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Best personal loans in Canada

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

If you’re searching for a personal loan, 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 be prepared 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

Loan providerAPRLoan amountLoan termKey features
LoanConnect8.99% - 46.96%$500 – $50,0003 - 120 monthsLoan search platform for all credit scoresGo to site

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Loans Canada6.99% - 46.96%$300 – $50,0003 - 60 monthsLoan search platform with the largest lender networkGo to site

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Spring Financial10.8% - 46.99%$500 – $35,0006 - 60 monthsFast online personal loansGo to site

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easyfinancial9.99% - 46.96%$500 – $100,0009 - 120 monthsSecured and unsecured personal loans for low credit scoresGo to site

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Mogo9.90% - 46.96%$500–$35,0006 - 60 monthsQuick quotes with no impact to creditGo to site

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SkyCap Financial12.99% - 39.99%$500 – $10,0009 - 36 monthsOnline personal loans with excellent serviceGo to site

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Fig: A Fairstone Bank Company12.99% - 31.99% $2,000 – $30,00024 - 60 monthsCompetitive online personal loans for good credit onlyGo to site

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goPeer8.99% - 34.99%$1,000 – $35,00036 or 60 monthsP2P loans with competitive ratesGo to site

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FlexMoney18.90% - 46.93%$500 – $15,0006 - 60 monthsQuick installment loans

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BMO8% - 16%From $2,0001 - 5 yearsFlexible personal loans for prime borrowers

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National BankN/AVaries6 - 60 monthsConvenient bank personal loans

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Picture not described19.99% - 39.99%$500–$60,0006 - 120 monthsUnsecured and secured personal loans for non-prime borrowers

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Magical Credit19.99% - 46.80%$1,500 – $20,00012 - 60 monthsOnline personal loans with flexible requirements

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Money Mart29.90% - 46.90%$500 – $15,0006 - 60 monthsUnsecured personal loans for bad credit

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How we found the best personal loans in Canada

To find the best personal loans in Canada, Finder experts collected more than 70 points of data for more than 60 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, with partners listed first. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.

464+

hours invested

112

lenders vetted

4,608

data points analyzed

1. LoanConnect: Loan search platform for good and bad credit

LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $50,000

Loan Amount

8.99% – 46.96%

APR

3 - 120 months

Term

LoanConnect is an online loan search platform founded in 2016. It's based in London, Ontario, and is a member of the Canadian Lenders Association. Whether your finances are strong or you could use some leniency from a lender, LoanConnect can match you for free with offers.

Why it's one of the best

Quick pre-approval. LoanConnect's application is easy to fill out and you'll get your results afterwards.

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.

Top 15 Most Recommended. LoanConnect made it to the top 15 most recommended personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

How to apply

Fill out an online application by providing your name, contact and employment details. Compare your offers after you submit.

  • Free to use
  • Large loan amounts available
  • Secured and unsecured options
  • BBB accreditation with an A+ rating
  • High rates for lower credit scores
  • You're limited to providers LoanConnect is partnered with
  • Not a direct lender
Loan amount $500 – $50,000
APR 8.99% – 46.96%
Term 3 - 120 months
Min. credit score 300
Fees No application, origination or brokerage fees
Turnaround time Receive funds in as little as 24 hours.
Serviced provinces All provinces

2. Loans Canada: Loan search platform with the largest lender network

Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$300 – $50,000

Loan Amount

6.99% – 46.96%

APR

3 - 60 months

Term

Loans Canada is a free loan search platform based in Toronto, Ontario. It's been in business for over a decade, and its advantage is that it operates the largest lender network in Canada. Its network includes lenders for all types of borrowers. If you have been denied a personal loan by a bank or credit union, it's worth considering Loans Canada.

Why it's one of the best

Time saver. Loans Canada works with over 60 partners. Your one application will be sent to a number of lenders across Canada that matches your profile, 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 featured in the news, such as CBC News, the Toronto Star and the Financial Post and is a member of the Canadian Lenders Association. Loans Canada was the finalist in the best personal loan search platform category in the Finder: Personal Loan Customer Satisfaction Awards 2023.

