Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

iFinance Review

Advertiser Disclosure

About lender

iFinance is a financial institution in Canada, offering a diverse array of financing solutions tailored to meet the varying needs of Canadians. With a track record spanning over two decades, iFinance has garnered a reputation for providing instant and accessible financing options for a multitude of purposes, ranging from medical and dental expenses to automotive and retail purchases. Boasting a customer base exceeding 100,000 satisfied individuals and serving over 10,000 merchants across the country, iFinance has established itself as a reliable partner in helping customers achieve their financial goals.

The core ethos of iFinance revolves around simplicity and accessibility, reflected in its streamlined application process and swift approval mechanisms. Whether individuals seek financing for essential medical procedures, home improvements, or even the care of their beloved pets, iFinance offers personalized service coupled with competitive interest rates. Through its commitment to flexibility and convenience, iFinance empowers Canadians to split significant expenses into manageable monthly payments, ensuring financial aspirations remain a reality for all.



  • Instant Approval. iFinance offers a quick and hassle-free approval process, allowing applicants to receive decisions on their financing applications in a matter of minutes.
  • Competitive Interest Rates. With competitive interest rates tailored to individual credit profiles and financial situations, iFinance ensures affordability for its customers.
  • Personalized Service. iFinance prides itself on providing personalized service, catering to the unique needs and preferences of each customer.
  • Flexible Payment Plans. Customers can enjoy the flexibility of choosing payment plans that suit their budgets, with options to spread payments over manageable monthly installments.
  • Wide Range of Financing Options. From medical and dental procedures to automotive purchases and home improvements, iFinance offers financing solutions for a diverse range of needs.

Pros and cons


Simple Application Process. Applying for financing with iFinance is straightforward and can be done online, making it convenient for customers to access the funds they need.

No Down Payment Required. iFinance offers the option to finance the total cost of a purchase, including any required down payment, eliminating the need for upfront payments.

No Impact on Credit Score. Applying for financing with iFinance won't affect your credit score, allowing individuals to explore their options without risk.


Credit Criteria. Eligibility for financing may be subject to credit checks and other financial criteria, which could pose challenges for individuals with poor credit histories.

Interest Rates. While iFinance offers competitive interest rates, some customers may find them higher than those offered by traditional banks or credit unions.

Loan Terms. The available loan terms, typically ranging from 12 to 72 months, may not suit everyone's preferences or financial circumstances.


iFinance has built a solid reputation in the financial industry, serving a diverse clientele across Canada. With a large customer base and numerous successful transactions, the institution demonstrates a track record of providing accessible financing solutions to individuals for various purposes.

On the other hand, the institution's rating of C- with the Better Business Bureau (BBB) and the scarcity of customer reviews may raise questions about its overall performance and customer satisfaction.

How to apply for iFinance services?

  1. Visit the iFinance Website. Start by visiting the official website of iFinance Canada.

  2. Explore Financing Options. Take some time to explore the various financing options available, including medical, dental, automotive, home improvement, and other expenses.

  3. Click "Apply for Financing". Once you've identified the type of financing you need, locate the "Apply for Financing" button on the website and click on it to initiate the application process.

  4. Fill Out the Application Form. You'll be directed to an online application form where you'll need to provide personal information such as your name, contact details, employment information, income details, and any other relevant financial information.

  5. Submit Supporting Documents. Depending on the type of loan and your financial situation, you may be required to submit supporting documents such as proof of income, employment details, and credit history.

  6. Review and Submit Application. Carefully review all the information provided in the application form to ensure accuracy and completeness. Once you're satisfied, submit your application online.

  7. Receive Instant Decision. After submitting your application, you'll receive an instant decision regarding your financing approval status. This decision is typically made within minutes.

  8. Access Funds. If your application is approved, the funds will be made available to you promptly. You can then use the funds to cover your expenses as needed.


  • Loan Amounts. iFinance offers loan amounts ranging from $500 to $25,000, providing flexibility to borrowers with varying financial needs.
  • Interest Rates. Competitive interest rates are offered based on individual credit profiles and financial situations, ensuring affordability for borrowers.
  • Loan Terms. Borrowers can choose loan terms ranging from 12 to 72 months, allowing for flexible repayment schedules that align with their budgets.
  • No Down Payment Required. iFinance does not require borrowers to make any down payments upfront, providing full financing for approved purchases.


