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Compare Personal Loans

Compare interest rates and loan terms to find the best personal loan.

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FlexMoney Personal Loan

FlexMoney Personal Loan logo
  • Rates from 18.90% - 46.93%
  • Loan term from 6 - 60 months
  • Pay off loan anytime
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Best for good credit: LoanConnect Personal Loan

$500 – $50,000
Loan amount
1.9% – 46.96%
APR
3 - 120 months
Term
LoanConnect is a reputable online loan platform that matches you with lenders based on your unique profile. Fill in your personal details in a simple online application and see your matches right after submitting.
  • Easy online application that you can complete in a matter of minutes
  • Quick deposits within 24 hours of applying, if you meet all the eligibility criteria
  • High loan amounts of up to $50,000
  • Longer terms of up to 5 years, if needed
  • Lenders can provide bad credit loans
  • Potential for high interest rates of up to 46.96% depending on your financial circumstances
  • Limited providers based on companies LoanConnect works with
  • Online only so you cannot visit LoanConnect in person for assistance
Loan amount $500 – $50,000
APR 1.9% – 46.96%
Term 3 - 120 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees No application, origination or brokerage fees
Origination Fee 0
Turnaround Time Receive funds within as little as 24 hours.

Best for low interest rates: goPeer Personal Loan

$1,000 – $25,000
Loan amount
8% – 31%
APR
36 - 60 months
Term
goPeer is Canada's first consumer peer-to-peer lending platform. It strives to provide lower interest rates than the competition, including banks, to borrowers with good to excellent credit.
  • Easy online application
  • Get your offer within 24 hours
  • Stricter eligibility criteria than other online lenders
  • Funding can take a few days
Loan amount $1,000 – $25,000
APR 8% – 31%
Term 36 - 60 months
Interest Rate Type Fixed
Min. Credit Score 600
Fees Origination fee varies
No application or prepayment fees
Turnaround Time Receive a response within 24 hours of your loan application

Best for bad credit: Spring Financial Personal Loan

$500 – $15,000
Loan amount
17.99% – 46.96%
APR
9 - 48 months
Term
Spring Financial offers unsecured personal loans and credit builder for any credit score. Borrowers with bad credit or a past bankruptcy can apply. Apply online for a personal loan and get quick pre-approval.
  • No fees
  • Approval within 24 hours
  • Minimum credit score is 400
  • All of Canada
  • Interest rates can reach as high as 46.96%
  • Only borrow up to $15,000
Loan amount $500 – $15,000
APR 17.99% – 46.96%
Term 9 - 48 months
Interest Rate Type Fixed
Min. Credit Score 400
Fees No fees except $30 NSF fee
Origination Fee N/A
Turnaround Time Within 24 hours

Best for unsecured loans: SkyCap Financial Personal Loan

$500 – $10,000
Loan amount
12.99% – 40%
APR
9 - 36 months
Term
SkyCap offers unsecured personal loans. It approves applicants based on their credibility, stability and current income. Borrowers with bad credit or a past bankruptcy can apply.
  • Pay off the loan anytime without penalty
  • Approval within 24 hours
  • Minimum credit score is 550
  • Interest rates can reach as high as 39.99%
  • Residents of Nova Scotia or Quebec are not eligible
Loan amount $500 – $10,000
APR 12.99% – 40%
Term 9 - 36 months
Interest Rate Type Fixed
Min. Credit Score 550
Fees No fees except $50 NSF fee
Origination Fee N/A
Turnaround Time 24 hours

Best for speed: FlexMoney Personal Loan

$500 – $15,000
Loan amount
18.9% – 46.93%
APR
6 - 60 months
Term
FlexMoney uses an automated system so it can give pre-approval instantly and official approval within 24 hours.
  • 100% online application for convenience
  • Automatic repayments can be set up
  • No application, origination or prepayment fees
  • Interest rates can reach as high as 46.93%
  • No in-person customer service
  • Must provide copies of your bank statements via online banking verification
Loan amount $500 – $15,000
APR 18.9% – 46.93%
Term 6 - 60 months
Interest Rate Type Fixed
Min. Credit Score 500
Fees No application, origination or prepayment fees
Turnaround Time 24 hours

Best for easy application process: Mogo Personal Loan

$200 – $35,000
Loan amount
9.9% – 46.96%
APR
6 - 60 months
Term
Mogo has a simple online application you can fill out within minutes. Get pre-approval within 3 minutes and see your loan offer without impacting your credit score. Mogo also aims for same-day approval and funding.
  • Fast unsecured personal loans
  • Minimum credit score of 500
  • Interest rates as high as 46.96% for bad credit
  • Only available in Alberta, BC, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario and PEI
Loan amount $200 – $35,000
APR 9.9% – 46.96%
Term 6 - 60 months
Interest Rate Type Fixed
Min. Credit Score 500
Fees No application or origination fees
NSF - $20 to $50
Origination Fee $0
Turnaround Time Within 24 hours

Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

How to apply for a personal loan

1. Figure out how much money you need

Crunch some numbers to figure out how much you need to borrow and how much you can afford to pay back each month. Also, compare different types of loans to find the one that suits your needs best.

2. Shop around

Look for lenders that offer the type of loan you need with eligibility requirements you can meet. Then, compare factors like rates, fees and terms.

3. Prequalify

If the lender offers it, fill out a quick pre-application with a few different lenders to learn which rates and terms you might get. Prequalifying usually doesn’t affect your credit.

4. Finish the application

After you decide on a lender, follow the steps to complete the full application and submit documents like pay stubs to verify your income.

What rates can I expect on a personal loan?

Personal loan rates typically range from 4% to 36%. The rate you get depends on the following factors:

  • Credit score. You need near-perfect credit to qualify for the lowest advertised rate.
  • Income. Lenders will likely check if you have enough regular cash flow to easily afford your monthly repayments.
  • Debts. The lowest rates go to borrowers with a debt-to-income ratio (DTI) below 20%.
  • Collateral. Securing your loan makes it less risky to the lender and gets you lower rates.
  • Loan amount and term. Some lenders may offer different rates depending on how much you want to borrow and how long you need to repay.

The cost of your loan depends on the loan term and your rate.

What goes into a personal loan APR?

Most lenders’ annual percentage rate (APR) tells you how much you’ll pay in interest and fees over one year. This makes it easier to compare the cost of loans with the same term.
The APR often includes an origination fee, which lenders charge after you sign your loan contract. But it doesn’t include penalties like late fees, nonsufficient funds (NSF) fees or prepayment penalties – which can all be avoided by paying your loan back on time and in full.

How to find the right personal loans lender

Ask yourself the following questions when comparing lenders:

  • Does it offer what I need? Check if the amount you need falls into a lender’s range and if it offers the type of loan you’re looking for.
  • Am I eligible? Make sure you meet the lender’s minimum credit score, income, age and other requirements before you apply.
  • What’s the APR? This gives you a quick snapshot of the loan’s total cost per year.
  • How long will I be in debt? Look at the loan terms available to make sure you’ll be out of debt in time to meet other financial goals, like buying a house or a car.
  • Will repayments fit my budget? Use the available loan terms and APR to figure out how much you might owe each month.
  • Are there any fees? Many lenders charge up to a 5% origination fee, which they take out of or add to the loan balance. This affects how much you need to borrow and your monthly cost.
  • Is it legit? Read customer reviews to look out for personal loan scams and red flags, and make sure its website is secure.

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