How to apply

Apply online by providing your name, contact and employment details. Get your loan offers right after.

  • Easy online application
  • Free
  • Secured and unsecured options
  • BBB accreditation with an A+ rating
  • High rates for lower credit scores
  • You're limited to providers Loans Canada is partnered with
  • Not a direct lender
Loan amount $300 – $50,000
APR 6.99% – 46.96%
Term 3 - 60 months
Min. credit score 300
Fees No application, origination or brokerage fees
Turnaround time Receive funds in as little as 24 hours.
Serviced provinces All of Canada

3. Spring Financial: Fast online personal loan

Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $35,000

Loan Amount

10.8% – 46.99%

APR

6 - 60 months

Term

Spring Financial is a direct lender of personal loans online. It has been in business since 2015 and has funded over 250,000 Canadians. This lender is a suitable option if you've been denied by a traditional lender because of your low credit score or insufficient income. However, if you don't qualify for a standard Spring personal loan, you'll be offered The Foundation loan. With this loan, you won't receive any money until after you make all on-time payments with interest.

Why it's one of the best

Fast. It's possible to apply, get approved and get your money all on the same day.

Flexible. Borrow as little as $500 and as much as $35,000. Pay it off any time without penalty.

Established presence. Spring Financial was included in the top 15 most recommended and the top 15 best-rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023. It has a high Trustpilot rating of 4.8 out of 5 based on over 12,000 reviews (but a low BBB rating).

How to apply

Take less than five minutes to fill out an online application. Then get a phone call from Spring Financial to discuss next steps.

  • Fast approval and funding
  • Low starting rate
  • Rebuild your credit
  • Pay off any time without penalty
  • High rates for bad credit
  • The Foundation loan may not be suited for you
  • Some complaints online about The Foundation and bad customer service
Loan amount $500 – $35,000
APR 10.8% – 46.99%
Term 6 - 60 months
Min. credit score 550
Fees No fees except $30 NSF fee
Turnaround time Within 24 hours
Serviced provinces All of Canada

4. easyfinancial: Secured or unsecured loan for low credit scores

easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $100,000

Loan Amount

9.99% – 46.96%

APR

9 - 120 months

Term

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 to get a loan with or without collateral. easyfinancial has been in business for over 30 years and has over 400 branches across Canada. Its locations consistently receive high ratings from clients, with many praising staff members' helpfulness throughout the process.

Why it's one of the best

Finder Awards winner. easyfinancial was awarded the Winner award in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.

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 - 120 months. Get a 2% rate reduction when you apply with a co-borrower.

How to apply

Visit an easyfinancial branch if you want face-to-face service. For a faster, more convenient process, fill out an online application and get a decision within minutes.

  • High loan amounts available
  • No prepayment penalties
  • Easy to get
  • Bad credit is okay
  • Expensive loan
Loan amount $500 – $100,000
APR 9.99% – 46.96%
Term 9 - 120 months
Min. credit score 300
Fees you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Turnaround time Approval within 30 minutes
Serviced provinces all provinces

5. Mogo: Quick quote with no impact to credit

Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $35,000

Loan Amount

9.9% – 46.96%

APR

6 - 60 months

Term

Founded in 2008, Mogo is a fintech company based in Vancouver, BC. It boasts over 1.5 million members and offers various financial products, including personal loans for good and bad credit.

Why it's one of the best

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. This is a rare perk that lets you save money if you change your mind about your loan. However, this may not be available to borrowers with low credit scores.

Top 15 Best-Rated. Mogo made it to the top 15 best-rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

How to apply

Sign up online for a free Mogo account. This only takes a minute or two, and once you've signed up, fill out a brief loan application. Get your quote immediately after without affecting your credit.

