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
43% (British Columbia and Ontario) and 34.90% (Quebec)
Interest Rate Type
Min. Credit Score
Minimum Loan Term
Maximum Loan Term
Cater to bad/no credit borrowers
Less stringent eligibility criteria
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.
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:
Do you care the most about rates? Monthly repayments? Overall loan cost? Consider what matters the most to you and start comparing lenders based on that feature.
Comparing APR is a good way to get a quick idea of which loan is the least expensive — as long as loans have the same terms. When you’ve narrowed down your choices, use a calculator to find out how much each option might cost you in the short and long term.
Different lenders have different minimum and maximum limits. Rule out any lenders that don’t offer the loan amount you’re looking for. And keep in mind that how much you can borrow depends on your income, credit score and other aspects of your personal finances.
Even if you have excellent credit and a high income, you might not be eligible for almost every loan. Some lenders don’t operate in every province and territory. Others might have other restrictions. If you’re not sure what the requirements are, reach out to the lender’s customer service team and ask.
Reading customer reviews can give you an idea of the quality of customer service you can expect with a lender. Take reviews with a grain of salt — people typically don’t go to the Better Business Bureau or Trustpilot when they’re satisfied with a product. But if you notice a pattern of complaints, that could be a red flag.
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.
No. While your likelihood of approval for a personal loan may be greater with an excellent credit score, there’s no such thing as a guaranteed personal loan. Be sure to consider the lender’s other eligibility requirements, such as income and employment status, before applying.
There are a number of ways to improve your credit score. Top methods include monitoring your credit report and correcting errors, keeping your credit utilization low and avoiding late payments as much as possible. Read our guide to improving your credit score for more tips — including how to boost your credit score when you’re in the poor or fair credit range.
Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like CNBC, Business Insider and The Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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