Personal Loans Ottawa

Whether you’re going back to school, are facing unexpected expenses, or need a vacation, personal loans are a convenient way to access quick cash.

These loans often have competitive interest rates and a variety of payment schedules, providing much of the flexibility of a longer term instrument, but with the accessibility and speed of payday loans.

They’re also available via online applications that can be completed in just minutes, with funds that can be transferred directly into your bank account via direct deposit or e-transfer, in as little as a few hours. In many ways, online personal loans can be considered as instant loans.

When it comes to applying for personal loans, there are a huge variety of lenders to choose from. Luckily, we’ve done a lot of the legwork for you; check out our list of the best, most reputable providers of loans in Ottawa, along with their terms, in the table below, and apply directly via their link.

Or, pre-apply with us, and we’ll connect you with the right lender for your situation.

Quick Links

  1. Who Can Get a Personal Loan in Ottawa?
  2. What Types of Personal Loans Are Available in Ottawa?
  3. Online Payday Loans vs. Other Online Personal Loans
  4. Where Can I Get a Personal Loan in Ottawa
  5. How Can I Use a Personal Loan?
  6. Personal Loan Eligibility Requirements in Ottawa
  7. How Do I Apply for a Personal Loan in Ottawa
  8. Choosing the Right Personal Loan in Ottawa
  9. Ottawa Personal Loans FAQs

Who Can Get a Personal Loan in Ottawa?

Chart showing amount of debt held by Canadians, by age group.


The basic requirements for personal loans in Ottawa are simple. All applicants must:

  • Be 18 years or age older
  • Have a valid bank account
  • Be able to prove residence

If you pass these requirements, then you will be eligible for some form of personal loan – though not necessarily every loan from every lender.

Different financial institutions have different eligibility criteria for their products, so you will need to check with a specific lender to see if you qualify with them. Factors such as income, credit score and so on will potentially be looked at during the application process.


What Types of Personal Loans Are Available in Ottawa?

Graph showing percentage of Canadians holding different types of debt.


A personal loan is any loan offered to general consumers, and there are many different types available.

Generally, a personal loan will allow you to borrow a fixed amount of money via a lump sum, which you must then repay over time, plus interest and any associated fees.

There are two main classes of personal loan: secured personal loans and unsecured personal loans.


Secured Loan

A secured personal loan (or title loan) is “secured” by putting up an asset (like your house or car) as collateral in the event you can’t repay the money you owe.

Because this is considered less risky by lenders, you can often get a larger sum of money at a lower interest rate, or get approved even when you have a poor credit score.


Unsecured Loan

Most personal loans take the form of an unsecured installment loan, with no collateral required. This means you do not need to have any assets to get one.

But because this makes them a riskier proposition for lenders, unsecured personal loans tend to be for smaller amounts and have higher interest rates and stricter payment schedules than secured loans.


Personal Loan Examples

All of the following are types of personal loan:

Table showing average amount of debt held by Canadians, by debt type.


Online Payday Loans vs. Other Online Personal Loans

Weighting options icon.


When you think of getting an instant loan, your first thought may be of a payday loan. Payday loans are extremely popular across Ontario, and as they are available online as well, many turn to payday loans for short term cash and easy approval.

A payday loan is a type of unsecured, short term loan, with generally higher interest rates and smaller amounts of money than other types of personal loan. They’re usually structured to be repaid in a single repayment – on the borrower’s next payday. And, unlike with other loans, a credit check is not necessary when you apply for a payday loan in Ottawa; the only really important factor is income.

All of this makes payday loans in Ottawa very useful for those seeking short term loans in small amounts, with lenient approval requirements.


Chart showing distribution of borrowing amounts. Most people borrow under $500.


They are however more expensive than other forms of personal loan, and for this reason you need to think carefully about which type of loan will best suit your needs.

If you feel that a payday loan in Ottawa is your only option because you have a bad credit score, you should know that plenty of companies offer bad credit loans with better terms than payday lenders. If you’re drawn by the convenience of an online payday loan application, it’s worth remembering that many companies nowadays allow you to apply online, and have streamlined systems that mean you can receive approval and funds within the same business day.

All of this is not to say that payday loans in Ottawa don’t serve a very useful purpose; Ottawa residents turn to them for a variety of reasons. It’s just important when choosing the right way to get money for you to take into account your priorities, and to be aware of all of your options.


Chart showing reasons people get a payday loan. People like payday loans as it is easier to get approved than when applying to other financial institutions.

