Do you need a personal loan to cover a major expense? Banks and credit unions are solid choices when you have good credit, but they’re not your only option. If you have bad credit, traditional lenders might be out of reach, but many alternative lenders in Canada are more lenient with their requirements.
This guide covers the best personal loans in Canada for various financial situations. Compare lenders to find the best rates and terms for your needs.
From the Big Five to a range of smaller financial institutions, banks are the first option for many of us when we need a personal loan.
Bank personal loans offer some of the best interest rates around. You can borrow up to $50,000 (or more in some cases), choose a fixed or variable rate, and repay your loan over a term ranging from 1 to 5 years.
But you will need good to excellent credit to qualify for a bank personal loan, and banks tend to have slower approval and funding times than online lenders.
If you want the security and peace of mind that comes with borrowing from a Big Five bank, consider a CIBC personal loan. CIBC offers unsecured loans of up to $200,000, and even higher amounts if you opt for a secured loan. Terms range from 1 - 5 years, but you also have the flexibility to repay your loan early without penalty.
Why choose it
Low rates. As one of the largest banks in Canada, CIBC can offer some of the best interest rates. However, you'll need to be in a strong financial position in order to get a low rate.
Flexible loan options. Choose between a fixed and variable rate. Use your home or other assets as collateral to increase your chances of approval and to potentially borrow more, or get an unsecured personal loan for a faster approval process.
Fast online application. Unlike some traditional lenders, CIBC has an online application that's easy to fill out and takes about five minutes.
Apply online within minutes
Large loan amounts
Competitive interest rates
Flexible repayment options
No prepayment fees
Bad credit is not OK
High minimum loan amount of $3,000
Slow approval process
Loan Amount
$3,000 – $200,000
APR Range
Undisclosed
Loan Term
1 - 5 years
Serviced Provinces/Territories
Across Canada
Requirements
Canadian citizen or permanent resident, of the age of majority in your province, with good to excellent credit (660 or higher), earn a minimum income of $17,000 annually, have not claimed bankruptcy within the last 7 years, have not been declined for any CIBC credit in the past 6 months.
BMO is a solid option if you have strong enough credit to qualify for a bank personal loan. You can choose a secured or unsecured loan, borrow amounts starting from $2,000, and opt for a fixed or variable rate. Terms range from 1 - 5 years, and you can choose a monthly, semi-monthly, bi-weekly or weekly repayment schedule.
Competitive interest rates
Secure your loan to get a lower interest rate
Flexible repayment options
Major bank
You can't apply online
You need good to excellent credit
APR range not listed online
Loan Amount
Starting at $2,000
APR Range
Undisclosed
Loan Term
1 - 5 years
Serviced Provinces/Territories
All of Canada
Best bad credit loans
Bad credit may stop you from qualifying for a loan from a traditional lender like a bank, but the good news is that there are plenty of alternative lenders that offer bad credit personal loans.
Rather than focusing on your credit history, these lenders will check your income to make sure you can afford to repay a loan. They offer easy online applications and fast approval, with funding often available the same day.
But high interest rates apply, and you’ll also need to watch out for other loan fees.
Loans Canada isn't actually a lender but a loan search platform. When you fill out a Loans Canada personal loan application online, you'll get matched with offers from the platform's network of lending partners. These lenders offer loans for good and bad credit, and when you find the best offer, you can then complete the application process with that lender.
Why choose it
Bad credit is OK. Loans Canada's lending partners offer loans for borrowers with all types of credit, so bad credit won't stop you from getting a loan.
Large lending network. Loans Canada works with 60+ lenders, making it easy to compare multiple loan offers in one place.
Free to use. There are no fees for using the Loans Canada platform.
Loans for good or bad credit
Apply online in minutes
Quick and easy way to compare loan offers
Better Business Bureau accredited with an A+ rating
High interest rates
Not a direct lender
Watch out for loan fees
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
LoanConnect is well worth a look if you're searching for the best bad credit personal loans. This loan search platform allows you to fill out a single online application and then compare offers from a network of 30+ lenders. There are secured and unsecured loans available, you can borrow up to $60,000, and the platform makes it easy to connect with lenders that offer loans for good and bad credit.
