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10 best personal loans in Canada

Browse the best personal loans for good, fair and bad credit scores.

If you’re searching for the best personal loans, you have many options in Canada. Banks, credit unions and select alternative lenders have competitive rates if you have good to excellent credit. If you have fair to bad credit, you can get approved by alternative lenders, but watch out for higher interest rates.

In this guide, we go through the best personal loans in Canada for different types of borrowers. No single loan is best for everyone, so compare options for your unique situation.

Best personal loans in Canada

1. LoanConnect

LoanConnect Personal Loan
Customer Survey: ★★★★★ 3.5 / 5
Go to site
$500 – $50,000
Loan amount
6.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect is a loan comparison platform for borrowers with good or bad credit. Fill out a single application and get multiple offers based on your unique profile. Read more
  • Easy online application
  • Quick deposits
  • High loan amounts of up to $50,000
  • No collateral required to secure your loan
  • Interest rates can reach as high as 46.96%
  • No online quotes provided
Loan amount $500 – $50,000
APR 6.99% – 46.96%
Term 3 - 120 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees No application, origination or brokerage fees
Origination Fee 0
Turnaround Time Receive funds within as little as 24 hours.
Serviced Provinces All provinces

2. Loans Canada

Loans Canada Personal Loan
Customer Survey: ★★★★★ 4 / 5
Go to site
$300 – $50,000
Loan amount
6.99% – 46.96%
APR
3 - 60 months
Term
Loans Canada is a loan comparison platform for all types of borrowers. Fill out an application to get matched with lenders that are open to financing you. Read more
  • Easy online application
  • Quick deposits
  • High loan amounts of up to $50,000
  • No collateral required to secure your loan
  • Interest rates can reach as high as 46.96%
  • No online quotes provided
Loan amount $300 – $50,000
APR 6.99% – 46.96%
Term 3 - 60 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees No application, origination or brokerage fees
Origination Fee 0
Turnaround Time Receive funds within as little as 24 hours.
Serviced Provinces All of Canada

3. Spring Financial

Spring Financial Personal Loan
Customer Survey: ★★★★★ 4.5 / 5
Go to site
$500 – $35,000
Loan amount
9.99% – 46.99%
APR
6 - 60 months
Term
Spring Financial is a major direct lender of personal loans for fair to bad credit. Apply online and get funded within 24 hours. Read more
  • Bad credit can apply
  • Fast approvals
  • No prepayment penalties
  • Rebuild your credit
  • High rates for bad credit
Loan amount $500 – $35,000
APR 9.99% – 46.99%
Term 6 - 60 months
Interest Rate Type Fixed
Min. Credit Score 500
Fees No fees except $30 NSF fee
Origination Fee N/A
Turnaround Time Within 24 hours
Serviced Provinces All of Canada

4. Mogo

Mogo Personal Loan
Customer Survey: ★★★★★ 4 / 5
Go to site
$200 – $35,000
Loan amount
9.9% – 46.96%
APR
6 - 60 months
Term
Mogo provides personal loans for good to bad credit. Apply online and get a quote within minutes with no impact to your credit score. Read more
  • Low starting rates
  • Free quote with no impact to credit score
  • Trial period to test out loan
  • High rates for bad credit
  • Some negative Mogo reviews online
  • Loans are powered by Lendful and easyfinancial
Loan amount $200 – $35,000
APR 9.9% – 46.96%
Term 6 - 60 months
Interest Rate Type Fixed
Min. Credit Score 500
Fees Non-sufficient funds fee of $20 to $50
Origination Fee $0
Turnaround Time Within 24 hours
Serviced Provinces British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island

5. Symple Loans

$5,000 – $50,000
Loan amount
6.99% – 32%
APR
12 - 84 months
Term
Symple Loans is a solid alternative to borrowing from a bank or credit union. It offers online personal loans to people with good credit. Read more
  • Free quote with no impact to credit score
  • Free prepayment
  • Bad credit won't qualify
  • Variable rate only
  • Origination fee for riskier applications
Loan amount $5,000 – $50,000
APR 6.99% – 32%
Term 12 - 84 months
Interest Rate Type Variable
Min. Credit Score 650
Fees 0% - 5% loan establishment fees
Origination Fee 0-5%
Turnaround Time Next Business day
Serviced Provinces All of Canada (except NS, QC, SK)

