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Who is Eligible?

What is a Personal Loan?

Personal loans are designed to accommodate the purchases or payments that aren’t tied to collateral. Personal loans have a lot of similarities to other types of loans like car loans or mortgages. 

  • Personal loans are installment loans. This means you’ll borrow a set amount of money and then repay that money over time in a series of installment payments.
  • Personal loans require that you pay interest. The interest rate may be tied to your credit score, and if so, the better your credit score, the less you can expect to pay for the loan.
  • Personal loans can be a short-term loan or can take many months or even years to repay.

There is one major difference between personal loans and other types of loans, however. Personal loans are unsecured loans. That means they are not tied to any collateral. A car loan is secured by the car you’re buying. If you fail to make payments on the car loan, the bank simply takes the car back in a repossession. 

With personal loans like payday loans and larger installment loans, you’re borrowing money without having to put up anything as collateral. The lender simply trusts you to repay the loan on time. Since the bank is taking on more risk by lending you money without any sort of collateral, you can expect to pay a bit more in interest for personal loans.

Online Personal Loans in Canada

While you can go to the bank to take out a personal loan, there are also online options. When it comes to online personal loans, Canada has many options for lenders and loan types. You can work with the online branches of traditional banks or borrow from online lenders who specialize in personal loans rather than full banking options.

Online personal loan lenders have more flexibility when it comes to loans because they don’t have the overhead that traditional banks do. Since their costs are lower and they are smaller and nimbler when it comes to loans, you may find that you get a better loan offer or easier approval if you apply online rather than in a traditional bank.

Whether you apply online or in person in a traditional bank, Canada does have oversight on personal loans to help protect the safety of its citizens. There are some unscrupulous lenders who might try and charge exorbitant interest rates, almost forcing a cycle of debt, without the limitations Canada has in place.

What You Can Use Your No-Credit-Check, No-Collateral E-Transfer Loan For


Need a vacation but are low on funds? Get up to $1,000 fast, and pack up for your next getaway.

Vehicle Repairs
Vehicle Repairs

Get the money you need, fast, to pay for vehicle repairs, with no hassle.

Upcoming Bills
Upcoming Bills

Worried about paying for rent; are your bills pilling up? Get the money you need, fast, at reasonable rates that are easy to afford.

House Repairs
House Repairs

Whether the issue is, plumbing; electrical… it doesn’t matter; we are here to help you secure a loan so you can pay for the repairs your house needs, hassle-free.

Applying for an online loan is as easy as 1-2-3

How it Works

Can I get a personal loan with bad credit?

Some lenders put a lot of weight in their loan decisions on your credit score. This is especially true if you’re working with traditional banks and credit unions. If you’re working with online lenders, however, you have more options when it comes to borrowing money and many online lenders are willing to offer small personal loans to those with lower credit scores. 

In many cases, bad credit personal loans are offered payday loans. These loans are a type of cash advance on your future earnings, letting you borrow the money you need now when an emergency or financial situation arises that can’t be avoided. With these types of personal loans, you’ll be able to borrow money by demonstrating your ability to repay the loan. 

Bad credit personal loans often charge a bit more in interest to help offset the additional risks taken by the bank. The amounts available to borrow may be limited as well. These limitations help not only the lender who is willing to lend money without checking your financial history, but they also help you borrow funds that you’ll be able to repay in a timely manner, helping to keep control of your budget overall.

No Credit Check Personal Loans in Canada

If you’re looking for no credit check personal loans, Canada lenders are ready to help. To apply for a no ‘hard’ credit check personal loan, you’ll first want to assemble all of the things you’ll need for the application. Since you’re not using your credit score as part of the application process, you’ll need to have evidence of your income to help show the lender that you’ll be able to repay the loan. Before you begin the online application, be sure you have:

  • Your Canadian identification information
  • Your best contact options
  • Your banking information for deposits and payments
  • Evidence of your reliable income

Once you’ve assembled your documents, complete the online application for the lender. You’ll provide copies of your information as requested and then submit the form. Online lenders can move quickly, so they will review your application and your documents, an in some cases, you may meet the criteria for instant online approval. 

Once the lender has approved your application, you’ll be offered the loan terms. Review the terms, including the number of payments to have the loan paid back in full and the interest rate and fees. If you find the terms agreeable, you’ll accept the loan, and the lender will deposit the money into your bank account. Once deposited, the funds are yours to spend as you need them.

Whether you’re using those funds for a large purchase, like a wedding or large vacation, or perhaps you’re taking out a personal loan to help pay off and consolidate smaller, high-interest credit cards, you have choices. Personal loans offer the borrower flexibility in how you use the funds, making them ideal to help fill the gaps in your budget when they arise. Personal loans can help you cover emergencies or help you take control of your budget when smaller loans start to feel out of control.

How Long Does It Take to Get a Personal Loan?​

Your lender’s approval response might vary. Many lenders respond within minutes of submitting the form. Before you apply, make sure you include all necessary information and that it is correct; any incorrect data on the application may cause delays. Once you’ve been accepted for a short-term loan, make sure you read the details carefully and ask your lender any questions before signing the agreement. When you have approved your loan, the cash will be electronically transferred into your account and, in certain circumstances, may be accessible as soon as the next business day.

Have questions? We can help.

As long as you are 18 years of age or above, legally reside in Canada and have a steady stream of income, you will be able to qualify for our online loan services.

Other requirements by a majority of lenders are that you have an active bank account and take in at least $800 in monthly payments. You will also need a valid email address and working phone number where you can be reached.

The Friendly Lender network of lenders has some of the most competitive fees in the industry.

Short-term loans tend to be more costly than traditional bank loans and are mainly intended for short-term needs. Please be sure to review all terms and conditions, including the repayment terms of your loan within your consumer loan agreement before accepting a short-term loan.

The information required in order to complete a request for an online loan includes your name, address, contact details, employment information, and banking details. SIN is not required, but opting to include it with your information may increase your options for the amount of online lenders available to you.

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