  • Proof of Income. Borrowers are required to provide proof of income, such as recent pay stubs or bank statements, to demonstrate their ability to repay the loan.
  • Employment Details. Borrowers must provide details about their employment status, including the name of their employer and length of employment, to verify stability.
  • Credit Scores. While iFinance considers applicants with various credit histories, borrowers with higher credit scores may qualify for lower interest rates and more favorable loan terms.
  • Financial Information. In addition to income and employment details, borrowers may need to provide other relevant financial information, such as existing debts and monthly expenses.
  • Identification Documents. Borrowers must provide valid identification documents, such as a driver's license or passport, to verify their identity and prevent fraud.
  • Age Requirement. Borrowers must be at least 18 years old to apply for financing with iFinance, ensuring legal capacity to enter into a loan agreement.
  • Residency Status. Borrowers must be Canadian residents to qualify for iFinance services, as the institution primarily serves customers within Canada.

Ways to receive the money

  • Direct Deposit. Upon approval of your loan application, iFinance can transfer the approved loan amount directly into your bank account via electronic funds transfer (EFT). This method offers the convenience of instant access to funds without the need to visit a physical location.
  • Merchant Payment. In cases where the loan is specifically for a purchase from a registered merchant, iFinance may directly pay the merchant on your behalf. This seamless transaction ensures that the funds are used for their intended purpose and can expedite the purchasing process.
  • Virtual Credit Card. For certain loan products, iFinance may provide a virtual credit card that can be used to make purchases online or in person. This option offers flexibility and convenience, allowing you to access funds immediately and use them for various expenses.


  • Medicard. Medicard offers financing for a wide range of medical procedures and products, including plastic or cosmetic surgery, surgical interventions, and more. With flexible loan amounts, individuals can cover medical expenses while managing their budgets effectively.
  • Dentalcard. Dentalcard provides accessible financing options for dental procedures and products such as orthodontic treatments, Invisalign clear aligners, teeth whitening, dental veneers, and more. Borrowers can choose loan amounts that suit their dental needs and budgets.
  • Petcard. Petcard offers financing solutions for veterinary procedures and products, including surgeries, dental care, radiography, laboratory tests, and emergency veterinary care. With flexible loan amounts, pet owners can ensure the well-being of their furry companions without financial strain.
  • Home Improvement. iFinance provides financing for various home improvement expenses, including furniture purchases, HVAC systems, windows, appliances, and more. Borrowers can access loan amounts tailored to their home renovation projects, making it easier to enhance their living spaces.
  • Automobile. iFinance offers financing options for automotive purchases, enabling individuals to acquire the car of their dreams. Whether buying a new or used vehicle, borrowers can secure loan amounts that align with their budgetary constraints and automotive preferences.
  • Other Goods and Services. iFinance provides flexible financing solutions for a wide range of goods and services beyond the categories mentioned above. For example, for furniture, electronics, vacations, weddings, and more, borrowers can access loan amounts to fulfill their diverse needs and aspirations.

Reasons you may be denied iFinance services

  • Insufficient Income. iFinance requires borrowers to demonstrate sufficient income to repay the loan. If your income does not meet the minimum requirements or is deemed insufficient to cover the loan payments, your application may be denied.
  • Unstable Employment. Applicants with unstable employment histories, frequent job changes, or periods of unemployment may be considered at higher risk by iFinance. A stable source of income is essential for loan approval, and applicants with inconsistent employment may face denial.
  • High Debt-to-Income Ratio. If your debt obligations exceed a certain percentage of your income, it may indicate financial strain and raise concerns about your ability to manage additional debt. iFinance evaluates the debt-to-income ratio as part of the application process, and a high ratio may lead to denial of services.
  • Insufficient Documentation. Failure to provide accurate and complete documentation during the application process can delay or result in denial of services. iFinance may require proof of income, employment details, identification documents, and other financial information to verify eligibility.

How to repay iFinance financing

  1. Understand Your Loan Terms. Before beginning the repayment process, review your loan agreement to understand the terms and conditions, including the loan amount, interest rate, repayment schedule, and any applicable fees or penalties.

  2. Set Up Automatic Payments. Consider setting up automatic payments from your bank account to ensure timely and hassle-free repayment. Most lenders, including iFinance, offer this option, allowing you to schedule recurring payments according to your loan terms.