6. Vancity

Vancity Personal Loan
Finder Award
Customer Survey: ★★★★★ 4.5 / 5
Up to $50,000
Loan amount
N/A
APR
Varies
Term
Vancity is one of the largest credit unions in Canada, serving residents of BC. It offers personal loans for good to excellent credit and small no credit check loans for riskier profiles. Read more
  • Reputable lender
  • No credit check loan available
  • Competitive rates
  • Fixed and variable rates available
  • Bad credit may not qualify for the personal loan
  • Not widely available in Canada
  • Membership required
  • May require a visit to a branch
Loan amount Up to $50,000
APR N/A
Term Varies
Interest Rate Type Fixed
Serviced Provinces BC

7. Kindred Credit Union

Kindred Credit Union Personal Loan
$5,000 – $35,000
Loan amount
7.05% – 16.2%
APR
12 - 60 months
Term
Kindred Credit Union serves the residents of Ontario. It offers competitive interest rates to people with good to excellent credit. Read more
  • Competitive rates
  • Fixed and variable rates available
  • Bad credit may not qualify
  • Not widely available in Canada
  • May require a visit to a branch
  • Membership required
Loan amount $5,000 – $35,000
APR 7.05% – 16.2%
Term 12 - 60 months
Interest Rate Type Fixed
Fees Unknown
Turnaround Time Varies
Serviced Provinces ON

8. ATB Financial

ATB Personal Loan
N/A
Loan amount
7.2% – 14.2%
APR
12 - 60 months
Term
ATB is a crown corporation serving Alberta residents. It offers competitive personal loan rates to people with good to excellent credit. Read more
  • Interest rates from 7.2%
  • Choose between a fixed and variable rate
  • No early repayment fees
  • Not as fast as alternative lenders
  • Stricter eligibility requirements than alternative lenders
Loan amount N/A
APR 7.2% – 14.2%
Term 12 - 60 months
Interest Rate Type Fixed
Fees Unknown
Turnaround Time Varies
Serviced Provinces Alberta

9. Fairstone

Fairstone Personal Loans
Customer Survey: ★★★★★ 4 / 5
$500 – $50,000
Loan amount
19.99% – 39.99%
APR
6 - 120 months
Term
Fairstone offers an easy online application and approval process to borrowers with fair to bad credit. Get a free quote and get funded in 24 to 48 hours. Read more
  • Fast approval
  • No prepayment fees
  • Interest rates can reach as high as 39.99%
Loan amount $500 – $50,000
APR 19.99% – 39.99%
Term 6 - 120 months
Interest Rate Type Fixed

10. easyfinancial

Easyfinancial Personal Loan
Customer Survey: ★★★★★ 4 / 5
$500 – $100,000
Loan amount
9.99% – 46.96%
APR
9 - 84 months
Term
easyfinancial is one of the largest alternative lenders in Canada of personal loans for lower credit scores. Get a decision in as little as 10 minutes. Read more
  • Fast, easy application process
  • Good customer service
  • No prepayment fees
  • High rates for bad credit
Loan amount $500 – $100,000
APR 9.99% – 46.96%
Term 9 - 84 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround Time Within 30 minutes
Serviced Provinces All of Canada

Honourable mentions

National Bank

National Bank Personal Loan
Customer Survey: ★★★★★ 4 / 5
N/A
Loan amount
9.65% – 13.7%
APR
6 - 60 months
Term
National Bank is a solid choice if you'd like to get a bank personal loan from one of the Big Six. Choose between a fixed and variable rate. Read more
  • Interest rates as low as 9.65%
  • Choose between a fixed and variable rate
  • No early repayment fees
  • Not as fast as online lenders
  • Stricter eligibility requirements than online lenders
Loan amount N/A
APR 9.65% – 13.7%
Term 6 - 60 months
Interest Rate Type Fixed
Fees Varies
Turnaround Time Varies
Serviced Provinces All

