Bree
Jun 21, 2025
9.3
9.3
BestMoney Score
Cost
8.7
Experience
8.9
Flexibility
9.7
Support
10.0
BestMoney User Recommendation
BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -58, or 1.6 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
BestMoney scores are objectively determined by our editorial team. Our scoring...
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Simplii Financial
BestMoney.ca's take: Simplii Financial offers Canadians competitive personal loans, either fixed or variable rate, ranging from $5,000 to $50,000, with fixed monthly payments, no prepayment penalties, and fast online approval based on your credit profile .
Simplii Financial Features
Competitive Rates
Select fixed or variable rates
Flexible Payments
Select fixed or variable payment scheudles
No Account Fees
Banking with Simplii is free
Frequent Bonuses
Get a welcome bonus when you sign up
Most digital banking users in Canada now prefer Simplii Financial for their digital banking needs because it provides many unique banking products which includes the Simplii Financial personal loan.
As the digital banking division of one of Canada’s largest and most trusted banks called CIBC, Simplii Financial maintains its reputation for feeless banking and outstanding interest rates.
The Simplii Financial personal loan stands out for its flexibility, competitive interest rates, and the convenience of managing everything online.
This Simplii Financial personal loan review is to give you a clear understanding of what Simplii offers, how their personal loans work, and whether they’re a good fit for your needs.
We will cover everything from the company’s background and features to fees, the application process, and real customer experiences. If you’re considering a Simplii personal loan or just want to know more about digital lending in Canada, this review is for you.
Simplii Financial company background
Simplii Financial is a Canadian online bank that was established in 2017 as a digital subsidiary of CIBC, one of Canada’s “Big Five” banks.
It was created after CIBC ended a long-standing partnership with Loblaw Companies, which previously operated under the President’s Choice Financial brand.
Today, Simplii Financial serves over two million Canadians, offering them a full suite of banking products, including chequing and savings accounts, credit cards, investments, mortgages, and the Simplii Financial personal loan.
Simplii Financial conducts its banking operations completely online through digital channels, it operates without traditional physical branches. Customers can access their accounts through the Simplii Financial website, mobile app, or phone support.
Despite being branchless, Simplii Financial customers enjoy full access to CIBC’s extensive ATM network across Canada, making cash withdrawals and deposits easy and convenient. The bank is known for its no-fee banking model, competitive rates, and a focus on simplicity and convenience for tech-savvy Canadians.
Simplii Financial is backed by the stability and security of CIBC, meaning deposits are insured up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
This gives customers peace of mind, knowing their money is protected while they enjoy the features of modern digital banking. Simplii Financial continues to be a top choice for Canadians looking for innovative and affordable banking services.
Simplii Financial features and services
Simplii Financial offers some amazing features and services that are designed to make banking simple and accessible for Canadians. Here’s a quick look at what you can expect:
- No monthly fees on chequing and savings accounts
- High-interest savings accounts with competitive rates
- Simplii Financial personal loan options with flexible repayment terms and competitive interest rates
- Simplii’s line of credit (both personal and secured) for flexible borrowing needs
- Digital banking via a user-friendly website and mobile app
- 24/7 customer support by phone or online chat
- Access to CIBC’s ATM network for free withdrawals and deposits
- Investments include GICs, mutual funds, TFSAs, and RRSPs
- Global money transfers with low fees to over 130 countries
- Foreign currency delivery for travel needs
- Creditor insurance to protect your finances in case of death, illness, or job loss
- Generous welcome bonuses for new clients and referral bonuses for existing customers
- Budgeting tools and savings calculators to help manage your finances
Simplii Financial fees and pricing
Here’s what you need to know about the fees and pricing for their products, including the Simplii Financial personal loan:
- No monthly fees on chequing or savings accounts
- Simplii Financial personal loan rates are competitive and based on your credit score and the CIBC prime rate
- No prepayment penalties for paying off your Simplii personal loan early
- Simplii line of credit offers flexible repayment options and competitive rates, especially if you choose a secured line of credit
- Overdraft protection is available for a monthly fee (around $4.97), with interest charged on overdraft balances at about 19%
- Insufficient funds fee for chequing accounts is $45
- No annual or application fees for secured lines of credit
- Free access to CIBC ATMs for withdrawals and deposits
- Foreign ATM fees apply if you use machines outside the CIBC network
How to get started with Simplii Financial
Here’s how you can apply for a Simplii Financial personal loan or open an account:
- Visit the Simplii Financial website or download their mobile app
- Click on “Open an Account” or “Apply for a Loan.”
