One application. 16 lenders.
Apply Now One application routed to where you qualify.
Every Apply button starts the same single application. Your chosen lender is prioritized first.
Toronto is the deepest lender market in Canada, and the same lenders serve every Ontario city.
Four gates, in the order lenders apply them.
The rest require employment or self-employment. This field decides more applications than credit score does.
Income floor is absolute. Most lenders publish a minimum monthly income, most commonly $1,500 per month. Below a lender's floor, nothing else compensates.
Credit is more flexible than expected. 11 of 16 lenders serving Toronto approve applicants below a 560 credit score. A decline is one lender's threshold, not the market's.
Banking history can replace credit history. Lenders that connect read-only to your account assess deposit regularity rather than your file, approve applications a bureau score would decline, and fund fastest.
Worth checking before borrowing. Each costs less than any loan.
Licensing is provincial, so the same lenders serve every Ontario community. Ontario has no separate high-cost credit licensing band; the federal 35% cap does the work. The regulator is Consumer Protection Ontario. The full picture is on the Ontario page.
If you live in Toronto and are in need of a little extra cash, a personal loan is probably within your grasp. All that’s universally required is ID, proof of residency, and an active bank account. Every lender will then have different eligibility criteria, but the range of lenders available means that even those with no income or bad credit will have some loans to choose from. Typically, a lender will analyze your credit score, your income, and your existing debt levels to determine if you qualify for a loan with them.
Online application processes mean that applying for a personal loan has never been easier. These options mean that you never even have to leave home! To start applying for a loan, you must gather your ID, bank account information, and something that proves your residency (i.e. an official document or ID with your address on). You must then source whatever additional items your chosen lender requires - for example, paystubs as proof of income, or bank statements. Attach all this required documentation to a completed version of the lender’s application form, and submit - either online, by mail, or in person at a branch if applicable.
Residents of Canada’s largest city have no shortage of options when it comes to getting a loan. Many automatically turn to their bank or credit union when they need financing help, and while these traditional lenders can offer good rates, it’s usually only to those who fall within their strict eligibility requirements. Others, or those hunting for a great deal, may find more options through alternative lenders, which include online lenders, financial service providers, payday lenders, credit card companies, vehicle-related loan companies, and niche lenders. Your credit score, income and the amount you need to borrow will help determine which kind of lender is best suited to help you.
Interest rates on personal loans vary; for those with excellent credit and a large income, rates can be as low as 4.5%. The average sits at closer to 10%. However, short term loans, loans to those with poor credit, or loans to those with limited income all command higher rates, upwards of 20%, and sometimes even as high as 50% APR.
The amount you can borrow with a personal loan will depend on who you borrow from, your credit score, your income, and your existing debt levels. Loans up to $50,000 are possible for those who are considered safe borrowers, but you don’t have to borrow this much. You can get as little as $500 if that’s all you need.
All loans come with fees of some sort, although sometimes lenders will waive these to attract new customers. Generally though, you can expect to pay at least an application fee and a loan origination fee. Other fees do exist - for example, closing fees, loan service fees, early payment fees, late payment penalties, and so on - but trustworthy lenders will not gouge you through fees, and will always be transparent about their pricing structure.
Personal loans can be received within a day, if you go to the right kind of lender. Traditional lenders, like banks, usually have much longer waiting periods - sometimes weeks - but alternative lenders tend to move more quickly, and online lenders have the fastest processing times of all. If immediate cash is your primary concern, try applying to a quick loan specialist to guarantee fast turnaround.
The average credit score in Toronto is 679 - considered good - but there are many Torontonians who do not meet this level. For anyone with a credit score less than 600, getting a personal loan can be tricky; and for those with credit lower than 550, officially considered bad credit, financial products of all kinds become harder to access. However it is possible to get a loan if you have poor credit. You will need to apply to a lender who accepts lower credit scores, and will pay more in interest.
Yes, non-Canadians living in Toronto can access personal loans. You need to be able to show ID (proving that you are over 18 years old), proof of address (that shows you are a Canadian resident), and you’ll also need an active bank account. All other conditions are purely financial. If you are an immigrant, a foreign worker or a new resident, and you don’t have a Canadian credit history, there are lenders who can help. Just bear in mind that you may have to provide collateral, pay a higher interest rate, or provide more comprehensive documentation to demonstrate your financial trustworthiness.
Yes, it is possible to get a personal loan without a steady income. Although traditional lenders require proof of employment, plenty of alternative lenders don’t. However, in these cases your credit score, existing debt levels and savings will probably become more important to your application. And you may have to pay more in interest.
