Summary
You can get an installment loan in Ontario even with bad credit. Through CashGo, you apply once and get matched with lenders in our network that offer $300 to $3,000, repaid over 90 to 120 days at typically 22% to 32% APR. Lenders verify your bank account online to check that the payments fit your budget, so there's no credit score cut-off. By law, lenders in Canada can't charge more than 35% a year including fees, while an Ontario payday loan can cost $14 for every $100 for about two weeks. On $500, that's $70 due all at once on your next payday, compared with about $25 spread over seven payments for a typical installment loan.
How installment loans work in Ontario
An installment loan is a personal loan you repay in equal, scheduled payments. The payment dates line up with your pay schedule, whether you're paid weekly, every two weeks, twice a month or monthly. Each payment covers part of the amount you borrowed plus interest, so the balance goes down to zero by the end of the term.
- Apply once online. The application takes a few minutes on your phone or computer, from anywhere in Ontario.
- CashGo sends your application to partner lenders. A lender that can help contacts you and asks you to complete Instant Banking Verification, a read-only look at your recent transactions. You don't need to send ID or paperwork.
- The lender shows you the rate, every fee and the total you'll repay, then sends its contract. Funds are deposited once you sign, often the same day.
CashGo is not a lender. Each lender sets its own rate, fees and schedule.
What does an installment loan cost in Ontario?
Most lenders in our network offer these terms. They were last reviewed November 2026.
| Loan amount | $300 to $3,000 |
|---|---|
| Annual percentage rate (APR) | 22% to 32% |
| Repayment period | 90 to 120 days |
| Payments | Weekly, every 2 weeks, twice a month or monthly |
| Membership fees | May apply, included in the total your lender shows you |
The same $500, two ways
| Ontario payday loan | Installment loan at 32% APR | |
|---|---|---|
| How you repay | All at once, about 2 weeks later | 7 payments every 2 weeks over 98 days |
| Each payment | $570.00 | About $74.98 |
| Cost of borrowing | $70.00 | About $24.86 |
| Total repaid | $570.00 | About $524.86 |
Payday loan at Ontario's maximum of $14 per $100 borrowed. Installment example calculated at 32% APR, the top of the typical range, before any membership fees; your lender's figures may differ. Estimate payments for your own amount.
Your rights as an Ontario borrower
- Under the Criminal Code, lenders in Canada can't charge more than a 35% annual percentage rate, and that limit includes fees and other costs of getting the loan. It has applied since January 1, 2025.
- Your lender's disclosure and contract set out the rate, every fee and the total you'll repay. Don't sign until you understand them.
- You don't have to buy loan insurance or other optional services to get a personal loan.
- Ask your lender whether you can pay off the loan early and whether there's a charge for doing so.
- If you have a problem with a lender, raise it with the lender first. If that doesn't resolve it, contact the regulator for that type of lender; for lenders that aren't federally regulated, that's Ontario's consumer protection ministry.
Payday loans have their own rules in Ontario, including a two-business-day cancellation right and no rollovers. See Ontario's payday loan rules in our payday loan alternatives guide.
Who can get an installment loan in Ontario?
To apply through CashGo you need to:
- Be 18 or older
- Have a full-time job or steady self-employed income
- Not be in bankruptcy
- Be a Canadian citizen
- Have an online bank account you can verify
Bad credit doesn't rule you out, because lenders look mainly at your income and recent banking. Applying doesn't commit you to a loan; you only agree to one when you sign a lender's contract.
Where in Ontario can I apply?
Anywhere in the province. Applications are made online, so it doesn't matter whether you live in Toronto, Ottawa, Mississauga, Hamilton, London, Windsor, Sudbury or Thunder Bay. Lenders contact you by phone or email and deposit funds directly into your bank account.
Before you borrow
An installment loan costs less than a payday loan, but more than borrowing from a bank. If you can, try the cheaper options first: asking for more time on a bill, a pay advance from your employer, or a line of credit from your bank or credit union. Our guide to payday loan alternatives compares what each one costs.
If you're borrowing to keep up with other debts, a non-profit credit counsellor can help you build a budget and may negotiate lower payments. Find one through Credit Counselling Canada.
Apply for an installment loan in Ontario
One application, matched with lenders in our network. The only check is an online bank verification, with no documents to upload.
Sources
- Financial Consumer Agency of Canada, Personal loans (page updated October 14, 2025): the 35% annual limit including fees, optional loan insurance, provincial regulators.
- Criminal Code, section 347: the 35% annual percentage rate limit.
- Government of Ontario, Payday loan: your rights: the $14 per $100 payday loan maximum in Ontario.
- Credit Counselling Canada: non-profit credit counsellors.
This page is general information, not financial or legal advice. Lenders set their own terms; check your contract and the sources above for your situation.