Fill out 1 application and get multiple offers from lenders.
Easy online application to connect with multiple lenders
Over 60 lenders
Free to use
Options for all credit scores
Options for secured and unsecured loans
Interest rates can reach as high as 46.96% for bad credit
Loan amount
$300 – $50,000
APR
9.9% – 46.96%
Term
4 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Origination fee
0
Turnaround time
Receive funds in as little as 24 hours.
Serviced provinces
All of Canada
Overall representative example If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.
How to apply for a personal loan
1. Figure out how much money you need
Crunch some numbers to figure out how much you need to borrow and how much you can afford to pay back each month. Also, compare different types of loans to find the one that suits your needs best.
2. Shop around
Look for lenders that offer the type of loan you need with eligibility requirements you can meet. Then, compare factors like rates, fees and terms.
3. Prequalify
If the lender offers it, fill out a quick pre-application with a few different lenders to learn which rates and terms you might get. Prequalifying usually doesn’t affect your credit.
4. Finish the application
After you decide on a lender, follow the steps to complete the full application and submit documents like pay stubs to verify your income.
What rates can I expect on a personal loan?
Personal loan rates typically range from 2% to 47%. The rate you get depends on the following factors:
Credit score. You need near-perfect credit to qualify for the lowest advertised rate.
Income. Lenders will likely check if you have enough regular cash flow to easily afford your monthly repayments.
Debts. The lowest rates go to borrowers with a debt-to-income ratio (DTI) below 20%.
Collateral. Securing your loan makes it less risky to the lender and gets you lower rates.
Loan amount and term. Some lenders may offer different rates depending on how much you want to borrow and how long you need to repay.
The cost of your loan depends on the loan term and your rate.
What goes into a personal loan APR?
Most lenders’ annual percentage rate (APR) tells you how much you’ll pay in interest and fees over one year. This makes it easier to compare the cost of loans with the same term. The APR often includes an origination fee, which lenders charge after you sign your loan contract. But it doesn’t include penalties like late fees, nonsufficient funds (NSF) fees or prepayment penalties – which can all be avoided by paying your loan back on time and in full.
How to find the right personal loans lender
Ask yourself the following questions when comparing lenders:
Does it offer what I need? Check if the amount you need falls into a lender’s range and if it offers the type of loan you’re looking for.
Am I eligible? Make sure you meet the lender’s minimum credit score, income, age and other requirements before you apply.
What’s the APR? This gives you a quick snapshot of the loan’s total cost per year.
How long will I be in debt? Look at the loan terms available to make sure you’ll be out of debt in time to meet other financial goals, like buying a house or a car.
Will repayments fit my budget? Use the available loan terms and APR to figure out how much you might owe each month.
Are there any fees? Lenders may charge up to a 5% origination fee, which they take out of or add to the loan balance. This affects how much you need to borrow and your monthly cost.
Is it legit? Read customer reviews to look out for personal loan scams and red flags, and make sure its website is secure.
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio
The Finder personal loans ratings and review methodology provides a data-based method to assess and rate personal loan providers in the Canadian marketplace.
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Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
