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Compare personal loans online

Get a secured or unsecured personal loan to cover your daily expenses, consolidate debt or make a large purchase.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-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.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /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. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
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.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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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. For faster loan approval, complete the Flinks bank integration in the app.
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.
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.
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Compare up to 4 providers

You can get personal loans in Canada from a variety of lenders, including big banks, credit unions, private lenders and peer-to-peer services. The loan you get can be used for a variety of expenses, and you’ll pay a fixed or variable interest rate on any money you borrow. Learn how to compare lenders and apply for the best loan for your personal situation.

How to apply for a personal loan

Follow these steps for how to apply for a personal loan to qualify for the loan you want.

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. Use our monthly payment calculator for personal loans to play around with how much you’ll pay with different terms and interest rates.

2. Shop around

Compare multiple lenders and loan types to get a fuller picture of how much you should pay based on your credit score and other personal factors. You can compare lenders using a personal loan broker or by comparing loans manually.

3. Prequalify

Prequalify for several different loans to make sure you’re comparing the rate you’ll get on your loan (rather than the advertised rate). Getting preapproved for a loan won’t affect your credit score and can give you an idea of where you might find the best deal.

4. Finish the application

Fill out an application form once you’ve decided on the lender you want to go with. You’ll usually need to submit contact details and financial information to apply as well as submit to a credit check.

4 main types of personal loans

You’ll need to choose between 4 different types of personal loans in Canada when you apply:

Unsecured personal loan

These loans are issued based on how good your credit score is.

  • How it works: Submit to a credit check to get approved for financing with no need for collateral. Just be aware that your score will go down if you fail to make your repayments.
  • How much can I borrow? You can typically borrow between $100 and $50,000.
  • What will it cost? Expect to pay higher interest rates for unsecured loans than you do for secured loans (often between 6.5% and 15% if you have good credit).
  • Who’s it best for? Best for borrowers with good to excellent credit.

Secured personal loan

These loans let you borrow money by using an asset such as your home or vehicle as collateral.

  • How it works. Sign over a valuable asset to secure your loan. Just keep in mind that this asset can be repossessed by your lender if you fail to make your repayments.
  • How much can I borrow? You may be able to borrow as much as the equity in your asset is worth – which can be hundreds of thousands of dollars in some cases.
  • What will it cost? Interest rates on secured loans will usually be lower than unsecured loans (often ranging between 3.5% and 15%).
  • Who’s it best for? Best for borrowers that want to secure lower interest rates with an asset (especially those with bad credit).

Fixed rate personal loan

These loans can be secured or unsecured and come with a fixed interest rate.

  • How it works. You’ll agree to the interest rates you’ll pay every month before you sign onto your loan so you get consistent monthly payments and can budget ahead.
  • How much can I borrow? The amount you can borrow with a fixed rate loan will depend on whether you choose a secured or unsecured loan.
  • What will it cost? Interest rates on fixed rate loans will depend on factors such as your credit score and whether you secure your loan with an asset.
  • Who’s it best for? Borrowers that want predictable monthly payments.

Variable rate personal loan

These loans can be secured or unsecured and give you a fluctuating interest rate.

  • How it works. These rates can go up and down in line with the Bank of Canada’s prime rate. This means your monthly payments will fluctuate from month to month.
  • How much can I borrow? The amount you can borrow with variable rate personal loans will depend on whether you choose a secured or unsecured loan.
  • What will it cost? Interest rates on variable rate personal loans fluctuate over time, so you may save money or pay higher interest rates depending on the month.
  • Who’s it best for? Borrowers that want predictable monthly payments.

What can I use my personal loan for?

You can use your personal loan to pay for a number of different expenses, depending on what your lender allows:

  • Debt consolidation. Apply for a debt consolidation loan to consolidate all of your outstanding debts into one easy monthly payment.
  • Home improvement. Use your loan to pay for renovations to your property if you want to increase the resale value of your home.
  • Post-secondary education. Lock in personal loans to cover the costs of your schooling if you can’t take out government student loans.
  • Large one-off purchases. Take out a loan to pay for a large one-off purchase such as a new vehicle, mattress or mobile phone.
  • Daily expenses. Tap into personal loans to cover your everyday expenses or check out a revolving line of credit to cover ongoing costs if a loan doesn’t make sense.

Where can I get a personal loan?