Nyble

$30 – $150
Loan amount
Starting at 0%
APR
Flexible
Term
Nyble does not offer personal loans and instead offers small credit lines of up to $150 to help Canadians pay for bills or unexpected expenses. You'll pay zero interest, but a subscription fee applies.
  • No interest or late fees
  • Flexible repayments
  • Improves credit score
  • Monthly fee
  • Express fee for instant funding
Loan amount $30 – $150
APR Starting at 0%
Term Flexible
Interest Rate Type Fixed
Fees $4.99 - $7.99/month membership fee
Origination Fee $2.99 - $5.99
Turnaround Time Within 30 minutes if you pay a fee of $2.99 - $5.99 or within 3 business days if you don't want to pay a fee.


Serviced Provinces All provinces and territories.

Consolidated Credit (non-profit organization)

$1000 – $75,000
Loan amount
N/A
APR
N/A
Term
Consolidated Credit does not offer personal loans and instead helps Canadians explore their debt relief options. This is a legitimate option for those who are struggling to repay their debts.
  • Established non-profit
  • Accredited Member of Ontario Association of Credit Counselling Services
  • A+ BBB rating
  • Free consultation
  • Debt relief options will negatively affect credit score
  • Fees apply depending on what solution you choose
Loan amount $1000 – $75,000
APR N/A
Term
Interest Rate Type Fixed
Fees Costs vary
Serviced Provinces Across Canada

How we chose the best personal loans in Canada

We’ve chosen the products on this page based on the providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. When choosing the best personal loans in Canada, we considered each lender’s rates, fees, terms, borrowing amounts, application process, funding speed, customer support, accreditations and associations, and extra perks. Learn more about our process below.

Please note: Canadian major banks offer personal loans, but their APR ranges are not listed online and vary, depending on the lender and each applicant’s financial situation.

No single personal loan will be the best choice for everyone, so compare your options before applying.

Best personal loans in Canada: By the numbers

Compare the best personal loans side by side.

LenderAPRLoan amountLoan term
LoanConnect6.99% - 46.96%$500 – $50,0003 - 120 months
Loans Canada6.99% - 46.96%$300 – $50,0003 - 60 months
Spring Financial6.99% - 46.96%$500 – $35,0006 - 60 months
Mogo9.90% - 46.96%$200 – $35,0006 - 60 months
Symple Loans6.99% - 32.00%$5,000 – $50,00012 - 84 months
Vancity11.95% + Increment$5,000 – $50,000Varies
Kindred Credit Union7.05% - 16.20%$5,000 – $35,00012 - 60 months
ATB7.20% - 14.20%Varies12 - 60 months
Fairstone19.99% - 39.99%$500 – $50,0006 - 120 months
easyfinancial9.99% - 46.96%$500 – $100,0009 - 84 months
National Bank9.65% - 13.70%Varies6 - 60 months

How to find the best personal loans in Canada

Consider taking the following steps to find the best personal loan for your needs:

1. Know your credit score

Knowing your credit score can help you identify loans you’ll be eligible for. You can request your credit score from the credit bureaus or other credit monitoring institutions:

  • Credit bureaus. Order a free copy of your credit report once a year from one of the credit bureaus (Equifax or TransUnion). This is sent by mail and usually takes around two weeks to arrive. You can pay a fee to get instant access to an online copy.
  • Credit monitoring institutions: You can sign up for a monthly subscription for credit monitoring (usually around $20 per month) with some services. Lenders like Mogo and Borrowell also offer free credit monitoring.

2. Decide what type of personal loan you want

The best personal loans in Canada will vary based on what type of personal loan you need:

  • 3. Decide where you want to apply

    The best personal loans in Canada for your needs will vary based on your credit score and how you want to apply for your loan.

    Banks and credit unionsBest personal loans in Canada for people with good to excellent credit
    • Competitive rates
    • Secured/unsecured loans
    • Fixed or variable
    • In-person service
    • Long wait times
    P2P lending platformBest personal loans in Canada for people who have good to excellent credit and don’t want to go with a bank
    • Canadian investors fund your loan
    • Competitive rates due to low operating costs
    Alternative lendersBest personal loans in Canada for people with poor to fair credit or those who would prefer to apply online
    • Higher rates on average
    • Less strict eligibility criteria
    • Accepts bad credit
    • Secured/unsecured loans
    • Typically fixed rates
    • Entirely online

    4. Compare loan features

    Compare the following features to find the best personal loan in Canada for your needs:

    What are the best personal loan rates in Canada?

