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Bank personal loans

Compare personal loans from some of Canada's biggest banks.

With the vast number of lenders on the market today, it’s easy to become overwhelmed when searching for the right personal loan. You want a loan that offers both safety and convenience, and you want the confidence that comes with knowing you’ve got the best rate and terms you’re eligible for.

To help you choose, here’s a look at some of Canada’s largest banks.

LenderLoan amountLoan termInterest ratesOther key features
TD$5,000 to $50,0001 to 7 years
  • Fixed: 8.83% – 16.03%
  • Variable: 6.33% – 13.58%
  • Make your payment weekly, bi-weekly, semi-monthly or monthly.
  • Choose between a fixed and variable rate.
  • Pay off the loan anytime without penalties.
Read review
RBCNot specified1 to 5 yearsNot specified
  • Make your payment monthly, semi-monthly, bi-weekly or weekly.
  • Choose between a fixed and variable rate and switch any time.
Read review
CIBC$3,000 to $200,0001 to 5 yearsNot specified
  • Choose between a secured loan (your home or other assets as collateral) or unsecured loan.
  • Choose between a fixed and variable rate.
  • Pay off the loan anytime without penalty.
  • Choose the frequency of your payments.
Read review
BMO$5,000+1 to 5 yearsNot specified
  • Make monthly, semi-monthly, bi-weekly or weekly payments.
  • Use your personal assets as collateral to get a lower interest rate.
  • Choose between a fixed and variable rate.
ScotiabankNot specifiedUp to 5 yearsNot specified
  • Pay off the loan anytime without penalties.
  • Choose between a fixed and variable rate.
  • Make payments weekly, bi-weekly or monthly.
  • Lower your rate using your home equity.
Read review

National Bank

Not specified6 to 60 months- Fixed rate, less than $10,000: 10.90% to 11.30%
- Fixed rate, $10,000 and over: 9.65% to 10.15%
- Variable rate, less than $10,000: 8.95%
- Variable rate, $10,000 and over: 7.45%
  • Choose between a fixed and variable rate.
  • Pay off the loan anytime without penalties.
  • Make additional payments.

Details last verified in October 2021.

How do bank loans differ from other loans?

The main advantages of taking out a personal loan from your bank include:

  • Banks usually offer competitive interest rates, if you have good or excellent credit.
  • If you’re an existing customer, you can easily apply for a loan online, in-person or over the phone.
  • As an existing customer, you can manage all your finances in one place.
  • Your bank may be able to use your bank account activity to verify your income and expenses, perhaps requiring less documentation when applying for your loan.
  • Banks sometimes offer perks — like fee reductions — for bundling multiple financial products together.

What types of loans can I get from a bank?

Banks offer a wide range of loan products to meet most borrowing needs and a variety of financial situations. Here are just a few of the loan products you can expect to find at a bank:

  • Secured personal loan. With this loan, you put up an asset you own as collateral. Common assets include your home or investments. Having collateral lessens the risk for the lender, and in doing so, they can offer you lower interest rates.
  • Unsecured personal loan. Unsecured loans do not involve any collateral. Since unsecured loans are riskier for lenders, they typically have higher rates. Banks also usually impose stricter eligibility criteria for an unsecured loan.
  • Line of credit. With a line of credit, you are able to withdraw a set amount of funds as you need to. The main difference between a line of credit and a personal loan is that you have ongoing access to a credit limit without a cutoff date. Usually, you do not pay any rates or fees on this service until you use it and the rates are only charged on the amount of money you actually withdraw, rather than the total amount available.
  • Debt consolidation loan. If you have a few separate loans or credit accounts — anything from credit card debt to a car loan — you might want to consolidate this debt into one loan. With a debt consolidation loan, you can pay off your other loans and combine your debt into one single loan, where you’ll only have to make one repayment. Another goal with debt consolidation is to try and secure lower rates and fees, so you pay less over the course of your loan.

Pros and cons of bank personal loans

Pros

  • The convenience of keeping your loan and other financial products in one place.
  • Banks may offer more advanced and flexible features over other smaller lenders.
  • If you have a current banking relationship, you could expedite the approval process.

Cons

  • Interest rates and fees can be less competitive than with other lenders.
  • Strict eligibility criteria could limit people with poor or short credit history.

What else should I consider?

Before heading to your bank to apply for a personal loan, consider the following:

  • Compare loans offered by your bank to the offerings of other lenders, including credit unions and online lenders. This will ensure you get the best loan for your situation, with competitive rates and favourable terms.
  • If you don’t think you’ll be able to make your loan repayments, avoid taking out a loan in the first place. There may be better alternative methods of financing available to you, such as borrowing money from friends or family.

Compare personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
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
Go to site
More Info
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.
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
Go to site
More Info
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% - 33.92%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
Go to site
More Info
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.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
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
Go to site
More Info
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
Go to site
More Info
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.
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
Go to site
More Info
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.
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
Go to site
More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
Go to site
More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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How do I apply for a personal loan?

Once you’ve compared lenders and loan options and found the right one for you, navigate to the bank’s website and choose the loan you’d like to apply for. You’ll have to log in or set up an account if you’re not already an existing customer.

The details you’re required to submit as part of the application process will depend on the lender you choose. However, lenders generally require:

  • Personal details including contact information.
  • Financial details that include your income, assets and debts.
  • Employment information including your place of work and the contact information.

To get a personal loan, you’ll also usually need to meet the following requirements:

  • Be 18 years of age or the age of majority in your province or territory.
  • Be a Canadian citizen or a permanent resident with a valid Canadian address.
  • Have a steady source of income.
  • Have a working bank account.
  • Meet any credit score or income requirements.

Frequently asked questions

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