Loans for all types of credit
Get pre-approved in a minute
Compare multiple lenders in one place
Free to use
High rates for bad credit
Not a direct lender
You're limited to its network of lenders
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Best no credit check installment loans
The best no credit check installment loans offer quick online applications and fast access to funds. Lenders will assess your income and employment situation to determine if you can afford a loan. And with no credit checks to worry about, you can often get approved and funded the same day.
You will then repay your loan plus interest in weekly, bi-weekly or monthly installments. But these lenient eligibility criteria come at a cost, so you’ll need to watch out for high interest rates and brokerage fees when applying for a loan.
Green Loans is an online broker that connects you with lenders that offer small personal loans. You can borrow up to $1,000, apply online within minutes, and get funded even if you have poor credit. If approved, you'll get your money via e-Transfer or direct deposit and then repay it over a term ranging from 3 - 12 months.
Why choose it
No credit checks. Bad credit won't stop you from getting a loan with Green Loans' network of lending partners.
Fast funding. You can get approved online instantly and receive your loan the same day or within 24 hours.
Accepts non-employment income. Green Loans accepts several types of non-employment income, including disability benefits, private pensions, CPP, OAS, workers' compensation and more.
Apply online in minutes
Get funded within 24 hours
Bad credit is OK
No collateral required
Repay early without penalty
Not a direct lender
22.00% - 35.00% + broker fee APRs
Small loan amounts won't suit everyone
Loan Amount
$300 – $1,000
APR Range
22% – 35%
Loan Term
3 - 12 months
Serviced Provinces/Territories
all provinces except Manitoba
Turnaround Time
within 24 hours
Min. Credit Score
300
Fees
2.66% late fee
Requirements
• Share banking access via our secure IBV system (Instant Banking Verification) • Have a Canadian bank account open for 90+ days with online access • Be a Canadian citizen or permanent resident with a job • Be 18 or older (or provincial age of majority) • Earn at least $1,200 monthly in net income • Provide a valid phone number, email, and home address • You must not be in a bankruptcy or a consumer proposal. • You must not be planning to declare bankruptcy or a consumer proposal.
Vancity's Fair and Fast Loan is an affordable alternative to a payday loan. Rather than worrying about your credit score, Vancity determines your eligibility for a loan based on your income. You can borrow up to $2,500 at a fixed interest rate of 19.00%, and you can repay your loan over a term of 12 - 24 months.
Much cheaper than a payday loan
No credit checks
Get funded Within 10 minutes
Pay your loan back early without penalty
Cheaper than other no credit check loans from alternative lenders
$2,500 may not be enough for your needs
19.00% is still a high rate
Loan Amount
$100 – $2,500
APR Range
Starting at 19%
Loan Term
12 - 24 months
Serviced Provinces/Territories
BC
Turnaround Time
Within 10 minutes
Fees
No prepayment fees
Requirements
Unknown
Best private lines of credit
Leading alternative lenders offer flexible lines of credit for Canadian borrowers. These lenders have more lenient eligibility requirements than banks, and they offer fast online applications and approvals.
With a line of credit, you get access to a preapproved amount of money as and when you need it. You only pay interest on the money you use, not the entire credit limit, and you can borrow funds again after you have repaid them.
It’s also possible to qualify for a line of credit with less-than-perfect credit, but you’ll need to watch out for high interest rates.
Fora's unsecured line of credit is designed for people who might not meet the strict eligibility criteria of traditional lenders. Credit limits of up to $15,000 are available, and you can apply online in a matter of minutes. Interest rates ranging from 19.9% to 34.9% apply, but there are no origination or annual fees to worry about.
Why choose it
Fast access to funds. You can fill out an online application in minutes and get your loan funds the same business day.
Lenient eligibility criteria. The Fora line of credit is worth checking out if you can't meet the strict eligibility requirements of traditional lenders.
Positive reviews. Fora has an average rating of 4.6/5 stars based on over 600 Trustpilot reviews.
