{"id":746656,"date":"2018-09-10T21:19:01","date_gmt":"2018-09-11T01:19:01","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=746656"},"modified":"2025-05-23T11:26:20","modified_gmt":"2025-05-23T15:26:20","slug":"personal-loans-banks","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks","title":{"rendered":"How to get a bank personal loan"},"content":{"rendered":"<p>If you need a personal loan, your first port of call will probably be your bank. It\u2019s quick and easy to apply for a loan if you\u2019re already a customer, and bank personal loans offer low rates and large loan amounts for people with good to excellent credit. Just be aware that banks have strict loan eligibility criteria, so you won\u2019t be able to qualify if you have bad credit.<\/p><h3>First, why get a personal loan from a bank?<\/h3><p>The following are some of the main advantages of taking out a personal loan from your bank:<\/p><ul class=\"list-1\"><li><strong>Competitive rates.<\/strong> Banks usually offer competitive interest rates if you have good or excellent credit.<\/li><li><strong>Easy to apply.<\/strong> If you\u2019re an existing customer, you can easily apply for a loan online, in person or over the phone. Your bank may also be able to use your bank account activity to verify your income and expenses, perhaps requiring less documentation when applying for your loan.<\/li><li><strong>Easy to manage.<\/strong> As an existing customer, you can manage all your finances in one place.<\/li><li><strong>Larger amounts.<\/strong> Banks tend to offer larger loan amounts than non-traditional lenders, while loan terms typically range from one to five years.<\/li><li><strong>Perks.<\/strong> Banks sometimes offer perks \u2013 like fee reductions \u2013 for bundling multiple financial products together.<\/li><li><strong>Deal with a provider you trust.<\/strong> When you get a bank personal loan, you get the peace of mind of dealing with an established and trusted financial institution.<\/li><\/ul><h3>Compare bank personal loans in Canada<\/h3><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"text-align: left; width: 20%;\" scope=\"col\">Lender<\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\">Loan amount<\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\">Loan term<\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\">Interest rate<\/th><th style=\"text-align: left; width: 20%;\" scope=\"col\"><\/th><\/tr><\/thead><tbody><tr><td><img decoding=\"async\" class=\"wp-image-1033197 aligncenter\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2018\/09\/ATB-Logo_Supplied_500x500.jpg\" alt=\"ATB\" width=\"70\" height=\"70\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2018\/09\/ATB-Logo_Supplied_500x500.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2018\/09\/ATB-Logo_Supplied_500x500.jpg?fit=210 210w\" sizes=\"(max-width: 210px) 100vw, 210px\" loading=\"lazy\"><\/td><td>Not disclosed<\/td><td>1 - 5 years<\/td><td>7.20% - 14.20%<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\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/td><td><div><a class=\"luna-button luna-button--primary luna-button--fluid\" role=\"button\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/atb-personal-loans-review\" rel=\"noopener noreferrer\">Read review<\/a><\/div><\/td><\/tr><tr><td><img decoding=\"async\" class=\" wp-image-994243 aligncenter\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/09\/td-logo.png\" alt=\"TD\" width=\"68\" height=\"61\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/09\/td-logo.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/09\/td-logo.png?fit=204 204w\" sizes=\"(max-width: 204px) 100vw, 204px\" loading=\"lazy\"><\/td><td>$5,000\u2013$50,000<\/td><td>1 - 7 years<\/td><td>Not disclosed<\/td><td><a class=\"luna-button luna-button--primary luna-button--fluid\" role=\"button\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/td-bank\" rel=\"noopener noreferrer\">Read review<\/a><\/td><\/tr><tr><td><img decoding=\"async\" class=\" wp-image-846499 aligncenter\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/04\/RBCLogo_Supplied_232x140.png\" alt=\"RBC\" width=\"161\" height=\"97\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/04\/RBCLogo_Supplied_232x140.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/04\/RBCLogo_Supplied_232x140.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/04\/RBCLogo_Supplied_232x140.png?fit=483 483w\" sizes=\"(max-width: 483px) 100vw, 483px\" loading=\"lazy\"><\/td><td>Not disclosed<\/td><td>1 - 5 years<\/td><td>Not disclosed<\/td><td><a class=\"luna-button luna-button--primary luna-button--fluid\" role=\"button\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/rbc-personal-loans\" rel=\"noopener noreferrer\">Read review<\/a><\/td><\/tr><tr><td><img decoding=\"async\" class=\"size-full wp-image-995894 aligncenter\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/CIBClogo_Supplied_140x50.png\" alt=\"CIBC\" width=\"140\" height=\"50\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/CIBClogo_Supplied_140x50.