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Best personal loans of October 2020*

Compare personal loans starting and find the right loan for your needs – no matter your credit score.

Updated

Fact checked
Couple reviewing loan agreement

We’ve compiled some of the best* loan offerings across a range of categories to help you narrow down the best personal loan for your needs. Taking the time to make an educated decision could mean the difference between a decent personal loan and the one that’s right for you.

Three best personal loans*

Best for low interest rates: LoanConnect Personal Loan

N/A
Min. Credit Score
10%
Starting APR
$50,000
Loan Amount
LoanConnect is an online broker that matches borrowers to lenders offering loans in amounts from $500 to $50,000. Get approved in as little as 60 seconds with any credit score.
Min. Loan Amount $500
Max. Loan Amount $50,000
APR 10.00%-46.96%
Interest Rate Type Fixed
Minimum Loan Term 6 months
Maximum Loan Term 60 months
Pros
  • No application or origination fees
  • Loans up to $50,000
  • Work with all credit scores and variety of income types
  • Secured and unsecured loans available
  • Available to borrowers in all provinces
  • Receive funds within as little as 24 hours
Cons
  • Not a direct lender

Best for no fees: Fairstone Personal Loan (Unsecured)

560
Min. Credit Score
26.99%
Starting APR
$20,000
Loan Amount
Fairstone offers both unsecured and secured personal loans. With a quick application process, you'll get a free online loan quote within minutes.
Min. Loan Amount $500
Max. Loan Amount $20,000
APR 26.99% - 39.99%
Interest Rate Type Fixed
Min. Credit Score 560
Minimum Loan Term 6 months
Maximum Loan Term 5 years
Pros
  • No early settlement fee
  • Flexible loan amounts
  • No prepayment fees
Cons
  • High starting APR

Best for applying with a guarantor: LendingMate Personal Loan

700
Min. Credit Score
34.9%
Starting APR
$10,000
Loan Amount
LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Min. Loan Amount $2,000
Max. Loan Amount $10,000
APR 43% (British Columbia and Ontario) and 34.90% (Quebec)
Interest Rate Type Fixed
Min. Credit Score 700
Minimum Loan Term 12 months
Maximum Loan Term 60 months
Pros
  • Cater to bad/no credit borrowers
  • Less stringent eligibility criteria
  • No fees
Cons
  • High APR
  • Low maximum borrowing amount

How we selected the best personal loans

*We’ve chosen the products on this page based on the providers available through Finder. These loans are not representative of the entire market. When choosing the best personal loans, we considered each lender’s rates, fees, terms, borrowing amounts, funding speed and borrower perks.

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

Score better rates by improving your credit

No matter where your credit score sits, improving your credit is a simple way to decrease the cost of borrowing. Taking the time to pay down the balances of some of your credit cards, correcting late payments and paying balances on time are quick ways to improve your score. When a lender sees you have a good handle on your finances, it’s that much more likely to approve you for a lower rate on your next personal loan.

Compare personal loans

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
Mogo Personal Loan
9.90% - 47.42%
$35,000
9 months - 5 years
NSF fee - $20 - $50
540
Go to site
More Info
Mogo offers loans up to $35,000 on flexible terms.
LoanConnect Personal Loan
10.00%-46.96%
$50,000
6-60 months
No application or origination fees
N/A
Go to site
More Info
LoanConnect is an online broker that matches borrowers to lenders offering loans in amounts from $500 to $50,000. Get approved for multiple loan offers from different lenders in as little as 60 seconds with any credit score.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$50,000
3-60 months
No application or origination fees
300
Go to site
More Info
Loans Canada connects borrowers to lenders offering both secured and unsecured personal loans in amounts from $300 to $50,000. Submit one application to get rates from multiple lenders across Canada.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$20,000
6 months - 5 years
None
560
Go to site
More Info
Fairstone offers unsecured personal loans up to $20,000
Cash Money Installment Loan
46.93%
$10,000
6 months - 5 years
Vary across provinces/territories
560
Go to site
More Info
Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
LendDirect Personal Loan
19.99% - 46.93%
$15,000
No end dates
None
560
Go to site
More Info
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
$10,000
1-5 years
None
700
Go to site
More Info
LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$35,000
3-10 years
Varies by province
560
Go to site
More Info
Fairstone offers secured personal loans up to $35,000.
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Personal loans by lender type

How much will my loan cost?

How much your loan costs depends on the rates, terms and how much you borrow.

Ask these questions to find the best personal loan

Comparing lenders is the best way to get a good deal. Ask yourself these questions if you’re not sure where to start:

Read more about personal loans

Bottom line

At the end of the day, the best personal loan depends on your needs and your finances. There are a number of loan types and lenders to cover pretty much any situation, so do some careful research when you’re searching for a loan. Start by reading our guide to personal loans so you know where to look and how to tell when an offer really fits your needs.

Frequently asked questions

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