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Ten in the Smarter Loans network, from $100 to $35,000, at 9.99% to 35% APR, repaid in fixed payments over months or years rather than in one sum on your next pay date. Five of the ten pay out within 24 hours and ten within two days; seven consider poor credit or set no minimum score and three want a fair score; income minimums run from $1,000 to $2,500 a month from any regular source. The ten are part of the sixteen on the personal loans in Ontario page; the six not listed price by fee rather than by APR, which is a different product.
Money priced as an APR and repaid on a schedule you agree at the start, so every payment is the same and the last one clears the balance. Against a payday loan, which Ontario caps at $14 per $100 and no more than half your net pay, the instalment loan costs less the moment the balance takes more than one pay period to clear: $500 over three months at 35% costs about $29 in interest against $70 for the payday loan. Against a line of credit, it costs more in interest but cannot be redrawn, which for some borrowers is the point. The federal criminal interest rate caps it at 35% APR, and no lender listed prices above that.
Your credit score, the amount and the term. A good score gets the 9.99% floor; a fair one is priced in the twenties; a poor one is priced toward the cap rather than declined by seven of the ten. On $5,000 over 36 months, 20% costs about $1,689 in interest and 35% about $3,142, a difference of roughly $1,450, which is why the rate you are placed at matters more than the approval, and why a loan repaid cleanly for a year and then refinanced at a rate that reflects the new score is the route out of the top tier. The instalment loans in Canada page works through the arithmetic across the whole network.
Reviewed by Rafael Rositsan, Co-Founder and CEO, Smarter Loans. Last reviewed 24 September 2026. Lender figures are the lenders' published terms as checked August 2026; the cost examples are illustrative.
Ten in the Smarter Loans network offer instalment loans in Ontario, from $100 to $35,000 at 9.99% to 35%. Five pay out within 24 hours and seven consider poor credit or set no minimum score.
An instalment loan is priced as an APR and repaid in fixed payments over months; a payday loan is priced by Ontario's cap of $14 per $100 and repaid in one sum on your next pay date. On $500 over three months, the instalment loan costs about $29 in interest against $70.
A good score gets the 9.99% floor, a fair one a rate in the twenties, and a poor one a rate toward the 35% federal cap. The amount and the term move it as well.
Yes. Seven of the ten lenders listed consider poor credit or set no minimum score, and the decision is made on three months of bank statements; a poor score is priced rather than declined.
A loan that reports to the credit bureaus and is repaid on time builds a score; one that does not report changes nothing. Ask the lender before you sign.
