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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.

Symple Loans


About lender

Symple Loans is a lending organization aiming at providing Canadians with access to better, faster, and more affordable personal loan options. It was founded in Australia in 2018; the Canadian branch was opened in February 2021 and is headquartered in Toronto. Now it is a global lending fintech company granting quick customized personal loans to Canadian consumers.

Symple Loans charges a relatively low-interest rate to consumers who have strong credit. The company’s mission is to reduce borrowing costs for Canadian consumers while making the entire borrowing process much more convenient than what traditional lenders offer.


First of all, it is essential to note that the company was founded not in Canada, but Australia in 2018, and the Canadian branch was launched at the beginning of 2021.

Symple Loans offers personal loans that can be used for various purposes. For example, refinancing a credit card, debt consolidation, home improvements, a car purchase, significant purchase coverage, traveling, high education, and investments.

The terms and borrowable amounts are flexible and depend on the customer’s credit. For example, the customer can take from $5,000 to $50,000 for 1 to 7 years. All the conditions depend on the client’s credit score.

The interest rate varies between 6,99% and 22,99%, and loan establishment fees are between 0% and 5%. Moreover, a customer is allowed to pay off the whole loan before the end of the term and will not be charged any extra penalties and fees.

Also, the company doesn’t operate across the whole country. So, for example, they don't deal with New Brunswick, Nova Scotia, Quebec, and Saskatchewan customers.

Pros and cons

Here is an overview of Symple Loans’ strong sides and setbacks.


  • Symple Loans have adjustable and flexible conditions;

  • The company is accredited by BBB and featured on such platforms as;

  • The company has many options for loan usage;

  • Customers will not have any extra fees and penalties charged in case they need to pay the loan off earlier;

  • The application process is quick and 100% online;

  • The customer will receive funds on the next day after approval;

  • Symple Loans protects the privacy of their clients’ data;

  • The customer is allowed to change the repayment schedule.


  • The company doesn’t operate in New Brunswick, Nova Scotia, Quebec, and Saskatchewan;

  • The customer will be charged a $45 fee in case they don’t pay on time;

  • To be approved, the customer must have at least a 650 credit score;

  • If the customer has a prior bankruptcy, they won’t be approved;

  • If the customer’s credit score is low, they may get tough conditions.

As we can see, this company has some significant advantages, such as adjustable rates and terms. Also, the customers are not charged any penalties if they want to pay off the loan before the end of the period. Finally, Symple Loans guarantees the complete security of clients’ data.

Unfortunately, there are some significant disadvantages. Symple Loans do not operate in many provinces and have strict requirements. Also, if the customer cannot pay back on time, the company will charge a $45 fee.

Loan conditions

In the beginning, a customer must complete the Quick Quote to determine their personalized loan rate. Usually, it takes about 2 minutes. Secondly, the application form must be filled out, and after that, the company's operator will approach the client to tell whether they are approved or not.

The company’s requirements are pretty strict. To be approved by Symple Loans, a customer must be older than 18 and be a citizen of Canada (except New Brunswick, Nova Scotia, Quebec, and Saskatchewan). Also, customers must have annual revenue of more than $25,000 and have no previous bankruptcies. Finally, their credit score must be at least 650 to get suitable loan conditions.

The customer can borrow the amount in the range between $5,000 and $50,000 for the term starting from 1 year up to 7 years. The interest rate depends on the client’s credit score and starts from 6,99% up to 22,99%. Also, Symple Loans may charge a fee that varies between 0% and 5%.

Methods of loan funding

Customers receive the borrowed amount by direct deposit.


What is Symple Loans?

Symple Loans is a financial organization that provides its customers with quick and customized personal loans. It was founded in Australia in 2018, and the Canadian branch was opened in 2021, but it doesn’t operate across the country.    

Who owns Symple Loans?

In 2021 Symple Loans was bought by Latitude Group. 

How do you qualify for Symple Loans?

First, the customer must get a quick quote and fill out the application on the Symple Loans website. To be approved, a customer must be at least 18 years old; be a Canadian citizen (residing in any province except New Brunswick, Nova Scotia, Quebec, and Saskatchewan); have an annual income of more than $25000; have no previous bankruptcies and have at least 650 credit score. 

How much can you borrow from Symple Loans?

The borrowable amount varies in the range between $5,000 and $50,000. 

Is it a legitimate company?

Symple Loans is a legitimate company. BBB and Canadian Lenders Association accredit it.

Company documents

Privacy Policy

At Symple, We Believe We Have The Opportunity and Obligation to Help Canadians Get Ahead

© Symple Loans

Calculate loan payments in Symple Loans

Symple Loans calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from Symple Loans

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Symple Loans from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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