How much would you like to borrow?

How many repayments?

Where do you live?

Lender licences
Get my loan
+ 200 000
members since 2014
93%
of approved applications
4.9out of5
customers would recommend us to their friends


Customer Rating

Best Personal Loans in Canada

Personal loans in Canada allow you to borrow a fixed amount of money from traditional lenders such as banks and credit unions. If those avenues do not make sense for you, you can also turn to direct lenders online, payday loan stores or pawnshops for fast cash.

As much as we all hope to have enough money in the bank when we’re faced with a big, unexpected expense, there are times in which receiving financial assistance is necessary. Let’s face it: nobody is really 100% prepared to wake up and discover a broken pipe in the basement. If you do not have the proper insurance to cover such an issue, things could get expensive. Thus, applying for a personal cash loan is a wonderful alternative.

Direct private lenders can provide a small loan for up to $1,500. Since these types of money lenders are more risk averse, you could apply and receive instant approval within minutes.

Beyond credit checks, those who supply online personal installment loans will ask you to provide certain pieces of information, including your permanent address, as well as proof of a regular income and bank account. Each lender’s criteria for loan approval is different, meaning some will also request details related to your employment status and monthly expenses, among other things.

It is important to understand the fees when you’re taking out a loan. When dealing with direct lenders, interest rates on cash loans can range from 15% to 25% for every $100 you borrow on a two-week term (depending on the province in which you reside.).

In New Brunswick, the personal loan rate is 15%. Meaning, if you borrow, $400 for two weeks, the cost to you would be $60. Of course, there may be additional fees if a loan is not paid back on time.

Province Maximum cost of borrowing for a $100,
2 week personal loans
Cooling off period to cancel the loan Maximum penalty for a returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours, excluding Sundays and holidays $20
New Brunswick $15 48 hours, excluding Sundays and holidays $40 (default penalty)
Nova Scotia $19 Next business day $40 (default penalty)
Ontario $15 2 business days n/a
Prince Edward Island $25 2 business days n/a
Saskatchewan $17 Next business day $25
Source: Canada.ca

Personal loan interest rates in Canada can vary from institution to institution. To calculate the total cost of your loan, multiply the payment amount, by the number of payments in your term. You can also use a personal loan calculator.

The primary benefits of personal short term loans are that they can be used for just about anything: debt consolidation, medical bills, student debt, tax debt, home repairs, and much more. As with any loan you select, please make sure that you are able to pay it back in a timely matter.

Comparing Secured Personal Loans to Unsecured Personal Loans

When pursuing a personal loan in Canada, it is worth knowing that there are two very distinct types of them out there: secured and unsecured.

For a secured loan, you will need to use an asset of value to get it. In many cases, people will offer up pieces of high-end jewellery, fine art, collectibles, or even their car, to secure the funds they need.

Commonly referred to as collateral, these items are given to a lender in exchange for a quick personal loan. If you are unable to pay back the loan, the lender will assume ownership of the collateral you gave.

Arguably, pawnshops are the best-known source for secured loans. Do note, though, that even if you bring a pawnbroker a prized possession as collateral, you may only receive a percentage of its monetary value for a loan, as opposed to its actual worth.

Meanwhile, an unsecured personal loan is available through private lenders for bad credit. The major difference here is that you do not need to provide collateral to get the money you need.

Now, all you have to do is decide on which private lender best suits your needs. Before making a decision, we recommend researching those who you may want to borrow from. Browse through their websites and read online reviews to form a better impression. We also recommend that you use a personal loan calculator to find out exactly how much money you should borrow for your specific needs.

As soon as you have decided who offers the best unsecured personal, simply fill out the online loan application and receive instant approval, regardless of your credit score.

The lenders who provide approval for personal emergency loans ultimately decide the actual amount that you’ll be approved for. This is based on the results of a credit check and other pertinent criteria.

We pride ourselves on being responsible lenders and will provide you with a loan amount that we are sure you will have no trouble paying back on time.

We offer two different types of online personal loans. The cash advance option is designed to help provide funding until your next paycheque. Meanwhile, Flexpay allows you to have a repayment plan that spreads across your next two or three pay cycles. No matter the option you select, the interest rate remains the same.

Personal Loans from Direct Lenders

Small personal loans from direct lenders in Canada come in different shapes and sizes. While loan amounts offered from traditional banks can be in the tens of thousands of dollars, the ones offered from private lenders like iCASH are modest by comparison.

If you are experiencing a short term financial strain brought on by a non-budgeted expense, turn to direct lenders for online personal loans to get the help you need. Since it is understood that these funds are needed in a hurry, lenders put forth a simplified and speedy application process. These lenders offer quick loans that are designed to get you approved and funded very quickly.

Whichever route you choose, you will have to provide personal contact, employment, and income information. A credit check will also be performed. Your loan will be instantly approved, even with bad credit.

We know that banks do not like to give out personal loans for bad credit. Direct private lenders are much more open minded. They look at different data points when they review your application and are more flexible in approving people who may have bad credit history.

Once you’ve been approved, sign the loan agreement and the pre-authorized debit form. Within minutes your money will be sent to you via e-transfer.

When it comes to taking out and paying back an instant cash loan, the fees are regulated by the government. Thus, you should not encounter any unpleasant surprises. The maximum cost of borrowing for a $100, two-week small loan is 15% to 25%.

