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Best Online Loans Canada 2020

Top Online Loans Companies Canada – Compare & Save

Get fast online loans in Canada with low sign up fees and conservative interest rates!

At Insurdinary, we make it easy to compare the best online loans and choose the ideal option for you. Strapped for cash? Need a business loan? Need to pay for school? We can help.

Check out our 2020 comparison guide below to see the top-ranking loan options in Canada. Compare options by interest rate, conditions, credit requirements, and more.

Learn all about our recommended online loan providers and how to get the best rates for you!


Lendingmate posts that customers can borrow up to $10,000 within 24 hours, making them one of the fastest and most flexible online lenders in Canada. They also take a unique approach, calling themselves an “old fashioned guarantor loan company” that aims to build trust with their customers.

Rather than using a computer to determine whether someone is eligible for a loan, Lendingmate reviews the information in detail and matches people up with a custom plan.

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  • Lender, not a broker
  • Bad credit score OK
  • Maximum loan amounts of $2,000 and $10,000
  • Loan terms between 12 and 60 months
  • No fees
  • Maximum 43% APR


Loanconnect.ca is considered Canada’s #1 search engine for personal loans. Instead of being a direct lender, LoanConnect helps Canadians find and compare multiple online loan options.

Users can get pre-approved for loans anywhere between $500 to $50,000 and even sign up for loans within a day. Use their safe and secure system to find the best personal loan or installment loan today.

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  • Get loans between $500 to $50.000
  • Pre-approval within 5 minutes
  • Loan terms between 6 and 60 months
  • Rates as low as 4.6% APR
  • No hard credit check
  • Get money deposited in as little as 12 hours

Motus Bank

Motus Bank is a Canada-based bank that provides personal loans, personal lines of credit, and secured lines of credit in addition to their standard banking services. You can apply to see a range of borrowing options, as well as an estimation of your loan or LOC payments.

The Borrowing section on their website includes loads of helpful information about borrowing, how to choose the best loan, and how to pay back your loan on time. Borrow up to $35,000 for rates as low as 5.15%.

Motus Bank Logo by Insurdinary
  • Borrow up to $35,000 in personal loans
  • Get a personal line of credit up to your credit limit
  • Rates as low as 5.15%
  • Direct lender
  • Easy-to-use payment calculator
  • Home improvement loans available
  • Fantastic customer service

ATB Financial

ATB Financial in Canada provides customized personal loans with both variable and fixed interest rates. Since ATB Financial is a direct lender, you’re able to negotiate on a repayment plan that fits your budget.

All loans are based on approved credit, making them perhaps not as flexible as online loan brokers, but you’re met with a more personal customer service experience. If you want a 100% custom plan, ATB Financial is a great online loan option.

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  • One of Canada’s most trusted lenders
  • Custom interest rates
  • Create a personalized repayment plan
  • Prepay at any time without penalty
  • Loan repayment terms from 1 to 5 years
  • Super secure and reliable


Besides being one of Canada’s most popular banks, HSBC is trusted as a reliable personal loan provider as well. You can apply for a personal loan through their website, over the phone, or at one of their local branches.

HSBC is dedicated to providing Canadians like you with affordable loan options to help you achieve your dreams – whether that be buying a new car, starting a business, or renovating your home.

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  • Get a response within 2 business days
  • Competitive interest rates
  • Fixed or variable interest rate options
  • 1- to 5-year terms
  • Personal Loan Creditor Insurance available
  • Pay weekly, bi-weekly, or monthly

TD Canada Trust

TD Canada Trust provides a nifty Personal Loan Calculator to see your possible monthly payment, helping you decide how much money you can comfortably borrow through a personal loan. They also offer Personal lines of credit and Student lines of credit.

You can access the amount of credit you need to cover unexpected expenses, home renovations, education, and more. Borrow up to $50,000 and create a custom repayment plan to suit your budget.

TD Logo by Insurdinary
  • Borrow up to $50,000
  • Create a custom repayment schedule
  • Fixed or variable interest rates
  • Get funds upfront
  • Debt consolidation loan calculator
  • Personal cash flow calculator
  • Interest rates as low as 2.09% (variable) or 6.54% (fixed)

Online Loans Canada – How to Choose the Best Option

There are many factors to consider before applying for an online loan. Borrowing money for any reason is a serious decision because you need to be sure that you can pay the money back, including any interest that accrues.

It’s recommended that you compare multiple online loan options before choosing the right loan for you. That’s why Insurdinary makes it easy to compare the best online loans in Canada all in one place.


Interest Rates

How much interest will your loan accrue? You’ll want to know the interest rate before signing up for a loan. A high interest rate means that you will be paying back a higher percentage of the principle on top of the original amount borrowed. Low interest rates are typically available to borrowers with good credit. You can also usually avoid paying a lot in interest if you pay off the loan in full before the end of the grace period.


Loan Amount

How much do you need (or want) to borrow? Even though you can borrow up to $50,000 from some lenders, doesn’t mean you should Due to possible fees and interest rates, you should only borrow as much money as you realistically need. Otherwise, you may be faced with high monthly payments.



Does the lender tack on fees for late payments or even early payments? Be sure to read the terms and conditions thoroughly so you aren’t with any unexpected (and expensive) surprises.


Repayment Options

How much time do you have to pay off the loan? How often do you need to make payments? Discuss a custom payment plan with your lender that suits your budget to avoid getting roped into a payment plan you can’t afford.

Apply for Loans Online with Insurdinary

Looking for online loans in Canada? Insurdinary can help!

Follow our guide above to compare Canada’s best lenders based on the loan amount, interest rates, fees, and more. We also get users set up with other financial options, like Credit Cards, Checking Accounts, and Mortgage options.

Personal Loans – Frequently Asked Questions

You’ve got questions, we’ve got answers. Learn all about finding and applying for personal loans online in our FAQ section below.

Where can I borrow money online?

There are many places where you can borrow money online. One of the best and most secure ways is through signing up for an online loan through a trusted lending company. In our 2020 guide, we’ve outlined the most reliable online lenders in Canada. Compare options and apply for the loan that suits yours needs to secure money fast.

What is an online loan?

An online loan is money that is borrowed from a lender who does business online. Users like you can search for lenders, compare options, and apply for loans online with ease. Alternative options include applying over the phone or at your local bank, in person.

How does online lending/borrowing work?

With online lending, lenders collect your information to determine which lending options you are eligible for. Then you, as a borrower, decide whether the terms and rates suit your needs and budget. Some lenders provide money upfront in as little as 12 hours.

Are online loans a good idea?

Online loans are a good idea if the money is borrowed through a reputable lender with a secure website. Security and confidentiality important, so we at Insurdinary only recommend companies that maintain these high standards. Simply choose a lender, submit your details, and get money sent to you when you need it.

What is the best online loan?

The “best” online loan varies based on your unique needs. We’ve recommended lenders that offer low interest rates, great repayment plans, and a variety of borrowing options. You’ll need to consider your own financial situation before choosing the best loan for you.

How do I find online loans with low interest rates?

Insurdinary.ca recommends a variety of online lenders that offer low interest rates, including variable and fixed interest rate options. What’s “low” may depend on your credit score, the amount of money you want, and what your repayment schedule will look like.

Can I qualify for a loan if I have bad credit?

In short, yes. Not all lenders require a credit check, but many do. Most banks require a soft credit check to determine pre-approval, then a hard credit check if you agree to sign up for the loan. Some brokers don’t require a credit check at all and will set you up with lenders who will send you money within a day, no matter whether you have bad or good credit.


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