  • Fast decision and funding
  • Large loan amounts available
  • Low starting rate
  • Steep rates for low credit scores
  • Trial period only available to select borrowers
  • Not a direct lender
  • Some negative reviews online
Loan amount $500 – $35,000
APR 9.9% – 46.96%
Term 6 - 60 months
Min. credit score 600
Fees Non-sufficient funds fee of $20 to $50
Turnaround time Within 24 hours
Serviced provinces BC, AB, SK, MB, ON, NB, NS, PE, NL, YT, NT, NU

6. Fig: Online personal loans for high credit scores

Fig Personal Loans
Finder Score:
★★★★★
Go to site Read review

$2,000 – $30,000

Loan Amount

12.99% – 31.99%

APR

24 - 60 months

Term

Fig is a Canadian lender that launched in 2023, but the company backing it, Fairstone Bank, has been around for decades. Fig is based in Montreal, Quebec, but it's available in most provinces. It specializes in personal loans for people with good to excellent credit.

Why it's one of the best

Competitive rates. Fig's rates start at 12.99%, which is competitive against most other online-only lenders.

Easy process. Get instant pre-approval and get your loan funds within two business days. You won't ever have to step foot outside your home.

Backed by a big brand. Fig has a large, established lender backing it, one that has nearly 100 years of lending experience.

How to apply

To access Fig's online application, click the Go to Site button. Input your personal details and get a decision within minutes. Fig's application cannot be accessed directly on its website.

  • High loan amounts available
  • No prepayment penalties
  • Simple process
  • You may get better rates at a bank
  • Bad credit will not qualify
Loan amount $2,000 – $30,000
APR 12.99% – 31.99%
Term 24 - 60 months
Min. credit score 700
Fees NSF fee: $45
Turnaround time Up to 5 business days
Serviced provinces Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan

7. SkyCap Financial: Online private lender with excellent service

SkyCap Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

$500 – $10,000

Loan Amount

12.99% – 39.99%

APR

9 - 36 months

Term

Direct lender SkyCap Financial has had a steady online presence since 2013. It specializes in personal loans for fair to good credit, and you don't need collateral to get approved. This lender is worth considering if you don't qualify for financing from a bank or credit union.

Why it's one of the best

Helpful to clients. SkyCap Financial has received many reviews from clients praising its service. It also has a section on its site that breaks down the rates and fees it charges, which we've found uncommon for lenders. SkyCap also offers a free financial literacy course to its clients.

Received awards. SkyCap was a finalist in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024. This lender also made it to both the top 15 most recommended and the top 15 best-rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023. It was also a 2022 finalist for the Consumer Lender of the Year award by the Canadian Lenders Association.

Easy online application. Get a personal loan without ever leaving your home, and you can get funding within 24 hours.

How to apply

Apply online in less than 10 minutes. Connect your bank account to provide SkyCap with read-only copies of your bank statements. Provide a piece of ID to verify your identity.

  • Fast approval and funding
  • Convenient
  • Pay off any time without penalty
  • Transparent
  • Loan amounts not as high as other lenders in its category
  • Steep rates for low credit scores
Loan amount $500 – $10,000
APR 12.99% – 39.99%
Term 9 - 36 months
Min. credit score 575
Fees No fees except $50 NSF fee
Turnaround time 24 hours
Serviced provinces All provinces and territories except Quebec and Nova Scotia

8. goPeer: Peer-to-peer personal loan with competitive rates

goPeer Personal Loan
Finder Score:
★★★★★
Go to site Read review

$1,000 – $35,000

Loan Amount

8.99% – 34.99%

APR

36 or 60 months

Term

goPeer is a regulated peer-to-peer lending platform with offices in Calgary and Toronto. Apply online and get multiple offers from everyday Canadian investors. Your finances will need to be good shape in order for you to get strong offers and fast funding. If you're a riskier borrower, your rate will be higher and it may take longer to find investors willing to fund your loan.