Online ban verification for a fast application and approval process
The MogoMini line of credit offers flexible access to funds for borrowers on a low income or with bad credit. Credit limits of up to $5,000 are available, and you can get pre-approved for funding within minutes of applying online. And if after 100 days you decide that this is not the right line of credit for you, you can repay the principal balance, and Mogo will refund the fees and interest you've already paid.
Bad credit is OK
Cheaper than a payday loan
Flexible repayments
Easy to manage your line of credit online
High interest rates
You may need more than $5,000
Watch out for transfer fees and NSF fees
Loan Amount
$300 – $5,000
APR Range
Up to 34.36%
Loan Term
Open
Serviced Provinces/Territories
BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT
Min. Credit Score
600
Fees
None
Requirements
Canadian resident, age of majority in your province of residence, annual net income of $35,000
Best credit union personal loans
The best credit union personal loans often come with more lenient eligibility criteria than banks. They offer competitive interest rates too, but they typically offer slower application and approval times than online lenders.
You’ll typically be able to choose a fixed or variable rate, opt for a secured or unsecured loan, and repay the principal and interest over a term of 1 to 5 years. However, you will usually need good to excellent credit to qualify for a credit union personal loan, and you’ll also need to become a member to get funded.
Innovation Federal Credit Union personal loans start at $5,000. You can apply online in minutes, take advantage of fast approvals, and repay your loan over a term of up to 10 years. You also have the option to pay your loan off early without being slugged with any extra fees.
Why choose it
Fast approval. You can submit an application online and get approved within one business day, which isn't typical for a credit union.
Choose your repayment schedule. Choose a repayment plan that suits your income—weekly, bi-weekly or monthly.
Competitive interest rates. Innovation Federal Credit Union personal loan interest rates start at 5.95%.
Simple online application process
Low interest rates for excellent credit
Flexible repayment options
Available across Canada (except Quebec)
Bad credit is not OK
High minimum loan amount of $5,000
Application fees may apply
Loan Amount
$5,000 – $50,000
APR Range
5.95% – 19.45%
Loan Term
12 - 120 months
Serviced Provinces/Territories
All provinces (excluding Quebec)
Turnaround Time
Approval in one business day
Fees
$5 membership fee
Requirements
18 years of age and a Canadian resident
Runners-up: Prospera and Kindred
Prospera Credit Union and Kindred Credit Union both received the same score based on our methodology.
BC-based Prospera offers competitive fixed-rate and variable-rate personal loans. You can apply online in 5 to 20 minutes and get pre-approved, with terms of 12 - 60 months available. Variable rates start at From Prime + 2.75%, while 5-year fixed rates start at 8.98%.
Ontario-based Kindred also offers competitive rates, the choice of a fixed-rate or variable-rate loan, and terms of up to 5 years. Pre-approval is available as well to make it easier for you to compare your borrowing options.
Very competitive interest rates
Easy pre-approval
Flexible repayment options
Ontario only (Kindred)
Bad credit is not OK
You'll need to become a member to apply
Loan Amount
$5,000 – $35,000
APR Range
5.45% – 13.7%
Loan Term
1 - 5 years
Serviced Provinces/Territories
ON
Turnaround Time
Varies
Fees
Unknown
Requirements
Unknown
Best loan search platforms
The best loan search platforms in Canada make it quick and easy to compare loan offers and choose one that’s right for you. Instead of filling out pre-approval applications at multiple lenders, you can fill out a single application to compare your loan options in one place.
Loan search platforms can help you access secured and unsecured personal loans as well as a wide range of other borrowing options. Loans are available for good and bad credit. Platforms are free to use too, but it’s worth noting that they don’t actually lend money, so your loan will be managed by a third party.
LoanConnect is our winner as the best loan search platform for several reasons. It offers a user-friendly interface, easy access to a large network of lenders, and pre-approvals within a minute. Even better, you get the peace of mind of dealing with a Better Business Bureau accredited provider with an A+ rating.
Why choose it
Fast and convenient pre-approvals. You can apply and get pre-approved for loans of up to $60,000 in 60 seconds, and doing so won't affect your credit score.
Same-day funding. If you need money fast, it's possible to get approved and funded the same day.
Free to use. There are no fees for using LoanConnect.
