Personal loan FAQs Canada: straight answers before you borrow.

GoodLoan Financial Inc. is a Canadian personal loan lender offering or developing online personal and installment loans where products are available. Eligible applicants can provide information and documents and complete verification. GoodLoan then makes a decision using its affordability and underwriting requirements.

GoodLoan may offer personal loans, installment loans, emergency loans, and payday-loan consolidation options, depending on borrower eligibility and product availability.

Loan requests can generally range from $100 to $20,000. The amount you qualify for may be different from the amount you request, and will depend on your income, existing obligations, application information, verification results, and underwriting assessment.

GoodLoan offers loan terms of up to 48 months (4 years), subject to eligibility, affordability and approval. The term stated in an approved offer and agreement is the term that applies.

Depending on your loan, GoodLoan may schedule payments:

• Weekly
• Bi-weekly
• Monthly

Where practical, GoodLoan can also align the payment schedule with your regular payday.

GoodLoan may offer a payday-loan consolidation option to qualifying applicants. Approval and the amount available will depend on the applicant’s circumstances and underwriting assessment.

Yes. For example, you may request an emergency or personal loan for eligible unexpected expenses. GoodLoan’s application and underwriting requirements still apply.

Availability can depend on the province or territory, the applicable product, and regulatory requirements.

GoodLoan’s annual interest rates range from 5% to 30%, and the APR is 31%. The maximum loan term is 48 months (4 years). Review your offered interest rate, payment amount, total cost of borrowing and repayment schedule before accepting a loan.

No. The stated interest rate and annual percentage rate, or APR, are not necessarily the same. APR can reflect the annualized cost of borrowing according to the applicable calculation and disclosure requirements.

GoodLoan will disclose the applicable borrowing costs before a borrower enters into a loan agreement.

GoodLoan’s current product design does not include an origination fee. Your final agreement and cost-of-borrowing disclosure will identify any charges applicable to your specific loan.

GoodLoan’s current product design does not include a prepayment penalty. Review your final loan agreement for the terms applicable to your loan.

If a scheduled payment is unsuccessful, the amount remains outstanding and GoodLoan may contact you to arrange repayment.

A returned-payment charge may apply only where permitted and disclosed in the applicable agreement.

Yes. GoodLoan’s borrower portal is designed to let you create an account, complete your profile, enter your loan request, provide supporting information, upload requested documents, and follow the progress of your application online.

The general process is:

1. Create your GoodLoan account.
2. Complete your borrower profile.
3. Enter your requested loan amount and term.
4. Provide employment and income information.
5. Submit the application.
6. Complete any requested document or identity verification.
7. GoodLoan reviews the application.
8. If approved, you receive the applicable loan terms and agreement for review.

No. Submitting an application does not guarantee approval. Applications are subject to verification, eligibility requirements, underwriting, and applicable GoodLoan lending criteria.

Processing time depends on how quickly requested information and documents are provided, whether additional verification is needed, and how long underwriting takes.

Yes. The GoodLoan borrower portal is designed to let you save an application in progress and return later to continue it.

Before submission, you can review and update your application.

After an application is submitted, certain information may be locked to preserve what was originally submitted for underwriting and audit purposes. If something needs to be corrected, contact GoodLoan.

GoodLoan may request additional documents if information is missing, needs clarification, has expired, or requires further verification.

You can upload requested documents securely through your borrower portal where available.

Your GoodLoan portal can show the current application status and any outstanding actions, such as additional documents or verification requirements.

GoodLoan may also contact you using the contact information associated with your account.

GoodLoan is designed for eligible Canadian residents, including qualifying:

• Canadian citizens
• Canadian permanent residents
• Open work permit holders
• Study permit holders

Additional eligibility requirements may apply. For temporary residents, permit expiry and the requested loan term may also be considered.

Potentially, yes. Open work permit holders may apply, subject to GoodLoan’s eligibility, permit-expiry, income, verification, and underwriting requirements.

