5 Best Personal Loans Ontario Reviewed in 2024 | Where to Borrow Money if You Have a Poor Credit History?

January 22, 2024 | Editorial Team

Do you have a big purchase coming up, and your credit card just won’t cut it? You may want to consider a personal loan. Personal loans can be used for anything you need money for, such as home renovations, making big purchases, or events like weddings.

If you have already racked up your credit card trying to pay for things like this, you may also have a bad credit rating. If you do, it is hard to get approved for a loan from a bank. Thankfully, there are alternative lenders.

Loans Canada and Loans Connect are two lending platforms that can help you find the perfect personal loan. You can use either website to search for a bad credit personal loan in Ontario or the rest of Canada. Let’s look at some pros and cons of each platform before you make a decision.

Personal Loans in Ontario

1. Loans Canada

Our first suggestion to get a personal loan in Canada is through Loans Canada. Loans Canada is a lending platform that allows users to search for a lender that can meet their needs. They are based in Toronto, Ontario, but Canadians from every province can access their online platform as our earlier reviews from Alberta and Edmonton, among others, suggest.

Loans Canada is a referral website that provides free educational resources for Canadians. Loans Canada will ask you to complete a questionnaire on their website. You will be asked questions such as your desired loan amount, the purpose of the loan and your credit score. You will also need to provide your monthly income. Loans Canada will then provide you with a list of free quotes for you to choose from.

Even if you have a poor credit score, Loans Canada can connect you with the perfect lender. Through the site, you can find personal loans as well as loans for your car, business, and debt. Loans Canada is partnered with a variety of lenders across Ontario.

They also specialize in matching you with lenders who supply loans to individuals with poor credit or no credit history. This means you are likely to be accepted for a loan, regardless of your credit history.

Loans Canada will act as a middleman, connecting you with the perfect loan provider for you.

If you are looking for a personal loan, here are some of the pros and cons of getting one through Loans Canada, Ontario.


  • Loans Canada offers lower interest rates than other alternative lenders. They start at 5.49%.
  • There is no minimum credit score requirement. Even if you have poor credit, you can still receive a personal loan from one of Loans Canada’s lenders.
  • There is no minimum annual income requirement.
  • Loan terms range from short term (6 months) to long term (maximum 60 months) and depend on what your needs are.
  • It is possible to get your money in your bank account within 48 hours after you have been approved.
  • The Loans Canada website and online application are easy to use. You will be able to fill out all of your information and see your options of lenders within ten minutes.
  • If you need a big personal loan, you can request up to $300,000. You can also borrow any amount, between $500-$300,000.
  • Applying, getting approved, and receiving your loan are all done online. You don’t even need to leave your home in Ontario to receive your personal loan.
  • Based on your needs for your personal loan, Loans Canada will show you the lenders available to you in an easy to compare and contrast chart.
  • The Borrower Community allows borrowers to rate and review lenders. Loans Canada will then cease associating with any lenders who have consistently bad reviews.


  • Low interest rates tend to be offered to those with good credit history. The lower your credit rating is, the higher your interest rate is likely to be.
  • Search results are limited to partners of Loans Canada.
  • Your loan terms (interest rates, terms for payments, etc.) will vary depending on which lender you go with.
  • Some lenders will charge you a financial penalty if you pay off your loan early.

2. LoanConnect

If you are looking for personal loans, LoanConnect is a great option. LoanConnect is one of Canada’s most well-known and trusted online lending platforms. They act as a middleman between you and the loan providers.

 LoanConnect is another lending platform that helps Canadians find personal loans with bad credit. They specialize in poor credit loans as they do not have a minimum credit score requirement. You can apply for a loan regardless of your credit history.

Unlike many other providers of bad credit loans, LoanConnect still offers you the opportunity to customize your loan. This ensures you get the best loan for your financial situation.

Loan Connect also offers a wide range of loan types to meet all your needs. You can obtain a loan to consolidate your debt, for your car, business, tuition, or more on LoanConnect.

When applying for a loan, you have the option to first do a general search or apply for pre-approval. If you opt for pre-approval, LoanConnect will access your credit score. They will then suggest loan providers that are most likely to accept your application. Once you receive this list, you can then tailor your search based on your requirements.

