17 best loans for bad credit in Canada in 2025

Loans Canada has one of the largest lender networks in the country. Fill out one application and get your loan offers for free.

Why it's one of the best

Increase your chances of approval. You'll only be shown bad credit loan offers that you have a chance of getting, so this is a suitable option for someone with very bad credit.

Get funded fast. It's possible to get your loan on the same day or the next day.

Search a large lender network. Find loans that best suit your financial situation.

Will I get approved?

If you have a bad credit score or low income, there's still a chance to find a lender willing to finance you, given the size of Loans Canada's database. Having a large database of lenders increases your odds of getting approved for a loan.

Spring Financial offers fast bad credit personal loans online. If you don't qualify for an installment loan, however, it'll offer you its credit builder loan, The Foundation. With this loan, you won't access the loan funds until after you've made all your payments on time, which include interest.

Why it's one of the best

Get a loan from an established lender. Spring Financial has been providing installment loans since 2015 and has over 200 employees, with headquarters in Vancouver, BC.

Improve your credit score. Spring Financial reports payments to the credit bureaus, so you can increase your credit score.

Get quick funding. You can get your money as soon as today.

Will I get approved?

Spring Financial has flexible requirements that are comparable to other lenders on the market. It has a low minimum credit score of 550 and a low minimum income of $2,000/month. Its credit builder loan, The Foundation, is easier to qualify for than its regular personal loan, but make sure it's the right product for your current situation before signing up.

LoanConnect maintains a large database of lenders and matches you with bad credit loan offers based on your unique profile. Fill out one application to get matched with lenders.

Why it's one of the best

Save time. Your application will be cast wide, and you'll get your results right after you apply.

Easily compare offers. Compare offers from multiple lenders, and log in regularly to see if new offers are available.

Choose between secured and unsecured loans. Get a loan with no collateral required, or get a secured bad credit loan if you have an eligible asset.

Will I get approved?

If your credit score is not strong, don't worry. LoanConnect accepts bad credit and doesn't require a credit check for pre-approvals, though some lenders you match with may require it. Its large database of lenders also gives you more chances to get matched with an offer.

Mogo is a Canadian fintech company that offers various financial products, including lines of credit for low credit scores. Its line of credit, the MogoMini, is designed for emergency funding.

Why it's one of the best

Get an instant decision. Get your free quote in three minutes without affecting your credit score.

Apply easily online. Set up an account within minutes, and get approval and funding within one to two days.

Work with an established company. Mogo was founded in 2003 and is traded on the Toronto Stock Exchange.

Will I get approved?

The MogoMini is designed to be a payday loan alternative and is only intended for small, urgent expenses. It's certainly easier to get than a traditional bank line of credit, but it also has a higher interest rate. This product may also be harder to get than a small non-bank personal loan because it's a line of credit.

Cashco offers unsecured bad credit loans called Flex Loans. Apply for a loan online or in one of its branches.

Why it's one of the best

Get some flexibility. You can choose a payment schedule, loan amount and loan term that work best for you.

Rebuild credit. Cashco reports payments to the credit bureau, which can help improve your rating.

Receive friendly service. Cashco has consistently received compliments about its helpful and friendly customer service team.

Will I get approved?

Cashco is open to non-employment income and offers long-term personal loans. Borrowers with bad credit can take up to 60 months to repay a loan of up to $7,000. This combination of long loan terms and moderate loan amounts allows Cashco to offer low payments to Canadians who can only repay a little bit each month. So if your credit score isn't great but there is some room in your monthly budget for these payments, Cashco may be able to approve you.

However, the longer the loan term, the more interest you pay. Your loan could become very expensive when you combine a long loan term with a high interest rate.

easyfinancial helps Canadians access financing when their credit scores are low and banks aren't an option. You can apply online for a quick process or visit a branch near you.

Why it's one of the best

Get a fast quote. Apply in minutes with no commitment, and it won't affect your credit score.

Get a secured or unsecured loan. Apply to get a loan without collateral, or boost your odds of approval by using your house as collateral—but you could lose your home if you default.

Improve your credit score. According to easyfinancial, one in three customers graduate to prime rates after making regular, on-time repayments.

