Personal loans in Ontario
With Spring, Ontario residents can get personal loans from $500 to $35,000 with rates starting at 9.99%. The terms range from 6 to 84 months, and there’s no cost to apply.
How personal loans in Ontario work & how to apply
What is a personal loan?
It’s a loan from a lender that is a fixed amount of money. This is repaid in regular installment payments over a fixed period. Collateral is required only for a secured personal loan, and personal loans come with a fixed interest rate, so your monthly payments remain the same for the life of your loan. It can be used for debt consolidation, home emergencies, car repairs, and even large expenses.
How much can I borrow?
With Spring Financial, you can borrow from $500 to $35,000. How much you can borrow will depend on your income, your debt obligations, and your credit report. Each application is individually reviewed to determine eligibility.
What interest rate can I expect?
Spring’s rates range from 9.99% to 34.95% with APRs ranging from 9.99% to 35.00%. The rate you’re approved for will remain the same for the life of the loan. Your income, credit history, and loan amount are considered when determining your rate.
Do I need good credit to apply?
There is no minimum credit score required for a personal loan with Spring Financial. All borrowers are considered, no matter their credit score. This is because multiple factors are used to determine eligibility, not just credit score.
How fast will I receive my funds?
Depending on verification, you can actually get your funds as soon as the same day. However, most borrowers receive their funds within 1-2 business days.
Is there a cost to apply?
There is no cost to apply for a loan, and you aren’t obligated to accept any loan offers. Before you commit to the loan, all costs will be disclosed to you so you can make an informed decision.
What can I use the funds for?
The funds can be used for almost anything you want, since Spring doesn’t restrict how personal loan funds may be used. Common uses include debt consolidation, car repairs, home repairs, medical expenses, vehicle purchases, or other major purchases.
How does the application work?
The application process is simple and completely online. After you complete the application and submit your documents, you can receive the funds as soon as today, transferred into your bank account.
Fast, flexible online loans
Borrow what you need, from $500 for smaller needs to $35,000 for major expenses.
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How Spring compares to banks, payday lenders, and Fairstone
In Ontario, the charge on payday loans is around 365% annually or $14 per $100 borrowed. A personal loan is cheaper and has a more flexible payment schedule.
Banks
Credit Unions
Payday Lenders
- Loan range
- $500–$35,000
- $1,000–$50,000+
- $500–$50,000+
- $100–$1,500
- Interest rate
- 9.99%–34.95%
- 6%–20% (qualified)
- 8%–22%
- ~$14/$100 (~365% APR)
- Credit flexibility
- Broad range accepted
- Good credit required
- Member relationship matters
- Usually no check
- Application
- 100% online
- Branch or online
- Branch or online
- In-person or online
- Funding speed
- As soon as the same day
- 1–5 business days
- 1–5 business days
- Same day
- Reports to bureaus
- Yes, both Equifax & TransUnion
- Yes
- Yes
- Usually no
- Prepayment penalty
- None
- Varies
- Varies
- N/A
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Get your personal loan in 3 steps — apply online in minutes
Three steps:
Complete the online application
Answer a few questions about yourself, your income, and how much you’d like to borrow. It takes just a few minutes.
Submit your verification documents
You may be asked for a government-issued photo ID, proof of income (pay stub or tax filing), and online bank account verification. Additional documentation is only requested if needed.
Receive your funds
If approved, funds are deposited directly into your bank account as soon as the same day in some cases, and within 1–2 business days for most applications.
To qualify, you must:
Be the age of majority in Ontario (18)
Have valid government-issued identification
Have an active Canadian bank account
Have a steady source of income
Accepted income types include: employment, self-employment (previous year’s tax filing required), CPP, OAS, disability benefits, pensions, ODSP, Ontario Works, and certain types of EI, depending on the circumstances.
Trusted by hundreds of thousands of Canadians
Over one million applications received | Founded 2014 | Reports to Equifax & TransUnion
I was able to get a loan against all odds with a young credit history, high credit utilization, and a low bank balance. I was approved when I needed it most. Their process was smooth and professional. I’m truly grateful!
Emmanuel · Toronto, ON
“I was in need of emergency financial assistance, and Spring assisted me with funds in record breaking time, they gave me an affordable repayment plan. I am so grateful to them and would recommend you give them a try.”
Bobby · Calgary, AB
“Spring Financial deserves every bit of praise I can give them. After being turned down by multiple banks and feeling completely defeated, Spring Financial gave me hope when I had none. Highly recommend.”
Don · Winnipeg, MB
“They made it very easy to get the loan I was looking for. They are very courteous, professional, and communication was very good. They made sure I understood all terms and options. I can’t recommend them enough.”
Andrew · Vancouver, BC
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How online personal loans work — no branches, no waiting
With advancements in technology, you no longer have to go to a branch to get a personal loan in Ontario. You can complete the entire process online, including verification documents and approval.