Here are some pros and cons to consider first.


  • If you have a good credit rating, it is possible to get a low interest rate starting at 4.6%.
  • Personal loan terms vary and can be as short as 6 months or as long as 60 months.
  • LoanConnect offers 12 different types of loans.
  • Eligibility is not hard to meet. You typically just need to be a Canadian citizen that is of the age of majority in your province or territory. Your debt also must be less than 60% of your income.
  • There is no minimum credit score requirement.
  • There is no minimum income requirement.
  • Your loan can be customized to fit your requirements regardless of your credit score.
  • Searching for personal loans on LoanConnect is completely free. This is a great way to see your options with no pressure.
  • LoanConnect offers a variety of loan amounts ranging from $500- $50,000.
  • Searching for loans on LoanConnect does not affect your credit score.
  • It is quick and simple to search for loans. The LoanConnect platform is well-designed and easy to use.
  • LoanConnect is completely free to use.
  • There is no obligation to commit to any of the loans, even if you have opted for pre-approval.


  • If your debt is more than 60% of your income, LoanConnect will not be able to match you with a lender.
  • The maximum loan amount available on Loan Connect is $50,000.
  • If you have bad credit, you may have to pay higher interest rates per month for your personal loan.

3. Mogo

Mogo has been providing personal loans to Canadians for nearly 20 years. They have provided more than 1.6 million loans so far. Mogo consistently ranks highly as one of the best loan providers in Canada. They also offer a variety of other financial products, including mortgages, VISA prepaid cards and cryptocurrency trading.

Mogo was one of the first companies in Canada to offer you access to your credit score free of charge. They partner with Equifax to also offer free monthly credit score monitoring.

Mogo offers personal loans between $100-$35,000. They also offer a variety of loan terms ranging from 9-60 months. APR can vary significantly. The minimum APR is 5.9% and the maximum APR is 46.96%.  

Mogo will use your credit score to show you what loans you are likely to be accepted for and what interest rate you can expect to pay. Even if you have a low credit score, Mogo is still likely to offer you a personal loan. Let’s take a look at some of the pros and cons of Mogo.


  • Signing up for a Mogo profile is completely free. You will then have instant access to your credit score.
  • The credit score feature allows you to view previous months’ credit scores and compare them to your current score. You can also view detailed information on how your score is changed. Mogo also offers tips on how their customers can improve their scores.
  • Once your loan is approved, you usually receive the funds the same day.
  • A 100-day test drive is available. If you are not completely satisfied with Mogo, you can cancel your loan and pay back your principal. Mogo will then refund you any interest or fees you have already paid.
  • The online dashboard allows you to view payment information and your current loan amount. You can also view how much of your total loan amount is remaining.
  • They have an easy-to-use mobile app. You can use the app to check your credit score, purchase cryptocurrency and apply for products. The app also gives access to the online dashboard.
  • You can pay off your loan at any time with no financial penalties.
  • Those already using Mogo’s credit score monitoring service are much more likely to be accepted for a loan.
  • The Mogo Rewards Program offers some great perks. This includes free Bitcoin, free fraud identity protection and a free MogoCard.
  • Online assistance is available 24 hours a day.
  • The Mogo app sends you daily Money Moves which includes tips and advice on a variety of topics. This includes saving money, avoiding debt and improving your credit score.  


  • Mogo is not BBB (Better Business Bureau) accredited. This suggests they do not always resolve customer complaints.
  • There is a minimum credit score requirement of 540. There is also a minimum annual income requirement.

4. LoanMeNow

LoanMeNow is a short-term loan provider for those looking for smaller loans. It is most often used by those who require emergency loans and may not be able to obtain funds from a traditional financial establishment.

Emergency loans are often used to pay bills and prevent missed payment fees, late payment fees and NSF fees. This can help to prevent your credit score from being lowered. Others use emergency loans from LoanMeNow for car repairs and household necessities.

LoanMeNow is extremely popular with those with a poor credit score. To obtain a loan, you do not need to undergo a credit check. Your credit score will not be a factor in your loan application. Instead, your application will be evaluated based on your financial status. You will need to provide documentation to prove your financial status. This could include recent bank statements, paycheques and proof of funds or investments.