Will I get approved?

easyfinancial's loans offer plenty of flexibility. It's possible to get approved when your financial situation isn't the best, but be prepared to be offered a lower amount and a higher rate. You can increase your chances of approval and even get a rate reduction if you apply with a co-applicant who's in a stronger financial position than you.

Helium Loans is an online private lender specializing in loans for fair to bad credit. It has served over 62,000 clients since 2017.

Why it's one of the best

Get flexible loan options. You can get a personal loan or a coffee cup loan (which is smaller than a personal loan). Helium Loans also has a line of credit, but it's for borrowers with good credit only.

Get funding fast. You can get your money in under an hour thanks to instant decisions and e-Transfer funding.

Improve your credit score. Helium Loans reports payments to the credit bureau. Making payments on time and consistently will boost your credit score.

Will I get approved?

Helium Loans appears to be stricter than other alternative lenders. To qualify for its personal loans and even its coffee cup loans, you need a credit score of at least 600, which is pretty high. Your bank account should also be in good standing, which means Helium Loans may be less lenient than other lenders if your bank account has recent NSF transactions or late payments.

FlexMoney is an online-only lender offering fast bad credit personal loans in Canada.

Why it's one of the best

Get an instant decision. FlexMoney's automated system allows it to give you a no-obligation quote within minutes.

Get your funds fast. Funds should reach your account on the same or next day.

Rebuild your credit. FlexMoney will report payments to the credit bureau.

Will I get approved?

FlexMoney has a minimum credit score of 500 and minimum monthly income of $2,000, which is pretty flexible. You're more likely to get approved though if your monthly debt payments don't exceed a percentage of your monthly income. For traditional lenders, that's typically 40%. Alternative lenders like FlexMoney can accept a little higher than this.

Magical Credit specializes in online personal loans for people with bad credit and/or low income. It's been in business since 2014 with offices in Concord and North York, Ontario.

Why it's one of the best

Get a fast loan. Apply online and validate your information with instant bank verification to get a fast loan decision (with funds sent within 24 hours).

Rebuild your credit. Magical Credit reports on-time payments to the credit bureaus to increase your credit score.

Use non-employment income to qualify. Magical Credit accepts many types of income, such as most government benefits, private pensions and maternity benefits.

Will I get approved?

Magical Credit specializes in providing installment loans to people with bad credit. You can get approved if your income is low or if you're on government benefits. However, Magical Credit does not approve everyone. If you have loans in collections or you're in a consumer proposal or bankruptcy, Magical Credit will not approve you. And while Magical Credit will not necessarily deny you a loan for having bad credit, it will still review your credit history to make sure you can afford new loan payments.

Money Mart offers installment loans and payday loans to people with bad credit. It's been in business for over 40 years and is one of the largest alternative lenders in Canada.

Why it's one of the best

Get your loan fast. Same-day funding is available, depending on the transfer method.

Apply online or in-store. Get your loan online or at one of Money Mart's 500+ store locations.

Get some leniency. Money Mart is less strict with its requirements than banks, credit unions and some alternative lenders. You can qualify with a chequing account and a regular source of income.

Will I get approved?

Money Mart is one of the easier lenders to get approved for on this list. Bad credit is okay, and you can qualify with a low income or non-employment income. However, watch out for high interest rates.

Lend for All is a loan-matching company that uses an automated process to match people with various lenders and financial institutions. It is based in Toronto, Ontario, and has an A+ BBB rating.

Why it's one of the best

Save time. It works with a network of lenders that offer quick approval for customers with bad credit.

Get fast pre-approvals. Lend for All provides quick pre-approvals within minutes by doing a soft check on your credit report.

Find a loan for various purposes. Lend for All will match you with offers based on your needs.

Will I get approved?

Lend for All is a loan search platform like Loans Canada and LoanConnect. This means you'll gain access to multiple lenders with just one application. If you don't qualify with one lender, you could with another.

24Cash connects applicants to a short-term installment loan with no credit check. It is an alternative to payday loans. Expect a broker fee of up to $225 to be added to your payments (the exact amount is set at the broker's discretion).

Why it's one of the best

Get fast approval. Apply with instant bank verification and get approved in as little as one hour.

