Personal Loans Ontario | Where to Borrow Money if You Have a Poor Credit History?

July 2, 2021 | 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

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 all over can access the online platform as our earlier reviews from Alberta and Edmonton, among others, suggest.

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.

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


  • Lower interest rates than other alternative lenders. They start at 5.49% and go up to 25%.
  • You will still be able to get a loan regardless of your credit rating.
  • 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.
  • 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.


  • Low-interest rates tend to be offered to those with good credit history. The worse your credit rating is, the higher your interest rate will likely 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.


If you are looking for smaller personal loans, LoanConnect is a great option. LoanConnect is another lending platform that helps Canadians find personal loans with bad credit.

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. 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 has to be less than 60% of your income.
  • Searching for personal loans on LoanConnect is completely free. This is a great way to see your options with no pressure.


  • 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.

The Bottom Line

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

Loans from Canada should not be unattainable if you have a bad credit score, and these lending platforms know that. Just ensure that the one lender you end up choosing has your best interests in mind. You don’t want to get a loan and then make your credit score even worse by not being able to pay back your loan.