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National Bank personal loans review

National Bank offers personal loans with interest rates starting at 7.45%.

You can apply if you are the age of majority, have established credit, are a citizen or permanent resident, and have a source of employment or pension income.

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7.45% - 11.30%

Interest Rate

Please note: All information about National Bank personal loans has been collected independently by Finder and this product is not available through this site.
National Bank is one of the 10 largest banks in Canada. Competitive rates and term lengths, with options for variable loans and fixed loans, give customers ample choices when applying online.
  • Consider a National Bank personal loan if you’re looking for flexibility. Loan terms can be anywhere from 6 to 60 months, and you can choose between a variable and fixed rate.
  • Customers who have been declined credit in the past 6 months, are unemployed, or do not have established credit should look elsewhere.

What makes National Bank personal loans unique?

National Bank has been in operation since being founded in 1859 by Montreal businessmen. Today, National Bank personal loans come with an interest rate starting at 7.45% and term lengths between 6 and 60 months, making them a good option for those in the market for a personal loan. Customers can choose between fixed and variable loans with several different interest rates and terms based on their credit history and the amount of capital needed.

Fixed rate personal loans vary by loan amount and term length:

Term (months)Fixed rate (%) >$10,000Fixed rate (%) <$10,000
6-1210.9009.650
13-2411.0009.750
25-3611.0009.850
37-4811.20010.000
49-6011.30010.150

Rates for variable rate personal loans vary by loan amount:

  • Less than $10,000: 8.95%
  • More than $10,000r: 7.45%

See a complete breakdown of National Bank’s loan rates.

What are the benefits of a National Bank personal loan?

  • Upfront interest rates. National Bank lists its interest rates for loan sizes and term lengths online, letting users check what they can expect to pay before applying for a loan.
  • Plethora of options. When applying for a National Bank personal loan, you may pick from the number of term lengths, each of which have their own interest rate depending on the size of the loan.
  • Defer payments. If needed, you can defer a payment by contacting a National Bank representative. However, to be eligible, you must have made regular payments for the last 6 months and the interest portion is still charged as scheduled.
  • Early payment. If you have the means, you are able to pay off your personal loan with National Bank at any time without penalty.
  • Additional payments. National Bank allows you to make additional payments to your loan, allowing you to pay your loan off faster.

What to watch out for

  • Loans after a divorce. If you take out a loan from National Bank with your spouse and get divorced, you are both still responsible for the loan. You can remove a co-borrower from the loan, but you will have to renegotiate the terms of the loan with an National Bank representative.
  • Death. A co-borrower will become responsible for the loan payments if the main borrower dies during the loan term.
  • 2-day waiting period. It could take up to 48 hours to hear from a representative about your application process. If you need funds right away, this could delay the process.
  • Some things are exclusively in person or over the phone. Some perks, such as early payments, are only able to be done by visiting a branch or calling a representative.

Am I eligible?

To be eligible for a personal loan from National Bank, you must:

  • Be a Canadian citizen or permanent resident
  • Not been denied credit in the last 6 months
  • Have already had credit at some point
  • Have reached the age of majority in your area
  • Have a source of employment or pension income

Compare personal loans

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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More Info
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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More Info
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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More Info
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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More Info
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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More Info
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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More Info
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.
OFFER
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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More Info
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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More Info
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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More Info
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
Go to site
More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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Compare up to 4 providers

How do I apply for a National Bank personal loan?

To apply for a National Bank personal loan, you can head to its website and begin the application process. The application should take no more than 15 minutes to complete.

You will have to:

  • Fill in your personal information, including date of birth and the province you live in
  • Fill in some financial history information, including credit card or loan history, if you have ever been refused credit or declared bankruptcy
  • Answer if you are applying for a joint application, and if so, who you are applying with

You will also need to have some documents on hand including:

  • Contact information for your employer
  • Finances such as income, liabilities, bank accounts or credit cards

After applying, you should receive a confirmation email shortly after and receive an email or phone call from a representative within 24 to 48 hours for their decision.

Is a National Bank personal loan legit?

Yes, National Bank personal loans are legit. National Bank is one of the largest banks in Canada, serving more than 2.4 million clients across the country since 1859.

I got a National Bank personal loan. Now what?

After getting a National Bank personal loan, be sure to make payments on time. The timing and amount of your payment could vary based on if you have a fixed or variable rate. One of the benefits of National Bank is that you can make additional payments early, which can help pay off your loan faster. If you have the means to make an early payment, you should consider contacting a National Bank advisor.

Bottom line

National Bank offers upfront information about interest rates and loan terms, so deciding if it is the right fit for you can be quick. If you are in the market for a loan from a reputable organization and do not need the funds in your account by the end of the day, this could be a good choice.

For more information on personal loans, be sure to check out our personal loan comparison guide.

Frequently asked questions

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