of your loan throughout its lifetime – and it’s not for good.

All-in-all, this is a great lender if you need big money fast minus the hassle of traditional sign-ups. 

Just note that they can be pushy about having you join their credit-building program. And to be honest, we’ve yet to hear a good thing about this program so be wary of taking them up on that offer. 

Pros

  • Personal loan amount of up to $10,000
  • Payment terms of up to 36 months
  • Receive loan amount via direct deposit to your bank
  • Approval process in as fast as 24 hours
  • Uses an automatic payment program
  • Easy loan requests process

Cons

  • Can be pushy about other programs
  • Not the best customer service

Customer Reviews

Helps you achieve your financial goals

Although many companies of this nature present themselves as a positive loan experience, Skycap actually follows through with a friendly and supportive process  and will do their utmost to help you achieve you financial goals. If you find yourself in the need of this type of loan consider Skycap before some of the more larger entities because you will be treated with respect and will be pleasantly surprised. – Ryan Sittrop

Stellar services

I was in quite a jam I must say. I had just spent a year trying to rebuild my credit and apparently it was successful!. Skycap readily accepted me as a loan applicant and it was seriously a private dance of joy! Without having this opportunity, I wouldn’t have been able to purchase the item I needed due to medical issues. I literally got a second chance and it was the faithful Skycap that gave it to me. It’s going to be the best New Years 2021 ever! I can’t thank you enough and customer service is stellar! 5 stars 5 times over! Joseph G. assisted me in my purchase and was absolutely wonderful. He was so helpful and full of knowledge and I appreciated his friendly attitude. So, happy about the service I received from Skycap Financial. – Rose-Anne Diallo

2. Consumer Canada

Consumer Canada's Homepage
SERVICES Personal loans
WEBSITEhttps://home.consumercapitalcanada.ca/
CONTACT DETAILS(1-855-646-0535)
OPERATING HOURSMonday – Friday: 9:00 AM – 5:00 PM

Consumer Canada is all about simple and fast electronic processes. In fact, you can secure your personal loan all in the comforts of your own home.

You can take out a loan for as low as $500 and as high as $12,500. Their payment terms range from 12 to 60 months at an interest rate of 19.99% – 34.99%.

Our favorite part about this lender is how seamless the application is, which only takes 5 to 10 minutes to complete. The funding time can take about 24 to 48 hours, which is still a favorable waiting time.

If you’re approved for a loan, you’ll receive the money via direct deposit to your bank. So basically, there’s no need to wait for cheques in your mail.

We also favor their flexible payment terms, which give you the freedom to make one-time payments or recurring ones. We recommend setting up a scheduled recurring payment so you can prevent missed payments that would incur fees.

If you happen to be one of their existing customers, you may be eligible for a balance increase. Just make sure that you can still pay the entire loan with the increase.

In short, this company is great for electronic personal loan applications and flexible payment terms. Just don’t expect too much from their customer service as we found them a bit lacking in response and assistance. 

Pros

  • All-electronic personal loan application
  • Fast and simple process that takes 5 to 10 minutes to complete
  • Receive funds via direct bank deposit within 24 to 48 hours
  • Can choose between one-time payment or a scheduled recurring repayment
  • Certain existing customers are eligible for a balance increase

Cons

  • Hard to communicate
  • Issues with customer service and assistance

Customer Reviews

Transparent service without judgment

ConsumerCapital Canada  came to my rescue when I was trying to navigate a divorce and rebuilding my life independently. They were polite, professional, without judgment and treated me like person the entire time. The repayment plans are manageable for real people and they are open and transparent about fees etc., They even have insurance should you lose your job and you need some time to sort out your payments. Highly recommend!!! – Elaine Wilson

Fast and efficient process

I had nothing but an AMAZING experience with Consumer Capital. They helped me out when I really needed it:) and it was a fast and efficient process..thank you Consumer Capital! – Melissa Murphy

3. Spring Financial

Spring Financial's Homepage
SERVICES Personal loan, evergreen loan, mortgages
WEBSITEhttps://www.springfinancial.ca/
ADDRESS555 Burrard St #505, Vancouver, BC V7X 1M8, Canada
CONTACT DETAILS+1 888-781-8439
OPERATING HOURSMonday – Friday: 8:00 AM – 5:00 PM

Spring Financial is a financial agency based in Vancouver but they basically serve all Canadians. Plus, location won’t be too much of a worry since every loan application is online.

Here, you can get up to $15,000 worth of personal loans payable in 9 to 60 months. However, the interest rates are quite high at 29.99% to 46.96% – the highest on our list.

This lender made our cut nonetheless by having the fastest standard completion time or online personal loan applications. It will only take you three minutes to build an application for approval.

