How can I find the best loan companies in Canada?

You can find the best loan company in Canada by knowing exactly what you need in a personal loan, such as the loan type, loan amount, loan term, repayment flexibility and APR. From there, you can compare lenders and get pre-approval. Check to see how the lender conducts itself during the offer stage. A reputable lender will take the time to make sure you understand the terms of your loan and will not pressure you into signing the contract or buying additional products you don't want.

What are the best small loans in Canada?

The best small loans in Canada are from lenders of cash advances, installment loans and payday loans. Each comes with its pros and cons, so to find out what's best for your situation, read our small loans guide .

What are the most common loans in Canada?

The most common loans in Canada are personal loans, car loans, lines of credit and mortgages.

Which banks give loans easily in Canada?

Among the Big Six banks, CIBC and National Bank have the most convenient online applications. However, banks have strict eligibility requirements. You typically need a credit score above 660, stable income and a low debt-to-income ratio to get approved for a bank loan. Learn more about the easiest financial institutions to get a loan.

How does my credit score influence my ability to get a personal loan?

Your credit score is an important factor that providers look at to determine your eligibility for a loan. If you have a bad credit score, it can be more difficult to qualify for a loan or you could end up paying much higher interest rates than someone with good credit. That's why it's important to compare personal loans for your unique financial situation.

What's considered a good credit score?

A good credit score is usually any score that sits at 660 or above. Any score that falls below this number isn't necessarily bad, but it may cause you to have more difficulty getting approved for a personal loan. You can easily apply for a copy of your credit score with reputable credit bureaus such as Equifax or TransUnion.

What's considered a good interest rate for a personal loan?

That depends on your credit score, your debt-to-income ratio and other factors. If you have an excellent credit score and very little debt, an interest rate that's only a few points over the prime rate – currently 4.95% – would typically be considered good.