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/CIBClogo_Supplied_140x50.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/CIBClogo_Supplied_140x50.png?fit=420 420w\" sizes=\"(max-width: 420px) 100vw, 420px\" loading=\"lazy\"><\/td><td>$3,000 to $200,000<\/td><td>1 - 5 years<\/td><td>Not disclosed<\/td><td><a class=\"luna-button luna-button--primary luna-button--fluid\" role=\"button\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/cibc\" rel=\"noopener noreferrer\">Read review<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/BMOlogo_Supplied_140x50.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"size-full wp-image-995903 aligncenter\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/BMOlogo_Supplied_140x50.png\" alt=\"BMO\" width=\"140\" height=\"50\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/BMOlogo_Supplied_140x50.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/BMOlogo_Supplied_140x50.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/01\/BMOlogo_Supplied_140x50.png?fit=420 420w\" sizes=\"(max-width: 420px) 100vw, 420px\" loading=\"lazy\"><\/a><\/td><td>$2,000+<\/td><td>1 - 5 years<\/td><td>Not disclosed<\/td><td><div><a class=\"luna-button luna-button--primary luna-button--fluid\" role=\"button\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/bmo-personal-loans-review\" rel=\"noopener noreferrer\">Read review<\/a><\/div><\/td><\/tr><tr><td><a href=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/06\/ScotiabankLogo_Supplied_535x137.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"wp-image-986771 aligncenter\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/06\/ScotiabankLogo_Supplied_535x137.png\" alt=\"Scotiabank\" width=\"156\" height=\"37\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/06\/ScotiabankLogo_Supplied_535x137.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/06\/ScotiabankLogo_Supplied_535x137.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/06\/ScotiabankLogo_Supplied_535x137.png?fit=468 468w\" sizes=\"(max-width: 468px) 100vw, 468px\" loading=\"lazy\"><\/a><\/td><td>$5,000 \u2013 $75,000<\/td><td>1 - 5 years<\/td><td>Varies<\/td><td><div><a class=\"luna-button luna-button--primary luna-button--fluid\" role=\"button\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/scotiabank-personal-loans-review\" rel=\"noopener noreferrer\">Read review<\/a><\/div><\/td><\/tr><\/tbody><\/table><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Must read: <\/span><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/low-interest-personal-loan\" style=\"text-decoration:underline; font-size:0.9em;\">Top low interest personal loans in Canada<\/a>\n<\/div>\n<\/article><h3>How to get a bank personal loan in Canada<\/h3><p>Here\u2019s what you need to do to apply for a personal loan from a bank:<\/p><h4>1. Fill out an application.<\/h4><p>You can apply online, over the phone or at a branch. You\u2019ll need to provide your personal details, contact information, income and employment details, and your desired loan amount. If you\u2019re already a bank customer, they\u2019ll already have your personal details on file to speed up the application process.<\/p><h4>2. Get a response.<\/h4><p>The bank will contact you within 48 hours to organize the next steps.<\/p><h4>3. Meet with a loan specialist.<\/h4><p>You\u2019ll need to have an interview with a loan specialist either in person or over the phone. Though you may not be asked for all of these, have the following documents ready to ensure the process runs smoothly:<\/p><ul><li>Two pieces of ID<\/li><li>Employer letter<\/li><li>Recent pay stubs<\/li><li>Notice of assessment (this is preferred over T4 slips)<\/li><li>T4 slip<\/li><li>Income tax return (T1 General)<\/li><li>List of assets and liabilities<\/li><\/ul><h4>4. Get an offer.<\/h4><p>Getting an offer can take a few days to a few weeks because the loan underwriter will need time to assess your application. Getting a personal loan that involves collateral, such as your house, will take longer than getting a loan with no collateral.<\/p><h4>5. Sign the contract.<\/h4><p>Review the loan contract carefully. Take into account your payment schedule and the loan\u2019s overall cost, then sign on the dotted line.<\/p><h4>6. Get funded.<\/h4><p>Once the paperwork is complete, the loan funds will be deposited directly into your bank account within a business day or two.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/right-to-offset\" style=\"text-decoration:underline; font-size:0.9em;\">Guide to right to offset<\/a>\n<\/div>\n<\/article><h3>What are the eligibility requirements for bank personal loans?