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Compare personal loans online

Take a few simple steps to get the personal loan you need to reach your goals.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
ConsumerCapital Personal Loan
19.99% - 32.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 540
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
No min. income or employment requirements
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Min. income of $15,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. Apply online in minutes and get a response to your application within 24 hours. Your identity will always remain confidential.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
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Take control of your finances with a personal loan to cover a large expense, renovate your home, consolidate debt and more. But before you get started, hone up on the borrowing process to ensure you find the best deal available to you.

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.

How to get preapproved for a personal loan

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.

How to apply for a personal loan

7 types of personal loans

The most common type of personal loan is an unsecured fixed-rate loan. But you can also find loans that accept collateral, allow cosigners and offer rates that change over time.

Unsecured personal loan

  • Fast application and no risk of losing collateral
  • Harder to qualify for competitive rates and terms

An unsecured loan is the most common type of personal loan. It works by giving you all of the funds at once, which you repay plus interest and fees over a period of time — usually 3 to 7 years.

What makes a personal loan unsecured is the fact that it doesn’t require collateral. This can speed up the application process, and you don’t risk losing your assets if you can’t pay it off. But it can be harder to qualify for a competitive rate unless you have strong credit and a low debt-to-income ratio.

How unsecured personal loans work

Secured personal loan

  • Easier to qualify for competitive rates and terms
  • Risk losing your collateral, potentially longer application

A secured personal loan works just like an unsecured loan, only you have to back it with collateral. If you can’t pay off the loan and go into default, the lender takes the collateral to recover its losses.

Common types of collateral include savings accounts and GICs, as well as personal possessions like a car or valuable jewelry. Because lenders consider secured loans less risky, they often come with lower interest rates than unsecured loans.

How secured personal loans work

Cosigned personal loan

  • Help meeting requirements on an unsecured loan for a better deal
  • Fewer lenders offer this option, risk damaging relationship with cosigner

A cosigned personal loan is usually an unsecured loan you apply for with another applicant, which you’re both equally responsible for repaying. Think a student line of credit which needs the parent as a co-signer. Your lender often only considers the highest credit score and income between the two of you.

This makes it a viable choice if you have poor credit, little credit history or depend on your spouse’s income. It’s different from a coapplicant loan, where your lender consider both applications equally.

How cosigned personal loans work

Fixed-rate personal loan

  • Monthly repayments that are easy to plan for
  • Potentially pay more than a variable-rate loan if interest rates decrease

Most personal loans come with fixed interest rates, which stay the same while you repay the loan. This means you pay the same amount each month and can predict your total loan cost ahead of time. But you might end up paying more in interest than if you went with a variable-rate loan — especially if you have a long loan term.

How fixed-rate personal loans work

Variable-rate personal loan

  • Potentially pay less interest than a fixed-rate loan
  • Less predictable repayments with the risk of paying higher rates

Some personal loans come with variable rates, which can increase or decrease depending on changes in the economy. Variable rates can often go lower than fixed rates, but also come with the risk of climbing much higher. Since rates can change, it can be more difficult to plan ahead for repayments and predict your total loan cost.

How variable-rate personal loans work

Personal line of credit

  • Access to cash for ongoing projects like home improvements
  • Not ideal for a one-time expense

A personal line of credit gives you access to funds that you can draw from as needed. It’s similar to a credit card, but gives you access to cash and typically comes with lower rates. Each time you make a draw, you might either repay it in monthly installments plus interest and fees or have a minimum monthly repayment. Credit lines can be secured or unsecured with fixed or variable rates.

How a personal line of credit works

Debt consolidation loan

  • Have a lender pay off creditors for you
  • Fewer options than your standard unsecured personal loan

You can use any personal loan to pay off credit card balances and other debts to save on interest and have more manageable repayments. But some lenders offer personal loans designed specifically for debt consolidation. With these loans, the lender pays off your creditors for you, simplifying the process. While it might be easier, you have fewer options to compare and might not find as competitive a deal.

How debt consolidation loans work

Top personal loan guides

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.

