Compare Personal Loans

Finder Score	APR Range	Loan Amount	Loan Term
Best for all credit
Finder score 8.5 Great Spring Financial Personal Loan	Finder score 8.5 Great	9.99% - 34.95%	$500 - $35,000	6 - 84 months	Go to siteView details Compare product selection Compare	loading	Why we like it Spring Financial offers unsecured personal loans and credit builder for any credit score. Borrowers with bad credit or a past bankruptcy can apply. Apply online for a personal loan and get quick pre-approval. Pros & cons Pros No fees Approval within 24 hours Available Canada-wide Cons Interest rates can reach as high as 34.95%
Best for comparing options
Finder score 8.6 Great Loans Canada Personal Loan	Finder score 8.6 Great	9.99% - 35.00%	$500 - $35,000	6 - 60 months	Go to siteView details Compare product selection Compare	loading	Why we like it Loans Canada is a broker with the largest lender network in Canada. Fill out 1 application to get matched with lenders who can potentially finance you. If you have poor credit, you can apply. Pros & cons Pros Bad credit doesn't matter because you'll be matched with a lender to suit your profile and needs Easy online application to connect with multiple lenders Quick deposits, with access to your cash within 1-3 business days High loan amounts of up to $35,000 Cons Interest rates can reach as high as 35% No online quotes provided - you'll have to speak to a customer service representative over the phone
Best for good credit
Finder score 7.8 Great goPeer Personal Loan	Finder score 7.8 Great	8.99% - 34.99%	$1,000 - $35,000	36 or 60 months	View details Compare product selection Compare	loading	Why we like it goPeer is Canada's first consumer peer-to-peer lending platform. It strives to provide lower interest rates than the competition, including banks, to borrowers with good to excellent credit. Pros & cons Pros Easy online application Get your offer within 24 hours Cons Stricter eligibility criteria than other online lenders Funding can take a few days
Best for unsecured loans
Finder score 8 Great SkyCap Financial Personal Loan	Finder score 8 Great	8.99% - 35%	$500 - $100,000	9 - 60 months	View details Compare product selection Compare	loading	Why we like it SkyCap offers unsecured personal loans. It approves applicants based on their credibility, stability and current income. Borrowers with bad credit or a past bankruptcy can apply. Pros & cons Pros Pay off the loan anytime without penalty Approval within 24 hours Cons Maximum interest rates are high Not available Canada-wide
Best for flexible terms
Finder score 7.8 Great FlexMoney Personal Loan	Finder score 7.8 Great	18.90% - 35.00%	$500 - $15,000	6 - 60 months	View details Compare product selection Compare	loading	Why we like it With FlexMoney, you'll be able to personalize your loan with various repayment options. Choose to lock in a term starting at 6 months up to 5 years. You can set up weekly, fortnightly or monthly loan repayments. Repayments are automated so you won't miss any due dates too. Pros & cons Pros Quick online application with fast pre-approvals You don't need to be employed Borrow up to $15,000 You'll be able to lock in a term starting at 6 months up to 60 months Flexible repayment plans Cons Steep interest rates You'll need a minimum monthly income of $2,000 You'll need a credit score of at least 500

loading

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.

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? Many lenders 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.

Written by

Emma Balmforth

Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

Emma's expertise

Emma has written 119 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans