5 Best Personal Loans Edmonton in 2024 Reviews | Do You Have a Bad Credit Rating? Consider These Alternative Lenders!

January 22, 2024 | Editorial Team

You may have come across this article because you have already tried getting a traditional loan in Edmonton. Banks and credit unions typically have stringent eligibility requirements and will not approve you for loans in Edmonton if you have a bad credit rating.

Many Canadians turn to payday loans in Edmonton instead. However, payday loans in Edmonton may come with many unexpected expenses. Another alternate lender is a private lender, and finding one is easier than you think. They can be found in all provinces and territories, as our earlier reviews from Ontario and Toronto, among others, suggest.

Personal Loans in Edmonton

Today, we are going to look at lending platforms that can help you find the perfect private lender, regardless of your credit rating. Using the platform will match you with the perfect lender in Edmonton. First, let’s dive into some pros and cons of the financial services that these platforms offer in Edmonton!

1. Loans Canada

One of the best ways to find a private lender in Edmonton is by using Loans Canada. It is a lending platform where Canadians can find lenders that meet their specific needs. You can find personal, car, and business loans as well as a loan for debt consolidation, all at Loans Canada.

Their headquarters is located in Toronto, but the platform is online. This means Canadians from Edmonton, or any province or territory can find a lender on Loans Canada.

Loans Canada is partnered with a huge variety of lenders across Canada. They are also partnered with lenders who specialize in supplying loans to those with poor credit or no credit history. This means you are likely to be accepted for a loan, regardless of your credit history.

Loans are not provided by Loans Canada directly. Instead, the platform acts as a middleman, connecting individuals to their perfect lender. This allows you to choose from a huge number of loan providers. You can select the loan the best fits your financial situation.

Here are some of the pros and cons of using Loans Canada.


  • If you have good credit, it is possible to get an interest rate as low as 5.49%.
  • Both short-term loans and long-term loans are available. Starting from 6 months to a maximum of 60 months.
  • There is no minimum credit score requirement. Even those with poor credit can still be approved for a loan from one of Loans Canada’s lenders.
  • There is no minimum annual income requirement.
  • You won’t be able to get cash directly, but a direct deposit can be in your bank account in 48 hours or less once you’ve been approved.
  • The entire process of searching, applying, and getting approved for a personal loan is done completely online.
  • Your credit rating won’t impact your eligibility for a loan.
  • You can often decide how small or big of a loan you want. The maximum loan amount available is $300,000.
  • Once you input your information, Loans Canada will show you all your lender options in a chart. This makes comparing them easy.
  • Many people are hesitant to use online lenders as they prefer applying in person. Loans Canada makes the process super easy, as their website is very user-friendly.
  • The Borrower Community allows you to rate and review lenders. Loans Canada will then remove any lenders from their platform who have consistently bad reviews.
  • Once you complete your application your search results will be organized into a chart. You can then narrow down the available lenders by specifying your preferred interest rate and loan term.


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  • The terms and conditions of your personal loan will vary depending on the lender you choose. For example, one lender may charge an early repayment fee, and another may not.
  • You will be charged a higher interest rate if you have bad credit.
  • Your search results will be based only on lenders that partner with Loans Canada.

2. LoanConnect

Another great lending platform you can use in Edmonton is LoanConnect. LoanConnect is similar to Loans Canada in that it acts as a middle man between the borrower and the lender.

LoanConnect is one of Canada’s most well-known and trusted online lending platforms.

Canadians from Edmonton or any province or territory in Canada can apply for a loan with LoanConnect. They offer a variety of loans including personal loans, business loans, car loans, debt consolidation loans and student loans.

They also specialize in loans designed for those with a poor credit rating. LoanConnect does not have a minimum credit score requirement. Even those with a poor credit history can customize their loan to ensure it fits their needs and financial situation.

Completing an application is quick and simple. You can opt to do a general search of all available loans. Alternatively, you can opt for pre-approval. Pre-approval involves LoanConnect accessing your credit score. They will then show you which loans you are likely to be accepted for. You can then tailor your search to include your specific requirements.

