5 Best Personal Loans Toronto Reviews in 2024 | Get Easy Access to Cash For Various Purposes

January 22, 2024 | Editorial Team

Toronto can be costly. If you live in Toronto, you could be thinking of applying for a personal loan. The choice of financial services can be overwhelming. The market for loans from Canada is vast, with many firms offering loans in Toronto.

Here, we look at two firms that can help find you a loan in Toronto, Canada and other provinces (see Alberta and Edmonton) Even if you have a bad credit rating or credit score. We investigate these firms with the following in mind:

  • application process
  • interest rates
  • the loan amount that can be extended, based on credit history.

Best Personal Loans Toronto

1. Loans Canada

This company is great for those looking for personal loans in Toronto. However, it is not a lending facility. It is an online platform that finds personal loans for customers. It was established to help Canadians access loans regardless of bad credit history or high debt on credit cards.

Loans Canada offers a variety of loan options. This includes personal loans, car loans, debt consolidation and bad credit loans.

You can apply online and use the company’s platform to find a suitable personal loan. The platform can find the best rates for a personal loan based on your credit. Loans Canada will ask you to complete a questionnaire. They will then provide you with a list of loan providers and loan options based on your answers. You can then select the loan that best fits your financial requirements.

Loans Canada is partnered with a large number of loan providers across Canada. The platform acts as a middleman between you and the lender.

Here are the pros and cons of using Loans Canada to find a personal loan.


  • The application process is quick and simple. The whole process is very easy and Loans Canada finds you the products with the best interest rates with little effort required from you.
  • You can easily compare the interest rates offered on personal loans. You can then choose the loan that works best for you, your credit score and your financial requirements.
  • This company is dedicated to improving its customers’ financial knowledge. It provides extensive guides explaining how to get out of bad credit situations and explain home equity ideas. This helps customers improve their ability to manage a loan and their money better.
  • There is no minimum credit score or annual income requirement. Even if you have poor credit, you can still receive a personal loan from one of Loans Canada’s lenders.
  • Loan terms range from 6-60 months.
  • You can borrow any amount between $500-$300,000.
  • Interest rates start at 5.49%.
  • Once you have completed an application, you could receive the funds within 48 hours.
  • You could still be eligible for a loan even if you have a bad credit rating or no credit history.


  • There may be fees you are not aware of. Once the loan platform manages to find your loans, you may have to pay a fee. These fees can make your loan even more expensive.
  • Loans may have higher interest rates. The platform will always find you a lending facility, regardless of your credit score. However, if you have a bad credit history, those loans will likely have a high interest rate.
  • You will be charged a higher interest rate if you have bad credit.

2. LoanConnect

LoanConnect is another personal loan platform that helps you find a personal loan in Toronto or elsewhere in Canada. LoanConnect is one of the most well-known loan providers in Canada. They are a lending platform that acts as a middleman between you and the loan provider.

LoanConnect offers a variety of loan options including personal loans and bad credit loans.

LoanConnect helps customers find loans up to $50,000. Interest rates on these loans start at 4.6%. Terms on the loans range from 6 to 60 months. Importantly, Toronto dwellers won’t find their credit score affected by searching for loans with this tool.

Completing an application is quick and easy. You can choose to do a general search of all available loans on LoanConnect. Alternatively, you can opt for pre-approval. With pre-approval, LoanConnect will access your credit score. They will then use your credit profile to 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 for a loan with LoanConnect, you need to be a Canadian citizen that is the age of majority in Ontario. Your debt also must be less than 60% of your income. Let’s take a look at some of the pros and cons of using LoanConnect


  • As with any effective search engine, using LoanConnect to look for suitable loans is easy. The technology available will find a loan that is available to you based on your circumstances.
  • The loan search facility with LoanConnect is completely free. This makes the cost of financing your loan in future more affordable.
  • There is a wide range of loan options. This means if you are looking for cash to help you live in your dream Toronto apartment or finance a car, you can find it here.
  • They specialize in loans designed for those with a poor credit rating. There is no minimum credit score requirement. Those with a poor credit history can still customize their loan to ensure it fits their needs and financial situation.
  • There is no minimum income requirement.
  • There are 12 different types of loans available.
  • Searching for loans on LoanConnect does not affect your credit score.
  • Even if you opt for pre-approval, there is no obligation to commit to a loan with LoanConnect.
  • Interest rates start from as low as 4.6%.


  • There are no student loans offered by LoanConnect. Given the number of students living in Toronto, this is a big drawback.
  • There is a small lender range. While there are several different types of loans available, the lenders who provide them are limited. Given the number of lending facilities in Canada, more loan providers should be searched for by LoanConnect.
  • The lower your credit score, the higher your interest rate is.

3. Mogo

Mogo is another great option for those searching for loans in Toronto. They have provided 1.6 million loans across Canada so far and are consistently ranked as one of the best online loan providers.

They offer a variety of financial products, including personal loans, mortgages, VISA prepaid cards and cryptocurrency trading.

When you sign up for Mogo, they will give you access to your credit score free of charge. Your credit profile will then be analyzed. You will then be shown 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 those with a bad credit rating can receive a loan with Mogo. Interest rates can vary from 5.9%-46.96%.

Mogo offers a quick pre-approval service where you can be approved for a loan within three minutes. It is even possible to receive the loan the very same day.

Personal loans between $100-$35,000 are available. Mogo also offers a variety of loan terms ranging from 9-60 months.


