Frequently Asked Questions

Most applicants receive loan offers within minutes of completing the application. Once you accept an offer, funds are typically deposited into your bank account within 24 hours, though some lenders offer same-day funding.

Loan amounts range from $300 to $5,000, depending on your needs and qualifications. You choose the amount that works best for your situation.

You must be a Canadian citizen or permanent resident, at least 18 years old (19 in some provinces), with a valid Social Insurance Number (SIN) and an active bank account in your name.

We work with lenders across all Canadian provinces and territories. However, some lenders may have specific provincial restrictions based on local regulations. You'll see available offers based on your location during the application.

No — 365loan is a loan comparison platform, not a lender. We connect you with third-party lenders in our network so you can compare real offers in one place, rather than applying separately with each lender.

We work with lenders who accept all credit types, from excellent to poor credit. Your specific offers will depend on your overall financial situation, not just your credit score.

No — we use a soft credit inquiry to check your rate, which does not impact your credit score. A hard inquiry only occurs if you choose to accept a loan offer and proceed with the application.

Yes — our lender network includes partners who specialize in bad credit, evaluating your income and overall situation alongside your score. See our credit score guides

Our initial rate check uses a soft inquiry that doesn't affect your score. If you accept an offer, the lender may pull a full report from Equifax Canada or TransUnion Canada as part of final approval.

Some lenders in our network specifically evaluate applicants with a thin or no credit file, weighing income and employment more heavily. This is common for newcomers, students, and young adults.

Yes — newcomer-friendly lenders in our network are set up to evaluate applicants without a Canadian credit file, typically relying more on proof of employment and immigration status.

APRs across our lender network range from 5.99% to 34.99%, in compliance with Canada's federal criminal rate of interest. Your specific rate depends on the lender, your credit profile, and provincial regulations.

No — all fees, interest rates, and terms are clearly disclosed before you accept any offer. We believe in complete transparency, and you should never accept an offer where the total cost isn't fully spelled out upfront.

Yes, all loan amounts and repayments are in Canadian dollars (CAD).

The interest rate is the base cost of borrowing, while APR (annual percentage rate) includes the interest rate plus most fees, giving a more complete picture of the loan's true annual cost. Always compare APR, not just the advertised interest rate.

Many lenders in our network allow early repayment, which can reduce your total interest paid. Policies vary by lender, so confirm this before accepting an offer if it matters to you.

Typically just proof of identity, your SIN, proof of a regular income, and an active bank account. Some lenders may ask for a recent bank statement or pay stub to confirm income.

Our application takes about 2 minutes to complete online. Most applicants receive a decision within minutes of submitting.

Yes — our application is fully mobile-friendly, and the entire process, from applying to accepting an offer, can be completed on a phone.

You'll see real offers from lenders in our network matched to your profile. You can compare terms and rates before choosing to accept any specific offer — you're never obligated to accept.

Our platform is designed to show you multiple matched offers from one application, so you don't need to apply separately with each lender.

Your payment is calculated using your loan amount, APR, and term length through standard loan amortization, producing a fixed monthly payment for the life of the loan. Try our loan calculator to see real examples.

Missing a payment can result in late fees and may be reported to the credit bureaus, which can lower your credit score. Contact your lender as soon as possible if you think you'll miss a payment — many offer options before it's reported.

Some lenders allow you to adjust your payment date to align with your pay schedule — check with your specific lender, as policies vary.

Yes — terms across our network range from 3 to 60 months, depending on your loan amount and lender. See real payment examples by term

Many lenders allow extra payments toward your principal, which can reduce your total interest and payoff time — confirm this is allowed with your specific lender before making extra payments.

Personal loans are flexible and can be used for nearly any legitimate purpose — emergencies, debt consolidation, home improvement, medical costs, and more. See guides by purpose

Our network's standard personal loan range tops out at $5,000. If you need more, a different loan product, like a line of credit or secured loan, may be a better fit. See loan type alternatives

$300 is our smallest standard loan amount. For a smaller need, consider whether the cost of borrowing is worth it relative to other short-term options, like a bill payment plan.

Most lenders don't require a specific stated purpose for a personal loan, though some application forms may ask so they can point you toward the most relevant options.

Yes — we use industry-standard 256-bit SSL encryption to protect your data. Your information is never sold to third parties and is only shared with lenders to process your application.

No — we only share your application information with lenders in our network for the purpose of matching you with loan offers, not for unrelated marketing or resale.

A legitimate lender will always disclose the full APR, fees, and terms before you accept an offer, and will never guarantee approval before checking your information. See our guide on spotting predatory lenders