There are a number of different providers that will let you borrow personal loans in Canada. These are summarized in the table below:

ProviderHow it worksTypical interest ratesExamples of providers
BanksBank personal loans are provided by Canada’s Big Five Banks and other major financial institutions. These loans often come with higher interest rates and have strict repayment requirements.Anywhere from 6% to 15% with good credit. You may have difficulty getting approved with bad credit.Providers include BMO, TD Bank, RBC, CIBC, Scotiabank, HSBC, Canadian Western Bank and National Bank.
Credit unionsCredit unions usually provide smaller loans that are a little bit more flexible than big bank loans. You’ll typically need to be signed up with the credit union you want to borrow from to qualify.Starting from 3.5% with excellent credit. If you have a low credit score, you may be able to get a personal loan from a credit union if you have a good history with them.Providers include Meridian, Servus, Vancity, Connect First, Conexus, First West, Steinbach, Alterna Savings and Coast Capital Savings.
Private lendersPrivate loans are typically offered by online and alternative providers. They tend to come with less strict eligibility criteria than bank loans and you may be able to qualify with bad credit. The downside is that they’re often riskier to take out since you could sign up with a predatory or untrustworthy lender.Varies depending on the lender. Some private lenders offer reasonable rates starting below 10% for good credit while others charge up to 47% for bad credit.Providers include LoanConnect, Spring, Consumer Capital. Loans Canada, Mogo, Fairstone, Loan Away, SkyCap Financial and FlexMoney.
Peer-to-peer lendersP2P loans are usually offered through an online platform. This platform connects you to other Canadians who want to give you financing and collect interest on the money you borrow.Personal loan interest rates for P2Ps start from 8% and up, depending on your credit score.Providers include goPeer and the r/borrow subreddit (but r/borrow is not regulated in Canada).

Check out our list of the best personal loans

What factors affect my personal loan rates?

Personal loan interest rates in Canada typically range from 3.5% to 47%. The rate you get will depend on the following factors:

  • Credit score. Most lenders will give you decent interest rates if your credit score is over 660. You’ll usually pay much higher interest if your score is below 660.
  • Debts. You’ll typically get better rates if your debt-to-income ratio (DTI) is below 20%. If you have a low income and a high debt load, you’ll pay higher rates.
  • Collateral. Your loan will usually cost less if you secure it with collateral. You’ll pay higher rates if you take out an unsecured loan, especially if you have bad credit.
  • Loan amount and term. Some lenders may offer higher or lower rates depending on how much you want to borrow and how long you need to repay the loan.
  • Type of lender. The type of lender you choose will usually affect your personal loan interest rates in Canada (with credit unions and P2P lenders offering the lowest rates).

Interest rates vs APR: What’s the difference

The key difference between interest rates and APR boils down to the fees you have to pay for your loan.

  • Interest rates. Interest rates represent the percent of your loan you need to pay back on top of the principal amount you borrow (as a cost of doing business). This number doesn’t include any origination or brokerage fees you may need to pay for your loan.
  • Annual percentage rate (or APR). Your APR is your interest rate plus the cost of fees or other charges baked into your loan. APR is often used to show the true cost of your loan and will typically be higher than your interest rates alone unless there are no fees.

Personal loan interest rates

Can I get a personal loan with bad credit?

There are plenty of lenders offering bad credit personal loans in Canada if you’re struggling to get approved. Just be aware that you’ll usually have to pay much higher interest rates (often over 20%).

To improve your chances of getting approved for a bad credit loan, you may want to get a cosigner for your loan, secure your loan with an asset or build up your credit score before you apply.

How to build up your credit score

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 compare personal loans in Canada

Consider the following factors when comparing personal loans in Canada:

  • Interest rates. Rates can be fixed or variable and tend to fall between 3.5% and 47%. Compare lenders to find the one with the lowest interest rates and the shortest term.
  • Loan amounts. Many lenders offer amounts up to $50,000. Figure out how much you need to borrow and find a lender willing to give you that amount for the lowest rates.
  • Turnaround time. Think about how quickly you need the money. If you need a 1-2 day turnaround, you may want to consider fast personal loans.
  • Loan terms. Loan terms often range from 6 months to 7 years. Aim for the shortest term you can afford to keep your interest costs low.
  • Fees. Some lenders charge origination fees, late fees and early repayment fees on your loan. Read the fine print to make sure you don’t end up with hidden charges.

What do I need to apply for personal loans in Canada?

Eligibility criteria

You may need to meet the following eligibility criteria to qualify for personal loans in Canada:

  • Be at least 18 years old or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Be employed and have a steady income
  • Meet credit score and income requirements

Required documents

To apply for personal loans in Canada, you’ll usually need to provide the following documents:

  • Identity documents. Personal identification such as your passport or driver’s licence.
  • Proof of income. Pay stubs, employment records, tax records, proof of government benefits (such as EI) or other documents.
  • Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
  • Credit score. Consent for your lender to run a credit check.

Am I eligible for a personal loan?

Bottom line

Personal loans in Canada are easy to apply for and can help you cover a number of expenses. There are many different types of personal loans you can choose from based on what type of interest you want to pay (fixed or variable) as well as whether you want to secure your loan with an asset. Find out more about how you can qualify for a personal loan and apply today.

Frequently asked questions about personal loans

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