A Personal loan build around what you can afford.
GoodLoan helps eligible borrowers apply online for a fixed-amount personal installment loan. We consider verified income, existing obligations and repayment capacity alongside available credit information—because a credit score is only one part of your financial story.
- Online application
- Clear loan terms
- No obligation to accept an offer
What is a GoodLoan personal loan?
A GoodLoan personal loan is a fixed amount of money that an approved borrower repays through scheduled installments over an agreed term. Depending on your agreement, payments may be weekly, bi-weekly or monthly. Each offer explains the principal, annual interest rate, annual percentage rate (APR), payment amount, payment dates, total cost of borrowing and total amount to be repaid before you decide whether to accept it.
Personal loans may also be called installment loans or consumer loans. Unlike a payday loan that is generally due on or shortly after your next payday, an installment loan spreads repayment across multiple scheduled payments. A longer schedule may make individual payments smaller, but it can also increase the total interest paid. Compare both the payment amount and the total borrowing cost.
GoodLoan applications are subject to identity and income verification, an affordability assessment, underwriting and provincial availability. Applying does not guarantee approval, a particular amount, a particular rate or funding.
What can a personal loan be used for?
Eligible borrowers may request a GoodLoan personal loan for a legitimate personal or household purpose. Common reasons Canadians consider personal financing include:
Unexpected expenses
Urgent household bills, essential travel or another necessary cost that was not included in your regular budget.
Vehicle repairs
Repairs or maintenance needed to keep a vehicle safe and available for commuting or family responsibilities.
Home expenses
Necessary repairs, appliances, furniture, moving costs or other eligible household purchases.
Debt consolidation
Combining eligible higher-cost debts into one scheduled payment when doing so improves your overall repayment plan.
Education costs
Eligible tuition, supplies, technology or living costs not fully covered by savings or government student assistance.
Personal needs
Other reasonable personal expenses reviewed as part of your application and permitted by your loan agreement.
A GoodLoan personal loan may not be used for an unlawful purpose. Certain uses may be restricted based on underwriting policy, applicable law or the terms of the final agreement. Borrowing to cover routine expenses every month may be a sign that a loan is not the right solution.
Loan amounts, terms and payment options
GoodLoan currently accepts personal-loan requests generally ranging from $100 to $20,000. The amount offered may be lower than the amount requested and depends on your income, expenses, existing debts, verification results and ability to repay.
$100–$20,000
General request range
Up to 48 months (4 years)
Annual interest: 5%–30%. APR: 31%. Subject to approval
3 options
Weekly, bi-weekly or monthly payments
Fixed schedule
Shown before acceptance
Your requested amount, term and payment frequency are not an approval. The final options available to you will be presented in your loan offer and agreement. Choosing a longer term can reduce each scheduled payment but may increase the total cost of borrowing.
Personal-loan interest rates and APR
GoodLoan does not promise one rate for every applicant. The rate and APR available to an approved borrower may depend on the requested amount, loan term, payment frequency, verified income, existing obligations, credit information and other underwriting factors.
The annual interest rate is the rate used to calculate interest under the agreement. The annual percentage rate (APR) expresses the annualized cost of borrowing and may include charges that must be included under applicable cost-of-credit rules. The two figures are not always identical.
Before accepting an offer, review the principal, interest rate, APR, number and amount of payments, total cost of borrowing, total repayment and any permitted fees. GoodLoan’s personal-loan calculator can help you explore estimated payments, but its results are not a quote or guarantee of your actual terms.
Responsible borrowing reminder: A lower scheduled payment does not necessarily mean a less expensive loan. Compare the total amount repaid over the full term and borrow only what you can reasonably afford.
Hypothetical personal-loan comparison
The following hypothetical example shows how term and interest can affect cost. It is provided only to explain loan pricing and is not a GoodLoan offer or guarantee.
| Example principal | Annual interest rate | Payment frequency | Term | Approx. payment | Approx. total repayment |
|---|---|---|---|---|---|
| $2,000 | 19.99% | Monthly | 36 Monthly | $75 | $2,700 |
Approximate borrowing cost in this example: $700. The actual APR, payment and total cost depend on the calculation method, applicable fees, payment timing and final agreement. Your GoodLoan disclosure will contain the figures that apply to your loan.
Who may be eligible to apply?
GoodLoan is designed for applicants who live in a supported Canadian province and can demonstrate that the proposed loan is reasonably affordable. Depending on current product availability, qualifying applicants may include Canadian citizens, permanent residents, open work permit holders and study permit holders.