  3. Make Timely Payments. Adhere to the repayment schedule outlined in your loan agreement by making timely payments each month. Late or missed payments may incur penalties, negatively impact your credit score, and prolong the repayment period.

  4. Consider Extra Payments. If possible, consider making extra payments or paying more than the minimum amount to reduce your overall interest costs and shorten the repayment period. Check with iFinance to ensure there are no prepayment penalties or restrictions.

  5. Contact Customer Service for Assistance. If something does change in your financial circumstances, or you anticipate difficulty making payments, contact iFinance's customer service team as soon as possible. They may be able to offer temporary payment arrangements or alternative solutions to help you stay on track.

  6. Monitor Your Loan Account. Regularly monitor your loan account statements and payment history to ensure accuracy and identify any discrepancies or issues promptly. Report any concerns to iFinance's customer service team for resolution.

Editorial opinion

With a diverse range of loan products, competitive interest rates, and a commitment to personalized service, iFinance demonstrates a dedication to meeting the diverse needs of its customers. While the institution's streamlined application process and flexible repayment options offer convenience and accessibility, it is crucial for borrowers to carefully review the terms and conditions of their loans to ensure informed decision-making. Counting all of that, iFinance serves as a good option for individuals seeking financial assistance, contributing positively to the accessibility of credit in Canada.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

  • iFinance Customer Reviews



What is iFinance?

iFinance is a financial institution in Canada that specializes in providing a wide range of financing solutions to meet the diverse needs of individuals across the country. Established over two decades ago, iFinance has built a strong reputation for offering accessible financing options for various purposes, including medical procedures, dental treatments, automotive purchases, home improvements, and more. With a focus on simplicity, accessibility, and personalized service, iFinance aims to empower Canadians to achieve their financial goals while managing their budgets effectively.

How quickly the funds can be received?

The speed at which funds can be received from iFinance largely depends on the efficiency of the application process and the specific loan product chosen. In many cases, iFinance offers instant approval decisions, allowing borrowers to access funds promptly upon approval of their loan applications.

With streamlined application procedures and electronic fund transfer capabilities, borrowers can often receive funds in their bank accounts within a matter of hours or days, enabling them to address their financial needs swiftly and efficiently.

How do you qualify for iFinance?

To qualify for financing with iFinance, individuals need to meet certain eligibility criteria, including demonstrating sufficient income to repay the loan, providing proof of stable employment, and maintaining a satisfactory credit history. Applicants may need to provide relevant documentation, such as proof of income, employment details, identification documents, and other financial information, to verify their eligibility.

While specific requirements may vary depending on the type of loan and individual circumstances, iFinance aims to provide accessible financing options to a wide range of applicants while ensuring responsible lending practices.

How much can you borrow from iFinance?

iFinance offers borrowers the flexibility to access financing amounts ranging from $500 to $25,000, catering to a diverse range of financial needs and preferences. Whether individuals require funds for medical expenses, dental treatments, automotive purchases, home improvements, or other purposes, iFinance provides customizable loan amounts to suit their specific requirements.

Is iFinance a legitimate company?

iFinance is recognized as a legitimate financial institution operating in Canada, providing a range of financing solutions to individuals across various sectors. With a history spanning over two decades, iFinance has established itself as a reputable player in the Canadian financial market. While it holds a rating of C- with the Better Business Bureau (BBB) and may have a scarcity of customer reviews, these factors alone do not necessarily undermine its legitimacy. It's important to consider additional factors such as regulatory compliance, transparency, and customer service practices when evaluating the legitimacy of iFinance as a company.   

Say goodbye to complex traditional personal loans and take action today with the new solution of smart and flexible loans with iFinance!

© iFinance Inc.
Your comment has been added
Your complaint has been recorded
Invalid username or password
Please log in to like/dislike
Invalid SMS code has been entered
All iFinance’s reviews by july 2024
Leave feedback
Similar companies
Simple Credit
2001 boul. Robert-Bourassa, suite 1700, Montréal (Québec) H3A 2A6
+1 (514) 904-40-28
Micro Click Loans
+1 (800) 933-09-60
Loonie Financial
1329-B Arena Road, Lot 110, Kahnawake Mohawk Territory Via:Quebec, Canada J0L 1B0
+1 (833) 423-22-08
Magik Cash
4180 Boul Henri-Bourassa E, Montreal, QC, H1H1L3
Prêt en ligne