Best personal loans in Canada in 2025
From low interest rates to easy approvals, these are the top loan options available in Canada.
If you need a personal loan to cover a major expense, you have many options in Canada. Banks and credit unions are solid choices when you have good credit, but they’re not your only option. If you have bad credit, traditional lenders might be out of reach, but there are many alternative lenders in Canada that are more lenient with their requirements.
In this guide, we cover the top personal loans in Canada for various financial situations. Compare lenders to find the best rates and terms for your needs.
- Accepts bad credit borrowers
- Easy online application
- Quotes from multiple lenders
- Access cash within 1-3 business days
- Accepts bad credit borrowers
- Quotes from multiple lenders
- Pre-approval in 5 minutes
- Funds in as little as 24 hours
Best personal loans
1. Spring Financial
$300 – $35,000
Loan Amount
9.99% – 34.95%
APR
9 - 90 months
Term
Spring Financial is a direct lender of online personal loans. It has been in business since 2015 and has funded over 250,000 Canadians. This lender is a suitable option if you've been denied by a traditional lender. However, if you don't qualify for a standard Spring personal loan, you'll be offered The Foundation loan. With this loan, you won't receive any money until you've made all your scheduled payments, including interest.
Why it's one of the best
Fast. It's possible to apply, get approved and get your money all on the same day, even on a weekend.
Flexible. Borrow as little as $300 and as much as $35,000. Pay it off any time without penalty.
Established presence. Spring Financial is one of the most well-known online lenders in Canada. It has a high Trustpilot rating of 4.6 out of 5 based on over 16,000 reviews (but a low BBB rating: D).
How to apply
It takes less than five minutes to fill out an online application. You'll then get a phone call from Spring Financial to discuss next steps.
- Fast approval and funding
- Low starting rate
- Rebuild your credit
- Pay off any time without penalty
- High rates for bad credit
- The Foundation loan may not be suited for you
- Some complaints online about The Foundation and bad customer service
| Loan amount | $300 – $35,000 |
|---|---|
| APR | 9.99% – 34.95% |
| Term | 9 - 90 months |
| Min. credit score | 550 |
| Fees | No fees except $30 NSF fee |
| Turnaround time | Within 24 hours |
| Serviced provinces | All of Canada |
Related: Same day loans in Canada
2. Loans Canada
$250 – $50,000
Loan Amount
9.99% – 35%
APR
3 - 60 months
Term
Loans Canada is a free loan search platform based in Toronto, Ontario. It has a large network of lenders for all types of borrowers. If you've been denied a personal loan by a bank or credit union or simply want to compare offers to find the best for you, Loans Canada is worth considering.
Why it's one of the best
Time saver. Loans Canada works with over 60 partners. It'll use your application to connect you with lenders that best match your profile, which saves you time and effort.
Partnered with lenders for prime and non-prime borrowers. Loans Canada is partnered with a large network of lenders to let you borrow funds with good or bad credit. Just be aware that rates for bad credit are less favourable.
Established and reputable. Loans Canada has been featured in the news, such as CBC News, the Toronto Star and the Financial Post. It is a member of the Canadian Lenders Association.
How to apply
Apply online by providing your name, contact and employment details. Get your loan offers right after.
- Easy online application
- Free
- Secured and unsecured options
- BBB accreditation with an A+ rating
- High rates for lower credit scores
- You're limited to providers Loans Canada is partnered with
- Not a direct lender
| Loan amount | $250 – $50,000 |
|---|---|
| APR | 9.99% – 35% |
| Term | 3 - 60 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All of Canada |
Related: Best online loans in Canada
3. LoanConnect
$500 – $60,000
Loan Amount
8.99% – 35%
APR
3 - 120 months
Term
LoanConnect is an online loan search platform founded in 2016. It's based in London, Ontario, and is a member of the Canadian Lenders Association. Whether your finances are strong or you could use some leniency from a lender, LoanConnect can match you with offers for free.
Why it's one of the best
Provides simple pre-approval and funding. LoanConnect's application is easy to fill out and you'll get your results afterwards. Get funded as soon as the same day.
Low starting rates. Rates start at 8.99%, which is competitive. But you'll pay much higher interest when applying with bad credit.
Increases your odds of getting a loan. By filling out just one application, LoanConnect will match you with realistic loan options.