Why it's one of the best

Competitive rates. Getting a loan from goPeer is completely online. This means goPeer can save on operating costs and pass on those savings to you.

Flexible loan amounts. You can borrow between $1,000 and $35,000 without needing to offer any collateral.

Repayment flexibility. Easily pay off your loan or make additional payments any time without any fees by logging in to your account and depositing funds from your bank account.

How to apply

Apply online within minutes by providing your name, contact and employment information. Receive one or more offers depending on the strength of your application.

  • No need to visit a branch
  • Regulated
  • Pre-qualify without affecting your credit
  • Origination fee
  • People with bad credit may not qualify
  • Slower process than other online lenders
Loan amount $1,000 – $35,000
APR 8.99% – 34.99%
Term 36 or 60 months
Min. credit score 600
Fees Origination fee varies
No application or prepayment fees
Turnaround time Receive a response within 24 hours of your loan application
Serviced provinces All provinces

9. FlexMoney: Quick, online installment loan from a private lender

FlexMoney Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$500 – $15,000

Loan Amount

18.9% – 46.93%

APR

6 - 60 months

Term

Direct private lender FlexMoney offers installment loans completely online. It's been around since 2012 with an office in Toronto, Ontario. It's BBB accredited with an A+ rating.

Why it's one of the best

Instant decision. FlexMoney's automated processes allows it to quickly review your application and let you know within minutes whether it wants to proceed.

Fast funding. Once you submit your signed loan agreement, you can get your money as soon as the same day or the next morning.

Build your credit. FlexMoney reports payments to the credit bureau, which can help improve your credit score and credit history.

How to apply

Fill out a simple online application and verify your income and identity via instant bank verification.

  • No prepayment penalties
  • Accepts pension
  • Easily make extra payments via e-transfer
  • Steeper interest rates than banks and credit unions
Loan amount $500 – $15,000
APR 18.9% – 46.93%
Term 6 - 60 months
Min. credit score 500
Fees No application, origination or prepayment fees
Turnaround time 24 hours
Serviced provinces Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, and Saskatchewan

10. BMO: Flexible personal loan for prime borrowers

BMO Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

Starting at $2,000

Loan Amount

8% – 16%

APR

1 - 5 years

Term

Bank of Montreal is a well-known Canadian bank that's been around for over 200 years, so you can be sure you'd be getting a personal loan from a legitimate lender. It's a strong option when your finances are in great shape. You can use its personal loan for whatever you need, such as consolidating debt, improving your home or paying for a major expense.

Why it's one of the best

Flexible options. Choose between a fixed and variable rate, and get a better rate when you use an asset, such as your home, as collateral. BMO's starting loan amount is $2,000, which is lower than other banks and helpful if you don't need to borrow that much.

Competitive rates. BMO doesn't reveal its personal loan rates online, but as a large bank with a more involved application process than alternative lenders, it can offer some of the lowest rates.

Finder Awards winner. BMO was awarded the Winner award in the Best Personal Loan Traditional Lender (National) category in the Finder: Personal Loans Best-in-Class Awards 2024.

How to apply

Book an appointment online to schedule a face-to-face meeting at a branch. Make sure to bring a government-issued photo ID and proof of employment, such as recent paystubs and T4 slips. If the personal loan is for consolidating debt, bring your statements for the debts you'd like to pay off.

  • Established, reputable lender
  • Many branches across Canada
  • Bad credit may not qualify
  • Some complaints about bad customer service
  • Requires a visit to the branch
  • Rates not posted online
  • Slower process than alternative lenders
Loan amount Starting at $2,000
APR 8% – 16%
Term 1 - 5 years

11. National Bank: Convenient bank personal loan

National Bank Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

N/A

Loan Amount

N/A

APR

6 - 60 months

Term

National Bank is one of the Big Six banks and has been serving Canadians since 1859. You can use its personal loan for many purposes, including consolidating debt, investing, renovating a home and more. You'll need a good to excellent credit score to get approved.