<\/h3><p>If you want to get a personal loan from a bank, you\u2019ll need to meet the following requirements:<\/p><ul><li>Be the age of majority in your province.<\/li><li>Have a credit score over 660-680.<\/li><li>Have a stable income.<\/li><li>Must not have been declined credit by the bank in the last six months.<\/li><li>Must not have declared bankruptcy in the last seven years.<\/li><\/ul><p>If you don\u2019t qualify, you may want to consider applying for a personal loan from a <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/credit-union-personal-loans\">credit union<\/a>, <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/online-loans\">online lender<\/a> or <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/peer-to-peer-lending\">P2P lender<\/a>.<\/p><h3>What types of personal loans can I get from a bank?<\/h3><p>There are a few options to choose from when you apply for a bank personal loan in Canada:<\/p><ul><li><strong>Secured personal loan.<\/strong> With <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/secured-loans-canada\">a secured loan<\/a>, you put up an asset you own as collateral. Common assets that banks accept include your home and liquid investments. Having collateral reduces the risk for banks, which means they can offer you lower interest rates and higher loan amounts. Registered investment accounts such as RRSPs cannot be used as collateral.<\/li><li><strong>Unsecured personal loan.<\/strong> <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/unsecured-loans-canada\">Unsecured loans<\/a> do not involve any collateral. Since unsecured loans are riskier for lenders, they typically have higher rates. Banks also usually impose stricter eligibility criteria for an unsecured loan.<\/li><li><strong>Debt consolidation loan.<\/strong> If you have a few separate loans or credit accounts \u2013 anything from credit card debt to a car loan \u2013 you might want to consolidate this debt into one loan. With a debt consolidation loan, you can pay off your other loans and combine your debt into one single loan, where you\u2019ll only have to make one repayment. Another goal with debt consolidation is to try and secure lower rates and fees, so you pay less over the course of your loan. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-consolidation-loans\/best-debt-consolidation-loans\">Learn more about the best debt consolidation loans.<\/a><\/li><\/ul><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"><\/circle>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"><\/path>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">Lines of credit<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            A line of credit is the most common consumer loan that banks offer in Canada. With <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/line-of-credit\">a line of credit<\/a>, you can withdraw a set amount of funds as you need to. The main <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-vs-line-of-credit\">difference between a line of credit and a personal loan<\/a> is that you have ongoing access to a credit limit without a cut-off date. Usually, you do not pay any rates or fees on this service until you use it and the rates are only charged on the amount of money you actually withdraw, rather than the total amount available.\n        <\/div>\n    <\/div>\n<\/div>\n<h3>What will increase my chances of getting approved by a bank?<\/h3><p>Banks have stricter <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-eligibility\">personal loan eligibility requirements<\/a> than other lenders. Here are some of the key requirements that can help boost your chances of approval.<\/p><h4><strong>Debt-to-income (DTI) ratio under 40%<\/strong><\/h4><p>Your <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-to-income-ratio\">DTI<\/a> reflects the percentage of your monthly income that goes towards paying off your existing debts. If your DTI ratio is less than 40%, your chances of getting approved increase.<\/p><h4><strong>Positive net worth<\/strong><\/h4><p>Your net worth is a figure that expresses your assets vs your debts. If you have a positive net worth \u2013 i.e. you own more than you owe \u2013 and if your net worth is higher than the loan amount you\u2019re applying for, you\u2019re more likely to get approved.<\/p><h4><strong>Stable employment history<\/strong><\/h4><p>If you\u2019ve been employed long term in a salaried position, you\u2019re more likely to get approved than someone who can only show a record of short-term contract employment. You\u2019ll also be a more attractive prospect to the lender if you work for an established, well-known employer rather than a new startup.