More than two in five personal loan applications Smarter Loans receives comes from Ontario, which makes it the province where the data is deepest and the picture clearest. This report covers the year to July 2026, drawn from 33,943 Ontario applications, set against the national figures over the same period. Ontarians looking for lenders that serve the province will find them on the Ontario personal loans page; this is the data behind it.
What Ontarians ask for
Across Smarter Loans personal loan applications from August 2025 to July 2026, Ontario against the national figure:
- Average request: $2,828. Against $2,604 nationally.
- Applications for $1,500 or less: 69 percent. Against 71 percent nationally.
- Consolidation request: $6,920. Against $6,659 nationally.
View as table
| Ontario | $2,828 |
| Canada | $2,604 |
Source: Smarter Loans personal loan applications, August 2025 to July 2026.
Ontario borrowers ask for a little more than the country and consolidate a little more, and most of that gap is the cost of living in the province rather than any difference in what the money is for.
The widest credit mix in the country
Ontario is one of only two provinces, with Alberta, where every self-reported credit band clears the reporting floor.
Across the 17,850 Smarter Loans personal loan applications in Ontario that recorded a credit band from August 2025 to July 2026:
- Fair: 50.6 percent.
- Low: 27.3 percent.
- Good: 13.3 percent.
- Great: 1.8 percent.
- No credit or unsure: 6.2 percent.
That is a larger good-and-great share than any other reportable province, and it is still fewer than one in six. People with strong credit borrow from their bank; the platform market is fair and low credit almost everywhere, Ontario included.
Consolidation, business and auto
Across Smarter Loans applications from Ontario from August 2025 to July 2026, against the national figure:
- Consolidation request: $6,920. National: $6,659. Ontario consolidates a little above the country.
- Business request: $81,670 across 383 applications. National: $92,806. Ontario’s business applicants ask for less, consistent with a broader mix of small businesses applying from the province.
- Auto request: $13,840 across 161 applications. National: $15,800.
The rules that apply in Ontario
Payday lending in Ontario is capped at $14 per $100 borrowed, rollover loans are not allowed, and payday lenders must be licensed by the Government of Ontario. Ontario is also one of four provinces where a bankruptcy stays on a TransUnion credit report for seven years after discharge rather than six, alongside Newfoundland and Labrador, Prince Edward Island and Quebec, according to the Financial Consumer Agency of Canada. None of that changes how a personal loan is underwritten, but all of it is worth knowing before borrowing at the small end of the market.
What this means if you are borrowing in Ontario
If your request sits near $2,800 and your credit is fair, you are the typical Ontario applicant and every lender on the Ontario personal loans page underwrites that file daily. If your credit is good or great, you are in a larger group here than anywhere else in Canada, and comparing offers matters because the price spread across that band is real. Our guides to whether 700 is a good credit score and how to find the best loan rates cover what the band gets and how to compare.
Frequently asked questions
How much do people in Ontario borrow with a personal loan?
An average of $2,828 across 33,943 Smarter Loans personal loan applications in Ontario from August 2025 to July 2026, slightly above the national average of $2,604.
What credit score do most Ontario loan applicants have?
Just over half report fair credit, roughly 560 to 659. Ontario has the largest share reporting good or great credit of any province, at about one in six combined.
What is the payday loan limit in Ontario?
$14 per $100 borrowed, as set by the Government of Ontario. Rollover loans are not allowed and payday lenders must be licensed by the province.
How does Ontario compare with the rest of Canada?
Ontario borrows slightly larger amounts, is slightly less concentrated in loans under $1,500, and consolidates a little above the national figure. Business requests run below the national average.
About this data
Figures are drawn from Smarter Loans loan applications from Ontario between August 1, 2025 and July 31, 2026: 33,943 personal loan applications, of which 17,850 recorded a credit band, plus 383 business and 161 auto. National comparators use all provinces over the same window. Amounts are requested at application, not funded; credit band is self-reported. Averages are used throughout. The payday lending figures are the Government of Ontario's, not ours. Smarter Loans has connected more than 2 million Canadians with financing since 2016. Our other reports from the same application data are collected at Smarter Loans Research.
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The Smarter Loans Editorial Team produces in-depth, original content to help Canadians navigate borrowing, credit, and personal finance with confidence.
