Loans & Debt · Personal loans
A personal loan is a fixed lump sum you repay in equal monthly instalments — and the rate you are offered swings enormously with your credit. So instead of one league table, we rank the same verified lenders by who they actually fit: good credit, fair credit, non-prime and homeowners, and small revolving needs. Every APR, amount and fee is verified at the source, and the loan marketplaces stay in their own lane so you never mistake a referrer's "from X%" for a rate you have been offered.
Both are ways to borrow, but they behave very differently. Pick the shape that matches how you will actually use the money — then find the lender that fits your credit below.
A one-time lump sum at a fixed rate, repaid in equal instalments over a set term. The payment never changes, so you know the exact end date and total cost up front. Best for a defined, one-off need — consolidating debt, a renovation, a vehicle. Most lenders on this page lend this way.
A reusable credit limit you draw from, repay, and draw again — paying interest only on what you use, with no fixed end date. Better for ongoing or uncertain needs. Fora Credit is the non-prime example here; the banks offer prime lines. See our best lines of credit guide.
Same verified lenders, sorted by borrower profile — find the row that matches your credit, then read the card. Every figure is taken from each lender's own pages.
Best for: Borrowers with good credit who want the lowest honest rate to consolidate cards
Best for: Fair-to-good credit borrowers who want transparent, all-in pricing
Best for: Borrowers rebuilding credit, or who want a long term to lower the monthly payment
Best for: Homeowners with fair credit who can secure the loan against equity for a lower rate
Best for: Borrowers with poor or thin credit who can’t qualify at a bank and need fast funding
Best for: Near-prime borrowers in its six provinces who want flexible, reusable credit with no upfront fees
Ordered by borrower profile, not by who pays us — good credit first, then fair credit, non-prime and homeowners, then small revolving needs. Every figure verified at the lender's own pages and stamped June 13, 2026; the rate you are offered depends on your credit. How we build this ranking.
A low-rate regional bank, a partially-disclosed online lender, and the Big Six — who quote personal-loan rates only after you apply.
| Lender | APR | Amount | Term | Watch for |
|---|---|---|---|---|
| ATB Financial | 7.20% – 14.20% fixed | Up to $50,000 (line of credit) | 1 – 5 years | The lowest published bank rate here — but ATB serves Alberta residents only. No prepayment penalty. |
| Mogo (MogoMoney) | Advertised from 5.90% APR (full range not disclosed first-party) | $100 – $35,000 | Not published | Rate floor is advertised, not a confirmed contractual APR — get a written representative example before signing. No prepayment penalty; 100-day money-back guarantee. |
| Big Six banks (RBC, TD, Scotia, BMO, CIBC) | Not published — set on application, tied to prime (4.45%) | Varies (e.g. CIBC to $200,000 unsecured) | 1 – 7 years | None of the Big Six publish a personal-loan APR; rates are quoted only after you apply. National Bank is the most transparent, publishing some line-of-credit tiers. |
These match you to lenders and are paid by them. One application can mean a single soft check across many lenders — useful — but the "from X%" they advertise is a partner's rate, not an offer you have qualified for. Read the rate from the lender that actually approves you.
States plainly it “is not a lender.” One application searches many lenders — useful for a single soft check, but the rate you get is set by whichever partner approves you.
Visit LoanConnectBest known for its free credit score — a genuinely useful first step before you consolidate. As a loan source it matches you to partners and is paid by them.
Visit BorrowellA comparison platform, “not a lender.” Its own pages quote conflicting APR ranges, so treat any single figure with caution and confirm with the actual lender.
Visit Loans CanadaHow to choose
Every "from 8.99%" you see is a floor reserved for the strongest files. The rate you get is set by your credit and income, so the smartest move is to start where you actually fit. With good credit, a no-fee bank loan like Tangerine is the cleanest win. With fair credit, goPeer and Spring Financial publish honest, all-spectrum pricing. With poor or thin credit, non-prime lenders like easyfinancial will approve you, but at a price worth questioning. Borrowell offers a free credit score — a sensible first step before you apply anywhere.