- Be the age of majority in your province or territory
- Live in a province where the applicable GoodLoan product is available
- Have an eligible Canadian residency or immigration status
- Have verifiable income sufficient for the proposed payments
- Have an active Canadian bank account in your name
- Provide a current address and reliable contact information
- Complete identity, fraud-prevention and any required credit checks
- Meet GoodLoan’s affordability and underwriting requirements
For temporary residents, the remaining validity of a work or study permit may be considered in relation to the requested loan term. Meeting the basic requirements allows you to apply; it does not guarantee approval.
Documents you may need
The exact documents requested depend on your circumstances. Having clear, current copies available can help prevent avoidable delays.
Identity
A valid government-issued photo ID, such as a driver’s licence, provincial identification card or passport.
Address
A current statement, bill or other accepted document showing your residential address when additional verification is required.
Income
Recent paystubs, benefit statements, bank deposits or other accepted proof of reliable income.
Banking
Recent bank statements or a secure bank connection used to help assess cash flow and existing obligations.
Employment
Employer information or additional verification when needed to confirm your position, income or payment frequency.
Immigration status
A valid permanent-resident card, work permit or study permit when applicable to your application.
GoodLoan may request additional information when a document is unclear, expired, inconsistent or insufficient for verification. Documents should be submitted only through an approved secure method.
How to apply for a personal loan online
1
Start your application
Create or access your borrower account and enter the loan amount, purpose and repayment preference you want considered.
2
Complete your profile
Provide your contact, residency, housing, employment, income, expense and existing-debt information.
3
Verify your information
Complete identity verification and provide the documents or secure connections requested for assessment.
4
Affordability review
GoodLoan reviews your eligibility, verified financial information, obligations and ability to repay.
5
Review any offer
If approved, carefully review the interest rate, APR, payment schedule, borrowing cost and agreement.
6
Sign and receive funds
If you choose to accept and all conditions are satisfied, sign electronically and follow the provided funding instructions.
Processing time depends on whether your application is complete, how quickly verification is completed and whether additional review is needed. Do not make financial commitments based on anticipated loan funds until funding has been confirmed.
Why consider GoodLoan?
- An online application you can complete without visiting a branch
- An assessment that considers affordability and more than a credit score alone
- Clear disclosure of the rate, APR, payments and total borrowing cost before acceptance
- No origination fee under GoodLoan’s current product design
- No prepayment penalty under GoodLoan’s current product design
- Secure identity and document-verification processes
- No obligation to accept an offer simply because you applied
Learn more about how GoodLoan approaches affordability, transparency and borrower support on our Responsible Lending page.
Frequently asked questions about GoodLoan personal loans
How much can I request?
GoodLoan generally accepts requests from $100 to $20,000. The approved amount, if any, depends on verification, affordability and underwriting.
Can I apply for a personal loan online?
Yes. The application and supporting steps are designed to be completed through GoodLoan’s online borrower experience.
Will checking my eligibility affect my credit score?
GoodLoan may use a soft credit inquiry during an initial assessment, which generally does not affect your score. If another type of check is required, you should be informed and asked for appropriate consent.
Can I apply with a lower credit score?
A lower score does not automatically result in a decline. GoodLoan may also consider verified income, employment, debts, expenses and overall repayment capacity. Approval is not guaranteed.
How quickly will I receive a decision?
Timing depends on application completeness, document submission, verification and underwriting. Additional information may be requested before a decision can be made.
Are the interest rate and APR the same?
Not necessarily. APR represents the annualized cost of borrowing and may include applicable charges required by law, while the interest rate is used to calculate interest under the agreement.
Can I repay my loan early?
GoodLoan’s current product design allows early repayment without a prepayment penalty. The terms applicable to you will be set out in your final agreement.
Is approval guaranteed?
No. All applications are subject to eligibility, verification, affordability, underwriting, provincial availability and final approval.
Ready to explore your options?
Complete an online application to see whether you may qualify. Applying does not guarantee approval, and you are not required to accept an offer.
GoodLoan products are subject to eligibility, verification, underwriting and provincial availability. Annual interest rates range from 5% to 30%, APR is 31%, and the maximum term is 48 months (4 years). Amounts and payment schedules depend on the approved offer. Website information is general and does not replace your loan agreement or cost-of-borrowing disclosure.