    Based on the latest information available from the Bank of Canada, the average personal loan interest rate in Canada is 8.99%. However, this includes secured loans such as auto loans, so your rate may be higher if you’re applying for an unsecured personal loan.

    Aiming for a rate that’s close to the average is a good step. But keep in mind, how much you’ll be charged will depend on personal factors such as your credit score, income and current debts. If you have a strong credit score, you qualify for low interest loans.

    Compare a variety of personal loan interest rates for all credit scores

    Who can get personal loans in Canada?

    You can get personal loans in Canada if the following applies to you:

    • You’re a Canadian citizen or permanent resident.
    • You’re at least 18 years old.
    • You have a steady source of income.

    These are the basic requirements only. Exact criteria vary among lenders.

    How to apply for personal loans in Canada

    Follow these steps to apply for personal loans in Canada:

    1. Fill out an application. Provide personal info such as your name, address, phone number, job, income and housing situation.
    2. Wait for a decision. Online lenders can give fast pre-approval within minutes, while banks and credit unions can take one to three business days.
    3. Pick the best personal loan. Compare offers and pick the best personal loan for your needs. Refer to the criteria above to pick the best personal loan in Canada.
    4. Upload documents. You may need to provide bank statements, tax returns, government-issued ID and other documents.
    5. Submit to a credit check. Some loans will require you to consent to a credit check. A hard credit check can affect your credit score so should be done sparingly.
    6. Get a final loan offer. Review your loan agreement. Understand your payment schedule and how much the loan will cost you overall. Keep an eye out for extra fees.
    7. Sign and submit. If you’re happy with the terms of your personal loan, sign and submit your contract. You’ll get your money via e-Transfer or direct deposit.

    Plans to get a personal loan in the next 3 months

    According to data released in the latest Finder: Consumer Sentiment Survey, more Canadians are planning to take out a personal loan in the next three months. In Q1 2023, only 7% of respondents planned to get a personal or installment loan. That number jumped to 20% of respondents who plan to take out a personal or installment loan in the next three months.

    10 best personal loans

    LoanConnect

    LoanConnect

    • APR: 6.99% - 46.96%
    • Loan amount: $500 – $50,000
    • Loan term: 3 - 120 months
    • Eligibility requirements: Currents debts must total less than 60% of income

    Why it’s one of the best personal loans

    Pre-approval in five minutes

    LoanConnect matches you with multiple lenders to help you find the best personal loan. Fill out one application to pre-qualify for a loan in five minutes or less. Loan decisions will depend on factors such as your credit score, income and current debts.

    Partnered with lenders for prime and non-prime borrowers

    LoanConnect is partnered with a large network of lenders to let you borrow funds with good or bad credit. Just be aware that rates for bad credit are less favourable.

    Established and reputable

    LoanConnect was founded in 2016 and is a member of the Canadian Lenders Association. The company is BBB-accredited with an A+ rating.

    Go to site


    Loans Canada

    Loans Canada

    • APR: 6.99% - 46.96%
    • Loan amount: $300 – $50,000
    • Loan term: 3 - 60 months
    • Eligibility requirements: Steady source of income

    Why it’s one of the best personal loans

    Large lender network

    Loans Canada is an online broker that works with over 60 lenders to help people find the right loan. If you have bad credit, your application will be sent to a number of lenders across Canada, which saves you time and effort.

    Low starting rates

    Rates for Loans Canada personal loans start at 6.99%. Just be aware that you’ll pay much higher interest when applying with bad credit.

    Established and reputable

    Loans Canada has been in business since 2012. It has been featured in the news, such as CBC News, the Toronto Star and the Financial Post. It is a member of the Canadian Lenders Association and is BBB-accredited with an A+ rating.