Where Can I Get a Personal Loan in Ottawa?

Graph showing banks are increasing their personal loan lending.


Personal loans are readily available across Ottawa, so Ottawa residents have multiple lenders to choose from, including:

  • Banks
  • Credit unions
  • Payday lenders
  • Alternative lenders
  • Online lenders

Alternative lenders have the most flexible eligibility criteria for loan approval, and the highest approval rates.


In addition, specific loans are available from your chosen:

  • Mortgage brokerage
  • Vehicle dealership
  • Private wealth financial institution


How Can I Use a Personal Loan?

Chart showing common uses for personal loans.


Personal loans are versatile and come in many forms, and are commonly used by Canadians for all manner of reasons. Here are some of the most common:


Graph showing how borrowers intend to use their personal loan by age group.


It’s important to to remember that unless the loans in Ottawa you are considering are use-specific (e.g. an auto loan), then there are no restrictions on how you spend your money. Personal loans in Ottawa can be used for everything from tickets to see the Ottawa Senators, to a trip to the Canadian museum, to a medical emergency.

Personal Loan Eligibility Requirements in Ottawa

Banks and other lenders will consider a number of factors when weighing approval of your personal loan. While each lender is different, the below are the most common considerations when assessing a borrower:

Credit Score & Assets

Credit score graphic showing range from 300 to 900.


In general, the better your credit score, the more reliable you’ll appear in terms of making regular repayments to your lender, and the easier it will be to get a loan.

As an example, most traditional banks will require a credit score of 670 or above.b

Your credit score reflects your entire credit history, so it’s not something you can quickly change or amend. Keeping a close eye on your credit report or using an app to access your free credit score is one way to ensure nothing erroneous appears on your credit report to hamper future loan applications.

A high credit score helps with loan approval and cost, but it’s not a necessity. You can still qualify for money with bad credit – you’ll just have to pay a higher interest rate, and make sure you apply to lenders that offer bad credit loans.


Chart showing value of assets held by Ontario residents.


Or, if you own a valuable asset – like a property – using it as collateral can ameliorate the effect of a low credit score and help keep your rate low. Even if you have good credit, providing collateral can secure you a more favourable loan agreement (like lower rates).

Income & Employment Status

Chart showing population distribution by household income in Ottawa.


The higher your income, the easier it will be to qualify for a personal loan in Ottawa. This is because lenders will feel that you are in a more secure financial situation.

It’s also the case that the higher your income, the more money you will be able to borrow – for the exact same reason.


Chart showing the Ottawa unemployment rate over time is consistently below the Ontario average.


Salaried employees with a steady income stream will usually have an easier time getting approved than someone who’s self-employed or a contract worker.

But steady cash flow need not be employment related; those on benefits or a pension who can demonstrate they receive regular income will be able to secure personal loans in Ottawa.


Financial Commitments & Other Debts

Graph showing average monthly loan payments in Canada by loan type.


If you pay alimony, spousal, or child support, these amounts will be factored into your application.

Similarly, if you’re carrying other debt (like a mortgage, line of credit, student loan or car loan) these loan details and payment amounts will be assessed.


Chart showing value of assets held by Ontario residents.


Too many financial obligations could result in your loan amount being reduced (or the application denied).

Alternate Routes to Loan Approval

Assessing finances graphic.


While the factors mentioned above are among those most commonly considered by lenders offering personal loans in Ottawa, not all lenders rely on the same factors. Other factors may come into play. And different lenders may place more importance on some factors than others.

This means that even if you have bad credit, no credit history in Canada, unconventional income, a lack of assets, or other issues you worry may negatively affect your chances of loan approval, you don’t need to panic. There are realistic routes to loan approval for all Ottawa residents.

You just need to remember that loan amounts may be smaller, interest rates higher, or you may simply have to shop around a little more to find the best personal loans for your situation.


Chart showing reasons why Canadians were rejected for online personal loans.


How Do I Apply for a Personal Loan in Ottawa

To apply for a personal loan in Ottawa, the first thing you need to do is find the right lender.

Once you’ve found a lender, you will need to apply using their system. This may be possible online or in-person, depending on which lender in Ottawa you choose. In either instance, you need to make sure you have the documents required to hand, including:

  • I.D.
  • Proof of address
  • Bank account information
  • Employment information

Once the paperwork is received, the lender will assess everything, and decide whether you are approved. If approved, you will receive a loan offer that details the loan amount, repayment terms, interest rate and so on.

