Where can you find the easiest bank to get a loan in Canada? If you’re searching for a fast and easy loan, it’s worth noting that banks and credit unions have stricter eligibility requirements than online lenders. But no matter where you choose to apply, your personal financial situation is the main factor that will determine how easy it is to qualify for funding.In this guide, we cover banks, credit unions and more lenient alternatives in Canada to help you find and get approved for a loan.Summary: Easy banks, credit unions and online lendersIf you don’t have good credit: Fairstone
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$500 – $60,000
Loan Amount
Fairstone Financial is wholly owned by Fairstone Bank of Canada, a Schedule 1 bank. It has been providing lending services in Canada for almost 100 years. With 250 branches across the country, it specializes in personal loans and mortgages for near-prime borrowers.What makes it an easy loanApply online or in-storeGet funded within one business dayLower minimum credit score requirement than other lendersWhat to watch out forYou need a credit score of 525 or higher to get an unsecured loanHigh interest ratesYou’ll need to visit a branch to apply for a secured loan
Loan amount
$500 – $60,000
APR
19.99% – 39.99%
Term
6 – 120 months
Min. credit score
525
Alternative: Spring Financial
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$500 – $35,000
Loan Amount
Spring Financial offers fast personal loans and a completely online application process. Fair or bad credit is OK, and loans of up to $35,000 are available.What makes it an easy loanOnline process with same-day fundingMinimum credit score of 550Minimum monthly income of $2,000What to watch out forHigh rates for bad creditHigh interest ratesYou may need to provide references
Loan amount
$500 – $35,000
APR
9.99% – 46.99%
Term
6 – 60 months
Min. credit score
550
Fees
No fees except $30 NSF fee
Turnaround time
Within 24 hours
Serviced provinces
All of Canada
If you want instant access to a loan: KOHO
KOHO is not a bank yet, but it’s currently pursuing a Schedule 1 bank licence. When you need a small loan fast, KOHO’s Cover provides an interest-free cash advance of up to $250. You can repay at any time.What makes it an easy loanNo credit checksNo income required to qualifyHighly rated appWhat to watch out forMonthly KOHO Cover fee of $2Monthly KOHO plan fee (waivable on an Essential plan)Small loan amount
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
subscription fee starting at $2/month
Turnaround time
Immediately
Serviced provinces
All provinces and territories
Alternative: Nyble
Nyble offers a Credit Building Line of up to $250 to help you build a credit history. There are no interest charges and you can get funded instantly, while your repayments are reported to the credit bureaus to help improve your credit score.What makes it an easy loanNo interest or late feesMinimum income of 1,000/monthEasy application processFree credit score monitoringWhat to watch out forLate payments are also reported to the credit bureausSmall loan amountGetting funded with a free account takes up to three business days
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Serviced provinces
All provinces and territories
If you want an easy online application: CIBC
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$3,000 – $200,000
Loan Amount
CIBC is one of Canada’s Big Five banks and has a history dating back to the 1860s. It offers a full range of banking products and services across Canada, including secured and unsecured personal loans and lines of credit.What makes it an easy loanEasy online application processSecured and unsecured loans availableFlexible repayment scheduleRepay early without penaltyWhat to watch out forNot an option if you have bad creditSlow loan approval processRates not displayed online
Loan amount
$3,000 – $200,000
APR
8% – 13%
Term
1 – 5 years
Serviced provinces
Across Canada
Alternative: Loans Canada
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$300 – $50,000
Loan Amount
Loans Canada is an online loan search platform that provides access to the largest network of lenders in Canada. After filling out a single application, you can compare personal loan offers from multiple lenders to find one that’s right for you.What makes it an easy loanMultiple loan types availableOptions for good and bad creditEasy to compare multiple loan offersWhat to watch out forHigh rates for bad creditNot a direct lenderYou’re limited to its lending network
Loan amount
$300 – $50,000
APR
9.9% – 46.96%
Term
4 – 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
If you want a line of credit: FirstOntario
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Founded in 1939, FirstOntario Credit Union offers a wide range of bank accounts and borrowing options to over 125,000 members. It provides secured and unsecured lines of credit with lenient eligibility criteria, while student lines of credit are also available.What makes it an easy line of creditEasy online applicationLow minimum annual income requirement of $15,000Secured and unsecured options availableWhat to watch out forYou’ll need to be an Ontario residentYou’ll need to become a memberNot suitable for bad credit
Loan amount
Undisclosed
APR
8.74% – 9.74%
Term
6 – 60 months
Fees
Unknown
Turnaround time
Varies
Serviced provinces
ON
Alternative: Fora
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$1,000 – $10,000
Loan Amount
Launched in 2022, Fora Credit is an online-only lender that provides unsecured lines of credit to customers in AB, BC, NB, NS, ON and SK. Credit limits of up to $10,000 are available.What makes it an easy line of creditQuick and easy online applicationGet funded as soon as the same dayNo extra fees to worry aboutWhat to watch out forHigh ratesNot available everywhere$10,000 credit limit
Loan amount
$1,000 – $10,000
APR
19.9% – 46.9%
Term
Open
Fees
$0
Serviced provinces
AB, BC, NB, NS, ON and SK
If you want a no credit check loan: Vancity
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$100 – $2,500
Loan Amount
Founded in 1946, Vancity is now the largest credit union in Canada. It offers a full range of banking products and services to its members, including its payday loan alternative Fair and Fast Loan that is designed to help Canadians break the debt cycle.What makes it an easy loanNo credit check requiredEligibility based on your incomeFixed 19% interest rateNo penalties for paying back your loan earlyQuick and easy online applicationWhat to watch out forYou can only borrow up to $2,500Only for BC residentsYou’ll need to become a member