In addition, you won’t have to wait long to receive your loan as you can get it within the day. You’ll get it via e-transfer so that’s a plus point for convenience.

What makes them stand out from the others is their flexible repayment plans that allow you to build credit. You can choose to pay your loan bi-weekly or monthly, which is nice if you want to make early payments.

Plus, they report these repayments to credit bureaus to help you build your credit. Just make sure not to miss any payments to keep a great record.

Actually, you can basically pay your loan anytime here and there won’t be any penalties or hidden fees. We still recommend scheduled payments, though.

Pros

  • Online application completed within three minutes
  • Flexible loan repayment terms
  • Get your loan within the day via e-transfer
  • Pay bi-weekly or monthly to build a good credit
  • Pay anytime without penalties and hidden fees

Cons

  • Interest rates are on the higher end
  • Cannot set up an automatic repayment option

Customer Reviews

Opportunity to rebuild your credit

Honestly when I initially applied I was not aware that this would provide an opportunity to rebuild my credit. While I’m not excited about the higher interest rate I would recommend the service to anybody since the people I worked with were very helpful and friendly. – Joseph

Patient and eager to help

First I want to say that Spring financial has helped me in so many ways. They really take the time to listen to you & your needs. You can tell that the people here at spring financial really want to help your situation. Something I really like about them is that they are very Patient with you & they are very organized they make sure you’re taken care of right away. I would definitely recommend spring financial to others anytime. It would be my first pick. – Camryn Carimbocas

4. Loan Me Now 

SERVICES Personal loans
WEBSITEhttps://www.loanmenow.ca/
ADDRESS1250 René Lévesque Boulevard West, Suite 2200, Montréal, Québec, H3B 4W8
CONTACT DETAILS1-877-316-5463
OPERATING HOURSMonday to Thursday: 9:00 AM to 6:00 PM
Friday: 9:00 AM to 5:00 PM

Loan Me Now is a financial agency headquartered in Quebec. But like other non-Toronto-based lenders on this list, you can still get loans from them because everything is online.

This lender is the best choice if you need quick cash but don’t need a large amount. Here, you can take a loan amount of $500 to $1,000 only.

Since the loan amount is small, the repayment terms are only three months. The interest is high at 28% to 32% – but then again, it’s only for three months.

The best part about getting a loan here is that they don’t perform a credit check. So whether you have a terrible credit history or not, you’ll still get a chance to take out a loan.

Processing times are fast too as you can get your loan in 24 hours. You’ll receive the money from your bank, but note that you still have to follow certain instructions for them first.

We also like their repayment terms as they still give you enough flexibility even with a short repayment period. You can go for 12 weekly payments or 6 bi-weekly payments.

Pros

  • Best for fast, small loans
  • Every process is online
  • No credit checking is necessary
  • Get loan amount within 24 hours
  • Flexible repayment terms even for a three-month period
  • Services available in French

Cons

  • High interest rates
  • Can be difficult to contact

Customer Reviews

Fast and helpful with requests

I’ve had nothing but a great experience with LoanMeNow over the years, and been a customer a few times. They are fast to process my request when needed, friendly, courteous, and helpful. When I’ve needed their help, I’ve been stressed with no other options. It seems fortunate that LoanMeNow was there for me when needed. I had tried a few other options and it was always the same story. Pestered by calls and emails, along with grumpy staff. Should I need a personal loan again, I would use LoanMeNow. – David Sinclair

Approved in one hour

Within 1 hour I was approved and an email money transfer was sent to me. Merci beaucoup Loan Me Now. –  Jean Boufard

5. Mogo

Mogo's Homepage
SERVICES Credit score, protect, card, loans, mortgage, wealth, bitcoin
WEBSITEhttps://www.mogo.ca/
ADDRESS2100-401 W Georgia St., Vancouver, BC, V6B 5A1
CONTACT DETAILS604.659.4380
[email protected]

Mogo offers a purely-online based suite of services in eight provinces in Canada. This includes Ontario, which also encompasses the Torontonian clientele.

This agency made our list by combining our mini favorites into one robust loan scheme. For starters, they offer both the lowest and highest possible loan amount of $100 to $35,000.

Their payment terms can be 24 to 60 months and you can pay anytime you like with no penalties. You also have the option to pay in full in case you want to pay off your loan in a snap.

One of their best features is their 100-day test drive. This is like a trial period where, if you’re unsatisfied with your loan experience, just send back the principal and you get a 100% money-back guarantee.

With a personal loan, you also get 90-day free credit protection in your MogoAccount. This also comes with identity fraud protection while you’re free to monitor your credit score.

