Which loan company is easiest to get? Best personal loans for fast approval in 2025
Dec, 28 2025
If you need cash fast and don’t have perfect credit, you’re not alone. Thousands of people in Canada apply for personal loans every week just to cover an unexpected bill, car repair, or medical expense. But not all lenders are created equal. Some make it simple. Others bury you in paperwork, wait days for a decision, or reject you without explanation. So which loan company is easiest to get? The answer isn’t one single name-it’s about matching your situation to the right lender.
What ‘easiest’ really means
When people ask which loan company is easiest to get, they usually mean one of three things:- Fastest approval (same day or within hours)
- Lowest credit score requirement
- Simplest application (no documents, no calls)
Top lenders for fast and easy approval in 2025
Based on real user experiences and lender policies across Canada, here are the companies that consistently make approval easiest for most people right now.1. KOHO (for those with direct deposit)
KOHO isn’t a traditional bank-it’s a fintech app that’s built for people who need small, quick loans. If you have your paycheque deposited directly into your KOHO account, you can get approved for a cash advance of up to $1,000 in under 10 minutes. No credit check. No paperwork. Just a quick review of your recent deposits. It’s not a loan in the classic sense-it’s an advance on money you’ve already earned. But if you need $300 to fix your fridge by Friday, this is the easiest path.2. Money Mart (for bad credit)
Money Mart has been around for decades and has branches across Canada. They specialize in small personal loans for people with credit scores below 600. Approval takes less than 30 minutes, even in-store. You’ll need proof of income and a bank account, but they don’t pull your full credit report. Instead, they look at your income-to-debt ratio. Their rates are high-up to 39% APR-but if you need cash now and have no other options, they’re one of the few lenders who won’t turn you away.3. Loans Canada (online marketplace)
Loans Canada doesn’t lend money itself. It connects you with over 50 lenders across the country. You fill out one form, and they match you with lenders who are likely to approve you based on your income, employment, and credit history. Most applicants get responses within 60 seconds. Some get approved and funded the same day. It’s not guaranteed, but it’s the closest thing to a one-stop shop for easy approval.4. Borrowell (for fair to good credit)
If your credit score is between 600 and 720, Borrowell is often the easiest route. They offer unsecured personal loans from $1,000 to $35,000 with terms from 12 to 60 months. Approval usually takes less than 5 minutes. You can see your rate before you apply, and they offer free credit score monitoring. They don’t approve everyone, but they’re more forgiving than big banks. Many users report being approved even after being turned down by RBC or TD.5. EQ Bank (for existing customers)
If you already bank with EQ Bank, you might qualify for their Quick Loan. It’s a small, short-term loan (up to $5,000) with rates as low as 9.9% APR. Approval is automatic if you’ve had your account open for 90+ days and have regular deposits. No application needed-just log in and click ‘Apply’. It’s not available to new customers, but if you’re already with EQ, this is the easiest loan you’ll ever get.What lenders avoid (and why)
Big banks like RBC, Scotiabank, and BMO are the hardest to get approved with if you’re not a long-time customer with excellent credit. Why? They use rigid algorithms that reject applicants based on:- History of late payments (even one from 2 years ago)
- Low credit score (under 660)
- High debt-to-income ratio (over 40%)
Red flags to watch out for
Not every ‘easy’ lender is trustworthy. Watch out for:- Upfront fees before you get the money (legal lenders never ask for this)
- Pressure to act immediately
- No physical address or phone number listed
- Loans with APR over 60%
- Claims like ‘guaranteed approval no credit check’-this is almost always a scam
How to improve your chances
Even if you don’t have perfect credit, you can make approval easier:- Have your pay stubs and bank statements ready before applying
- Apply for a smaller amount-$1,000 is easier to approve than $10,000
- Use a co-signer with good credit (if you have someone trustworthy)
- Check your credit report for errors (free through Equifax or TransUnion)
- Apply to only one or two lenders at a time-too many applications hurt your score
Real example: Sarah’s story
Sarah, 32, lives in Mississauga. She works part-time at a café and has a credit score of 580. Last month, her car broke down. She needed $1,200 to fix it. She tried RBC. Rejected. She tried a payday lender online. They asked for $180 in ‘processing fees’-she walked away. Then she used Loans Canada. Within 15 minutes, she was matched with a lender who approved her for $1,200 at 28% APR. She got the money in her account by 4 p.m. the same day. She paid it off in 6 months. No stress. No scams.Bottom line
There’s no single ‘easiest’ loan company. But if you know your situation, you can find the right one fast.- Need $500 or less and have direct deposit? Try KOHO.
- Bad credit and need cash today? Money Mart is your best bet.
- Score between 600-720? Borrowell gives you the best rates with minimal hassle.
- Already bank with EQ? Use their Quick Loan.
- Not sure where to start? Use Loans Canada to compare options in seconds.
Can I get a personal loan with bad credit?
Yes. Lenders like Money Mart, Loans Canada, and some online fintech apps approve borrowers with credit scores as low as 500. These loans usually come with higher interest rates, but they’re legal and available if you have steady income and a bank account. Avoid lenders that promise ‘no credit check’-they’re often scams.
How fast can I get money from a personal loan?
With the right lender, you can get funds in as little as 15 minutes. KOHO and EQ Bank offer instant access if you’re an existing customer. Money Mart and Loans Canada can deposit funds the same day. Traditional banks take 2-5 business days. Speed depends on the lender and your application completeness.
Do I need a job to get a personal loan?
Yes, most lenders require proof of income. That can be from employment, government benefits, self-employment, or pension. If you’re unemployed, your chances drop significantly. Some lenders accept gig income (Uber, DoorDash) if you can show 3 months of deposits. No income = no loan.
Is it better to apply online or in person?
Online is faster and easier for most people. You can compare lenders, see rates, and submit documents without leaving your home. In-person lenders like Money Mart are helpful if you’re uncomfortable with technology or need to hand over documents right away. But you’ll wait longer for approval and have fewer options.
What’s the lowest credit score to qualify for a personal loan?
The lowest score most legitimate lenders accept is around 500-520. Lenders like Money Mart and some online platforms work with borrowers in this range. But approval isn’t guaranteed-even at low scores, you need steady income and a bank account. Scores below 500 make approval very difficult unless you have a co-signer.
Are there hidden fees with easy personal loans?
Legitimate lenders don’t charge upfront fees. If a lender asks for money before you receive your loan, it’s a scam. However, some charge origination fees (1-5% of the loan) or late payment fees. Always read the loan agreement. The interest rate (APR) should be clearly listed-this includes all costs.
Can I get two personal loans at once?
It’s possible, but risky. Most lenders won’t approve you if you already have another personal loan unless your income is high enough to cover both payments. Taking on multiple loans can quickly lead to debt problems. It’s better to borrow once, for the amount you truly need, and pay it off on time.
If you’re stuck and need help, visit the Financial Consumer Agency of Canada’s website. They offer free tools to compare lenders and spot scams. Don’t rush into a loan you don’t understand. The easiest loan is the one you can pay back without stress.