Personal Loans · March 2026

Best Personal Loans Canada 2026

Q: What is the best personal loan in Canada?

For the best rates (7–12% APR), qualify with a credit score above 700 at your bank or through Borrowell. For fast approval regardless of credit, Loans Canada and Spring Financial have options from 9.99% to 46.96% APR depending on credit. Always compare at least 3 lenders.

Personal loan rates vary from 6.99% to 46.96% APR in Canada — the difference on a $100 loan is thousands of dollars. Here's how to find the best rate based on your credit score.

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Every hard credit inquiry can lower your score by 5–10 points. Use KOHO's free credit score monitoring (code BREMO2026) to know where you stand before applying — then apply only to lenders likely to approve you.

Best Personal Loan Lenders in Canada

Your Bank (RBC, TD, Scotiabank, BMO, CIBC)

6.99–12% APR

Score: 680+ needed Amount: $2k–$50k Time: 3–7 days Best rates in Canada

Your existing bank offers the best rates if you have good credit (680+). Banks value existing client relationships — your chequing/savings history helps approval. Apply online or in branch. Big bank personal loan rates are the lowest available in Canada for qualified borrowers. Start here if you have good credit.

Borrowell

9.99–29.99% APR

Score: 660+ recommended Amount: $1k–$35k Time: 24–48 hours Soft check pre-approval

Borrowell is Canada's largest fintech lender. Soft credit check pre-approval (no score impact) shows you your rate before you commit. Funded within 24–48 hours. Also offers free credit score monitoring. Good for borrowers with 660+ credit scores who want a fast, transparent online experience.

goPeer (P2P)

7.5–27.99% APR

Score: 660+ recommended Amount: $1k–$25k Time: 1–5 business days Investor-funded (P2P)

goPeer is Canada's first licensed peer-to-peer lending platform — borrowers get competitive rates funded directly by Canadian investors. No banking middleman means lower rates for qualified borrowers. Rates from 7.5% for excellent credit. Bremo exclusive: apply via bremo.io referral for priority review.

Loans Canada (Marketplace)

9.99–46.96% APR

Score: Any credit Amount: $500–$300k Time: Same day Marketplace (multiple lenders)

Loans Canada is a marketplace that connects you with multiple lenders with one application. Suitable for all credit scores including bad credit. Matches you with the best available lender for your profile. Rates depend heavily on your credit — excellent credit gets bank-like rates, poor credit gets higher rates. One application, multiple offers.

Spring Financial

9.99–46.96% APR

Score: 300+ (any) Amount: $500–$35k Time: Same day Bad credit OK

Spring Financial specializes in Canadians with poor or no credit history. Accepts applications from credit scores as low as 300. Rates are higher for poor credit, but Spring reports to both Equifax and TransUnion — helping you rebuild your credit. "Foundation" product (secured loan) helps people establish credit from scratch.

Fairstone

19.99–34.99% APR

Score: 550+ recommended Amount: $500–$50k Time: Same day 240+ branches in Canada

Fairstone is Canada's largest non-bank personal lender with 240+ branches. Accepts fair/poor credit (550+). Both secured and unsecured personal loans. Fast same-day funding. Good for people who prefer in-person service or are between traditional bank and bad-credit lenders in terms of credit score.

Loan Payment Calculator

Estimate your monthly payment

Loan Amount ($)

Interest Rate (% APR)

Term (months)

$462

Total cost: $11,088 · Interest: $1,088

Rates by Credit Score

Credit Score	Expected APR Range	Best Lender Option
750+	6.99–10.99%	Your bank / Borrowell / goPeer
700–750	9.99–15.99%	Bank / Borrowell / goPeer
650–699	14.99–22.99%	Borrowell / Loans Canada
600–649	19.99–29.99%	Fairstone / Loans Canada
550–599	24.99–39.99%	Fairstone / Spring Financial
Below 550	34.99–46.96%	Spring Financial / easyfinancial

Frequently Asked Questions

What is the best personal loan in Canada?

For the best rates (6.99–12% APR), qualify with a credit score above 680 at your bank. For fast online approval, Borrowell offers 9.99–29.99% APR with a soft pre-check. For any credit score, Loans Canada and Spring Financial have options but at higher rates. Always compare at least 3 lenders.

Can I get a personal loan in Canada with bad credit?

Yes. Spring Financial, Fairstone, and easyfinancial offer personal loans to Canadians with credit scores as low as 300. Rates are higher (19.99–46.96% APR). Improving your credit first with KOHO (free credit monitoring, $20 bonus code BREMO2026) then applying in 6 months will get you a much better rate. The difference between 15% and 39% APR on a $100 loan over 3 years is ~$4,000 in extra interest.

How fast can I get a personal loan in Canada?

Online lenders (Borrowell, Spring Financial, Loans Canada) can approve and fund within 24–48 hours. Loans Canada marketplace sometimes funds same day. Banks typically take 3–7 business days. For emergencies, online lenders are faster but check the APR carefully — fast doesn't always mean cheap.

Should I use a personal loan or a credit card?

For planned expenses over $2,000 that you'll repay over 12–60 months, a personal loan is almost always cheaper than a credit card. Credit cards charge 19.99–26.99% APR on balances. Bank personal loans start at 6.99% APR. Exception: credit cards with 0% balance transfer promos can be cheaper than personal loans for the promo period.

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Disclosure: Bremo earns referral commissions on KOHO signups. Loan rates and terms subject to change. This is not financial advice. Information as of March 2026.