Speaking of credit scores, you don’t need to have a spotless credit history to get approval. Even bad credit is accepted here.

Finally, their interest rates are 5.9% to 47.72% and are highly adjustable. The one thing you must be wary of is additional fees because they’re not displayed on their website, so you won’t see a breakdown of what you’re actually paying for.

Pros

  • Loan amount of up to $35,000
  • Receive loan via direct bank deposit or e-transfer
  • Flexible repayment terms of up to 60 months
  • Pay anytime with no penalties or pay in full
  • Offers a 100-day test drive period
  • 100% money back guarantee if you don’t like your loans experience
  • Free 90-day credit protection on a MogoAccount
  • Bad credit accepted
  • Highly adjustable interest rates
  • Services are available 24/7
  • Automatic payment program

Cons

  • Additional fees are undisclosed on their website
  • Interest rates can be high
  • Penalty of $20 to $50 for non-sufficient funds

Customer Reviews

Easy and straightforward

MOGO has a wide offering of products and services from personal loans to mortgages. Its website and app are very user-friendly. It caters to the millennial crowd, so it’s quite responsive on social media and on the chat service on its website. Its application process was pretty easy and straightforward, although be sure to read the fine print to understand what you’re signing up for. – Sean Cooper

A company that cares

The people at Mogo are always friendly and easy to deal with. The products you offer are by far #1 and you can tell as a company you all really do care about people’s situations. Thank you all for everything! – Jamila R.

6. Lend for All

Lend for All's Homepage
SERVICES Personal Loans, Car Loans, Mortgage Loans, Business Loans, Debt Consolidation, Bad Credit Loans, Installment Loans
WEBSITEhttps://lendforall.ca/
ADDRESS1 King St W Suite 4800 -24 Toronto, ON M5H 1A1
CONTACT DETAILS+1 800-532-4505
OPERATING HOURSContact for more information

Lend for All is your go-to company when it comes to lending services wherein their platform allows you to have access and relate to a wide network of other lenders. Their platform also makes sure to present you with all possible lending options that are of low credit in order that you may exhaust every option possible and pick the one that best suits your case.

Partnered with various lenders all over Canada, they can give you equal opportunity to all these organizations no matter your financial background. They can prove you with a convenient and efficient solutions to money lending services so that you will experience less risks and more financial opportunities and assurance.

They are proud to provide and guide you through the whole process so even if your new to the whole process – they are the best company to go for. Rest assured that they are employed only with experts so that you can be sure that you are in excellent hands that will prevent you from having any potential financial losses.

We recommend this company for your lending and borrowing needs due to their comprehensive AI system and equally accommodating customer service that is ready to give you advice when you need it.

Pros

  • User friendly AI system and platform
  • Ensures safe and secure loan application
  • Accommodates all borrowers regardless of background

Cons

  • Operating hours are unavailable

Factors to Consider Before Taking Out a Personal Loan

There are a lot of things to consider before taking out a loan to ensure success. Knowing those things can help increase the chances of loan approval.

Here are some things you must consider before taking out a personal loan:

Credit History

Credit scores represent your creditworthiness based on past credit payments. The credit score ranges from 300 to 900 – 660 to 759 is considered good to very good and 760 and above is excellent.

If you have a lower credit score, this could infer that you have bad debt management and may prevent you from getting your loan approved. But you can improve your credit score by paying your bills and debts on time.

Interest Rates

Comparing interest rates allows you to know which lender offers lower rates. But do note that most of the time, it’s your credit score and income that will dictate the interest you get,

In addition, you would want to assess the fees that you have to pay back. Numerous costs such as the processing fee, prepayment fee, and late payment fee, are some things that you have to consider.

Loan Amount and Payment Term

Make a list of the things you need and your requirements, rank them by priority and find out how much money you’ll need to accomplish them. Just remember that there’s a maximum amount you can take per lender.

In addition, you must also look into the payment terms. The repayment period stated in them should be between 9 to 60 months, depending on your loan amount.

Ability to Pay

Evaluate your ability to pay back the loan you took. It’s never a good idea to take on a loan you can’t possibly pay back.

As mentioned before, a bad credit score would also mean a bigger probability of getting your next loan application denied. So, you need to be able to pay the loan you borrowed, and plan it ahead of time.

You should assess whether your income is enough to pay back the loan. For this, you can use a personal loan calculator to calculate your monthly gross income in advance to plan for your payment.

FAQs About Personal Loans in Toronto


Taking the best personal loan in Toronto can help you take that big step towards a change in your life or to build your credit back up. 

If you want more content like this, check out our other pieces, like our list of the best mortgage brokers in Toronto for those who want to land the home of their dreams.