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Subprime is a lender-side term. It describes lending priced for risk above what banks accept, not a category of borrower. Most people arrive here after a bank decline, and the useful information is what the alternative market actually looks like.
Most verified applicants on our platform sit below the threshold where mainstream lending ends. Combined, that is the large majority of the personal market in Canada.
That has a consequence worth stating plainly: below-prime is not the exception in Canadian personal lending. It is the market.
| Verified credit band | Instalment average |
|---|---|
| Below 560 | $5,282 |
| 560 to 659 | $6,147 |
| 660 to 724 | $8,262 |
| 725 and above | $10,906 |
The federal cap sets a hard ceiling at 35% APR. Every lender in our network sits under it, so the spread between a subprime and a near-prime offer is narrower in Canada than in markets without a cap.
The larger difference is not the rate. It is the approved amount. Requests rise steadily with band, and the gap between the lowest and highest band is roughly double at instalment scale.
11 of 16 lenders in our network approve below 560.
Their underwriting differs from a bank's in three specific ways:
They weight banking behaviour over bureau history. Deposit regularity, overdraft frequency and existing commitments read from the account directly.
They price to the cap rather than declining. A bank declines a file it cannot price. A subprime lender prices it.
They lend smaller. Amounts scale with assessed risk, which is why a below-560 approval is usually well under the requested amount at the top of the range.
Yes, and it is capped. Since 1 January 2025 the maximum is 35% APR. Anything above that is a criminal rate.
There is no legal definition. In practice, below roughly 660 is where mainstream bank criteria stop. 11 lenders in our network approve below 560.
The loan itself does not. Missing payments does. Reporting to the bureaus means on-time payments build history that improves your position for the next application.
On-time payment history is the largest component of a Canadian score, and utilisation is the second. The band composition on our platform moved up -4.6pp in twelve months, so it happens at scale.
