While specific requirements vary by lender, most personal loan approvals in Canada come down to a consistent set of core criteria. Understanding these upfront can help you gauge your odds before applying.
Basic Eligibility
Every lender in our network starts from the same baseline requirements.
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
Income and Employment
Lenders want confidence you can repay — this usually means proof of regular income, whether from employment, self-employment, or benefits like a pension. Longer, more stable income history generally strengthens an application.
Credit Profile
Your credit score influences your rate and which lenders will consider you, but it's rarely the sole factor — income and existing debt load matter alongside it.
Debt-to-Income Ratio
Lenders also look at how much of your income is already committed to other debts — a lower ratio generally improves your approval odds and rate.