<\/p><h4><strong>No repeated credit inquiries<\/strong><\/h4><p>If you\u2019ve got multiple inquiries on your credit file in a short amount of time, this will not only hurt your credit score but also make you look like a risky prospect in the eyes of a lender. That\u2019s why it\u2019s a good idea to keep credit applications to a minimum.<\/p><h4><strong>No late payments or collections<\/strong><\/h4><p>If you\u2019ve had a previous debt sold to a collection agency or you\u2019ve been late in making payments in the past, this makes you look like a high-risk borrower. If you need to be late with a debt payment, be proactive \u2013 let the creditor know in advance and discuss options with them. This may prevent a negative effect on your credit and also shows potential lenders that you handle your finances responsibly.<\/p><h4><strong>Providing collateral<\/strong><\/h4><p>If you provide collateral for a loan, for example if you use your investments or home, this reduces the level of risk for the bank. This increases your chances of approval and will also allow you to access higher loan amounts, but your collateral could be repossessed if you default on the loan.<\/p><h4><strong>Guarantor<\/strong><\/h4><p>A <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/guarantor-loan\">guarantor loan<\/a> is co-signed by a third party who agrees to pay off the loan if you can no longer keep up with repayments. This type of loan may be an option if you need a bit of a boost to maximize your chances of approval, but if you have poor credit, even getting a guarantor won\u2019t be enough to get approved by a bank.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Can I use overtime or bonuses to increase my income when applying for a bank personal loan?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, overtime and bonuses will be assessed as part of your income when you apply for a personal loan. However, your bank will want to see how consistent this additional income has been in the previous three years to ensure they have an accurate idea of your overall income.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Can I get a bank personal loan if I'm self-employed?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, but your bank will want to see that you've had a stable income in the last three years. You'll need to provide your T1 General, balance sheet, income and expense statement and statement of retained earnings so the bank can assess your income.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Can I get a bank personal loan with bad credit?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>No, it's typically not possible to qualify for a bank personal loan if you have bad credit. You may need to consider applying with an online lender that offers bad credit personal loans or take steps to improve your credit score. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-bad-credit-personal-loans\">Learn more about the best bad credit loans.<\/a><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">What kind of fees will I pay with a personal loan?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>There are many different fees that can come alongside a personal loan. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-fees\">Check out our guide to personal loan costs<\/a> to find out everything you need to know \u2013 and how to avoid some of the fees.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">Which banks offer personal loans in Canada?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>The \"Big Five\" banks \u2013 RBC, TD, Scotia, BMO and CIBC \u2013 offer personal loans, but so do a wide range of smaller domestic banks and Canadian subsidiaries of global banks.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Find out how to get a bank personal loan and what you\u2019ll need to get approved.<\/p>\n","protected":false},"author":516,"featured_media":746787,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[407],"tags":[],"asset_tag":[],"class_list":["post-746656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Get a Bank Personal Loan | Finder Canada<\/title>\n<meta name=\"description\" content=\"Banks offer competitive rates for personal loans, but the process is more involved. 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Find out what you need to get approved.