Why it's one of the best

Finder Awards finalist. National Bank was a finalist in the Best Personal Loan Traditional Lender (National) category in the Finder: Personal Loans Best-in-Class Awards 2024.

Fixed or variable rate. Choose fixed to lock down your rate throughout the life of the loan, or choose variable to save on interest if rates go down.

Apply online or in person. National Bank has a convenient online application that takes less than 15 minutes to complete, and it has hundreds of branches across Canada for more personalized service.

How to apply

Visit a National Bank branch or fill out a 15-minute application online. If you apply online, you'll need to provide your personal and financial details such as your name, address, job, assets and liabilities. Get a response within 24 to 48 hours via email or phone call. The representative will let you know what documents to provide.

  • Established lender
  • Many branches across Canada
  • No prepayment penalties
  • Bad credit may not qualify
  • Slower process than alternative lenders
Loan amount N/A
APR N/A
Term 6 - 60 months
Fees Varies
Turnaround time Varies
Serviced provinces All

12. Fairstone: Secured or unsecured personal loan for non-prime borrowers

Fairstone Personal Loans
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$500 – $60,000

Loan Amount

19.99% – 39.99%

APR

6 - 120 months

Term

If you have a fair to bad credit score, it's worth exploring options from direct lender Fairstone. You can get a personal loan with or without collateral, but you'll increase your chances of approval, especially if your credit score is not the best, if you secure the loan with your home equity. Make sure you can afford the loan though, because defaulting could result in losing your house. Fairstone has been in business since 1923, has over 230 branches across Canada and is owned by a Schedule 1 bank.

Why it's one of the best

Finder Awards finalist. Fairstone was a finalist in the Best Personal Loan Alternative Lender category in the Finder: Personal Loans Best-in-Class Awards 2024.

Flexible options. Borrow as little as $500 and as much as $60,000 with terms from 6 - 120 months. Apply online or in person.

Fast. Get your unsecured personal loan within 24 to 48 hours. A secured loan will take longer because it involves a house appraisal.

How to apply

Visit a Fairstone branch for in-person service or apply online. Fill out a quick application and get your quote immediately after. You can get an unsecured personal loan completely online, whereas a secured personal loan will require a visit to a Fairstone branch.

  • Secured and unsecured personal loans
  • Online account management available
  • No prepayment penalties
  • BBB accredited with an A+ rating.
  • High rates for low credit
  • Homeowner preferred
  • Could lose your house if you secure the loan with your home equity and default
Loan amount $500 – $60,000
APR 19.99% – 39.99%
Term 6 - 120 months

13. Magical Credit: Online personal loan with flexible eligibility criteria

Magical Credit Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$1,500 – $20,000

Loan Amount

19.99% – 46.8%

APR

12 - 60 months

Term

Direct lender Magical Credit is another popular choice when banks and credit unions aren't an option. It opened its business in 2014 and offers unsecured personal loans online. Its rates are less competitive than financial institutions, but its loans are easier to get.

Why it's one of the best

Flexible requirements. You can apply with fair or bad credit, and Magical Credit is open to many forms of non-employment income, such as public and private pensions, maternity leave benefits, child tax credit and EI.

Easy online process. You won't ever have to leave your home because the process is completely online, from application to funding.

Fast. Get funded in as little as one business day after applying.

How to apply

Apply online and verify your income and identity via bank verification. Magical Credit requires zero to minimal documents.

  • Easy process
  • Bad credit accepted
  • 100% online
  • Use the loan for any purpose
  • High rates for low credit
Loan amount $1,500 – $20,000
APR 19.99% – 46.8%
Term 12 - 60 months
Min. credit score 300
Fees A single administration fee of $194
Turnaround time Receive funds within as little as 24 hours
Serviced provinces Canada-wide (excluding Manitoba, Saskatchewan and Quebec)

14. Money Mart: Unsecured personal loan for bad credit

Money Mart Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Read review

$500 – $15,000

Loan Amount

29.9% – 46.9%

APR

6 - 60 months

Term

Money Mart is one of the largest alternative lenders in Canada, offering both installment loans and payday loans. They're a lot less strict with their eligibility requirements than banks, but you'll be charged much steeper rates.