Apply easily online. Fill out one quick form and provide your bank details to get approved. Get cash on the same day if you're approved before 2:30pm ET.

Work with an established online broker. The company is active online and has solid customer reviews on Google and Trustpilot.

Will I get approved?

Like LoansLoans, 24Cash specializes in short-term installment loans with no credit check. Since it requires no credit check, you can get approved with bad credit. 24Cash also limits its loan amounts to $500 to $850, which are easier to get approved for than larger loan amounts.

AAR Financial offers personal loans with large loan amounts and long loan terms. The company serves customers in Manitoba, Saskatchewan, Alberta, Ontario and British Columbia.

Why it's one of the best

Increase your odds of approval. AAR Financial claims to approve 99% of applications.

Get a secured or unsecured bad credit loan. Use your home to secure your loan and get a more competitive rate, or get an unsecured personal loan.

Work with an established lender. AAR Financial has been in business for over 15 years with headquarters in Winnipeg, Manitoba.

Will I get approved?

AAR Financial's claim of a 99% approval rate means people have a pretty good chance of qualifying. However, this doesn't guarantee that AAR Financial will approve your application no matter what. You'll need to present your two most recent pay stubs and the last 90 days of your bank statements. AAR Financial will use these to determine whether you have the income to repay its loan, and there is room in your monthly budget for new loan payments.

Credito is a broker that helps people with bad credit find a short-term installment loan. You won't need to go through a credit check to get approved, but expect to be charged interest plus a $225 broker fee (the exact amount is at the broker's discretion).

Why it's one of the best

Qualify. Since Credito doesn't do credit checks and offers smaller loans, it may be easier to get a loan from them versus other alternative lenders.

Avoid payday loans. Credito's bad credit loans are an alternative to payday loans, allowing you multiple repayments and longer terms.

Get funded fast. You can get your money within 24 business hours.

Will I get approved?

It's easier to get than others on this list because Credito only approves lower amounts and doesn't do credit checks. You can only borrow $500 to $850, which are easier amounts to get approved for than loans in the thousands.

Thunderloan matches you with a lender for short-term loans. It's not a direct lender. You may be charged a broker fee for its service, which can be in the hundreds.

Why it's one of the best

Get quick e-Transfers. Get your loan as soon as the same day—e-Transfers are faster than direct deposits.

It's available 24/7. Thunderloan says its service operates 24/7 Monday to Friday, which is not common for installment loans.

No credit check needed. You won't have to worry about a credit check since Thunderloan skips this and focuses on your bank account activity and income instead.

Will I get approved?

Thunderloan doesn't require credit checks and has a low minimum income of $1,200 per month. Apply elsewhere if your income comes from self-employment, social assistance, student loan, pensions, child tax credit, disability benefits and insurance income because Thunderloan doesn't accept them.

Captain Cash is a broker, not a direct lender, specializing in short-term loans. When you apply, it'll match you with a lender. Watch out for broker or surety fees.

Why it's one of the best

No credit check required. Captain Cash doesn't require a credit check, which can help if your credit score isn't stellar.

Have an easy online process. Apply online and connect your bank account through a secure portal so that Captain Cash can quickly review and approve your application.

Avoid payday loans. Take advantage of longer repayment periods than you'd get with a payday loan.

Will I get approved?

Captain Cash doesn't do any credit checks, and it only offers loans up to $1,000. Smaller loans are easier to get approved for than larger loans. It also has a low minimum income of $1,200, but it doesn't accept several income types, such as social assistance, student loans, pensions, child tax credit, disability income and insurance income.

Fat Cat Loans is an online loan search platform partnered with Canadian lenders that specialize in loans for bad credit.

Why it's one of the best

Get quick matches. Rather than applying to multiple direct lenders and possibly getting denied, apply once with Fat Cat Loans and get matched with the right lenders.

Get same-day funding. Fat Cat Loans is partnered with lenders that prioritize easy approvals and funding. If you apply before 3pm, you can get your money on the same day.

Complete an easy application. Apply online within minutes, and skip the document uploads. You can find out your lender matches with no paperwork required.

Will I get approved?

Like other loan search platforms, Fat Cat Loans is partnered with a network of lenders. Applying with Fat Cat Loans gives you access to lenders that are open to approving you.