How to apply
Fill out an online application by providing your name, contact and employment details. Compare your offers after you submit.
- Free to use
- Large loan amounts available
- Secured and unsecured options
- BBB accreditation with an A+ rating
- High rates for lower credit scores
- You're limited to providers LoanConnect is partnered with
- Not a direct lender
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 8.99% – 35% |
| Term | 3 - 120 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds in as little as 24 hours. |
| Serviced provinces | All provinces |
4. AAR Financial
$1,000 – $50,000
Loan Amount
14.9% – 35%
APR
24 - 120 months
Term
AAR Financial specializes in helping borrowers access personal loans quickly, even with less-than-perfect credit. With a focus on flexible repayment options and fast approvals, they make borrowing more accessible for people who may not qualify with banks.
Why it's one of the best
High approval rate. AAR Financial claims to have a 99% approval rate. It's possible to get approved even if you have fair or bad credit.
Secured and unsecured options. You can get a personal loan without collateral, or you can use your home equity to secure a lower interest rate and boost your odds of approval.
Prequalify online. Fill out an application online within minutes and get a quote without affecting your credit score.
How to apply
Fill out a quick application with your personal information, such as your name, address and job details. You can apply with a cosigner to increase your chance of approval.
- Flexible loan amounts
- Same day funding
| Loan amount | $1,000 – $50,000 |
|---|---|
| APR | 14.9% – 35% |
| Term | 24 - 120 months |
| Min. credit score | 550 |
| Fees | Fees may include insurance fees, administration fees and NSF/late payment fees. |
| Turnaround time | Within 24 hours |
| Serviced provinces | Manitoba, Saskatchewan, Alberta, Ontario and British Columbia |
Related: Compare 20+ loans for bad credit
5. CIBC
$3,000 – $200,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
CIBC is a solid choice if you'd like to get a personal loan from a large, well-known bank, and you have good to excellent credit. It has served Canadians since 1961.
Why it's one of the best
Favourable rates. As one of the largest banks in Canada, CIBC can offer some of the best interest rates. However, you'll need to be in a strong financial position in order to get a low rate.
Flexible loan options. Choose between a fixed and variable rate. Use your home or other assets as collateral to increase your chances of approval and to potentially borrow more, or get an unsecured personal loan for a faster approval process.
Online application available. Unlike many traditional lenders, CIBC has an online application that's easy to fill out and takes about five minutes.
How to apply
Visit a CIBC bank branch, call CIBC or fill out an application online. Provide your personal and financial information as well as documents that verify your identity and income, such as your driver's licence, T4 and bank statements.
- Easily apply online, call or visit a CIBC branch near you
- Established, reputable lender
- Many branches across Canada
- High maximum loan amount for unsecured personal loans
- Choose your payment frequency
- Bad credit may not qualify
- Slower process than alternative lenders
| Loan amount | $3,000 – $200,000 |
|---|---|
| APR | Undisclosed |
| Term | 1 - 5 years |
| Serviced provinces | Across Canada |
6. Innovation Credit Union
$5,000 – $50,000
Loan Amount
Undisclosed
APR
12 - 120 months
Term
Innovation Credit Union offers flexible personal loans with competitive rates and customized terms to fit your budget. As a member-owned institution, it prioritizes your financial well-being with transparent lending and local service you can trust.
Why it's one of the best
Personalized service. Enjoy better, more personalized service than what you'd get from a big bank.
Available nationwide. Unlike many credit unions, Innovation's personal loans are available in most provinces, excluding Quebec.
Convenient online application. There's no need to visit a branch. Apply online and get approval in one business day.
How to apply
Head over to Innovation's online application. Provide your personal information, including your Social Insurance Number. Pay a $5 membership fee.
- Favourable rates
- Good service
- Bad credit may not qualify
- Slower than alternative lenders
| Loan amount | $5,000 – $50,000 |
|---|---|
| APR | Undisclosed |
| Term | 12 - 120 months |
| Fees | $5 membership fee |
| Turnaround time | Approval in one business day |
| Serviced provinces | All provinces, excluding Quebec |
7. Fairstone Financial
$500 – $60,000
Loan Amount
19.99% – 34.99%
APR
6 - 120 months
Term
If you have a fair to bad credit score, it's worth exploring options from direct lender Fairstone. You can get a personal loan with or without collateral, but you'll increase your chances of approval if you secure the loan with your home equity, especially if your credit score isn't great. Make sure you can afford the loan though, because defaulting could result in losing your house.
