💰 Loan Calculator · 2026

Canadian Loan Calculator 2026

Calculate your monthly personal loan payment, total interest cost, and compare rates. A 1% difference in interest rate on a $20,000 loan saves $190 in interest over 3 years — use the calculator to find the cheapest option.

Personal Loan Calculator

💵 Calculate Your Loan Payment

$483
Monthly payment
Loan amount$15,000
Total interest paid$2,388
Total cost (principal + interest)$17,388
Effective APR9.99%

Rate Comparison: Same $15,000 Loan, 36 Months

6.99% (bank/credit union)
$463/mo
$1,668 total interest
9.99% (online lender)
$483/mo
$2,388 total interest
14.99% (fair credit)
$520/mo
$3,720 total interest
19.99% (credit card rate)
$557/mo
$5,052 total interest
29.99% (payday/alt lender)
$634/mo
$7,824 total interest

Canadian Personal Loan Rates by Credit Score

Credit ScoreTypical Rate RangeBest LendersMonthly on $15K/3yr
760+ (Excellent)6.99–8.99%Your bank, credit union$463–$474
700–759 (Good)9.99–13.99%Borrowell, bank$483–$513
650–699 (Fair)14.99–19.99%Loans Canada, Spring$520–$557
580–649 (Poor)19.99–29.99%Spring Financial, Fairstone$557–$634
Under 58029.99–46.96%Fairstone, secured options$634+

Frequently Asked Questions

What is a good interest rate for a personal loan in Canada?
Good: 6.99–9.99% (excellent credit, bank or credit union). Average: 10–15% (good credit, online lenders). High: 15–29.99% (fair/poor credit). Very high (avoid): 30%+ or payday loans at 390%+ annualized. The best way to get a low rate: improve your credit score above 700, reduce existing debt, and get quotes from your bank, Borrowell, and a credit union before deciding.
How long does it take to get a personal loan in Canada?
Online lenders (Borrowell, Loans Canada, Spring Financial): same-day to 2 business days. Bank personal loan: 3–7 business days. Credit union: 1–5 business days. Payday loans: same hour (but rates are 390%+ APR — avoid). For urgent needs, online lenders are fastest. For best rates, apply to your bank or credit union first.
Will a personal loan hurt my credit score in Canada?
Applying for a loan creates a hard inquiry — this drops your score ~5 points temporarily (recovers in 3–6 months). The loan itself appears as new debt and increases your debt-to-income ratio. However, making on-time payments builds your payment history (the most important credit factor — 35% of score). A well-managed personal loan can increase your score over 12–24 months.

Related guides

💵 Best personal loan rates Canada 2026 → 🏠 Mortgage calculator Canada 2026 → 💳 Balance transfer credit cards — 0% interest → 📊 How to improve your credit score in Canada →

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Disclaimer: Calculator estimates only. Actual loan terms depend on lender and credit approval. Not financial advice. Bremo earns referral commissions on KOHO signups. Information as of March 2026.