Installment Loans: The 8 Best Ones in Ontario 2025

Last updated: 2025/02/17 at 12:46 AM

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16 Min Read

In these challenging times, with high prices of consumer goods, bills, and financial pressures, installment loans can be a lifeline. Lenders like Loans Canada, MogoMoney, and FatCatLoans offer credit options that help you navigate financial difficulties. The key is to use it responsibly so you can become debt-free faster.

Contents

In this article, learn about the providers of the best online installment loans in Ontario, how to choose the best option for your circumstances, the benefits and drawbacks of getting an installment loan, and the application process.

Best Online Installment Loans in Ontario

In Ontario, installment loans can be obtained from conventional lenders and online lending companies. Below are some of the province’s best providers of online installment loans.

As no single loan is ideal for everyone, make sure to compare your options to find the ideal installment loan program for your circumstance.

Loans Canada

Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. It has partnerships with some of Canada’s largest lenders and offers free access to your Equifax credit score.

Interest rate: 6.99% to 46.96%.

Loan term: 4-60 months.

Maximum loan amount: Up to $50,000.

Loans Canada is an online platform that connects borrowers with lenders across Canada, offering various loan products that include personal loans, bad credit loans, no credit check loans, and debt consolidation loans.

Launched in 2012, Loans Canada makes borrowing faster through its streamlined online application process and quick approval times. Below are the types of installment loans they offer:

Personal Loans – Loan amounts from $250 up to $50,000 (depending on your chosen lender); Rates ranging from 6.99% to 46.96%; terms of 9 to 78 months; and credit score requirement of at least 300
Bad Credit Personal Loans
No Credit Check Loans
- Payday loans – Typically between $50 and $1,500 with a short repayment period (usually 14 days), and with higher interest rates.
- Car title loans – Loans that require your car as security, in which the amount you get is based on the car’s equity. Depending on the lender, the interest can be up to 35% (APR), with terms from 3 months to 3 years.
- Guarantor loans – Ideal for people with bad credit, these loans require a guarantor, who will undergo a credit check instead of the borrower.

With Loans Canada, you can obtain an installment loan regardless of your credit profile. It takes less than 10 minutes through its free online portal to get matched with a lender willing to provide the loan. Additionally, it only takes 1 to 3 business days to receive the funds.

MogoMoney

MogoMoney is a financial service offered by Mogo, a Canadian fintech company. Founded in 2003, Mogo offers solutions like personal loans and lines of credit. Eligible borrowers can avail of the no-obligation line of credit pre-approval in 3 minutes without impacting their credit score.

MogoMoney offers a simple loan process that involves creating a MogoAccount and applying online from the MogoMoney dashboard. Borrowers can return the loan within 100 days if they change their mind. They only need to repay the principal balance, and any fees or interest already paid will be refunded.

MogoMoney loan features include the following:

Loan amount of $300 to $5,000; up to $35,000 from Mogo or a loan from a third-party lender
Interest rate of 34.37%
Loan term of 6 months to 60 months
No security deposit

Loans from MogoMoney can be paid off in full at any time with no penalty. Additionally, borrowers who make on-time payments can qualify for a credit limit increase through MogoMoney’s Level Up program.

FatCatLoans

FatCat Loans is another online platform that matches customer applications with lenders in its network, offering Canadian borrowers 100% no-obligation loans with fast approval and payout. Regardless of credit history, borrowers can get instant online decisions and same-day cash loans.

FatCat loans come with these features:

Loan amounts of $1,000 to $50,000
Rates from 4.84% to 46.96% APR
Installment terms of 3 to 84 months
Fund release on the same day or between 1 to 3 days
Installment loan application in under 7 minutes
No required paperwork or phone calls

FatCat offers various loans, including bad credit loans (credit score 620 or less), personal loans, emergency loans, debt consolidation loans, and installment loans. Installment loans are fixed-rate loans that borrowers pay by installment over an agreed period.

LoanConnect

Ontario London-based LoanConnect is a loan search platform offering a simple means for borrowers to find and compare loans from its network of Canadian lenders. It provides transparent offers in as little as 60 seconds. Borrowers can use LoanConnect to find the ideal installment loan, irrespective of their credit profile.

Borrowers can get pre-approvals of up to $60,000 and have the funds released on the same day, as long as they meet the requirements. LoanConnect loans come with the following features:

Loan amounts of $500 to $60,000
Rates of 8.99% to 46.96% APR
Loan repayment terms of 3 to 120 months
Pre-approvals in 5 minutes
Fund release in as little as 12 hours
No hidden fees
Accepts applications from borrowers of all credit scores

Depending on the lender you choose, you may be required to pay a loan origination fee, which is an amount that lenders charge when issuing a loan. The usual origination fee required by some LoanConnect lenders is around $100.

ZoomCarLoans

ZoomCarLoans is a loan matching service that connects borrowers with less-than-perfect credit scores to over 30 lenders and car dealerships. It provides a streamlined process that makes it easier for customers to secure the vehicle they need.

Some of the key features of a loan from ZoomCarLoans include:

Loan amounts of up to $50,000
Interest rates ranging from 8.99% to 46.96%
Loan terms of 12 to 84 months
Uses employment history to determine the creditworthiness of a borrower
Monthly income requirement of at least $2,000
No prepayment penalties
No application or administration fees

Obtaining a loan via ZoomCarLoans may require a credit check from a lender or car dealer to determine your loan eligibility. Additionally, a lender may require a 10% minimum down payment.