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks\" \/>\n<meta property=\"og:site_name\" content=\"Finder Canada\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-11T01:19:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2018\/08\/Untitled-design43.png\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tim Falk\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tim Falk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks\"},\"author\":[{\"name\":\"Tim Falk\",\"@id\":\"https:\/\/www.finder.com\/ca\/#\/schema\/person\/e84372ad54f89a7447d88eab25817464\"},{\"@id\":\"https:\/\/www.finder.com\/ca\/#\/schema\/person\/9d47eeda06b879b07a813536f2068c72\"}],\"headline\":\"How to get a bank personal loan\",\"datePublished\":\"2018-09-11T01:19:01+00:00\",\"dateModified\":\"2024-06-26T22:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks\"},\"wordCount\":2153,\"publisher\":{\"@id\":\"https:\/\/www.finder.com\/ca\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2018\/08\/Untitled-design43.png\",\"articleSection\":[\"Personal Loans\"],\"inLanguage\":{\"@type\":\"Language\",\"name\":\"English\",\"alternateName\":\"en\"},\"commentCount\":0},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks\",\"url\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks\",\"name\":\"How to Get a Bank Personal Loan | Finder Canada\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/ca\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-banks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2018\/08\/Untitled-design43.png\",\"datePublished\":\"2018-09-11T01:19:01+00:00\",\"dateModified\":\"2024-06-26T22:00:00+00:00\",\"description\":\"Banks offer competitive rates for personal loans, but the process is more involved. 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However, your bank will want to see how consistent this additional income has been in the previous three years to ensure they have an accurate idea of your overall income.\r"}},{"@type":"Question","name":"Can I get a bank personal loan if I'm self-employed?","acceptedAnswer":{"@type":"Answer","text":"\rYes, but your bank will want to see that you've had a stable income in the last three years. You'll need to provide your T1 General, balance sheet, income and expense statement and statement of retained earnings so the bank can assess your income.\r"}},{"@type":"Question","name":"Can I get a bank personal loan with bad credit?","acceptedAnswer":{"@type":"Answer","text":"\rNo, it's typically not possible to qualify for a bank personal loan if you have bad credit. You may need to consider applying with an online lender that offers bad credit personal loans or take steps to improve your credit score. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-bad-credit-personal-loans\">Learn more about the best bad credit loans.<\/a>\r"}},{"@type":"Question","name":"What kind of fees will I pay with a personal loan?","acceptedAnswer":{"@type":"Answer","text":"\rThere are many different fees that can come alongside a personal loan. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loan-fees\">Check out our guide to personal loan costs<\/a> to find out everything you need to know \u2013 and how to avoid some of the fees.\r"}},{"@type":"Question","name":"Which banks offer personal loans in Canada?","acceptedAnswer":{"@type":"Answer","text":"\rThe \"Big Five\" banks \u2013 RBC, TD, Scotia, BMO and CIBC \u2013 offer personal loans, but so do a wide range of smaller domestic banks and Canadian subsidiaries of global banks.\r"}}]}]},"article_modified_time":"2024-06-26T22:00:00+00:00"},"custom_fields":{"show_author_box":["yes"],"_content_type":["niche-content\/information\/how-to"],"_masthead_variant":["{\"id\":\"standard-blue\",\"showFeaturedImage\":false,\"presetId\":\"\",\"shouldUsePrimaryCTAFieldName\":false,\"shouldUseSecondaryCTAFieldName\":false,\"primaryCTA\":null,\"secondaryCTA\":null,\"widgetShortcode\":\"\",\"widgetHeading\":\"\",\"widgetStats\":\"\",\"hasPrioritizedWidget\":false,\"hasMaximizedWidget\":false,\"shouldUseOverrideCTALabel\":false,\"overrideCTA\":null,\"cleanTopPicks\":\"\",\"tilesMenuId\":\"\"}"],"_masthead_subheading":["{\"text\":\"Learn about the process and compare bank personal loans to get the lowest rate.\"}"],"custom_post_template":["single-masthead-two-column.php"]},"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/746656"}],"collection":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/users\/516"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/comments?post=746656"}],"version-history":[{"count":12,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/746656\/revisions"}],"predecessor-version":[{"id":1058997,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/posts\/746656\/revisions\/1058997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media\/746787"}],"wp:attachment":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media?parent=746656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/categories?post=746656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/tags?post=746656"},{"taxonomy":"asset_tag","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/asset_tag?post=746656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}