Why it's one of the best
Established. Fairstone has been in business since 1923, has over 230 branches across Canada and is owned by a Schedule 1 bank.
Flexible options. Borrow as little as $500 and as much as $60,000 with terms from 6 - 120 months. Apply online or in person.
Fast. Get your unsecured personal loan within 24 to 48 hours. A secured loan will take longer because it involves a house appraisal.
How to apply
Visit a Fairstone branch for in-person service or apply online. Fill out a quick application and get your quote immediately after. You can get an unsecured personal loan completely online, whereas a secured personal loan will require a visit to a Fairstone branch.
- Secured and unsecured personal loans
- Online account management available
- No prepayment penalties
- BBB accredited with an A+ rating.
- High rates for low credit
- Homeowner preferred
- Could lose your house if you secure the loan with your home equity and default
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 19.99% – 34.99% |
| Term | 6 - 120 months |
| Min. credit score | 525 |
8. easyfinancial
$500 – $100,000
Loan Amount
9.99% – 35%
APR
9 - 240 months
Term
easyfinancial is one of the largest and most well-known alternative lenders in the country, offering personal loans to Canadians who can't access traditional financing because of their low credit score, low income or existing debts. You can apply to get a loan with or without collateral.
Why it's one of the best
Established. easyfinancial has been in business for over 30 years and has over 400 branches across Canada. Its locations consistently receive high ratings from clients, with many praising staff members' helpfulness throughout the process.
Quick. Get approval in as little as 10 minutes and get your money as soon as the same day.
Flexible options. Borrow as little as $500 and as much as $100,000 with terms from 9 - 240 months. Get a 2% rate reduction when you apply with a co-borrower.
How to apply
Visit an easyfinancial branch if you want face-to-face service. For a faster, more convenient process, fill out an online application and get a decision within minutes.
- High loan amounts available
- No prepayment penalties
- Easy to get
- Bad credit is okay
- Expensive loan
| Loan amount | $500 – $100,000 |
|---|---|
| APR | 9.99% – 35% |
| Term | 9 - 240 months |
| Min. credit score | 300 |
| Fees | you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees |
| Turnaround time | Approval within 30 minutes |
| Serviced provinces | all provinces |
Related: Loans like easyfinancial
9. Cashco Financial
$500 – $7,000
Loan Amount
Up to 35%
APR
6 - 60 months
Term
Cashco has been around for over 10 years and specializes in long-term personal loans for people who may not get approved for traditional loans.
Why it's one of the best
Flexible. Cashco will work with you so you get loan payments that work with your budget.
High approval rate. According to Cashco, it has a 98% approval rate. To get approved, you'll need to show Cashco you can afford to take on its loan payments, given your current monthly income and debt payments.
Rebuild your credit. Cashco reports payments to the credit bureaus. On-time payments will help increase your credit score.
How to apply
Apply online. Provide your documents, such as ID and proof of address, then get a decision.
- Online application
- Bad credit is okay
- Established lender
- High rates for low credit
- Requires submitting a photo of yourself
| Loan amount | $500 – $7,000 |
|---|---|
| APR | Up to 35% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| Fees | Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25. |
| Turnaround time | within 24 hours |
| Serviced provinces | BC, AB, NB, SK and ON |
10. goPeer
$1,000 – $35,000
Loan Amount
8.99% – 34.99%
APR
36 or 60 months
Term
goPeer is a regulated peer-to-peer lending platform. Apply online and get multiple offers from everyday Canadian investors. Your finances will need to be in good shape in order for you to get strong offers and fast funding. If you're a riskier borrower, your rate will be higher, and it may take longer to find investors willing to fund your loan.
Why it's one of the best
Competitive rates. Getting a loan from goPeer is completely online. This means goPeer can save on operating costs and pass on those savings to you via favourable rates.
Flexible loan amounts. You can borrow between $1,000 and $35,000 without needing to offer any collateral.
Repayment flexibility. Easily pay off your loan or make additional payments any time without any fees by logging in to your account and depositing funds from your bank account.