This loan offer should be thoroughly reviewed by you, and only signed if you are fully happy with the contract. Once you accept a loan offer, the lender will send you the full loan amount, and your first repayment will be due as per your arrangement.

Choosing the Right Personal Loan in Ottawa

With so many loan options and providers in Canada, you need to know how to compare all of your different options. The following are the key factors to consider when you get a personal loan:

Loan Amount

Graph showing how much people borrow by age group.


Personal loan offerings vary in size depending on their purpose. Unsecured loans are typically between $500 and $10,000, but can go up to $30,000 and more. Secured loans (like home equity loans) can be over $100,000.

As mentioned above, credit history and income will likely affect the loan amounts each borrower qualifies for.

Term Length

Distribution of Canadian mortgages by term.


Repayment periods typically range from 3 months to 5 years for most personal loans. Payday loans usually have a term of just a few weeks. And some loans have much longer lifespans; auto loans can have up to 8 year terms, and mortgages up to 30 years. The type of loan in question has a significant impact on the likely term.

Interest Rate

Graph showing personal loan rates by credit score.


Personal loan interest rates currently range from 6.99% (with a good credit score) to 47.72%. A competitive interest rate can be either fixed or variable (a fixed rate stays the same for the term of the loan, while a variable rate fluctuates with Canada’s prime rate).

Graph showing fixed versus variable interest rates over time in Canada.


Repayment Structure

Chart showing rate of debt non-repayment over time.


Although monthly payments on personal loans are more common than bi-weekly, semi-monthly, or weekly payments, repayment structures vary with the loan terms. Most lenders will allow some flexibility in your repayment frequency.

Applicable Fees

All loans have some fees, and each lender is different. You should carefully check your loan agreement for administration fees, origination fees, prepayment penalties, late payment penalties, and so on.

It’s crucial to take into account the effect these fees will have on your overall loan cost – and to avoid any lender that utilizes hidden fees.

Type of Loan


As mentioned above, a personal loan may be secured (by your personal asset) or unsecured. They also come in a variety of shapes – from installment loans to payday loans – so your intended use of the funds may impact what type of loan you can access.

Speed of Application

Graph showing preferred personal loan alternatives by age group.


One of the primary considerations when many people search for funding is speed: how long does it take to apply, how long is the wait time, and how quickly can you receive funds once approved?

Your local bank may have loans with attractive rates, but it can take weeks for a bank to process an application – which makes them unhelpful in emergencies. This is one reason why there are so many online loans available in Ottawa (and across the rest of Ontario).

Online personal loan lenders are usually very fast. An online company may only need a few hours to accept your application and send funds. This makes them ideal when time is of the essence, or convenience is paramount. It may be of less importance when a person needs funds for a longer term project.

Ottawa Personal Loans FAQs

How much money can you get with a personal loan in Ottawa?

That depends on what type of loan you apply for, your credit score, and the loan company you apply to. Amounts from just a few hundred dollars to tens of thousands are available.

Graph showing how much people borrow by age group.


Bear in mind that if you need a larger amount, a fast online payday loan won’t be very helpful, and you will need to consider other loans in Ottawa.

How much will a personal loan in Ottawa cost?

Again, this depends. Each person has their own financial profile, including credit score, income level, other debts, and so on. This profile, as well as the type of loan applied for, the lender in question, and the loan amount, will all determine interest rate, fees and other costs.

In general, qualified borrowers will be able to access an interest rate of about 7%+.

Are bad credit personal loans available in Ottawa?

Yes, you can get a personal loan if you have bad credit. You can check our bad credit loan table to compare bad credit personal loans in Ottawa.

Bad credit personal loans charge more, but they still allow fast access to cash, with the facility for borrowers to apply online and receive their approved funds via direct deposit or Interac e transfer.

Can I get a no credit check personal loan in Ottawa?

Yes, you don’t necessarily need a credit check for a personal loan. You can resort to Ottawa personal loans with no credit check if you don’t want a personal lender to assess your credit score.

Or you can choose to get a payday loan. No credit check is required for payday loans in Ottawa, so borrowers do not need to worry about the effect of the loan application on their credit score.

Can I get a payday loan in Ottawa?

Yes, it is easy to get a payday loan in Ottawa, as long as you have some form of income.

Most payday companies have both online and physical facilities in multiple Ottawa locations (that are open outside of regular business hours for extra convenience), so you can choose how you want to apply.

Simply fill out the application form for your chosen Ottawa lender, and once approved you will receive cash directly into your bank account (or via e-transfer) almost instantly.

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