With Spring Financial, since there are no branches, you can do everything digitally and receive your funds via e-transfer or have them deposited directly into your account. Because the process is fully online, you can get your loan processed faster while knowing it is secure. For Ontario residents living in more rural areas, personal loans are easier to access.
Contents
What determines your personal loan interest rate in Ontario?
Interest rates on personal loans in Ontario are dependent on a few key factors. These include income, credit scores, current debt load, loan amount, and lenders. Spring offers interest rates from 9.99% to 34.95% with APRs from 9.99% to 34.95%. Since this is a fixed-rate loan, your payment amount will remain the same for the life of the loan, which is great for budgeting.
While it’s difficult to determine the rate you will receive, those who have stronger credit histories will get lower rates, and those with thinner credit files or bad credit will get higher rates. If you have a credit card with an interest rate between 19.99% and 24.99%, a personal loan can greatly reduce your interest rate.
One thing to keep in mind is that some lenders will offer variable-rate loans. These can look attractive, but the rate of change can significantly increase the cost of your loan. A fixed rate with Spring gives you more predictable payments.
Can you get a personal loan with bad credit in Ontario?
Just because you have a lower credit score doesn’t mean that you can’t get a personal loan. Spring Financial considers applications with all credit scores, including those who are new to credit or have poor credit.
More is considered on your loan application than just your credit score. Spring also considers your income, any existing financial obligations, and the overall affordability of the loan. Since there are so many factors to consider, every application is assessed individually.
If you’re looking for a personal loan with bad credit in Ontario, be careful of those who advertise no-credit-check loans. Reputable lenders are legally required to assess your ability to repay the funds, so this is a big red flag. These lenders should be avoided.
How same-day funding works for fast personal loans
While same-day personal loans are advertised quite often, a lender can’t guarantee a same-day personal loan. They need to review your application to make sure you meet the requirements before an offer can be made. Once that is done, the rest of the process can happen quite quickly.
Spring Financial can fund applications as soon as the same day, depending on verification. That said, most loans are funded within 1-2 business days. If your documents are submitted promptly and no extra verification is required, same-day funding is possible. While this timeline isn’t instant, those looking for funding for car repairs or unexpected bills won’t have to wait long.
What is an unsecured personal loan? (no collateral required)
An unsecured personal loan in Ontario doesn’t require you to have any collateral, like a car or your home, in order to secure the loan. Instead, the lender will use your credit score and your income, in order to determine your eligibility.
Spring Financial only offers unsecured loans, which is a great option for Ontario borrowers who don’t have significant assets or don’t want to risk them as collateral for a loan. However, unsecured loans do have higher interest rates, since unsecured loans are riskier to a lender. A great way to determine what your loan payments will be would be to use a personal loan calculator.
Can you get a personal loan in Ontario with low income or self-employment?
Low income
While your income level is a determining factor in your loan approval, you aren’t disqualified for having a low income. The key factor in determining your eligibility is your debt-to-income ratio. This shows how much of your income per month is used to pay down debt.
Since Spring Financial doesn’t require employment income to qualify, those who receive ODSP, Ontario Works, CPP, OAS, and even disability pensions will be able to be considered for a personal loan. For those on assistance, ODSP loans in Ontario, as well as loans for other forms of assistance, can be hard to come by. The amount you’re approved for will be based on what you can reasonably afford with whatever source of stable income source you have.
Self-employed
Self-employed borrowers in Ontario can also apply. However, most lenders will require you to provide your Notice of Assessment and, in some cases, bank statements to approve your application.
The reason this may be required for self-employed individuals is to prove their cash flow. If you can demonstrate that you have a consistent income and you can afford a loan, you increase your likelihood of being approved.
What can you use a personal loan for? Debt, repairs, emergencies, and more
Debt consolidation
A common use for personal loans in Ontario is debt consolidation. It allows you to combine multiple high-interest debts into one single fixed monthly payment. If the rate you get with your consolidation loan is lower than your current rate, then you’re also reducing your total repayment amount while simplifying your payment schedule. However, it’s not recommended that you keep using that high-interest debt that you pay off.
Home repairs and emergencies
With Ontario having one of the most expensive housing markets in Canada, covering emergency expenses can be difficult. Unexpected costs like flooding, roof repairs, or furnace replacement are necessary and unable to wait. A personal loan can help with these costs if your emergency fund cannot cover the full amount. It’s one of the best options for emergency loans in Ontario.
Car repairs
Most people who live outside the city limits in Ontario rely on a vehicle to get around. However, car repairs can get expensive, and what’s in your savings account won’t always cover the cost. A personal loan is a great way to cover the cost of your vehicle repairs without breaking the bank.
Personal loans vs. lines of credit vs. credit cards: which is best for you?