Bad credit is OK
Terms from 3 - 120 months
Canadian Lenders Association Approved Vendor
Compare offers from a network of lenders in one place
Not a direct lender
High interest rates for bad credit
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Loans Canada is a free loan search platform based in Toronto, Ontario. It has a large network of 60+ lenders for all types of borrowers. If you've been denied a personal loan by a bank or credit union or simply want to compare offers to find the best for you, Loans Canada is worth considering.
Easy and free to use
Large network of lenders
Bad credit is OK
Compare multiple loan offers
Not a direct lender
High rates if you have bad credit
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
Best private direct lenders of personal loans
If you don’t want to go through a loan search platform, you can go straight to the source and apply directly to a private lender.
These lenders offer quick and easy online applications and sometimes also operate branch networks across Canada. Their eligibility requirements aren’t as strict as banks and credit unions, so it’s possible to get a loan even if you don’t have strong credit.
Private lenders can also offer fast funding, so it’s possible to get your money the same day or within a few hours in some cases. However, you’ll need to settle for higher interest rates than bank and credit union personal loans, especially if you have bad credit.
easyfinancial is one of the largest and most well-known alternative lenders in the country, offering personal loans to Canadians who can't access traditional financing because of their low credit score, low income or existing debts. You can apply for a loan with or without collateral.
Why choose it
Lenient eligibility requirements. If you have bad credit, or if you're a student or newcomer to Canada with a limited credit history, you can still apply for a loan with easyfinancial.
Fast access to funds. You can get approved within 30 minutes, then get your funds via e-Transfer as quickly as a few hours after applying.
Established lender. easyfinancial was founded in 2006 and operates over 400 branches across Canada.
Apply online or in person
High approval rate
Flexible repayment options
Repay early without penalty
Available across Canada
High interest rates
Watch out for additional fees
Some mixed customer reviews on Trustpilot
Loan Amount
$500 – $150,000
APR Range
9.99% – 35%
Loan Term
9 - 240 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Approval within 30 minutes
Min. Credit Score
300
Fees
Potential NSF fee, late payment fee, Credit Optimizer fee
Requirements
Min. monthly income of $1,200, min. credit score of 300
Established in 2014, Spring Financial is an online lender that works with borrowers who have all types of credit. You can borrow up to $35,000, choose a loan term ranging from 6 months to 7 years, and get your funds via e-Transfer the same day. You also get the security of dealing with a lender that has thousands of positive customer reviews.
Completely online borrowing process
Fair or bad credit is OK
Repay your loan early without penalty
Available across Canada
4.6/5 stars based on 19,800+ Trustpilot reviews
High interest rates if you have bad credit
You could get offered a credit builder loan instead
Loan Amount
$500 – $35,000
APR Range
9.99% – 34.95%
Loan Term
6 - 84 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
No fees except a $30 NSF fee
Requirements
Min. income of $2,000, min. credit score of 550, 3+ months employed
How we found the best loans
Finder experts collected 11 points of data for more than 50 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder. While we aimed to review a wide range of lenders, the loans listed do not reflect the entire market. Read more about the Finder personal loan ratings and review methodology.
Best personal loans in Canada by the numbers
Compare the rates, loan amounts and loan terms of the best personal loans side by side.
Lender
Best for
APRs
Loan amount
Loan term
CIBC
Bank
Not Disclosed
$3,000 – $200,000
1 - 5 years
Loans Canada
Bad credit
9.99% - 35.00%
$500 – $35,000
6 - 60 months
Green Loans
No credit check
22.00% - 35.00% + broker fee
$300 – $1,000
3 - 12 months
Fora
Private line of credit
19.90% - 34.90%
$1,000 – $15,000
Open
Innovation
Credit union
Prime + 1.5% to Prime + 15%
$5,000 – $50,000
12 - 120 months
LoanConnect
Loan search platform
8.99% - 35.00%
$500 – $60,000
3 - 120 months
easyfinancial
Direct private lender
9.99% - 35.00%
$500 – $150,000
9 - 240 months
What are the best personal loan rates in Canada?
