Best Loans in Ottawa
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Top 5 Loan Services in Ottawa

Why do we need loans, anyway? There could be many reasons and circumstances from personal to business-related ones.

Even the most moneyed among us will likely require loan services in Ottawa somewhere down the line. We might need a car, a house, some financial help to pay our debts and bills, a little boost to help us start a business, or other purposes.

When it comes to business, they say you have to spend money to make money, too. Loans can address this—but how much will you need to spend to be able to earn?

Are Loans Services in Ottawa Costly?

There is no one-size-fits-all answer to this particular question. Let’s just go with the old reliable “it will depend”.

On top of money-making and saving skills, you’ll also need a good credit score. A credit score is a reliable gauge of how responsible you are when it comes to handling your finances.

What exactly makes up an excellent credit score? In Canada, the closer your credit score is to 900, the more loans will likely be approved for you.

However, your credit score can already be considered “healthy” when it’s in the 600 to 750 range. It’s a good range consideration for loan applications along with your age and the credit products you use.

Of course, loan providers also need to make money when they start processing documents and checking credit scores to give you a loan. This is where typical service fees come in, which you can see in estimations below.

Loan origination or processing fee0.5 to 8% of total loan cost
Late payment fee3 to 6% of the fixed rate
Personal loan interest rates5 to 35% of total loan cost
Loan recast fee$150 to $250

The loan origination fee represents the risk that the loan provider takes to ensure that you can pay what you borrow plus interest. Please note that not all loan services in Ottawa will charge this because it will depend on how good your credit score is and how small your loan will be.

Top Loans Services in Ottawa

Now that you have a general idea of the fees and rates surrounding personal loans, it’s time for the next step. Let’s look at some reliable loan providers in the city and how clients find their services.

1.   Pay2Day

SERVICESPayday loans, cheque encashment, cash advance loan, prepaid cards, interest-free guarantee, friend referral discount
ADDRESS209 Bank Street Ottawa K2P 2N2
CONTACT NUMBER[email protected]
+1 905-450-2274
OPERATING HOURSAvailable for 24/7 loan application

As its name implies, Payd2Day specializes in payday loans to give clients’ incomes a boost. This type of short-term loan typically has a 1 to 31-day coverage and is based on your paycheque amount.

Pay2Day issues payday loans to clients who are at least 18 years old and who have an employment income. Borrowers will also need to have a bank account with online banking access.

The company offers a 48-hour interest-free guarantee to customers who aren’t completely satisfied with the payday loan they got. You’ll also get a $20 discount on your next payday loan if you can refer someone who will avail of Pay2Day services.  

You can cash your payroll or business cheques at Pay2Day in either of the two branches in Ottawa. At the moment, cheques from money transfer platforms and those issued outside of Ontario can not be encashed.


  • No credit checks conducted
  • 24/7 online customer service
  • 48-hour interest-free guarantee


  • Loan applications by phone currently not allowed
  • Does not encash government-issued, money transfer, or foreign currency cheques

Customer Reviews

Find out what past clients think of Pay2Day:

“I recommend PAY2DAY branch in Ottawa, very friendly and knowledgeable staff, convenient, professional and fast service. My special thanks to Katia – she is great, nice and lovely.

5 stars 5+ !!! Thank you, Katie! Thank you PAY2DAY!” – Sergei Semenchenko

“Always have had the best customer service. Always willing to help. Better than any other place I’ve used to cash advances.” – Lisa Elliott

2.   Cash 4 You

Cash 4 You
SERVICESPayday loans, installment loans, credit boost, money order, cheque encashing, Western Union money sending, balance payment
ADDRESS379 Dalhousie Street, Ottawa, ON, K1N 9L3
CONTACT NUMBER613-860-4000
OPERATING HOURSMonday to Friday 9 AM – 8 PM
Saturdays 10 AM – 6 PM
Closed on Sundays

Cash 4 You wants its clients to fully understand the different terms involved in taking out a loan. It’s been doing so since 2001 and now has over a hundred stores all over Ontario to show for it.

The company offers various personal finance solutions for its clients. You can take out a personal or payday loan, send money, cash a cheque, or have money transferred within minutes.

If you’re worried about a low credit score, you could still have your loan reviewed for consideration. Using risk assessment tools, Cash 4 You will measure your loan application against other payment histories on similar credit products.

You can avail of an installment loan at Cash 4 You for as little as $1,000 and as high as $15,000. Once approved, you can pick up the cash at any branch within the same day.