Study permit holders may be eligible to apply, subject to the applicable eligibility requirements, including the remaining validity of their permit, income, requested loan term, and underwriting assessment.

A lower credit score does not necessarily mean an application will automatically be declined. GoodLoan may consider several factors, including income, employment, existing debt, financial obligations, application information, and repayment capacity.

Approval is not guaranteed.

Not necessarily. A co-signer may be considered in certain circumstances, but GoodLoan does not require one for every application.

GoodLoan may use a soft credit check as part of its due-diligence and underwriting process where applicable.

Before asking for your consent, GoodLoan explains the type of check and how it may affect your credit file.

GoodLoan uses an identity-verification process designed to verify borrower identity and reduce fraud. The planned verification checks include:

• Government ID verification
• Proof of address
• Liveness
• Face match
• Device analysis
• AML screening

Yes. GoodLoan uses Didit as part of its identity and verification process.

You may be able to start verification in your browser or receive a verification link by email. For the smoothest experience, we recommend completing the process on a mobile phone.

Liveness and face matching help confirm that the person completing the application is present and matches the identity document used during verification.

In addition, these checks help prevent identity theft and application fraud.

No. Identity verification and loan approval are separate processes.

Completing KYC successfully confirms certain identity and verification requirements, but the application must still satisfy GoodLoan’s underwriting and lending requirements.

If the system cannot complete verification automatically, GoodLoan may need to review your application.

GoodLoan may ask you to provide further information or complete additional verification. However, an extra review does not necessarily mean that GoodLoan has declined your application.

GoodLoan collects borrower-declared income and employment information and may request supporting documents.

GoodLoan may also use third-party verification services to help verify employment or income.

Depending on your application, GoodLoan may request documents such as:

• Valid government-issued identification
• Proof of address
• Recent paystubs
• Recent bank statements
• Employment information
• Other supporting documents

GoodLoan may also request more documents when necessary to review the application.

Bank statements may help GoodLoan evaluate income deposits, existing financial obligations, cash flow, and other information relevant to an application.

GoodLoan collects only the information required for the applicable lending and verification process.

For example, GoodLoan may use paystubs to verify your employment, employer, position, income and payment frequency.

GoodLoan may request recent paystubs when assessing an application.

GoodLoan stores borrower documents behind restricted access controls instead of public file links. Therefore, only you and authorized GoodLoan staff can access them according to assigned permissions.

GoodLoan’s current product design allows early repayment without a prepayment penalty. Review your final agreement for the terms that apply to your loan.

Your loan agreement explains how GoodLoan calculates an early payoff. It also explains how GoodLoan handles any earned interest or outstanding amounts.

Contact GoodLoan as early as possible.

Advance notice lets the servicing team understand the situation and discuss available next steps. Contacting GoodLoan does not automatically waive a payment or change your loan agreement.

A partial payment does not necessarily satisfy the entire amount due. Any unpaid amount may remain outstanding and may need to be included with a future payment.

The treatment of a partial payment follows the terms of your loan agreement.

GoodLoan may accept additional payments.

GoodLoan applies an additional payment according to your loan terms and its payment rules. For example, it may go toward an upcoming payment or toward principal where permitted.

At maturity, any remaining principal, earned interest, and other permitted outstanding amounts become due according to the loan agreement.

If you cannot pay the full amount, contact GoodLoan before maturity to discuss whether any available options apply.

GoodLoan may consider a loan extension in certain situations. However, GoodLoan does not guarantee an extension.

Any extension would require review and, where applicable, a new or amended agreement describing the extended term and repayment obligations.

If a loan becomes delinquent or defaults, GoodLoan may contact you to arrange payment and may take collection steps permitted by the applicable agreement and by law.

GoodLoan may use or report credit information where permitted and where the applicable credit-bureau services are available. GoodLoan will also explain any credit-reporting practices according to the relevant requirements.

You can reach us through the GoodLoan contact page. If you already have an application, include your application reference where appropriate.

Never send passwords or other sensitive authentication information by email.