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Compare fixed-rate personal loans

Know exactly how much you'll pay each month with a fixed-rate loan. Compare lenders for good or bad credit.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500

Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.

Compare up to 4 providers

Fixed-rate personal loans let you lock in a rate at the beginning of your loan term, keeping your repayments the same throughout the duration of your loan. This type of loan comes with a lot of benefits, but also a few added restrictions. We break down how fixed-rate personal loans work in this guide to help you decide if it’s right for your needs.

How do fixed-rate personal loans work?

Fixed-rate personal loans have an interest rate that won’t increase or decrease for the duration of the loan term.

  • Fixed-rate personal loans usually last from 6 months to 5 years, with some extending up to 7 or 10 years.
  • Fixed-rate personal loans come secured or unsecured. A secured loan involves collateral, such as your house or investments, while an unsecured loan involves no collateral.

Having your repayments remain fixed for the life of a loan is a big benefit, but it’s important to understand fixed-rate personal loans come with restrictions – these mostly have to do with repayments. For example, you may not be able to make additional repayments or pay off your loan early without incurring fees.

Where can I get fixed-rate personal loans?

  • Banks. They offer both fixed-rate and variable-rate personal loans and might even give you the choice to switch between the 2 during your loan term. Generally, variable rates have lower starting rates than fixed.
  • Credit unions. They also offer fixed rates and variable rates.
  • Online lenders. They offer fixed-rate loans and are usually faster to fund loans than banks and credit unions. They can also consider borrowers with bad credit or no credit history.
  • Peer-to-peer lenders. Peer-to-peer lenders such as goPeer offer fixed-rate personal loans. If your finances are strong, goPeer says it could offer better rates than the competition, including banks.

FlexMoney Personal Loan

FlexMoney Personal Loan


18.9 %APR


  • Same day funding
  • Quick online application
  • Pay off loan anytime

FlexMoney Personal Loan

Apply online in less than 10 minutes. If approved, receive funds in as little as 24 hours. Pay off your loan at any time.

  • APR: 18.90% - 46.93%
  • Loan amount: $500 - $15,000
  • Loan term: 6 - 60 months
  • Fees: No application, origination or prepayment fees
  • Min. credit score: 500
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    What features should I consider?

    • Interest rate. Rates will vary depending on your personal financial circumstances, such as your credit score and existing debts. Compare the annual percentage rate (APR) of different loans, which takes into account both the interest rate and any fees. The APR ultimately tells you the true cost of the loan.
    • Collateral vs. no collateral. When looking to buy a vehicle or property, you can consider a secured fixed-rate loan and use the asset you’re looking to buy as security for the loan. Secured loans come with lower interest rates because they’re less risky for lenders – but you’ll lose your asset if you fail to repay the loan.
    • Loan term. Loan terms are usually between 6 months and 5 years for unsecured loans, but they can be longer. Secured personal loans can have loan terms up to 10 years.
    • Repayment stability. No matter what happens to rates in the market, the interest rate is fixed and that means your repayments stay the same for the entirety of your loan term.
    • Early repayment penalties. Fixed-rate personal loans can come with fees for paying your loan back early or for making additional repayments. You might find some lenders only charge fees if you repay your loan within a certain time period, for example, in the first year.
    • Upfront and ongoing fees. Look out for penalties for late payments, administrative charges such as origination fees, any ongoing monthly or annual fees, and what you will be charged if you repay the loan early or make extra repayments. Some lenders charge more fees than others.

    What are the requirements of fixed-rate loans?

    Eligibility requirements

    • Be the age of majority in your province (18 or 19).
    • Be a Canadian citizen or resident.
    • Meet the minimum credit score.
    • Meet the minimum income.
    • Have an active bank account.

    Required documents

    • Proof of identity, such as your driver’s licence or passport.
    • Proof of income, such as your pay stubs or bank statements.

    Am I eligible for a fixed-rate personal loan with bad credit?

    If you have bad credit (below 560), your best option is to check out online lenders, because banks and credit unions typically do not approve borrowers with bad credit. Credit score requirements vary among online lenders, and some even have a minimum score as low as 300 or 400. Instead of focusing on your credit score, online lenders will focus on the stability of your income.

    If you want to increase your chances of approval, consider improving your credit score first. But if you need a loan now, you may wish to enlist a cosigner. A cosigner is a family member or friend who agrees to sign the loan with you. They will become responsible for your payments should you default on them. To be a cosigner, their finances must be in good shape.

    Benefits and drawbacks of fixed-rate personal loans

    • No change in what you pay. Your monthly repayments will stay the same for the entire loan term, allowing you to easily budget each month.
    • You still have flexibility with your repayments. Most lenders offer loans with monthly repayments, but you may be able to find an offer with bi-weekly or weekly repayments.
    • Available across different types of lenders. You can get fixed-rate loans from banks, credit unions, online lenders and P2P lenders.
    • You can’t benefit from favourable market conditions. If market interest rates improve, the rate applied to your loan won’t decrease.
    • There may be restrictions on your repayments. You may not be able to make additional repayments or repay your loan early without incurring a penalty.

    What to watch out for

    • Taking on a longer loan term than you need. While your repayments might be lower each month with a longer loan term, you’ll end up paying more interest.
    • Taking on a loan you can’t afford. Do the math to make sure you’ll be able to repay the loan before you apply. This is a must if you take out an secured loan, as you stand to lose your collateral.
    • Not reading the fine print. Go over your loan contract so you’re aware of all fees, charges and conditions.

    Calculate your personal loan monthly payment

    Calculate how much you could expect to pay each month
    Your loan
    Loan amount
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    Fill out the form and click on “Calculate” to see your estimated monthly payment.


    Compare personal loans

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    Here’s how you can apply in 3 easy steps

    1. Compare and click. Use the table above to compare your fixed-rate personal loan options. Once you find a loan that’s right for you, click apply to start the application process.
    2. Eligibility and application. You will need to meet minimum age, income, employment and credit requirements before submitting your application. Online applications differ, but generally, you’ll need to provide your personal, financial and employment details.
    3. Approval and funding. You can usually find out if you’re pre-approved within a few minutes, but some lenders may take longer. You can always check back with the lender to find out about the status of your application. If you’re approved, your loan can typically be funded within 24 hours.

    What can you use a fixed-rate personal loan for?

    Personal loans with a fixed interest rate can be suitable to help you finance a wide range of different purposes, including:

    Frequently asked questions

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