To be eligible, you simply need to be a Canadian citizen that is the age of majority in Edmonton or whichever part of Canada you’re in. Your debt also must be less than 60% of your income.

To properly compare Loans Canada to LoanConnect, let’s take a look at some of the pros and cons of LoanConnect.


  • You can choose your loan term from anywhere between 6 months to 60 months.
  • Personal loans are not the only type of loan available on LoanConnect. There are 12 different types of loans available.
  • Interest rates start as low as 4.6%, depending on your credit score.
  • LoanConnect offers a variety of loan amounts, from $500- $50,000.
  • You are not obligated to apply with any lenders that LoanConnect shows you and searching for one is completely free.
  • The application process is quick and simple. Access your pre-approved list of loan providers and tailor your search in less than 5 minutes.
  • There is no minimum credit score requirement. This is ideal for those with a low credit score or no credit history.
  • There is no minimum income requirement.
  • There is no impact on your credit score if you search for a loan or if you apply for pre-approval.
  • LoanConnect is free to use. Even if you choose a loan provider from their platform, you will not be charged a fee.


  • If you have a lot of debt (more than 60% of your income), you will be rejected for a personal loan.
  • Personal loans higher than $50,000 are not available.
  • The lower your credit score is, the higher your interest rate will be.

3. Mogo

Mogo is another excellent option for those with bad credit. Mogo is consistently ranked high in lists of Canada’s best online loan providers. Their personal loans offer super-fast pre-approval – within 3 minutes! Once your loan application is accepted you are likely to receive the funds the same day.

Mogo has supplied loans to more than 1.6 million Canadians since 2003. They offer a variety of financial products. This includes personal loans, mortgages, VISA prepaid cards and cryptocurrency trading.

Mogo offers the opportunity to access your credit score free of charge. This will then show you what type of loan you are likely to be accepted for and the interest rate you will be charged. This credit check will not impact your credit score. An important point for those worried about a low credit score.

Even if your credit score is low, Mogo will still provide you with a personal loan. Interest rates are likely to be higher but will still be lower than most other financial institutions. Interest rates can vary significantly from a minimum APR of 5.9% and a maximum APR of 46.96%.  


  • The free credit check saves you money every time you access it. Credit checks usually cost around $24.
  • Receive free monthly credit score monitoring.
  • Mogo offers personal loans between $100-$35,000.
  • A variety of loan terms are available, ranging from 9-60 months.
  • Mogo is contactable over the phone, by email and through their online chat service. They are usually rated highly for their customer service. Online assistance is available 24 hours a day.
  • The personal dashboard allows you to view payment amounts and your current loan amount. You can also view the progress you are making with repaying your loan.
  • A 100-day test drive is available. If you are not completely satisfied, you can pay back your principal. Mogo will then refund you any interest and fees you have paid.
  • You can pay off your loan at any time with no financial penalties.
  • Download the Mogo app and receive daily Money Moves. This includes financial information and advice to help you save money.
  • The Mogo Rewards Program offers free Bitcoin, free fraud identity protection and a free MogoCard.


  • Interest rates for those with a poor credit score can be very high.
  • There is a minimum credit score requirement. This means that those with no credit history cannot apply for a loan.

4. LoanMeNow

LoanMeNow is an excellent option for those looking for a smaller loan without needing a credit check. This loan provider specializes in smaller loans for short terms. Loans are available from $300-$1,000. Loan terms are usually 3 months or between 84-90 days.

They are a great option for those with a poor credit history or no credit score. This is because your loan application will be evaluated based on your financial status. Your credit history or current credit score will not be taken into account.

LoanMeNow is also very popular for those looking for emergency loans. You are guaranteed to receive your money within 24 hours of your application.

Interest rates may be higher than other provides and range from 28%-32%. However, this is significantly lower than payday loan companies and other bad credit loans.