FlexMoney Personal Loan

FlexMoney Personal Loan

From

18.9 %APR

rate

  • Same day funding
  • Quick online application
  • Pay off loan anytime

FlexMoney Personal Loan

Apply online in less than 10 minutes. If approved, receive funds in as little as 24 hours. Pay off your loan at any time.

  • APR: 18.90% - 46.93%
  • Loan amount: $500 - $15,000
  • Loan term: 6 - 60 months
  • Fees: No application, origination or prepayment fees
  • Min. credit score: 500
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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.

Find a lender in our directory of reviews

4 questions to help you choose the right type of loan

Still not sure which loan is right for you? Ask yourself the following questions:

Where can I get a personal loan?

You have a variety of personal loan providers to pick from. However, you’ll typically have more loan options if you have stronger credit. Depending on the type of provider you choose, you can apply for a personal loan in person at a store, online or over the phone.

Direct online lenders

Online lenders have more flexible lending criteria and offer a straightforward application process. If approved, your loan amount can be deposited into your bank account as soon as the next business day — but it may take up to a week.

Brokers and connection services

Brokers and connection services work slightly differently but have the same goal: to pair you with a lender that will approve you. Brokers have you fill out a preliminary application and sometimes charge a fee for their service (while others will get paid by the lender they pair you with). Connection services are automated and don’t make lending decisions themselves.

Banks

Getting a loan from a bank might be the traditional choice, but it’s not the fastest. Banks tend to have stricter approval criteria and longer turnaround time. The benefit of borrowing with your bank is that some banks offer discounts to people who have an existing account and they usually have competitive rates.

Credit unions

If familiarity is important to you, consider taking out a personal loan at a credit union. Credit unions tend to evaluate your financial history with the institution, adding a layer of flexibility to approval. Similar to banks, credit unions tend to offer competitive rates but usually have longer approval and turnaround times than online lenders.

Peer-to-peer lenders

Relatively new to the financial market, peer-to-peer lenders operate as marketplaces that bring borrowers and investors together. A peer-to-peer loan is funded by a pool of individual investors online. Although the process of applying is a lot like that of a traditional loan, the turnaround time is often much longer.

What are the requirements for a personal loan?

There’s a personal loan for almost any type of borrower. But you have to meet the following criteria to qualify with most lenders:

  • Good credit. The credit score cutoff is often around 650 — and usually higher if you want a low rate. That said, some lenders will cater to bad credit borrowers.
  • Steady income. You typically need to bring in a certain amount of income each month. While some lenders may require you to be employed, others will accept other forms of income such as pensions and government benefits.
  • Employment. Some lenders will only work with borrowers who are employed full time, while others will cater to part-time, self-employed and retired borrowers.
  • Low debt-to-income (DTI) ratio. Most lenders require your monthly expenses to be no more than 43% of your monthly income – though the lower the better.
  • Canadian citizen or resident. If you’re not a citizen or a permanent resident, your options will be limited to the few lenders that work with nonresidents.
  • Age of majority. You’ll need to be at least 18 years of age, or the age of majority in your province or territory of residence.

What documents do I need?

Most lenders ask to see these three documents at a minimum:

  • Proof of your identity. You’ll be required to submit a driver’s license, passport or other government-issued ID.
  • Proof of income. This includes pay stubs, proof of benefits/pension, tax returns or bank statements.
  • Proof of residence. You’ll need to show a utility bill in your name, mortgage payment or other verification of your address.

Am I eligible for a personal loan?

Can’t I just use my credit card?

You could, but personal loans typically have lower interest rates than credit cards. But if you need cash right away, a credit card is faster. You can also use credit cards for a wider variety of expenses.

5 other types of loans

Looking to pay for a specific expense? Don’t have the best credit? Here are other types of loans to check out instead:

  • Student loans. Fund an undergraduate degree, certificate program, graduate degree and more with federal and private loans designed for students.
  • Car loans. Buy a car with a loan that uses your vehicle as collateral, either from a dealership or private seller.
  • Payday loans. Small-dollar loans with high APRs and terms usually no longer than 62 days.
  • Title loans. Fast, high-interest financing for all credit types backed by your lien-free car title.
  • Business loans. Financing designed to fit the needs of small businesses and startups, from working capital to buying equipment.

Frequently asked questions about personal loans

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