Former peer-to-peer (P2P) loan provider and now bank, LendingClub, is based in California and doesn’t offer services in Canada. As it stands, LendingClub isn’t the best option for online loans, with APRs running as high as 35.99% and origination fees reaching up to 8.00% of the loan amount. Its track record isn’t squeaky clean either—the bank has run into trouble with US regulators in the past.Thankfully, there are a number of legitimate alternative lenders in Canada. If you’re looking for a loan like LendingClub, check out these Canadian lenders.Loans Canada
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★★★★★
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★★★★★
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$300 – $50,000
Loan amount
6.99% – 46.96%
APR
3 – 60 months
Term
Loans Canada is a loan search platform that will match you up with lenders based on the information in your application. The platform works with an extensive network of Canadian lenders. It’s completely free to use, and accepts people with all types of credit.
Largest lending network in Canada
Easily compare offers with one application
Loans for good and bad credit
Multiple loan types available
Not a direct lender
High rates for bad credit
Credit check might be required
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 – 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds in as little as 24 hours.
Serviced provinces
All of Canada
LoanConnect
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★★★★★
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★★★★★
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$500 – $60,000
Loan amount
8.99% – 46.96%
APR
3 – 120 months
Term
With a single application, LoanConnect can help you narrow down your search for lenders. Apply online in minutes and find out if you’re pre-approved. Both secured and unsecured loans are available as well as options for good and bad credit.
Fast pre-approval
Options for good and bad credit
Secured and unsecured loans
Not a direct lender
High rates for bad credit
Loan amount
$500 – $60,000
APR
8.99% – 46.96%
Term
3 – 120 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds in as little as 24 hours.
Serviced provinces
All provinces
Spring Financial
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★★★★★
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★★★★★
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$500 – $35,000
Loan amount
9.99% – 46.99%
APR
9 – 84 months
Term
Spring Financial caters to borrowers who have a hard time getting approved for loans from banks and credit unions. Spring could be right for you if you have fair or poor credit or don’t meet traditional lenders’ income requirements. Note that if you don’t qualify for regular funding, you may be offered The Foundation loan, a credit building loan that isn’t disbursed until you finish making payments with interest.
High-risk applications are okay
Flexible loan amounts from $500 to $35,000
No early repayment fees
Interest rates of up to 46.99% for bad credit
You may be offered a credit builder loan (The Foundation loan) instead of a personal loan
Loan amount
$500 – $35,000
APR
9.99% – 46.99%
Term
9 – 84 months
Min. credit score
550
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
easyfinancial
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★★★★★
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★★★★★
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$500 – $100,000
Loan amount
9.99% – 46.96%
APR
9 – 120 months
Term
Apply for a secured or unsecured loan from easyfinancial whether you have good, bad or no credit—even if you’re new to Canada. The application is fast, and applying with a co-applicant can lower your interest rate by 2%. You have the option of weekly, bi-weekly, monthly or semi-monthly repayments.
Fast application, approval and funding
Secured and unsecured loans
2% rate reduction with a co-applicant
Low or no credit is okay
Steep rates for bad credit
Extra fees for optional services (i.e. loan insurance and Credit Optimizer)
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 – 120 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time
Approval within 30 minutes
Serviced provinces
all provinces
Mogo
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★★★★★
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★★★★★
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$500 – $35,000
Loan amount
9.9% – 46.96%
APR
6 – 60 months
Term
Apply for a no-obligation quote from Mogo at no cost and with no impact to your credit score. It takes minuted to create an account and get pre-approved for funding. If you change your mind after getting funded, return the principal within 100 days and get a refund for any fees and interest you’ve paid.
Easy application and funding
Pre-approval without impacting your credit
100-day free trial
Potentially high interest rates
Not available in every province or territory
Loan amount
$500 – $35,000
APR
9.9% – 46.96%
Term
6 – 60 months
Min. credit score
600
Fees
Non-sufficient funds fee of $20 to $50
Turnaround time
Within 24 hours
Serviced provinces
BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU
SkyCap
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★★★★★
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★★★★★
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$500 – $10,000
Loan amount
12.99% – 39.99%
APR
9 – 36 months
Term
SkyCap is an alternative to banks and traditional lenders if you have good to excellent credit. Apply for as much as $10,000 in just five minutes, and receive an approval decision in as little as 24 hours. The Ontario-based lender is accredited with the Better Business Bureau and has an A+ rating.
Quick application and funding
No early repayment penalties
Low minimum loan amount (borrow from $500 to $10,000)
Apply even with past bankruptcies or consumer proposals
Potentially high rates
Bad credit may not qualify
Optional loan insurance increases your cost
Loan amount
$500 – $10,000
APR
12.99% – 39.99%
Term
9 – 36 months
Min. credit score
575
Fees
No fees except a $50 NSF fee
Turnaround time
24 hours
Serviced provinces
All provinces and territories except Quebec and Nova Scotia
goPeer
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★★★★★
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$1,000 – $35,000
Loan amount
8.99% – 34.99%
APR
36 or 60 months
Term
Like LendingClub before it converted into a bank, goPeer is a peer-to-peer platform that connects borrow and lenders. The Canada-based company targets borrowers with good to excellent credit. Easily apply online with no upfront payment required.
Borrow from fellow Canadians
Apply anonymously
15-day grace period for unexpected events
No prepayment penalties
600+ credit score required
Rates as high as 34.99%
Origination fee
Loan amount
$1,000 – $35,000
APR
8.99% – 34.99%
Term
36 or 60 months
Min. credit score
600
Fees
Origination fee variesNo application or prepayment fees
Turnaround time
Receive a response within 24 hours of your loan application
Serviced provinces
All provinces
How does LendingClub compare?LendingClub may be best suited for US borrowers with less-than-perfect credit histories—the minimum recommended credit score is around 600. It offers a minimum loan amount of $1,000 and caps out at $40,000. The origination fee can be from 3% to 8%, which isn’t the highest or the lowest among American loan providers.LendingClub is available in all 50 US states—a major plus—and has many positive customer reviews. But the Federal Trade Commission (FTC) sued LendingClub in 2018 for false promises. Learn how to recognize personal loan scams and find legitimate lenders in our detailed guide.ProsNo prepayment penaltiesRecently became a federally-regulated bank in the USSimple applicationAvailable nationwide in the USConsHigh rates and feesOrigination fee for all borrowersUS FTC sued LendingClub in 2018
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Stacie Hurst is an editor at Finder, specializing in a wide range of topics including loans, banking products, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio
Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna’s written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio
Anna’s expertise
Anna has written 63 Finder guides across topics including:
Personal, business, student and car loans
Building credit
Paying off debt