The percentage rate varies depending on which province you live in. For instance, the fee in Nova Scotia is $19. As a result, if you borrow $1,000, the cost to do that would be $190.

Another great feature when you apply for online personal loans from a direct lender is what’s known as the “cooling off period.” Each province has a designated window of time in which you could pullback from your loan and not experience any issues.

Online Personal Loans

Applying for an online personal loan in Canada is remarkably easy. You will not have to search for a store location in your neighborhood or worry about hours of operation. Online loans are available through us 24/7, via our website or mobile app.

Online loans are short term in nature and are meant to take care of an unexpected bill or an emergency expenses (i.e. Urgent laptop repair, your car needs new tires.) In Canada, online private lenders allow you to re-pay your loan on your next pay cycle or in some cases over 2 to 3 installments.

Why opt for quick personal loans online? Let’s just say there are a number of advantages:

Apply on the go: Whether you are at home, or travelling abroad, a small loan can be applied for from your computer, tablet, or smartphone.
Get instant approval: Get instant approval once your application has been submitted.
Same day funding: The funds from your loan will be sent to you via email money transfer within 5 minutes of signing your loan agreement.
Open 24/7: Regardless of what time or day it is, you could apply and get instant approval.
Fast bad credit loans online: Your loan will not be turned down due to bad credit, or no credit.
Complete transparency: Online private lenders for personal loans openly share loan and any fees that are associated with the loan on their websites, in order to provide full transparency to their customers.
No paperwork: When you apply online, there’s no extra paperwork required, and you never have to fax any documentation. The entire application can be completed through a website or mobile app.

To apply for a fast loan online with no paperwork, go to the iCASH website and or download our iOS and Android mobile app. Before you get started, though, please make sure you meet the following requirements:

• Be at least 19 years old
• Be a Canadian citizen and a resident of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island
• Be employed with the same employer for the past three months
• Have a net income of at least $800/month
• Receive your pay by direct deposit
• Have a Canadian bank account that has been open for at least three months
• Have a valid mobile phone, email address, and home address

During the application process, you’ll choose how much money you would like to borrow, the repayment plan that best suits you along with some basic personal information (i.e. contact, employment, and income details.).

Soon enough, you’ll put that added expense into the rear-view and move forward with life.

We also provide personal loans in these provinces of Canada

in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, Prince Edward Island.

Smart Phone


Small Personal Loans
Get up to $1,500!

Try our mobile application!

Sign up with our free app and access your account anywhere.

4.6 / 5 STARS
2759 Rating
4.8 / 5 STARS
5.4K Rating

Best Personal Loans in Canada

APPLY ONLINE
Apply Online

Just use the simple form on our website – select the amount of cash that you want to borrow, your repayment plan, provide some information and you’re on your way.

GET INSTANT DECISION
Instant Decision

Complete your online personal loan application. You’ll receive an instant decision, so you can put your finances back on track. Fast, easy and reliable loans from a trusted licensed direct lender.

GET YOUR MONEY FAST
Get Fund

Your funds will be sent via e-transfer in 5 minutes or less. Our transfers mean your money is available anytime you need it. Safe, urgent loans online with same day funding.

Minimum repayment period 61 days. Maximum repayment period 62 days. Maximum APR is 109,50%. For a $300 loan, the maximum total cost of borrowing is of $354. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $25 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.

FAQs about Personal Loans

Are personal loans a good idea?

• Personal loans are a great idea because they can be used to cover unexpected expenses.
• You’ll be approved for an online personal within minutes of submitting an application.
• Since these types of loans are for small amounts, they are easier to pay back by the time your next paycheque comes in.

How much can I borrow on a personal loan?

• Online personal loan providers can approve you for up to $1,500.
• Responsible lenders may approve you for a loan that is less than the amount you requested. This is done to help you avoid the debt cycle.

Where can I get a personal loan with poor credit?

• You can receive bad credit personal loans online from iCASH (online-only), as well as licensed money lenders.
• We provide unsecured loans that allow you to borrow money fast and not have to put up any collateral to receive it.
• Offered by pawnshops, secured loans require you to exchange an item of value (fine art, collectibles) to receive funds. If this poor credit loan can be paid back, you will get personal effect back. Otherwise, the pawnshop will retain ownership of it. Do note that the money you receive here will only be a percentage of what your piece of collateral is actually worth.

What do you need to have to apply for a personal loan?

• To receive a personal loan from a direct private lender like iCASH, you must be at least 19 years of age, have Canadian citizenship, and reside in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island.
• You need to have been employed by the same company for the last three months, have a net income of at least $800/month, and receive your paycheque via direct deposit.
• Your bank needs to have been open and active for at least three months.
• You will be asked to provide a valid personal address, phone number, and email address.
• It is suggested that you research multiple private lenders for personal loans in Canada. The more knowledgeable you can be about personal loan providers, the easier it will be to select the right one for you.

20%

CASHBACK

Apply for Online Personal Loans!
Get up to 20% in Cashback!

iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!!

iCASH logo Traditional Payday Lenders Lenders with brokerage fee
Licensed   
Flexible repayment plans      
Offers cashback program for more savings*      
Paperless      
Free membership benefits      
No hidden charges   
E-transfer in the next 5 minutes      
Get a loan now
iCASH loans NOW OPEN
24/7