  • Provides solutions even for low credit scores
  • Has more than 6 branches in Ottawa alone
  • Same-day cash availability for in-store pickup


  • No loans services on Sundays
  • Does not allow co-signers or joint loan applications

Customer Reviews

Find out if the customers of Cash 4 You are satisfied with its services:

“The customer service representative Ben that I talked to was polite and professional! “ – Derek

“Happy Customer! Easy application that was minutes long. I was approved in minutes. I then received a phone call from a very nice customer service agent who confirmed my approval and told me about the e-transfer process. It was that easy! Within minutes the money was in my email, then bank account.” – Katy

3.   24 Cash

24 Cash
SERVICESPayday loans alternatives, bad credit loans, no-credit-check loans, loan requests and renewals, online and paperless loans
ADDRESS88 Queens Quay West, Suite 2500 Toronto, ON M5J 0B8
CONTACT NUMBER1-866-646-4769
[email protected]
OPERATING HOURSMonday to Thursday 8.30 AM -. 5.30 PM,
Friday 8.30 AM -.4.30 PM,
Closed on Saturdays and Sundays

24 Cash is a lending company that provides personal loans to even those with poor credit history and scores. There’s an online application form to make the process easier and more convenient for borrowers, along with flexible repayment schedules for personal loans.

To avail of a personal loan, you must have a Canadian bank account that’s been up for at least three months. You also have to be employed for at least three months with an income not lower than $1200.

You can apply for a short-term loan at 24 Cash starting at $500, as well. These are considered no-credit-check loans which are based on what you can realistically pay on your current income.

24 Cash takes pride in its paperless loan service transaction processes. It doesn’t require paper documents for loan applications and allows electronic signatures to sign contracts.


  • Allows personal loans even for low credit scores
  • Same-day deposit
  • Paperless transaction process


  • Charges an additional broker’s fee
  • No loan services on weekends

Customer Reviews

See if your loan application is a good fit at 24 Cash like these clients:

“This group was super helpful and worked with me to achieve the outcome. The staff is very friendly and professional. Thank you 24cash.” – Jase

“Fast, efficient and effortless.” – Catherine Nagy

4.   Your Credit Union

Your Credit Union
SERVICESFinancial strategies for Investing, RRSP, TFSA, term deposits, Class B investment shares, Qtrade investor, RRIF, mutual funds, stocks & bonds, registered plans fees, RESP, personal loans, mortgages, credit cards, line of credit, banking
ADDRESS1541 Merivale Rd. Unit G1 Nepean ON Canada K2G 5W1
CONTACT NUMBER1-800-379-7757
[email protected]
OPERATING HOURSStrictly by appointment only

YCU has been providing financial solutions to Canadians for close to 70 years now. What makes it different from smaller lenders is that it considers itself a credit union instead of a mere loan provider.

The cooperative offers both secured and unsecured loans with reasonable rates. Available terms coverage are between 1 to 5 years with increasing rates the longer the term gets.

YCU offers flexible personal loan payment schedules to avoid late payment penalties. Other borrowing options on the menu include mortgage loans, line of credit, and credit card Flex Rewards programs.

A $5 membership fee to Your Credit Union allows you membership shares as a part-owner of the cooperative. But first, you’ll have to meet the requirements of becoming a member and submit an online application to get approval.


  • Fees are waived for one year for new member accounts
  • Reasonable rates for secured loans
  • Flexible payment schedule for personal loans


  • Rates could change without prior notice
  • Unsecured loan rates are a bit steeper

Customer Reviews

Want to try out YCU? First, read up on some of its client feedback:

“When YCU cannot help me, they tell me exactly why and what I must do to change my credit score so they can help me.” – Christ Petersen

“If you don’t have an account here you should. Everyone there knows your name and treats you with the highest respect. they are friendly, it’s nice to be greeted so personally when you walk in the door. both of our credit unions have lots of free parking, is wheelchair assessable and treat everyone special. there are no long lineups because they have lots of staff. what a joy to walk in and be treated so well. does your bank employee know your name?” – Lorraine Mondoux

5.   Spring Financial

Spring Financial
SERVICESPersonal loans, mortgage, home equity loan, refinancing and renewal, financial advice and resources
505-555 Burrard Street V7X 1M8 Vancouver Canada
CONTACT NUMBER+1 888-781-8439
[email protected]
OPERATING HOURS24-hour chat for existing customers

Spring Financial is one of the first Canadian loan providers to offer all of its services almost entirely online. This eliminates in-person meetings and long lines while discovering financial solutions with just a few clicks.

The company aims to democratize access to financial products and services for all its clients. Applying for a personal loan for up to $15,000 can be done and approved without leaving the comfort of your couch.

You will need to submit requirements such as a bank statement, a valid ID, proof of income and legitimate age, and credit score. Once approved, your funds will be transferred electronically in as short as one business day.

The Spring Financial payment terms are flexible as well. It offers payment schemes ranging from 9 to up to 60 months!


  • No application fees
  • Convenient online platform
  • Straight-to-bank deposits in 24 hours


  • Credit score needed for loan application review
  • No physical branches in Ottawa

Customer Reviews

If you’ve got Spring Financial on your loans waitlist, see how others found its service first:

“Very knowledgeable staff! I am very pleased with the knowledgeable agent who helped me get back on track with my finances. I am very excited for this new venture. Thank you so much for my new road to financial freedom! 5 STARS!” – Melina Mesher

“Excellent! They explained everything really well! 100% recommend!” – Kiara Cardinal

FAQs About Loans Services in Ottawa