A lower monthly payment is not the same as a lower cost. Stretching a three-year payoff into a five- or seven-year loan drops the payment but can quietly cost more total interest. Aim for the shortest term whose payment you can comfortably afford, and confirm the full lifetime cost with the loan payoff calculator before you sign — it shows the monthly payment and the total interest side by side.
A secured loan (against home equity) almost always carries a lower rate — Fairstone's drops from the high 30s to around 20% once secured, and easyfinancial's home-equity option starts from 9.99%. But you are converting unsecured debt into debt backed by your home, which raises the stakes if you cannot pay. For a disciplined homeowner it can be a genuine saving on a larger amount; for someone whose spending is the underlying problem, it risks the house. Decide honestly which you are.
A personal loan is a lump sum you borrow and repay in fixed monthly instalments over a set term — typically 1 to 5 years, though some lenders here go to 7 years. The rate is usually fixed, so the payment never changes. Most personal loans in Canada are unsecured (no collateral), which is why the rate you are offered depends heavily on your credit and income. You can use the money for almost anything — consolidating cards, a renovation, a vehicle or an emergency. Run the numbers first with the loan payoff calculator so you know the real monthly cost before you apply.
An unsecured loan needs no collateral, funds fast, and is the right choice for most borrowers with reasonable credit — but the rate is higher because the lender carries all the risk. A secured loan (usually against home equity) almost always carries a much lower rate: Fairstone’s secured pricing drops to roughly 20% versus its high-30s unsecured range, and easyfinancial’s home-equity option starts from 9.99%. The trade is real: you are putting an asset on the line. Secured makes sense for a disciplined homeowner chasing a lower rate on a larger amount; unsecured is better when speed matters or you have nothing to pledge.
It depends on the lender and your income. Among the lenders verified here, unsecured amounts run from $500 at the low end up to $35,000 at goPeer and Spring Financial. Tangerine starts at $5,000. Larger sums generally require either strong income or a secured loan — easyfinancial’s home-equity option reaches $150,000 and Fairstone’s secured loans go to $60,000. The Big Six banks can lend more on application (CIBC advertises up to $200,000 unsecured) but do not publish the rate until you apply.
The lowest, cleanest rates go to good credit (roughly 660+) — that is where a bank loan like Tangerine, starting at 8.99% with no fees, becomes available. Fair credit still has honest options: goPeer publishes a clear floor of a 600 score plus $35,000 income, and Spring Financial lends across the full spectrum. Below that, you are looking at non-prime lenders such as easyfinancial — which requires no credit history at all — at much higher rates, or a secured loan. There is a personal loan for almost every profile in Canada; the price is what changes.
Faster than most people expect. Among the lenders verified on June 13, 2026, Tangerine gives instant access to funds on approval, easyfinancial and Fora Credit fund the same day by Interac e-Transfer, goPeer can approve within 24 hours, and Spring Financial funds its Evergreen loan in 1–3 business days. Secured loans take longer because the lender has to value and register against the collateral. Speed should not be the deciding factor, though — a same-day loan at 35% is rarely better than a one-day loan at 12%.
The federal criminal interest rate is capped at 35% APR, in force since January 1, 2025 (down from the old 60% effective-annual-rate threshold, roughly 48% APR). A separate cap limits payday loans to $14 per $100 borrowed. Several non-prime lenders here price right up against that ceiling — legal, but expensive. A 35%+ personal loan should be a last resort, not a default; always confirm the rate in writing and check the lifetime cost with the loan payoff calculator before signing.
This page is for educational purposes only and is not financial advice. APRs, loan amounts, terms and fees were verified at each lender's own published pages on June 13, 2026 and change without notice; anything not disclosed first-party (including all Big Six personal-loan rates) was excluded rather than estimated. The rate you are offered depends on your credit and income. The federal criminal interest rate is capped at 35% APR. Confirm all terms in writing before borrowing. See our methodology.
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