Loan amount
$100 – $2,500
APR
Starting at 19%
Term
2 weeks – 24 months
Fees
No prepayment fees
Turnaround time
Within 10 minutes
Serviced provinces
BC
Alternative: LoanConnect
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$500 – $60,000
Loan Amount
LoanConnect is an online loan search platform where you can fill out a single application and then compare offers from multiple lenders. It won’t impact your credit score to apply, and if you’re searching for the easiest bank to get a loan, there are loan options available for good and bad credit.What makes it an easy loanBad credit is OKCompare multiple offersGet offers in as little as a minuteChoose from secured and unsecured loansWhat to watch out forNot a direct lenderYou’re limited to its lending networkHigh 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
If you want a small, quick loan: Servus
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Servus Credit Union is one of the top five largest credit unions in Canada and offers a wide range of accounts, mortgages and loans to its members. Its Fast Forward Small Loan is a payday loan alternative that allows you to borrow up to $2,500.What makes it an easy loanGet cash in as little as an hour (if you make an appointment)Competitive interest rateFlexible loan termsWhat to watch out forYou’ll need to become a memberDetailed application process$2,500 maximum loan amountAvailable on AB only
Loan amount
Up to $2,500
APR
Undisclosed
Term
Undisclosed
Fees
Unknown
Turnaround time
Varies
Serviced provinces
AB
Alternative: LoansLoans
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$500 – $1,000
Loan Amount
LoansLoans.ca is an online broker that can help you find a short-term installment loan. You can Receive funds in less than 24 hours.What makes it an easy loanFast access to fundsNo credit checksEasy online applicationNo collateral requiredWhat to watch out forVery expensiveBroker fee of up to $300Small loan amounts may not suit everyone
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 – 12 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Turnaround time
Receive funds in less than 24 hours
Serviced provinces
All of Canada (except Manitoba)
If you have a good credit score: TD
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$5,000 – $50,000
Loan Amount
TD is one of Canada’s Big Five banks and offers personal loans and lines of credit across the country. Flexible repayment options are available, but you’ll need good to excellent credit to qualify.What makes it an easy loanTrusted lenderApply onlineFlexible loan amountsEarly repayment without penaltyWhat to watch out forStrict eligibility criteriaBad credit is not OKSlower approval process than online lenders
Loan amount
$5,000 – $50,000
APR
8.99% – 15%
Term
1 – 7 years
Min. credit score
660
Fees
Origination Fee of $50 applies to secured loans onlyAnnual fee of $25 applies to unsecured personal line of credit only
Turnaround time
48 hours
Alternative: Fig
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$2,000 – $30,000
Loan Amount
Fig is an online lender that launched in Canada in 2023. Backed by Fairstone Bank, it offers fast online personal loans of up to $30,000 to borrowers with good to excellent credit.What makes it an easy loanFully digital application processGet funded in one business dayEarly repayment without penaltyWhat to watch out forFair or bad credit may not qualifyHigh minimum income requirement of $5,000/monthYou’ll need to complete a credit check
Loan amount
$2,000 – $30,000
APR
12.99% – 24.99%
Term
24 – 60 months
Min. credit score
700
Fees
NSF fee: $45
Turnaround time
Up to 5 business days
Serviced provinces
Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan
Tips to get easy approval from a bank or credit unionBoost your chances of getting approved with these simple tips:Try your current bank firstIf you have an established relationship and a strong track record with a lender, you may be able to qualify for a preferred rate.Check your credit score before applyingCheck your credit score to ensure that you’ll meet the lender’s eligibility criteria, and make sure you don’t have any missed or late payments on your credit file.Limit your credit applicationsMultiple personal loan or credit card applications in a short period of time can indicate an unstable financial situation to lenders, which can decrease your chances of approval.Pay down current debtsBy paying down your current debts as much as possible before applying for a loan, you’ll not only improve your credit score but lower your debt-to-income ratio, increasing your chances of getting approved.Bottom lineIf you’re searching for the easiest bank to get a loan in Canada, you’ll generally find more lenient eligibility criteria at online lenders. But your personal financial situation is the key factor that determines whether you qualify for funding, so taking steps to boost your credit score and pay down existing debts will boost your chances of approval.Frequently asked questions
Which bank has the easiest loan approval?
Fairstone specializes in fast online personal loans of up to $25,000 for non-prime borrowers. It’s quick and easy to get a quote online without it affecting your credit score, and the loan amount can be deposited into your account within 24 hours.
What credit score do I need to get a loan?
The minimum credit score you need depends on the lender. Traditional lenders like banks will typically require a credit score of 660 or higher, but some online and alternative lenders are willing to work with borrowers who have fair to bad credit. They’ll consider factors such as your income and employment situation as well as your existing debt before deciding whether to approve your loan. Learn more in our guide to what credit score you need to get a personal loan.
What is the easiest credit union to get a loan in Canada?
While credit unions generally have stricter eligibility requirements than online lenders, some credit unions offer payday loan alternatives with lenient eligibility criteria. Eligibility for these loans is determined based on your income rather than your credit score, and examples include the Vancity Fair and Fast Loan and the Servus Fast Forward Small Loan.
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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you’re investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
