Last updated: September 15, 2026
This page explains plainly what WizardLoans.ca does, how we make money, and what you should expect after you apply. We publish it because small-dollar lending is an area where clear disclosure matters.
We are not a lender
WizardLoans is a free loan-matching service for Canadians who need a personal or installment loan. We do not lend money, we do not decide whether you are approved, and we do not set rates, fees or repayment terms. When you complete our application, we deliver it to one or more licensed lenders in our network. The lender reviews your request, makes its own decision and, if it approves you, sends you a loan agreement that shows the full cost before you sign. Your contract is with the lender, not with us.
How we are paid
You never pay WizardLoans. Lenders and referral partners pay us a referral fee when we send them an application or when a referred application is funded. That fee is how a free service stays free. It can influence which lenders receive your application, but it does not change the price of any loan, which the lender sets and must disclose to you in writing under provincial and federal law.
What “personal loans” and “compare” mean here
WizardLoans helps Canadians compare personal and installment loan options and, when you choose to apply, delivers your application to licensed lenders in our network. Our comparison content is based on the lenders’ published terms at the time of writing and is refreshed regularly; the rate, fee and term you are actually offered are set by the lender after it reviews your application. Lenders consider all credit histories and typically verify your income through Instant Bank Verification (IBV) alongside a soft or, with your consent, a full credit check. No licensed lender in Canada can guarantee approval, and we never promise it.
What to expect after you apply
- You submit one short application on this site. It takes about five minutes and asks only for what lenders need.
- We deliver your application to lenders in our network that serve your province and loan amount. A lender that wants to proceed contacts you directly by email, phone or text.
- The lender verifies your identity and income, usually through a secure IBV link that gives read-only access to your recent bank activity. The lender, not WizardLoans, sends that link.
- If approved, the lender sends a loan agreement showing the amount, APR, total cost of borrowing and payment dates. Read it fully before you sign.
- Funds are sent by the lender, usually by Interac e-Transfer.
If no lender in our network can consider your request, we may forward it to another licensed referral service so that you still get an answer.
Things we will never do
- Ask for your online banking username or password. Verification happens through the lender’s secure IBV process.
- Ask you to pay a fee, buy a gift card or send an e-Transfer before you receive a loan. Advance-fee requests are a scam. Report them to the Canadian Anti-Fraud Centre.
- Promise approval, a specific amount or a specific funding time.
- Sell your personal information.
Cost of borrowing, in plain numbers
In Canada the maximum lawful interest rate on most consumer loans is a 35% APR, and payday-style loans are capped at $14 per $100 borrowed where that product is permitted. For example, a $300 payday-style loan at the cap costs $42, so you repay $342. A $500 installment loan repaid over three months at the federal maximum costs roughly $25 to $45 in interest. These figures are illustrations, not offers. Payday-style loans are not available in Quebec. The Financial Consumer Agency of Canada explains how to compare loan costs.
Lender licensing
Lenders in our network must hold the licences their products require in the provinces they serve. Payday lenders are licensed provincially; you can confirm a licence with your provincial consumer protection office, for example Consumer Protection Ontario, Service Alberta, Consumer Protection BC or Quebec’s Office de la protection du consommateur.
Our editorial standards
Guides on this site are written by our personal-finance writer for Canadian readers, cite the Financial Consumer Agency of Canada and provincial regulators where figures are given, and carry a visible last-updated date. They are general information, not financial advice. No guide on this site promises guaranteed approval; where we write about “guaranteed approval” or “no refusal” loans, it is to explain why those promises are not real.
Complaints
If something has gone wrong with your experience on this site, email info@wizardloans.ca and we will respond within one business day. Complaints about a lender should go first to that lender, then to your provincial consumer protection office. Privacy complaints can also go to the Office of the Privacy Commissioner of Canada.
See also our Privacy Policy and Terms of Use.