Why it's one of the best

Established presence. Money Mart has been in business since 1982 and has over 500 branches across Canada.

Easy process. Money Mart's installment loan is unsecured, so there's no extra step of offering or appraising collateral. You can get funded as soon as the same business day.

Easier eligibility criteria. Money Mart does not require a good credit score. Rather than focusing on your credit score, it'll look at your overall financial situation, including your income and existing debts.

How to apply

Visit a Money Mart branch or apply online within minutes. If you choose Express online, you'll verify your income and identity via instant bank verification. If you choose Standard, you'll go through an online manual review, which will take longer.

  • No prepayment penalties
  • No hidden fees
  • Choice to apply at home or at a branch
  • Steep interest rates
Loan amount $500 – $15,000
APR 29.9% – 46.9%
Term 6 - 60 months
Min. credit score 300
Fees None
Turnaround time Less than 1 day
Serviced provinces AB, BC, MB, NB, NS, NT, ON, PEI, SK, YT

Gold and silver Finder Awards badgesAbout the Finder Awards

The Finder Awards celebrate companies that offer the best products that make life easier and more cost-effective for Canadians. Winners are determined based on a data-driven evaluation to ensure fairness across each and every awards program and category. Ultimately, our goal is to help you find the best products so you can save, invest and grow your wealth.

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 free credit monitoring.

2. Decide what type of personal loan you want

What’s best will depend on your financial situation.

  • 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 unionsBest for people with good to excellent credit
    • Competitive rates
    • Secured/unsecured loans
    • Fixed or variable
    • In-person service
    • Long wait times
    P2P lending platformBest 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, private lendersBest 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:

    Our pick for the month

    Kindred Credit UnionBlue phone with dollar sign

    “We encountered Kindred Credit Union at the beginning of our personal loans review and rating methodology project, when we delved into the Canadian loans marketplace to find candidates to add to our master list of personal loan lenders. Kindred was one of 112 lenders we vetted. It flies under the radar compared to the Big Five, but we believe it’s worth considering for those with strong credit scores. Its rates are competitive against other rates we’ve seen, you can choose between a fixed and variable rate, and it has B Corp certification. The downside is that you may not qualify for its personal loans if you have a low credit score, and it’s available in Ontario only. Still, we’re glad we discovered this lender during all those hours spent on research.”

    Leanne Escobal, Publisher, Loans and Money Transfers

    How to apply for personal loans in Canada

    Follow these steps to apply for personal loans:

    1. Fill out an application. Provide personal info such as your name, address, phone number, job, income and housing situation.
    2. Get a decision. Online lenders can give pre-approval within minutes, while banks and credit unions can take one to three business days.
    3. Provide documents. You may need to provide bank statements, tax returns, government-issued ID and other documents.
    4. 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.
    5. 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 Interac 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, Canadians are less likely to take out a personal loan in the next three months. In Q2 2023 20% of respondents planned to take out a personal or installment loan. The number dropped to 5% of respondents who plan to take out a personal or installment loan in the next three months.

    Survey methodology

    The results of the Finder: Consumer Sentiment Survey Q3 (CSTQ3) were collected through an online Pollfish survey conducted between August 10 to 21, 2023. In the survey, 1,013 Canadians from across the country were asked about their current debt obligations, among other questions regarding money goals and financial confidence. The estimated margin of error for the survey is +/- 3%, 90% of the time.

    The results of the Finder: Consumer Sentiment Survey Q2 (CSTQ2) 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 right personal loan in Canada.

    Frequently asked questions

    Written by

    Leanne Escobal

    Leanne Escobal is a publisher for Finder. She has spent over 11 years working on financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full profile

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