Loan comparison calculator

Use this calculator to compare two loan offers.

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How to use this loan comparison calculator

You can still use this calculator without entering all the fields — sometimes it won’t be necessary. Otherwise, follow these steps:

  1. Next to Loan term, select the amount of time you have to pay back both loans or the amount of time left on your current loan term.
  2. Enter the amount you currently owe on a loan or would like to borrow for a new loan next to Loan amount.
  3. Next to Bank name, write your current lender’s name where it says My lender and a second lender’s name in the field that reads Other lender. Or enter the names of two lenders you’d like to compare.
  4. Skip Fixed rate if your rate hasn’t changed since you’ve taken out your loan or you’re applying for a new loan. Otherwise, write the interest rate you qualified for when you first took out your loan.
  5. Skip Fixed period if you skipped the previous step. Otherwise, enter the amount of time this rate applied to your loan.
  6. Next to Ongoing rate, enter your current interest rate on your loan or the rates you were pre-approved for with another lender.
  7. Write any one-time application or origination fees that you paid or will pay for your loan next to Upfront fees.
  8. Enter the total cost of all recurring fees either per month or per year next to Fees. Select Annually or Monthly depending on how often you’ll pay the fees.
  9. Enter the amount of any prepayment penalties next to Early repayment.
  10. Hit Calculate.

Definitions to know

  • Loan term. How much time you have to pay off a loan.
  • Loan amount. How much you receive when you take out a loan. Or, the balance left on your current loan that you’re interested in refinancing.
  • Fixed rate. The original interest rate on a loan you’re currently paying off. Ignore the fixed rate if your interest rate hasn’t changed over time.
  • Fixed period. The amount of time that the original fixed rate applied to your loan.
  • Ongoing rate. The current interest rate you’re paying on your loan or the rate you might qualify for on a new loan.
  • Upfront fees. Any one-time fee involved in the application process. Upfront fees include application fees, origination fees and processing fees. A legit lender that charges upfront fees will process payment when your funds are disbursed — not before.
  • Fees. All other recurring fees that you pay on a monthly or annual basis.
  • Early repayment fee. Also known as a prepayment penalty, this is the fee lenders sometimes charge if you pay off your loan before it’s due.
  • Fixed monthly repayments. How much you’d pay each month under the first interest rate during the fixed period.
  • Ongoing monthly repayments. How much you’d pay each month with the current or ongoing interest rate.
  • Total repayments. The total amount you’d pay for that loan including the principal, interest and fees.

Should I refinance my personal loan for a new one?

Whether or not you should refinance your personal loan depends on your unique circumstances. Generally, you might be able to benefit from refinancing if your credit score has improved, you’ve recently closed other loans in your name or you have a higher salary than when you first took out your loan.

Refinancing might not be a good choice if your credit score has recently taken a hit, you’ve been late on loan repayments or you took a pay cut since you last took out your loan. It might also be difficult to qualify for more competitive rates and terms if you took on more debt since you took out your loan.
How to refinance a personal loan

Can I take out two personal loans at once?

It’s possible to take out multiple loans at once, but it might not be a great idea. You might not be able to qualify for the most competitive rates if you’re currently paying off a personal loan, since that affects your debt-to-income ratio (DTI).

You also run the risk of overborrowing by going around a lender’s borrowing limits. This can make it difficult for you to afford your loan repayments and puts you at more of a risk for default.
The risks and benefits of taking out more than one loan at once

Bottom line

Torn between two loan offers? Thinking about refinancing? This loan comparison calculator can help you decide which is best. Check out our personal loans guide for a complete walk-through on how to compare personal loans.

Compare personal loans now

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%.
Varies by loan type and province.
6 months - 5 years
Fairstone offers unsecured personal loans up to $20,000
Mogo Personal Loan
5.90% - 46.96%
1-5 years
NSF fee - $20 to $50
Mogo offers loans up to $35,000 on flexible terms.
Ferratum Personal Loan
18.90% - 54.90%
6 months - 5 years
An established online lender with loans up to $15,000. Now accepting applicants on El and Social Assistance.
Magical Credit Personal Loan
19.99% - 46.80%
6 months - 5 years
A single administration fee of $194 for $1,500 loans and up
Magical Credit offers unsecured personal loans up to $20,000
Cash Money Installment Loan
6 months - 5 years
Vary across provinces/territories
Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
LendDirect Personal Loan
19.99% - 46.93%
No end dates
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
ConsumerCapital Personal Loan
19.99% - 35.00%
12 months - 5 years
Online lender offering personal loans from $500 up to $12,500.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
1-5 years
LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Fairstone Personal Loan (Secured)
19.99% - 23.99%. Varies by loan type and province
3-10 years
Varies by province
Fairstone offers secured personal loans up to $35,000.

Compare up to 4 providers

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

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