Traditional lenders like banks and credit unions tend to offer lower interest rates than alternative lenders, but you’ll need good to excellent credit to qualify. The rate you get will also be affected by factors like your credit score and income, but you can check out the table below for details of the best personal loan rates in Canada.
Lender type
Starting rate
Traditional lender
Prime + 1%
Alternative lender
6.99%
What are the best quick loans in Canada?
The best quick personal loans in Canada come from online lenders like Spring Financial and easyfinancial. Other options to consider for fast funding include Vancity’s Fair and Fast Loan, Blue Copper Capital and Fairstone. If you prefer to apply to a loan search platform, LoanConnect and Loans Canada are both solid picks.
To speed up the process, make sure to apply to a lender who offers instant decisions, bank verification and fast e-Transfer funding.
How to find the best loan companies in Canada
Consider taking the following steps to find the right loan for your needs.
1. Know your credit score
Knowing your credit score can help identify loans where you have a high rate of approval. Request your credit score from credit bureaus or fintech companies:
Credit bureaus. Order a free copy of your credit report once a year from one of the two credit bureaus operating in Canada: Equifax or TransUnion. This free report will be sent through postal mail and takes approximately two weeks to arrive. Another option is to pay a fee to get instant access to an online copy of your credit report.
Fintech companies: Lenders like Borrowell, Loans Canada and Nyble offer credit monitoring.
2. Decide what type of personal loan you want
What’s best will depend on your financial situation.
Secured personal loans. Secured loans require you to use collateral, such as your house or car, to secure your loan. If you default on your loan or can’t keep up with repayments, your lender can repossess the asset. Secured loans often come with the lowest interest rates because you reduce the risk for the lender.
Unsecured personal loans. Unsecured loans come with higher interest rates because they don’t require any collateral. Instead, these loans rely on your credit score and other personal factors to determine your eligibility.
Individual loans. These loans don’t require cosigners. You will be solely responsible for their repayments, and your credit score will suffer if you default or miss a payment.
Cosigned loans. If you can’t qualify for a traditional loan on your own, you can ask someone close to you to cosign on your loan and act as a guarantor. This guarantor must accept responsibility for repaying the loan if you default on your payments. Also, any missed payments or defaults will impact your credit score as well as the guarantor’s credit score. Your guarantor should know what they’re committing to before signing.
Fixed-rate personal loans. A fixed-rate personal loan has a set interest rate that doesn’t fluctuate over the loan term. Because your rate is fixed, your monthly payments will stay the same, which can help you budget. Banks, credit unions, P2P lenders and alternative lenders offer fixed-rate personal loans.
Variable-rate personal loans. A variable-rate personal loan has an interest rate that can change as market conditions fluctuate. The interest rate on these loans will increase when the Bank of Canada hikes interest rates — a situation that happened several times over the last 24 months. Banks and credit unions offer variable-rate personal loans, along with a handful of private lenders.
3. Decide on the best place to get a loan
Compare different types of lenders to find the best place to get a personal loan.
Banks and credit unions
Best for people with good to excellent credit
Competitive rates
Secured/unsecured loans
Fixed or variable
In-person service
Long wait times
Loan search platforms
Best for people with poor to fair credit who want to compare offers from multiple lenders in one place
Access a network of lenders
Loans for all types of credit
Secured and unsecured loans
Entirely online
Faster approvals than banks and credit unions but slower than applying directly with a private lender
Alternative, private lenders
Best 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 top loan in Canada for your needs:
APR is the annual interest rate plus the fees to finance your loan. It gives you a more realistic idea of how much your loan will cost. Aim to get pre-approved with a few lenders to find the best APR for your credit score. Some lenders, such as Mogo and Fairstone, can even give you a free quote within minutes without doing a hard credit check (which can impact your score).
Loan amounts vary among lenders, so make sure you can borrow the amount you need. With a personal loan, you can typically borrow as little as $500 and as much as $50,000, depending on your credit score.
The length of time you have to repay your loan also varies among lenders. Loan terms are usually between 6 and 60 months, but they can be longer if you borrow a large amount or use an asset as collateral to secure your loan (for example, your house to secure a home equity loan).
