Compare Personal Loans

8.5 Great

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Best for flexible terms: Spring Financial Personal Loan

$500 – $35,000
Loan amount

9.99% – 35%
APR

6 - 84 months
Term

• Info
• Pros + Cons
• Details

Eligibility requirements: Min. income of $2,000 /month and 3+ months employed

Pay off your loan or make extra payments anytime without penalties or hidden fees.

• 100% online application
• Get a same-day loan via e-transfer
• Bi-weekly or monthly payments
• Rebuild your credit
• No collateral required (unsecured)

• Interest rates as high as 35% for bad credit

Loan Amount	$500 – $35,000
APR Range	9.99% – 35%
Loan Term	6 - 84 months
Serviced Provinces/Territories	All of Canada
Turnaround Time	Within 24 hours
Min. Credit Score	550
Fees	No fees except $30 NSF fee
Requirements	Min. income of $2,000, min. credit score of 550, 3+ months employed

8.8 Great

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Best for good credit: LoanConnect Personal Loan

$500 – $60,000
Loan amount

8.99% – 35%
APR

3 - 120 months
Term

• Info
• Pros + Cons
• Details

Eligibility requirements: Current debts must total less than 60% of income

Submit one application and get matched with multiple lenders. Interest rates start as low as 8.99%.

• Easy online application to get offers from multiple lenders
• Free to use
• Options for all credit scores
• Options for secured and unsecured loans

• Interest rates can reach as high as 35% 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

8.6 Great

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Best for comparing options: Loans Canada Personal Loan

$500 – $50,000
Loan amount

8.99% – 35%
APR

4 - 60 months
Term

• Info
• Pros + Cons
• Details

Eligibility requirements: Steady source of income

Fill out 1 application and get multiple offers from lenders.

• Easy online application to connect with multiple lenders
• 60+ lenders
• Free to use
• Options for all credit scores
• Options for secured and unsecured loans

• Interest rates can reach as high as 35% for bad credit

Loan Amount	$500 – $50,000
APR Range	8.99% – 35%
Loan Term	4 - 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

Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

How to apply for a personal loan

What rates can I expect on a personal loan?

Personal loan rates typically range from 6.99% to 35%. The rate you get depends on the following factors:

• Credit score. You need near-perfect credit to qualify for the lowest advertised rate.
• Income. Lenders will likely check if you have enough regular cash flow to easily afford your monthly repayments.
• Debts. The lowest rates go to borrowers with a debt-to-income ratio (DTI) below 20%.
• Collateral. Securing your loan makes it less risky to the lender and gets you lower rates.
• Loan amount and term. Some lenders may offer different rates depending on how much you want to borrow and how long you need to repay.

The cost of your loan depends on the loan term and your rate.

What goes into a personal loan APR?

Most lenders’ annual percentage rate (APR) tells you how much you’ll pay in interest and fees over one year. This makes it easier to compare the cost of loans with the same term.
The APR often includes an origination fee, which lenders charge after you sign your loan contract. But it doesn’t include penalties like late fees, nonsufficient funds (NSF) fees or prepayment penalties – which can all be avoided by paying your loan back on time and in full.

How to find the right personal loans lender

Ask yourself the following questions when comparing lenders:

• Does it offer what I need? Check if the amount you need falls into a lender’s range and if it offers the type of loan you’re looking for.
• Am I eligible? Make sure you meet the lender’s minimum credit score, income, age and other requirements before you apply.
• What’s the APR? This gives you a quick snapshot of the loan’s total cost per year.
• How long will I be in debt? Look at the loan terms available to make sure you’ll be out of debt in time to meet other financial goals, like buying a house or a car.
• Will repayments fit my budget? Use the available loan terms and APR to figure out how much you might owe each month.
• Are there any fees? Lenders may charge up to a 5% origination fee, which they take out of or add to the loan balance. This affects how much you need to borrow and your monthly cost.
• Is it legit? Read customer reviews to look out for personal loan scams and red flags, and make sure its website is secure.