    Go to site


    Spring Financial

    Spring Financial

    • APR: 9.99% - 46.96%
    • Loan amount: $500 – $35,000
    • Loan term: 6 - 60 months
    • Eligibility requirements: Min. income of $1,800 /month, 3+ months employed

    Why it’s one of the best personal loans

    Fast

    Fill out a simple online application and get pre-approved right after you submit it. Get your money as soon as the same day.

    Flexible

    Borrow as little as $500 and as much as $35,000 with terms from 6 - 60 months. Pay it off any time without penalty.

    Established presence

    Spring Financial is available across Canada. It has a high Trustpilot rating of 4.8 out of 5 based on over 12,000 reviews (but a low BBB rating).

    Go to site


    Mogo

    Mogo

    • APR: 9.90% - 46.96%
    • Loan amount: $200 – $35,000
    • Loan term: 6 - 60 months
    • Eligibility requirements: Min. income of $13,000 /year

    Why it’s one of the best personal loans

    Fast quote for free

    Create a free Mogo account online and get a free quote in three minutes. Doing this won’t affect your credit score and you don’t have to apply for a loan should you decide not to.

    Trial period

    Mogo offers a trial period that lets you return the amount you borrow within 100 days and get your paid interest and fees back. Mogo is one of a few lenders that offer a trial period, which can save you money if you change your mind about your loan. (However, this perk may not be available to borrowers with bad credit.)

    Established and reputable

    Mogo was founded in 2008 and is listed on the Toronto Stock Exchange. It has over 1.8 million members.

    Go to site


    Symple Loans

    Symple

    • APR: 6.99% - 32.00%
    • Loan amount: $5,000 – $50,000
    • Loan term: 12 - 84 months
    • Eligibility requirements: Min. credit score 650, min. income $50,000/year, no history of bankruptcies

    Why it’s one of the best personal loans

    Fast

    You can get a Symple personal loan by the next business day, and you won’t ever need to visit a branch to complete the process.

    Low starting rate

    Symple’s rates start at 6.99%, which is competitive. How much you’ll be offered will depend on your profile.

    Helps to build credit

    Getting a personal loan from Symple can improve your credit score since it reports on-time payments to the credit bureaus.

    Go to site


    Vancity

    Vancity

    • APR: 11.95% + Increment for fixed, Vancity Prime + Increment for variable
    • Loan amount: $5,000 – $50,000
    • Loan term: Varies
    • Eligibility requirements: Recurring eligible income

    Why it’s one of the best personal loans

    Established and reputable

    Vancity is one of the largest credit unions in Canada and has served residents of BC for over 75 years.

    Flexible options

    If you have good to excellent credit, you can choose between fixed and variable rates and borrow up to $50,000. If your finances are not as strong, Vancity has the Fair and Fast Loan available.

    Competitive rates

    As a credit union, Vancity can provide more competitive interest rates than many alternative lenders. It may also offer better rates than some banks.


    Kindred Credit Union

    Kindred Credit Union

    • APR: 7.05% - 16.20%
    • Loan amount: $5,000 – $35,000
    • Loan term: 12 - 60 months
    • Eligibility requirements: Recurring eligible income

    Why it’s one of the best personal loans

    Established and reputable

    Kindred Credit Union has been serving Ontario, primarily the southwestern region, since 1964. It is a Certified B Corporation, which means it uses the power of business to help communities and solve social and environmental issues.

    Competitive rates

    Kindred Credit Union fixed rates range from 7.05% - 13.45%, while variable rates range from 8.20% - 16.20%. These are competitive when compared with other lenders in its category.

    Flexible options

    Choose between fixed and variable rates, and borrow $5,000 – $35,000 with loan terms from 12 - 60 months.


    ATB

    ATB Financial

    • APR: 7.20% - 14.20%
    • Loan amount: Varies
    • Loan term: 12 - 60 months
    • Eligibility requirements: Recurring eligible income

    Why it’s one of the best personal loans

    Established and reputable

    ATB is a crown corporation with more than 280 locations in Alberta and over 800,000 clients. It’s been named a top employer by Great Place to Work Canada for the past several years.

    Competitive personal loan rates

    Get rates from 7.20% - 14.20% if you have good to excellent credit.

    Switch between fixed and variable

    ATB offers the flexibility of switching between fixed and variable rates any time without penalty.


