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Compare 40+ personal loans

Find a personal loan to cover your daily expenses, consolidate debt, make a large purchase and more.

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.

Compare personal loans in Canada

1 - 20 of 42
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fig Personal Loans
Finder Score:
★★★★★
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
Fat Cat Loans Personal Loan
Finder Score:
★★★★★
4.84% - 35.99%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
Up to 36 months
Requirements: no min. income, min. credit score 560
LoansLoans.ca Installment Loan
Finder Score:
★★★★★
28.00% - 32.00% + broker fee
$500 - $1,000
3 months
Requirements: min. income $1,200, 2+ months employed. No credit check required.

Note: You may be charged a broker fee up to $300.
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
ATB Personal Loan
Finder Score:
★★★★★
7.20% - 14.20%
N/A
1 - 5 years
Money Mart Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
29.90% - 46.90%
$500 - $15,000
6 - 60 months
Requirements: min. credit score 300
National Bank Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
N/A
N/A
6 - 60 months
Requirements: established credit, employed or have a source of income
Fairstone Unsecured Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Requirements: min. income $1,000/month, min. credit score 525
Affinity Credit Union Restart Loan
Affinity Credit Union Restart Loan
Finder Score:
★★★★★
17.99%
$200 - $3,000
2 - 24 months
Vancity Fair and Fast Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
19.00%
$100 - $2,500
2 weeks - 24 months
Cash 4 You Installment Loan
Finder Score:
★★★★★
46.93%
$1,000 - $15,000
12 - 60 months
Innovation Credit Union Personal Loan
Innovation Credit Union Personal Loan
Not yet rated
Varies
$5,000 - $50,000
12 - 120 months
Servus Credit Union Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
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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 6.99% and 46.96%. Compare lenders to find the one with the lowest interest rates and the shortest term. Learn more about personal loan rates.
  • Loan amounts. Some lenders offer amounts up to $50,000. Don’t borrow more than you need to, even if the lender approves you for more.
  • Turnaround time. Think about how quickly you need the money. If you need same-day turnaround, consider emergency loans.
  • Loan terms. Loan terms often range from 3 - 60 months. Aim for the shortest term you can afford to keep your interest costs low.
  • Fees. Lenders may charge administration/origination fees, late fees and NSF fees on your loan. Read the fine print to make sure you don’t end up with hidden charges.

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 a personal loan monthly payment calculator 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 loan search platform 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.

Calculate your personal loan monthly payment

Calculate how much you could expect to pay each month
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare personal loans
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

How to use this personal loan payment calculator

  1. Enter the amount you want to borrow under Loan amount.
  2. Write the loan term in years (not months) under Loan terms.
  3. Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
  4. Hit Calculate.
  5. Review your results.

In addition to the monthly payment, our personal loan repayments calculator also tells you how much you’ll pay back on the principal and the total interest you’ll pay. This total interest includes fees if you use your loan’s APR instead of its interest rate.

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 (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

4 main types of personal loans

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 $500 and $50,000.
  • What will it cost? Expect to pay higher interest rates for unsecured loans than you do for secured loans.
  • 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. They start at around 6.95%.
  • 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.
  • 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. Learn more about the best debt consolidation loans.
  • 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 a government student loan.
  • 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 7.5% to 15% with good credit. You may have difficulty getting approved with bad credit.Providers include BMO, TD Bank, RBC, CIBC, Scotiabank, 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 7.5% 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 personal 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 Spring, easyfinancial, SkyCap and Mogo.
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).

Compare personal loans from online lenders now

What factors affect my personal loan rates?

Personal loan interest rates in Canada typically range from 6.99% to 46.96%. 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).

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.

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.

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. Compare online lenders now to find the best personal loan for you and apply today.

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