If your credit score sits in the 560–699 range, personal loans fair credit lenders are happy to approve are well within reach in Canada. Wizard Loans matches you with licensed lenders who look at your income and stability — not just your score — for amounts from $100 to $5,000. Checking your rate is a soft search, so it never touches your credit.
See your rate — no impact to your credit →
- ✓ Licensed Canadian lenders, all provinces & territories
- ✓ Fair to excellent credit considered
- ✓ Soft search to view offers — no hard credit pull to browse
- ✓ Secure 60-second IBV income check, never a document upload
What “Fair Credit” Means in Canada
In Canada, credit scores run from 300 to 900. Most lenders treat 560–659 as fair and 660–724 as good. A fair score usually means a thin file or a few past late payments — not that you are out of options. Plenty of lenders in the Wizard Loans network specialise in exactly this band.
The Financial Consumer Agency of Canada explains how scores are calculated and what moves them in its guide to credit scores. The short version: your score is one input, and a steady paycheque carries real weight. If your score has slipped below the fair range, start with our bad credit loan options instead.
Can You Get Personal Loans With Fair Credit?
Yes. Personal loans fair credit borrowers apply for are one of the most common products our lending partners fund. You will generally qualify if you:
- Are the age of majority in your province and a Canadian resident
- Earn steady full-time or part-time employment income (verified by IBV)
- Have an active Canadian chequing account with direct deposit
- Can show your income comfortably covers the repayments
Notice that none of these is a perfect score. That is the point — fair-credit lending leans on affordability and income stability, which is why so many applicants who expect a “no” from their bank get matched here instead.
Rates and Amounts on Personal Loans Fair Credit Borrowers Can Expect
With fair credit you should expect rates above the prime tier but well within Canadian limits. Across our network, personal loans typically range from about 19.99% to 34.99% APR depending on your profile, amount, and term. By law, the cost of a loan in Canada cannot exceed the federal criminal interest rate of 35% APR, and Wizard Loans never lists offers above 34.99%. You can see the current bands on our main personal loans page.
A few habits lower the rate you are offered: borrow only what you need, choose the shortest term you can afford, and keep your existing payments current. There is no guaranteed approval anywhere in Canada — but honest income and a realistic amount go a long way.
How Wizard Loans Works — 3 Simple Steps
- Compare offers. Answer a few questions and we match your profile to lenders who fund fair-credit borrowers. This step is a soft search — no hard pull, no score impact.
- Pick your offer. Review the rate, term, and monthly payment side by side and choose what fits your budget.
- Verify and get funded. Your chosen lender sends a secure Instant Bank Verification (IBV) link — a read-only, 60-second income check that does not affect your credit. Approved applicants are often funded the same day.
Personal Loans for a 650 Credit Score
A 650 credit score sits at the top of the fair range and is a genuine sweet spot. At 650 you usually have more lenders competing for your application and access to the lower end of the rate range above — some of the best personal loans fair credit Canada has to offer sit right at this score. If you are at 650 and shopping, comparing offers matters even more — the gap between the first and best rate you are offered can be several percentage points. That is exactly what a comparison like Wizard Loans is built to surface — see our guide to the best personal loans in Canada to weigh your options.
Why Compare With Wizard Loans
Applying to lenders one at a time can stack up hard inquiries and drag your score down. We let you see real offers from multiple licensed lenders with a single soft search, so you keep your score intact while you shop. Every rate and term is shown up front — no surprises, no fees to compare. It is the fast, transparent way to find personal loans fair credit applicants actually qualify for, without leaving home.
Frequently Asked Questions
What credit score do I need for personal loans fair credit lenders approve?
Most lenders in our network fund scores from around 560 upward. A score in the 600s gives you more choice and better rates, but income stability often matters as much as the number itself.
Will comparing loans hurt my credit score?
No. Viewing your offers through Wizard Loans uses a soft search, which is invisible to lenders and has no effect on your score. A hard inquiry only happens later, if you accept a specific offer.
How much can I borrow with fair credit?
Wizard Loans matches personal loans from $100 to $5,000. The amount you are offered depends on your income, existing obligations, and the lender’s assessment of what you can comfortably repay.
How fast can I get the money?
Once you accept an offer and complete the 60-second IBV income check, many lenders fund the same day or the next business day, sent by direct deposit.
What income qualifies?
Our lending partners work with steady full-time and part-time employment income verified through IBV. Reliable, recurring deposits are what matter most.
Compare your fair-credit offers now →
About the Author
Wizard Loans is a loan-matching service, not a lender, and this page is not a binding offer of credit. Rates shown are ranges and vary by lender, province, amount, and applicant profile; the maximum cost of borrowing in Canada is the federal criminal interest rate of 35% APR. All applicants must meet the chosen lender’s eligibility and income-verification requirements. Borrow only what you can afford to repay.