In this guide

  • Our verdict
  • Your reviews
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National Bank Personal Loan
2.5
★★★★★
Finder score
4.0
★★★★★
All information about National Bank Personal Loan has been collected independently by Finder. Finder is not connected with National Bank products, and this page is not sponsored, endorsed or administered by, or associated with, National Bank. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Get a personal loan from a reputable Big Six bank.

National Bank provides personal loans to borrowers with good to excellent credit. Its loans offer plenty of flexibility as you can choose between a fixed and variable rate and loan terms of 6 - 60 months. Rates will be adjusted depending on your personal financial profile. If you have bad credit, you may need to look elsewhere because National Bank has strict eligibility requirements.

Pros

  • Reputable lender
  • Competitive rates
  • Flexible loan amounts and terms

Cons

  • Borrowers with bad credit may not get approved
  • Provides slower approval than alternative lenders

In this guide

  • Our verdict
  • Your reviews

What is National Bank?

National Bank is one of the six largest banks in Canada. It has been in business since 1859, and its wide range of financial products, such as credit cards, loans and bank accounts, are available across Canada.

Finder Awards

In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada based on customer satisfaction feedback. In 2024, we completed the Finder: Personal Loans Best-in-Class Awards, which recognizes the best personal loan brands in Canada based on our data-driven methodology.

What we like about National Bank personal loans

  • Flexible options. You can choose between a fixed and variable interest rate when applying for a personal loan. You can also borrow large amounts as long as your financial situation meets National Bank’s criteria.
  • Defer payments. If needed, you can defer a payment by contacting a National Bank representative. To be eligible, you must have made regular payments for the last six months. You can defer a payment twice per year with a fixed-rate loan, while you can only defer once for the entire life of the loan with a variable-rate loan.
  • Early payment. If you have the means, you are able to pay off your unsecured personal loan with National Bank at any time without penalty.
  • Additional payments. National Bank also allows you to make additional payments to your loan so you can save on interest.
  • Use for any need. You can use a National Bank personal loan for various purposes, such as consolidating debt, paying for a major expense, financing a vacation and improving a home.

What to watch out for

  • Interest rates are not online. National Bank used to be transparent about its personal loan interest rates by displaying them on its website, but this isn’t the case currently.
  • Bad credit not accepted. You’ll need to be in a good financial situation to get approved for financing.

Alternatives to National Bank personal loans

1 - 10 of 10
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fig Personal Loans
Finder Score:
★★★★★
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
Fat Cat Loans Personal Loan
Finder Score:
★★★★★
4.84% - 35.99%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
Up to 36 months
Requirements: no min. income, min. credit score 560
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
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Can I use a National Bank personal loan to consolidate debt?

Yes, you can get a personal loan from National Bank to consolidate debt. However, National Bank has strict eligibility requirements like the other big banks. Qualifying will depend on the amount of debt you have, your income, credit score and other personal factors. You’re more likely to get approved for a debt consolidation loan if you can show National Bank that you will be able to manage the loan repayments given your current income and debts. Learn more about the best debt consolidation loans.

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 six 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

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 shouldn’t take 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 National Bank legit?

Yes, National Bank is 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 loan. Now what?

After getting a National Bank personal loan, be sure to make the payments on time. Missing payments can result in fees and a decrease in your credit score.

If you want to, you can make additional payments or pay off your personal loan in full early, which saves you on interest. You can do so by signing in to your account with National Bank.

Bottom line

National Bank is a solid choice if you are in a strong financial position and are looking to get a personal loan from a big bank. Before committing to a lender, it’s worth exploring and comparing the personal loan options available to you.

Frequently asked questions

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