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.
⚠️ Check your credit score before applying
Every hard credit inquiry can lower your score by 5–10 points. Use KOHO's free credit score monitoring (code 45ET55JSYA) 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+ neededAmount: $2k–$50kTime: 3–7 daysBest 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 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.
Loans Canada (Marketplace)
9.99–46.96% APR
Score: Any creditAmount: $500–$300kTime: Same dayMarketplace (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–$35kTime: Same dayBad 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+ recommendedAmount: $500–$50kTime: Same day240+ 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
$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
700–750
9.99–15.99%
Bank / Borrowell / Loans Canada
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, $100 bonus code 45ET55JSYA) 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.
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.