- Choose the product you want (e.g., Simplii Financial personal loan, Simplii line of credit)
- Fill out the online application form with your personal and financial details
- Submit required documents, such as proof of income and ID
- Wait for approval—most applications are processed quickly, and you’ll get a response within a few business days
- If approved, review your loan agreement or account details
- Accept the terms and set up your online banking profile
- Start managing your finances, making payments, or borrowing as needed
Pros and cons of Simplii Financial
Here’s a clear look at the main advantages and drawbacks of using Simplii Financial, especially if you’re considering a Simplii Financial personal loan:
Pros of Simplii Financial
- No monthly fees on chequing, savings, or credit card accounts
- Competitive Simplii personal loan rates and flexible repayment options
- Easy-to-use digital banking platform and mobile app
- Access to CIBC’s large ATM network nationwide
- Wide range of banking products, including loans, lines of credit, investments, and insurance
- 24/7 customer support available by phone or online
- Quick and simple application process for loans and accounts
- Deposits insured by CDIC up to $100,000
- Generous welcome and referral bonuses for new and existing clients
- No prepayment penalties on Simplii Financial personal loans
Cons of Simplii Financial
- No physical branches, banking is 100% online
- Simplii personal loan rates may not always be the lowest in the market, especially for those with lower credit scores
- Overdraft protection and insufficient funds fees can add up
- Limited investment options compared to some competitors
- Not available in Quebec
- Some customers report long wait times for phone support and occasional technical issues
- Difficult to deposit cash unless using CIBC ATMs
Simplii Financial reviews and rating
Simplii Financial gets mixed reviews for real customer experiences. Here’s what Canadians are saying about the Simplii Financial personal loan and other products:
Simplii ratings
- Google Play: 3.9/5 from over 15,000 reviews
- App Store: 4.1/5 from more than 10,000 reviews
- Trustpilot: 2/5 from 568 reviews
What customers like about Simplii
- No monthly fees and competitive rates on savings and loans
- Easy-to-use app and website for managing accounts and loans
- Access to CIBC ATMs and a wide range of digital banking features
- Quick and simple application process for personal loans and lines of credit
Common complaints about Simplii
- Long wait times for phone support and difficulty reaching customer service
- Occasional technical issues with the app or website
- Some customers report problems with interest rate promotions or account setup
- Limited in-person support due to the online-only model
Simplii Financial Details
Simplii Financial Contact Info
1-888-723-8881
7 days a week, 24 hours a day
81 Bay Street, Toronto, Ontario, Canada M5J 0E7
FAQs about our Simplii FInancial personal loan review
What is the interest rate for a Simplii Financial personal loan?
Simplii personal loan rates vary depending on your credit score and the amount you borrow. Typically, rates range from about 5.99% to 19.99% APR. The exact Simplii financial personal loan rate you qualify for will be based on your creditworthiness and current market conditions.
Can I apply for a Simplii Financial personal loan if I don’t have a Simplii bank account?
No, to apply for a Simplii personal loan, you need to be a Simplii Financial customer. Opening a Simplii chequing or savings account is a quick process and can be done online before applying for the loan.
Is there a penalty for paying off my Simplii personal loan early?
No, Simplii Financial does not charge any prepayment penalties. You can pay off your personal loan early without any extra fees, which can help you save on interest over time.
How long does it take to get approved for a Simplii Financial personal loan?
Most Simplii personal loan applications are reviewed quickly, with decisions often made within a few business days. Once approved, funds can be deposited directly into your Simplii account, usually within 1 to 3 business days.
What is the difference between a Simplii personal loan and a Simplii line of credit?
A Simplii personal loan provides a fixed amount of money with fixed monthly payments over a set term, ideal for one-time expenses. A Simplii line of credit offers flexible borrowing up to a credit limit, where you can borrow, repay, and borrow again as needed, making it better for ongoing or variable expenses.
Simplii Financial Community Reviews
Would you recommend Simplii Financial to your friends?
BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -58, or 1.6 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