You may encounter costs beyond the interest rate. Here’s what you should watch out for:
Insufficient funds (NSF) fee. This is a common fee, usually between $25 and $50. Lenders charge this in addition to the NSF fee your bank will charge.
Late payment fee. Pay this fee for late or missed payments. The fee is either a fixed amount ($15 to $40) or a percentage of the unpaid balance.
Origination fee. This is a set-up or processing fee that is deducted from your loan amount. Typically, expect to pay between 1% and 5% of the loan amount.
Prepayment penalty. This is not at all common for unsecured personal loans.
Loan insurance. This is coverage for your loan repayments in the event of a job loss, critical illness, accident or death. It adds to the cost of your loan and is completely optional. Avoid lenders that pressure you to buy loan insurance.
Think about the following when determining the right lender for you:
Frequency of repayments. Some lenders only allow monthly payments, while others give you a choice between weekly, bi-weekly, semi-monthly or monthly.
Flexibility of repayment schedule. Some lenders let you easily change your payment schedule and manage your payments online, while others are more restrictive.
Ease of prepayment. Check for prepayment fees to make sure you won’t incur fees for making early payments or paying your loan off ahead of schedule.
When discussing your loan offer, ask your lender how much of your monthly payment will go towards the principal vs interest (and double-check this against the fine print in your loan contract).
If your finances aren’t stable, you may want to check out lenders that offer one of the following options:
Skipping a payment: Some of the big banks let you skip a payment or two per year.
Grace period: Some lenders give you a few penalty-free days after your payment due date (such as goPeer).
Trial period. The odd lender may let you “test run” your loan. For example, Mogo gives you a refund on interest paid if you’re unhappy with your loan and return the full principal within 100 days (with certain loan types only).
Checking a lender’s online presence and customer reviews, especially if it’s a lesser-known private lender, can give you a good indication of the quality of service you can expect to encounter with your loan. 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.
Video: 5 best personal loans
4:46
How do I make sure a loan company is legit?
To make sure a loan company is legit, check the lender’s business registration, office address, phone number, terms and conditions, privacy policy, social media presence and customer reviews. Learn more about online loans.
Key takeaways
There is no single personal loan that’s best for everyone, so it’s important to compare providers to find the right fit for you.
Personal loan rates depend on your personal situation. The best rates go to borrowers with strong credit, whereas borrowers with bad credit need to be prepared for high interest rates.
Alternative lenders are faster at approval and funding than banks, but their rates are generally higher.
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 right personal loan in Canada.
Frequently asked questions
You can find the best loan company in Canada by knowing exactly what you need in a personal loan, such as the loan type, loan amount, loan term, repayment flexibility and APR. From there, you can compare lenders and get pre-approval.
Check to see how the lender conducts itself during the offer stage. A reputable lender will take the time to make sure you understand the terms of your loan and will not pressure you into signing the contract or buying additional products you don't want.
The best small loans in Canada are from lenders of cash advances, installment loans and payday loans. Each comes with its pros and cons, so to find out what's best for your situation, read our small loans guide.
The most common loans in Canada are personal loans, car loans, lines of credit and mortgages.
Among the Big Six banks, CIBC and National Bank have the most convenient online applications. However, banks have strict eligibility requirements. You typically need a credit score above 660, stable income and a low debt-to-income ratio to get approved for a bank loan. Learn more about the easiest financial institutions to get a loan.
Your credit score is an important factor that providers look at to determine your eligibility for a loan. If you have a bad credit score, it can be more difficult to qualify for a loan or you could end up paying much higher interest rates than someone with good credit. That's why it's important to compare personal loans for your unique financial situation.
A good credit score is usually any score that sits at 660 or above. Any score that falls below this number isn't necessarily bad, but it may cause you to have more difficulty getting approved for a personal loan. You can easily apply for a copy of your credit score with reputable credit bureaus such as Equifax or TransUnion.
That depends on your credit score, your debt-to-income ratio and other factors. If you have an excellent credit score and very little debt, an interest rate that's only a few points over the prime rate – currently 4.45% – would typically be considered good.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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Compare lenders in Canada that can approve you quickly for unemployment loans.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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