How to apply
Apply online within minutes by providing your name, contact and employment information. Receive one or more offers depending on the strength of your application.
- No need to visit a branch
- Regulated
- Prequalify without affecting your credit
- Origination fee
- People with bad credit may not qualify
- Slower process than other online lenders
| Loan amount | $1,000 – $35,000 |
|---|---|
| APR | 8.99% – 34.99% |
| Term | 36 or 60 months |
| Min. credit score | 700 |
| Fees | Variable origination fee (included in APR) Unsuccessful payment fee of $50 No application or prepayment fees |
| Turnaround time | Response within 24 hours |
| Serviced provinces | All of Canada |
11. FlexMoney
$500 – $15,000
Loan Amount
18.9% – 35%
APR
6 - 60 months
Term
Direct private lender FlexMoney offers installment loans completely online. It's been around since 2012 with an office in Toronto, Ontario. It's BBB accredited with an A+ rating.
Why it's one of the best
Instant decision. FlexMoney's automated processes allow it to quickly review your application and let you know within minutes whether it wants to proceed.
Fast funding. Once you submit your signed loan agreement, you can get your money as soon as the same day or the next morning.
Build your credit. FlexMoney reports payments to the credit bureau, which can help improve your credit score and credit history.
How to apply
Fill out a simple online application and verify your income and identity via instant bank verification.
- No prepayment penalties
- Accepts pension
- Easily make extra payments via e-Transfer
- Steeper interest rates than banks and credit unions
| Loan amount | $500 – $15,000 |
|---|---|
| APR | 18.9% – 35% |
| Term | 6 - 60 months |
| Min. credit score | 500 |
| Fees | No application, origination or prepayment fees |
| Turnaround time | 24 hours |
| Serviced provinces | Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, and Saskatchewan |
12. Bank of Montreal
Starting at $2,000
Loan Amount
Undisclosed
APR
1 - 5 years
Term
Bank of Montreal is a well-known Canadian bank that's been around for over 200 years, so you can be sure you'd be getting a personal loan from a legitimate lender. It's a strong option when your finances are in great shape. You can use its personal loan for whatever you need, such as consolidating debt, improving your home or paying for a major expense.
Why it's one of the best
Flexible options. Choose between a fixed and variable rate, and get a better rate when you use an asset, such as your home, as collateral. BMO's starting loan amount is $2,000, which is lower than other banks and helpful if you don't need to borrow that much.
Competitive rates. BMO doesn't reveal its personal loan rates online, but as a large bank with a more involved application process and stricter requirements than alternative lenders, it can offer some of the lowest rates.
Established. BMO is one of the biggest banks in Canada, with decades of lending experience and a strong presence nationwide.
How to apply
Book an appointment online to schedule a face-to-face meeting at a branch. Make sure to bring a government-issued photo ID and proof of employment, such as recent paystubs and T4 slips. If the personal loan is for consolidating debt, bring your statements for the debts you'd like to pay off.
- Many branches across Canada
- Competitive rates
- Secured and unsecured options
- Bad credit may not qualify
- Some complaints about bad customer service
- Requires a visit to the branch
- Rates not posted online
- Slower process than alternative lenders
| Loan amount | Starting at $2,000 |
|---|---|
| APR | Undisclosed |
| Term | 1 - 5 years |
Related: How to get a bank personal loan
13. Money Mart
$500 – $18,000
Loan Amount
29.9% – 34.28%
APR
6 - 60 months
Term
Money Mart is one of the largest alternative lenders in Canada, offering both installment loans and payday loans. They're a lot less strict with their eligibility requirements than banks, but you'll be charged much steeper rates.
Why it's one of the best
Established presence. Money Mart has been in business since 1982 and has over 500 branches across Canada.
Easy process. Money Mart's installment loan is unsecured, so there's no extra step of offering or appraising collateral. You can get funded as soon as the same business day.
Easier eligibility criteria. Money Mart does not require a good credit score. Rather than focusing on your credit score, it'll look at your overall financial situation, including your income and existing debts.
How to apply
Visit a Money Mart branch or apply online within minutes. If you choose Express online, you'll verify your income and identity via instant bank verification. If you choose Standard, you'll go through an online manual review, which will take longer.
