How much can I get with a personal loan from a bank in Canada?

Banks offer large amounts for personal loans. For example, you can borrow up to $50,000 from TD and up to $200,000 from CIBC. The amount you'll get approved for depends on your financial situation.

What is the interest rate in Canada in 2025?

The current Bank of Canada lending rate is 2.25%. The prime rate for banks and credit unions is 4.45%<span class="table-popover" rel="popover" data-content="Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender’s terms and conditions and credit criteria." title="" data-original-title=""> . Expect your personal loan interest rate to be higher.

Am I eligible for a low interest personal loan?

You can qualify for a low interest personal loan if you have a good to excellent credit score above 660 and have a debt-to-income ratio below 40%.

Why are personal loan rates so high?

Personal loan rates are higher now because the Bank of Canada increased its rate seven times in 2022 and three times in 2023, which consequently increased the cost of borrowing for lenders and their customers.

Can I get a low interest personal loan with bad credit?

It'll be difficult to get a low interest loan with a bad credit score. This is because lenders see borrowers with bad credit as having a higher risk of defaulting. They offset this risk by charging higher rates. Learn more about the best bad credit loans in Canada .

Does getting a cosigned personal loan impact my credit score?

Yes, a cosigner could impact the personal loan interest rate you're offered. Let's say you have a bad credit score. Finding someone with an excellent score who's willing to cosign your loan might help you qualify for a lower interest rate. Just keep in mind that the cosigner will be equally responsible for repaying the loan, so any missed payments could negatively impact both your credit scores. Dive deeper: Compare options for personal loans with a cosigner in Canada