LoanMeNow currently offers loans ranging from $300-$1,000. Loan terms are usually 3 months or between 84-90 days.

Although interest rates can be higher, at 28%-32%, this is still lower than other payday loan providers.

Let’s take a look at some of the pros and cons of using LoanMeNow to apply for a smaller loan.


  • No credit check is required.
  • Response times are much faster than the industry average. Your application should be accepted within one hour.
  • If your application is accepted, you will receive your funds within 24 hours. You may even be eligible for same-day funding.
  • Repayments can be made weekly, bi-weekly, or semi-monthly.
  • You can choose to pay off your loan early with no fees or financial penalties.
  • You will be guided through the entire process step by step.
  • You can apply for a loan using the online application form. Alternatively, you can call or email.  
  • If you are unable to make a payment, you can opt to delay it. Although this will cost you an administrative fee, it will prevent your credit score from being negatively affected.
  • You will receive full support when receiving your funds and arranging repayment. LoanMeNow has an experienced team of highly qualified customer service representatives. You can contact them by phone or online.


  • Larger loan amounts or longer loans terms are not available.
  • The eligibility requirements are quite stringent. You must have a net income of at least $1,200 per month and have been with the same employer for two months. Self-employed people are not eligible.

5. Borrowell

Borrowell is the largest online lender in Canada with over 50 financial partners across the country. They are particularly popular in Ontario, with over 700,000 Ontarians signing up for Borrowell.

They offer a variety of financial products including personal loans, debt consolidation, credit cards, mortgages, and insurance. Importantly, they also offer bad credit loans.

You can sign up on Borrowell’s website and receive your credit score free of charge. Borrowell will then show you loans that match your credit profile. Doing this helps you to avoid rejection and a negative impact on your credit score. Residents of Ontario have seen their credit score rise by an average of 15 points after signing up to Borrowell.

The Borrowell platform and mobile app allow you to check your credit score for free, find the perfect loan for your needs and financial situation and improve your long-term credit rating and financial health.

Borrowell offers bad credit loans to Ontarians that have a credit score lower than 575. Anyone with a credit score higher than this is likely to be accepted for Borrowell’s traditional personal loans.

Loans range from $500-$35,000. Borrowell considers a number of factors when approving your loan. This includes your credit score, the likelihood of you making repayments and the value of any collateral.

Let’s take a look at some of the pros and cons of applying for a personal loan with Borrowell.


  • Loan terms range from 6-60 months. You can choose the loan term that best suits your needs.
  • Sign up for free to check your credit score. You can then compare different loan options quickly and easily.
  • Borrowell shows you the likelihood that you will be approved for a loan without performing a credit check. This helps to protect your credit score.
  • You can receive free weekly updates on your credit score. You can also receive personalized tips on how to improve your score.
  • Bad credit loan providers will consider factors other than your credit score. This could include your income, monthly expenses, and debt load. This is great for those with a poor credit rating or no credit history.
  • Those who have experienced bankruptcy may still be accepted for a loan.
  • You can choose to take a secured or unsecured loan.
  • Once you have been provided with a list of loan options, you can tailor your search to include specific requirements such as your preferred loan term.
  • It is quick and simple to search for loans or complete an application.


  • Only those with a credit score higher than 660 will qualify for the best loans at the most competitive rates.
  • Pre-approval does not guarantee you will be accepted. This is because Borrowell does not perform a full credit check.

The Bottom Line

One of the first things traditional lenders will look at when you apply for a loan is your credit history. If your credit score is poor, you will likely be rejected for a traditional loan. The providers we have looked at today, including Loans Canada and LoanConnect, are here to help you get a loan. The lending platforms exist to help Canadians in Ontario and all over Canada find the best loan available.

Loans in Canada should not be unattainable if you have a bad credit score, and these lending platforms know that. Just ensure that when you select a loan provider, you tailor your loan to fit your financial situation. Consider the interest rate you will pay and the loan term before committing to a loan.

If you are still unsure of the best bad credit loan for you, visit the websites of the loan platforms we have looked at today. Many of the platforms offer access to your credit score and free tips and advice about personal loans. You can also access a list of loan options based on your specific requirements.