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.

No fee everyday banking

Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.

See how it works

Personal Loan Calculator

💵 Calculate Your Loan Payment

Loan amount ($)

Annual interest rate (%)

Loan term

Loan type

$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 Score	Typical Rate Range	Best Lenders	Monthly 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 580	29.99–46.96%	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

Manage your money while paying off debt — $100 free

KOHO code BREMO2026 · $20 bonus · 1% cashback · $0 fees · Free credit score monitoring

Get KOHO — code BREMO2026 →

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.