Fig

Fig is a Canadian digital lending platform that offers personal installment loans to borrowers of various credit histories. With flexible repayment terms and competitive interest rates, Fig assists Canadians in managing their installment loans more effectively.

Offering a fully online experience, Fig streamlines the borrowing process, providing quick access to funds minus the branch visits. Below are the chief features of Fig loans:

Loan amounts of up to $35,000
Rate starting at 8.99%
Zero repayment fees
No early repayment charges
Funding in 1 business day
No calls or branch visits required to apply
Loan application completed in under 10 minutes

Fig, a wholly-owned subsidiary of Fairstone Financial Inc. and backed by Fairstone Bank of Canada, has funded over $250 million in personal loans.

SkyCap Financial

SkyCap Financial is a personal loan provider that offers alternative financing options to Canadians, especially those with poor credit scores. Founded in 2013, the lender offers a range of loan products, including cash loans, bad credit loans, payday loans, and debt consolidation loans.

Borrowers can take out loans of up to $10,000, with loan amortization from 9 to 60 months, and APR from 12.99% to 34.99%. The application and approval processes are quick, usually taking less than 5 minutes, as well as the release of the funds.

Fairstone Financial

For nearly a century, non-bank lender Fairstone Financial has offered quick personal loans to people with various credit profiles. Its offerings include secured and unsecured personal loans, emergency loans, and debt consolidation loans.

Designed to meet various needs and budgets, Fairstone loans range from $500 to $60,000, with interest rates from 29.99% to 34.99%, and loan terms of 6 to 60 months, with no prepayment penalties. Payments can be monthly, semi-monthly, bi-weekly or weekly. The application and approval process can be completed in 1 day.

What Are Installment Loans?

Installment loans are a type of loan where you borrow a certain amount of money and repay it in a series of regular payments, or installments. These loans are typically offered by traditional financial institutions and alternative lenders.

Compared to typical loans, an installment loan has less stringent requirements and is more easily available to borrowers. The flexibility and accessibility of these loans make them a popular option for borrowers who prefer manageable repayment schedules.

How To Apply For An Installment Loan

The process of applying for an installment loan in Ontario is straightforward, involving simple and quick steps:

Completing an online application form. Supply your personal and financial information, such as your income, employment status, and bank account details.
Submitting the application. Submit the form for review to your lender, who will evaluate your application on the basis of your income, credit history, and other factors.
Approval and loan offer. Once your lender approves your application, you’ll receive a loan offer with the loan amount, interest rate, and repayment terms.
Loan offer acceptance. Review the loan details. If you agree to the terms, sign the contract to finalize the application process.
Receiving the funds. After you sign the agreement, your lender will deposit the funds into your bank account, often within a few business days.
Loan repayment. You’ll repay the loan in fixed monthly installments over the agreed terms until it’s fully paid.

How To Choose the Best Installment Loan

Choosing the best installment loan in Ontario entails several steps to ensure you find the most ideal terms and conditions.

Assess your financial needs. Narrow down your options by determining the purpose of the loan and the exact amount you need.
Check your credit score. Lenders look at your credit score when determining your interest rate. Know your credit score beforehand to find the loan product that caters to your credit profile.
Compare interest rates. Use comparison websites or tools to compare rates that different lenders offer. Find the loan with the lowest APR to ensure it fits your budget.
Check for fees and penalties. Some lenders charge origination fees, prepayment penalties, and late payment fees. Checking for these helps you avoid unexpected costs.

Pros and Cons of Installment Loans

Pros

Fixed payments that help in budgeting
Consistent monthly payments due to fixed interest rates
Flexible amounts and loan terms
Lower interest rates compared to payday loans and credit cards
Access to larger amounts of money
Can be used to consolidate debts
Flexible use of borrowed funds
No collateral needed

Cons

Strict repayment schedules
Potential fees and penalties
Higher interest for longer loan terms
Your credit score may be affected
Eligibility requirements may be stringent for some
Potential for taking out larger loans that lead to higher debt levels

Are Installment Loans Worth It?

Whether installment loans are worth it depends on your financial needs and situation. These can be beneficial if you’re seeking interest rates lower than credit cards or payday loans, and predictable repayments over a scheduled period.

If you need a considerable amount of money to finance home improvement projects, settle medical bills, or consolidate high-interest debts, these loans can also be helpful due to their structured payment plan.

However, it’s crucial to consider certain factors before signing the loan agreement. Installment loans can come with fees and penalties that drive up the overall cost. Also, the fixed payment schedule may not be suitable for those with irregular incomes.

The key is to compare offers from different lenders, review the total loan cost, and assess if your financial situation will benefit from the repayment schedule. Doing these can determine if an installment loan is the best solution for your financial needs.

Visit Loans Canada for a free quote.

FAQs

Do installment loans hurt your credit?

Installment loans can harm your credit if you miss or make late payments. Also, some lenders may check your credit score and perform a hard inquiry when you apply for an installment loan, which can cause your credit score to decrease.

What is the easiest loan to get right now?

Personal and online loans are among the easiest loans to get right now due to their easy accessibility. Many online lenders today have a streamlined application and approval process that helps borrowers access cash quickly and more easily.

Who is the easiest company to get a loan from?

It’s generally easiest to get a loan from online lenders due to their straightforward process and more flexible eligibility requirements. They often have faster approval and fund release times, making it convenient for borrowers who need quick funds.

What is the hardest loan to get?

Small business loans and mortgage loans are among the most difficult loans to get. They have strict eligibility criteria and require high credit scores, specific and detailed financial documentation, and, at times, collateral.

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