Personal Loan | Line of Credit | Credit Card | |
Structure | Fixed amount, fixed term | Revolving, draw as needed | Revolving, monthly minimum |
Rate Type | Fixed | Usually variable | Fixed |
Typical APR | 9.99%–35.00% | 6%–12% (bank), higher alternative | 19.99%–29.99% |
Repayment | Set monthly payments | Flexible, interest-only option | Minimum payment option |
Best For | One-time lump sum need | Ongoing access to funds | Small everyday purchases |
Credit Required | Varies | Usually 650+ | Varies |
While a line of credit is generally cheaper in terms of interest, it can be hard to qualify for. Personal loans are much easier to qualify for and offer fixed payments at a fixed rate. Credit cards are more convenient, but they carry the highest borrowing costs and can be difficult to repay. A personal loan forces you to pay off your balance and doesn’t leave you tempted to carry a balance.
Your rights as a borrower: Ontario consumer protection rules explained
Ontario has two key pieces of legislation borrowers should be aware of. Both of these pieces of legislation affect how lenders are able to lend money, as well as what they charge.
Consumer Protection Act, 2002 (and the incoming CPA 2023)
Under the current Consumer Protection Act in Ontario, most consumer credit transactions are governed by it. This means lenders must disclose the full cost of borrowing to you before you sign, and you have the right to receive a written agreement outlining all the terms of the loan.
Currently, an updated Consumer Protection Act is in the works and is expected to help modernize the current rules just that one step further. This one received royal assent in December 2023 and should be updated soon.
Payday Loans Act
In Ontario, caps on what can be charged on payday loans are governed by the Payday Loans Act. This states that fees for payday loans are $14 per $100 borrowed, which is an annualized rate of around 365%. Payday lenders are also required to disclose this cost to you before you sign. That said, there’s also a required cooling-off period. This allows you to cancel your loan up until the next business day without penalty.
While this act governs Payday Loans and not personal loans, all lenders in Ontario are required to disclose the loan details and total cost of borrowing to you before you sign the agreement. If they don’t, this is a red flag and a sign that they aren’t a reputable lender.
Will a personal loan help or hurt your credit score in Ontario?
With Spring Financial, all of your loan payments are reported to both Equifax and TransUnion. These are the two major credit bureaus in Canada. When you get a personal loan, there are a few ways that it can impact your credit.
When you get a new loan, the first thing that it will affect is your credit mix. Ideally, you want a range of different credit options on your credit report, so adding a loan is a great way to diversify your credit profile.
On-time payments that you make on the loan are reported and have an important influence on your credit score. The more on-time payments that you make, the more you’re going to notice an improvement in your credit score. Missed or late payments are also noted on your credit file and negatively impact your credit. Instead of this, contact your lender first. They’re likely to make arrangements with you so they don’t have to deal with a missed payment.
You have questions,
we have answers.
What credit score do I need for a personal loan in Ontario?
There’s no minimum credit score requirement with Spring Financial. Applications are reviewed on an individual basis, using a wide range of criteria.
How fast can I get a personal loan in Toronto or Ottawa?
You can get your personal loan as soon as the verification documentation is completed and submitted quickly. However, most loans are funded within 1-2 business days.
Can I get a personal loan in Ontario if I’m self-employed?
Yes. Self-employment doesn’t mean that you can’t get a loan. It just means that most lenders are going to require more documentation from you, like your Notice of Assessment, to verify your income.
What is the maximum personal loan amount available to Ontario residents?
While what you qualify for is based on your individual situation, Spring Financial offers up to $35,000 in Ontario.
Does Spring Financial offer joint personal loans in Ontario?
Yes, but a co-signer is not a requirement. Having one can, in some cases, help your situation, since the co-signer agrees to share the responsibility for the loan with you.
Can I use a personal loan in Ontario to pay off credit card debt?
Yes. A loan with Spring Financial can be used for any purpose that you choose, with debt consolidation being one of the most popular options. It can reduce your monthly payment and your total interest paid.
What is the typical interest rate for a personal loan in Ontario?
Interest rates in Ontario vary. With Spring, rates range from 9.99% to 34.95%, and APRs range from 9.99% to 35.00%. Your rates will depend on your individual factors when you apply.
Are there penalties for paying off a personal loan early in Ontario?
No. Since Spring Financial’s personal loans are open, you can make extra payments and pay them off early at any time, with no penalties.
Can a new Canadian resident in Ontario get a personal loan?
Yes, but in order to be eligible, you will need a government-issued ID, an active Canadian bank account, and a steady source of income that can be verified.
How do personal loans in Ontario compare to a line of credit?
Lines of credit are a form of revolving credit and have rates that range from 6% to 12%. That said, they’re also harder to qualify for if you don’t have established credit. Personal loans have a fixed lump sum and a fixed monthly payment, which is better for one-time use.
What is the difference between a fixed-rate loan and a variable-rate loan?
A fixed-rate loan gives you the same interest rate for the life of your loan. You will have the same payment for the entire term. A variable rate loan fluctuates based on the Bank of Canada rate, which means your payment can adjust throughout the life of your loan. With Spring, you will get a fixed-rate loan.
Does applying affect my credit score?
No, when you apply with Spring Financial, a soft inquiry is used to get you a pre-approval. After that, a hard inquiry may be required to finalize the offer, but you will have to give your consent for it to be run.
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