To apply for a loan with LoanMeNow, you will need to provide documentation the shows your financial status. This includes recent bank statements, paycheques and proof of funds or investments.

Although LoanMeNow is based in Montreal, they provide personal loans all across Canada, including in Edmonton.


  • You can choose to make your repayments weekly, bi-weekly, or semi-monthly.
  • Response times are fast. You will receive an answer to your loan application within an hour.
  • You can choose to pay off your loan early with no financial penalties.
  • There is no credit check required to be accepted for a loan.
  • You can apply for a loan using the online application form or by calling or emailing LoanMeNow.
  • If you cannot make a payment you can choose to delay it. Although this will cost you an administrative fee, it will prevent your credit score from being negatively impacted.
  • Taking a short-term loan can help prevent missed payment fees, late payment fees and NSF fees. This will also help to prevent your credit score from being lowered.
  • You will be guided through the loan application step by step. You will also receive support when receiving your funds and arranging repayment.
  • Payments can be automatically debited from your bank account.


  • A brokerage fee is payable before the loan is finalized.
  • LoanMeNow loans are only available to employed individuals who have been with the same employer for more than two months. Self-employed individuals will not be accepted.
  • There is a minimum net income requirement of $1,200 per month.

5. Borrowell

Borrowell is the largest online lender in Canada. They have over 50 financial partners across the country. Over a million Canadians have signed up to Borrowell. As well as providing many different loan options, Borrowell also specifically offers bad credit loans.

Borrowell acts as a middleman between you and the loan provider. Once you find the best loan provider for you, you can complete your application on Borrowell’s website. Bad credit loans usually take between 24-48 hours to be approved.

To avoid rejection and a negative impact on your credit score, you can sign up and receive your credit score free of charge. Borrowell will then show you loans that match your credit profile.

A bad credit loan is available to those with a credit score lower than 575. If your credit score is higher than this, you will likely be accepted for a standard personal loan. When making a decision, Borrowell will consider your credit score, how likely you are to make repayments and if any collateral is available.

Those with a higher credit score will qualify for loans with the best rates. However, most applications are likely to be accepted, regardless of the credit score.

Borrowell offers loans ranging from $500-$35,000. Loan repayment terms usually range from 6-60 months.


  • The bad credit loan providers will consider factors other than your credit score. This could include your income, monthly expenses, and debt load.
  • You can apply for a loan even if you have experience bankruptcy.
  • Checking your loan options is quick and simple. You usually receive a list of loan providers within a couple of minutes.
  • Bad credit loans options include secured and unsecured loan options.  
  • You can sign up for your credit score for free. This then allows you to view which loans you are likely to be accepted for and compare loan terms and providers.
  • A hard credit check is not performed when Borrowell checks your credit scores and provides a list of likely loans. This helps to prevent a negative impact on your credit score.
  • Receive a free credit score when you sign up to Borrowell. You can also receive free weekly updates on your credit score and personalized tips on how to improve it.
  • Your credit profile will be automat8ically matched with loan providers. You can then tailor your search to include specific requirements such as your preferred loan term.


  • Bad credit loans usually have a much higher interest rate attached.
  • You may not be accepted for loans that you have been pre-approved for.
  • Standard personal loans have strict requirements. This includes a minimum annual income requirement of $20,000 and a minimum credit history of 12 months.

The Bottom Line

Many Canadians in Edmonton and all over the country don’t have a lot of cash to fall back on if something happens. You never know when an emergency could occur, and a personal loan could help you out of a messy situation. If getting a personal loan through a traditional lender is not available to you, you still have multiple options available to you.

Lending platforms such as Loans Canada and LoanConnect help Canadians in Edmonton find the best personal loans, regardless of their credit history. Do not hesitate to find the right lender for you. The online platforms we have looked at today are free to use. Furthermore, there is no obligation to apply if you don’t find a lender that meets your needs.

Your bad credit score shouldn’t hinder you from getting a personal loan anymore, Edmonton! Visit their websites today to receive your free, no-obligation quotes.