    Fairstone

    Fairstone

    • APR: 19.99% - 39.99%
    • Loan amount: $500 – $50,000
    • Loan term: 6 - 120 months
    • Eligibility requirements: Meet minimum income and credit score requirements

    Why it’s one of the best personal loans

    Established presence

    Fairstone has been in business since 1923 and has over 230 branches across Canada. It is owned by a Schedule 1 bank.

    Fast

    Get a quote within minutes without affecting your credit score, and get your unsecured loan within 24 to 48 hours (secured loan may take longer).

    Flexible options

    Borrow as little as $500 and as much as $50,000 with terms from 6 - 120 months. You can apply online or in person.


    easyfinancial

    easyfinancial

    • APR: 9.99% - 46.96%
    • Loan amount: $500 – $100,000
    • Loan term: 9 - 84 months
    • Eligibility requirements: Meet minimum income and credit score requirements

    Why it’s one of the best personal loans

    Established presence

    easyfinancial has been in business for over 30 years and has over 400 branches across Canada.

    Quick

    Get approval in as little as 10 minutes and get your money as soon as the same day.

    Flexible options

    Borrow as little as $500 and as much as $100,000 with terms from 9 - 84 months. Apply online or in person, and get a 2% rate reduction when you apply with a co-borrower.


    National Bank

    National Bank

    • APR: 9.65% - 13.70%
    • Loan amount: N/A
    • Loan term: 6 - 60 months
    • Eligibility requirements: Must be employed or have a source of income

    Why it’s one of the best personal loans

    Upfront about rates

    National Bank lists its rates transparently on its website. It provides a list of possible fixed and variable interest rates based on how much you borrow and which term you choose. Fixed rates start at 9.65% and go up from there. Variable rates hover between 12.20% - 13.70%.

    Choice between fixed and variable rate

    Take advantage of fixed or variable rates based on the amount of risk you want to take. With a fixed rate, your rate will stay the same and your payments will be consistent. With a variable rate, more or less of your payments will go towards paying the principal depending on market conditions.

    Established presence

    National Bank of Canada is the sixth largest bank in Canada. It’s headquartered in Montreal and has branches across the country. The bank services over 2.4 million customers and is a good option if you want bank-level protection and in-person service.


    Alternatives to the best personal loans in Canada

    If you don’t think one of the best personal loans in Canada is the right fit for you, there are other personal financing options you can consider.

    • Personal line of credit. Lines of credit are a revolving credit account where you can borrow as much as you need to at any given time up to your credit limit. You then only pay interest on what you borrow. The interest rates on lines of credit and qualification requirements tend to be comparable to personal loans.
    • Home equity line of credit. A home equity line of credit (HELOC) is a specific type of line of credit that is secured with your home. You can typically borrow up to a percentage of your home’s value. Because HELOCs are secured, it’s less risky for the lender, which means you’ll often be offered relatively low interest rates compared to standard lines of credit or personal loans.
    • Credit cards. Credit cards are typically more expensive than personal loans, but also provide more flexibility and convenience since you can easily pay for purchases directly from your credit card and only pay interest on what you borrow. The interest rate on a credit card is typically around 20%, which makes it more expensive than the interest rate you can typically get on a personal loan with good to excellent credit.
    • Bad credit installment loans. If you’re having trouble qualifying for some of the best personal loans in Canada, you may have better luck qualifying for an installment loan. These types of loans are similar to personal loans, but are offered by alternative lenders who have more lenient eligibility criteria, offer higher interest rates and have lower loan amounts than traditional personal loans. Learn about the best installment loans.
    • Debt relief. If you’re experiencing financial hardship and struggling to get approved for a loan, it may be time to consider debt relief options.

    Survey methodology

    The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 and April 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their past use and current plans to use personal loans and other forms of credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.

    Bottom line

    Personal loans are a quick and affordable way to get access to financing, especially if you have good credit. There are many different types of personal loans. That’s why you’ll want to compare factors like how much you want to borrow, the interest rates you’re willing to pay and how long your loan term should be to find the best personal loan in Canada for your needs.

    Frequently asked questions about the best personal loans in Canada

    More guides on Finder

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