- No prepayment penalties
- No hidden fees
- Choice to apply at home or at a branch
- Steep interest rates
| Loan amount | $500 – $18,000 |
|---|---|
| APR | 29.9% – 34.28% |
| Term | 6 - 60 months |
| Min. credit score | 300 |
| Fees | None |
| Turnaround time | Less than 1 day |
| Serviced provinces | AB, BC, MB, NS, NT, ON, PEI, SK, YT |
14. Fig Financial
$2,000 – $35,000
Loan Amount
8.99% – 29.49%
APR
24 - 60 months
Term
Fig is a Canadian lender that launched in 2023, but the company backing it, Fairstone Bank, has been around for decades. Fig is based in Montreal, Quebec, but it's available in most provinces. It specializes in quick, online personal loans for people with good to excellent credit.
Why it's one of the best
Competitive rates. Fig's rates start at 8.99%, which is competitive against many online lenders.
Easy process. Get instant pre-approval and get your loan funds within two business days. You won't ever need to step foot outside your home.
Backed by a big brand. Fig has a large, established lender backing it, one that has nearly 100 years of lending experience.
How to apply
Go to Fig's online application. Input your personal and financial details and get a decision within minutes.
- High loan amounts available
- No prepayment penalties
- Simple process
- You may get better rates at a bank
- Bad credit will not qualify
| Loan amount | $2,000 – $35,000 |
|---|---|
| APR | 8.99% – 29.49% |
| Term | 24 - 60 months |
| Min. credit score | 700 |
| Fees | NSF fee: $45 |
| Turnaround time | Up to 5 business days |
| Serviced provinces | Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan |
15. Fat Cat Loans
$300 – $50,000
Loan Amount
6.99% – 35%
APR
3 - 84 months
Term
Fat Cat Loans is a loan search platform for all credit scores. It's partnered with lenders that offer various types of loans, including same day cash loans.
Why it's one of the best
Same day loans available. If you submit your contract before 3pm, you could get your funds on the same day.
High chance of approval. According to Fat Cat Loans, you have an 84% chance of getting approved for a loan if you apply through them.
Save time. Fill out just one application and get matched with offers based on your financial situation.
How to apply
Apply online by providing your personal details, such as name, contact info and employment. Get an instant decision and finalize your loan with your lender of choice.
- Online process
- No hidden fees
- Options for all clear
- Unclear if both secured and unsecured loans are available
| Loan amount | $300 – $50,000 |
|---|---|
| APR | 6.99% – 35% |
| Term | 3 - 84 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Within 24 hours |
| Serviced provinces | Canada-wide |
How we found the best loans
Finder experts collected 17 points of data for more than 40 lenders operating in Canada. Finder used this data to create a proprietary weighting formula that scores each lender based on rates, fees, terms, loan amounts, application process, funding speed, customer support, and reputation, among other features. The providers shown on the best list are those who scored highest based on this data-driven methodology. They are providers that are available and not available through Finder, with partners listed first. These loans are not representative of the entire market. Read more about the Finder personal loan ratings and review methodology.
Summary: Best places to get a loan
Best banks and credit unions for good to excellent credit
| Lender | Interest rate | Loan amount | Minimum turnaround time |
|---|---|---|---|
| CIBC | 4.95% + adjustment factor | $3,000 – $200,000 | A few business days |
| Bank of Montreal | 4.95% + adjustment factor | From $2,000 | A few business days |
| Innovation Credit Union | 4.95% + adjustment factor | $5,000 – $50,000 | Approval in 1 business day |
Best alternative lenders for all credit
| Lender | Interest rate | Loan amount | Minimum turnaround time |
|---|---|---|---|
| Spring Financial | 9.99% - 34.95% | $300 – $35,000 | Same day |
| Loans Canada | 9.99% - 35.00% | $250 – $50,000 | Same day |
| LoanConnect | 8.99% - 35.00% | $500 – $60,000 | Same day |
| Fat Cat Loans | 6.99% - 35.00% | $300 – $50,000 | Same day |
| AAR Financial | 14.90% - 35.00% | $1,000 – $50,000 | Same day |
| FlexMoney | 18.90% - 35.00% | $500 – $15,000 | Same day |
| Money Mart | 29.90% - 34.28% | $500 – $18,000 | Same day |
| Fig Financial | 8.99% - 29.49% | $2,000 – $35,000 | Up to 2 business days |
| goPeer | 8.99% - 34.99% | $1,000 – $35,000 | A few business days |
| Cashco | 35.00% | $500 – $7,000 | Within 24 hours |
| easyfinancial | 9.99% - 35.00% | $500 – $100,000 | Same day |
| Fairstone Financial | 19.99% - 34.99% | $500 – $60,000 | Same day |
Dive deeper: Have time? Compare 40+ personal loans
What are the best personal loan rates in Canada?
