Toronto, Ontario

Newcomers Loans in Toronto, Ontario

By 365 Loans Editorial Team, Editorial Team

Last reviewed: February 26, 2026

Find and compare personal loans for newcomers to Canada with limited Canadian credit history — available to borrowers in Toronto. Check your rate without impacting your credit score.

Check My Rate — No Credit Impact All Loans in Toronto

Compliant with 35% APR (Criminal Rate of Interest cap)

Decisions in minutes

Soft credit check only

How to Get a Newcomers Loan in Toronto

Apply in 2 minutes

Complete our simple online form with basic information about yourself and your income.

Compare offers

Review newcomers loan offers from lenders serving Toronto. No hard credit pull at this stage.

Get funded

Accept your preferred offer. Funds can arrive as fast as the same business day.

Eligibility for Newcomers Loans in Toronto

Many lenders in our Canadian network understand that newcomers have limited credit history in Canada. Income, employment, and banking activity are weighted heavily for newcomer applicants.

Requirements vary by lender, but most lending partners serving Toronto look for:

Be at least 18 years old and a resident of Toronto or Ontario
Have an active bank account (for direct deposit)
Have a permanent address in Canada
Newcomers and recent immigrants to Canada are eligible to apply
Limited or no Canadian credit history is accepted — income is the primary factor
Permanent residents, work permit holders, and recent citizens can apply

Important: Building Canadian credit history takes time. A responsibly managed loan can help establish your credit profile. Borrow only what you need and can repay comfortably.

Alternatives to Consider

Before committing to any loan, it's worth understanding all your options. Borrowers in Toronto may also want to compare:

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Matching based on income, not credit score

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Frequently Asked Questions About Newcomers Loans in Toronto

Can I get a newcomers loan in Toronto?▾

Yes. Many lenders in our network offer newcomers personal loans to borrowers in Toronto. Loan amounts typically range from $300 to $5,000 CAD and approval is based on income and other factors, not credit score alone.

How much can I borrow with a newcomers loan in Toronto?▾

Newcomers personal loans in Toronto are available from $300 to $5,000 CAD CAD through our network of lenders. The exact amount depends on your income and the lender's criteria.

How fast can I get a newcomers loan in Toronto?▾

Applying takes as little as 2 minutes. Most applicants receive a decision quickly, and approved funds can arrive as fast as the same business day depending on your bank and the lender.

Does applying affect my credit score in Toronto?▾

Checking your rate through 365 Loans uses a soft inquiry that does not affect your credit score. A hard credit inquiry only occurs if you accept a loan offer from one of our lending partners.

What are the interest rate limits for newcomers loans in Toronto?▾

All lenders in our network comply with 35% APR (Criminal Rate of Interest cap). This protects borrowers in Toronto from predatory lending rates.

Newcomers Loans in Nearby Cities

Newcomers Loans in Windsor Newcomers Loans in Brantford Newcomers Loans in Stratford Newcomers Loans in Ajax Newcomers Loans in Mississauga Newcomers Loans in Haliburton

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