  • Mogo offers free monthly credit score monitoring with Equifax.
  • You can also view your credit profile from previous months and compare it to your current profile. Mogo offers detailed information about how your score has changed and how you can improve it further.
  • The Mogo app sends you daily Money Moves. This includes tips and advice on saving money, avoiding debt and improving your credit score.  
  • Mogo customers can access the Mogo rewards program. You can receive perks including free Bitcoin, free fraud identity protection and a free MogoCard.
  • A 100-day test-drive feature is available. If you are not completely satisfied, you can cancel your loan and pay back your principal. Mogo will then refund you any interest or fees you have already paid.
  • Funds may be available the very same day.
  • You can choose to pay off your loan early with no financial penalties.
  • Online customer support is available 24/7.
  • They have an easy-to-use mobile app. This can be used to check your credit score, purchase cryptocurrency and apply for other financial products. The app also gives access to the online dashboard.


  • Mogo has a minimum annual income requirement of $13,000 and a minimum credit score requirement of 540.
  • Mogo is not Better Business Bureau (BBB) approved. This means their customer service and handling of customer complaints may not be up to par with their competitors.

4. LoanMeNow

LoanMeNow is a personal loan provider for those looking for smaller, short-term loans. They do not require a credit check and they supply loans ranging from $300-$1,000. Loan terms are usually three months or 84-90 days. For this reason, LoanMeNow is most often used by people who require emergency funds and may not be able to obtain money from a traditional financial institution.

Emergency loans can be used to pay bills and prevent missed or late payment fees and NSF fees. Taking out a loan instead of failing to pay may help to prevent your credit score from being lowered. Other people use Loan Me Now emergency loans for car and household repairs.

You are guaranteed to receive your money within 24 hours of your application being accepted.

As you do not need to undergo a credit check, LoanMeNow is extremely popular with those with a poor credit score or no credit history. When you apply for a loan, LoanMeNow will not look at your credit score. Instead, your application will be approved based on your financial status. You will need

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

Let’s take a look at some of the pros and cons of LoanMeNow.


  • LoanMeNow requires no credit check or no previous credit history.
  • You will receive an answer to your application within one hour.
  • Funds will be in your bank account within 24 hours.
  • You can apply for a loan using the online application form, over the phone or via email.
  • LoanMeNow will guide you through your application step by step. You can also request support with arranging your repayments.
  • You can choose to make repayments weekly, bi-weekly, semi-monthly, or monthly.
  • If you cannot make a repayment, you can inform LoanMeNow and ask them to delay it. 
  • You can pay off your loan early with no financial penalties.


  • LoanMeNow does not offer a larger loan amount or longer loan terms.
  • Self-employed individuals are not eligible for a loan.
  • Eligibility requirements are quite strict and may not be achievable for many people. You must have a net income of $1,200 per month and have worked for the same employer for at least two months.

5. Borrowell

Borrowell is one of the largest online lenders in Canada. They currently have more than 50 financial partners across Canada. Over 1.5 million Canadians have used Borrowell, with more than 700,000 customers in Ontario alone.

Borrowell offers a variety of financial products. This includes personal loans, credit cards, mortgages, and debt consolidation. Their online platform is easy to use and very quick. There are no hidden fees to worry about and it is completely free to use their platform.

They offer personal loans ranging from $500-$35,000. Loan repayment terms usually range from 6-60 months. Borrowell also offers bad credit loans to those with a credit score lower than 575. When using Borrowell’s loan search, you can specify your desired loan amount and preferred loan term. This ensures your results are tailored to your requirements. Borrowell then acts as a middleman between you and the loan provider.

When considering your application, Borrowell will look at several factors. This includes your credit score and the likelihood of you making repayments.

Borrowell is partnered with Equifax. Once you sign up on their website, you will receive your credit score free of charge. Borrowell will then use this information to match your credit profile with loan providers. This is known as pre-approval. Pre-approval helps you to avoid being rejected by lenders, which then protects your credit score.

The pre-approval service will provide you with a list of your loan options. The list will only include the loans you are likely to be approved for. It will also show you the terms of the loan, such as the interest rates you are likely to pay.

Let’s take a look at some of the pros and cons of using Borrowell’s online platform.


  • 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.
  • Receive free weekly updates on your credit score.
  • No credit check is conducted during the pre-approval process. This means you can view your loan options without any negative impact on your credit score.
  • It takes less than two minutes to input the required information and receive a list of your loan options. There is no obligation to commit to any of the loan providers.
  • You can tailor your search to include your specific requirements.
  • You can apply for a loan even if you have experienced bankruptcy.
  • Both secured and unsecured loans are available.
  • Flexible repayment options are available. There are no financial penalties if you choose to repay your loan early.
  • Funds will be deposited in your account within 48 hours.
  • Receive free tips and educational resources on a variety of topics. This includes improving your credit score and financial tips.  
  • Borrowell has an A+ rating with the Better Business Bureau (BBB).


  • There may be strict eligibility requirements for standard personal loans. This includes a minimum annual income requirement of $20,000 and a minimum credit history of 12 months.
  • You will likely need a minimum credit score of 660 to qualify for a loan with a low-interest rate.
  • Pre-approval does not guarantee acceptance.

The Bottom Line

Living in Toronto can be expensive. For many, your income is not enough. Loans can be a way of making ends meet. If you find Toronto too much for your income, a credit card can help initially, and a loan can help you.

Using a loan search engine can be a great way to access cash to make the most of your time in Toronto. Toronto is as expensive as New York, so don’t underestimate how big a loan you may need.

Loans and a credit card can help make up the shortfall between paycheques, but they need to be affordable. These search engines can help you find the most suitable loans available for you.