The best personal loan rates in Canada start at 6.99%. And as of January 1, 2025, personal loan lenders in Canada can’t charge you more than 35% APR, which is especially helpful for people with bad credit.
What are the best quick loans in Canada?
The best quick personal loans in Canada come from online lenders like Spring Financial and easyfinancial. To speed up the process, make sure to apply to a lender who offers instant decisions, bank verification and fast e-Transfer funding.
How to find the best loan companies in Canada
Consider taking the following steps to find the right loan for your needs.
1. Know your credit score
Knowing your credit score can help identify loans where you have a high rate of approval. Request your credit score from credit bureaus or fintech companies:
- Credit bureaus. Order a free copy of your credit report once a year from one of the two credit bureaus operating in Canada: Equifax or TransUnion. This free report will be sent through postal mail and takes approximately two weeks to arrive. Another option is to pay a fee to get instant access to an online copy of your credit report.
- Fintech companies: Lenders like Borrowell, Loans Canada and Nyble offer free credit monitoring.
2. Decide what type of personal loan you want
What’s best will depend on your financial situation.
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- Competitive rates
- Secured/unsecured loans
- Fixed or variable
- In-person service
- Long wait times
- Canadian investors fund your loan
- Competitive rates due to low operating costs
- Higher rates on average
- Less strict eligibility criteria
- Accepts bad credit
- Secured/unsecured loans
- Typically fixed rates
- Entirely online
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3. Decide on the best place to get a loan
Compare different types of lenders to find the best place to get a personal loan.
| Banks and credit unions | Best for people with good to excellent credit | |
| P2P lending platform | Best for people who have good to excellent credit and don’t want to go with a bank | |
| Alternative, private lenders | Best for people with poor to fair credit or those who would prefer to apply online |
4. Compare loan features
Compare the following features to find the top loan in Canada for your needs:
How do I find legit loans in Canada?
To find legit loans in Canada, especially loans online, make sure the lender has a business registration, office address, phone number, terms and conditions, privacy policy, social media presence and customer reviews. Learn more about online loans.
How to apply for personal loans in Canada
Follow these steps to apply for personal loans:
- Fill out an application. Provide personal info such as your name, address, phone number, job, income and housing situation.
- Get a decision. Online lenders can give pre-approval within minutes, while banks and credit unions can take one to three business days.
- Provide documents. You may need to provide bank statements, tax returns, government-issued ID and other documents.
- Get a final loan offer. Review your loan agreement. Understand your payment schedule and how much the loan will cost you overall. Keep an eye out for extra fees.
- Sign and submit. If you’re happy with the terms of your personal loan, sign and submit your contract. You’ll get your money via Interac e-Transfer or direct deposit.
Key takeaways
- There is no single personal loan that’s best for everyone, so it’s important to compare providers to find the right fit for you.
- Personal loan rates depend on your personal situation. The best rates go to borrowers with strong credit, whereas borrowers with bad credit need to be prepared for high interest rates.
- Alternative lenders are faster at approval and funding than banks, but their rates are generally higher.
Plans to get a personal loan in the next 3 months
According to data released in the Finder: Consumer Sentiment Survey, Canadians were less likely to take out a personal loan in the next three months. In Q2 2023 20% of respondents planned to take out a personal or installment loan. The number dropped to 5% of respondents who planned to take out a personal or installment loan in the next three months.
Bottom line
Personal loans are a quick and affordable way to get access to financing, especially if you have good credit. There are many different types of personal loans. That’s why you’ll want to compare factors like how much you want to borrow, the interest rates you’re willing to pay and how long your loan term should be to find the right personal loan in Canada.
Frequently asked questions
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