10 Best Personal Loans in Canada in 2024

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Need a personal loan to cover your bills or pay for an emergency? This list can help. We cover the best personal loans in Canada and discuss what each loan provider offers and how you can apply.

To get started, here are the top 5 best personal loans in Canada:

  1. Loans Canada: Best for comparing loans from various lenders
  2. LoanConnect: Best for unsecured loans
  3. Loanz: Best for bad credit loans
  4. Mogo: Best for fast online loans
  5. Borrowell: Best for free credit score check

We discuss five other top personal loan companies in Canada, including SkyCap Financial, Fairstone, LendDirect, Loan Away, and goPeer.

Best Personal Loan Rates in Canada

Loans Canada

Loans Canada is a loans comparison website for various types of loans, including personal loans, car loans, bad credit loans, and debt consolidation loans.

Interest rates: 2.99% to 46.96%.

Loan term: 4-60 months.

Loan amount: $500 to $35,000.


LoanConnect is a loan search engine that connects borrowers with multiple lenders in one place. This platform is free to use, and you can use it to find online loans regardless of your credit score.

Interest rates: 4.99% – 46.96%.

Loan term: 3-120 months.

Loan amount: $1,000 to $35,000.

Mogo Loans

Mogo is a financial technology company. It offers several products, including personal loans, mortgages, a self-directed trading platform, and a prepaid card.

Interest rates: 9.99% – 46.96%.

Loan term: 9-60 months.

Loan amount: $500 to $35,000.


Loanz is a subsidiary of LendingArch, a popular loan provider in Canada for fair, poor, or bad credit.

Interest rates: 29.9% – 46.9%.

Loan term: 12-60 months.

Loan amount: $1,000 to $15,000.

How We Choose the Best Personal Loans in Canada: Methodology

When evaluating the best personal loans available to Canadians, we look at each company’s online profile and its:

  • Loans rates (APR)
  • Loan terms
  • Types of loans offered
  • Loan amount
  • Application process
  • Customer support
  • User reviews
  • Business rating

Each loan company or comparison site is different, and we have researched the most popular ones.

For the easiest banks to get a loan and the rates they offer, borrowers will need to approach their banks to get a quote, as these banks do not publish their loan rates online.

Top Personal Loans in Canada

Loans Canada

  • Interest rates: 2.99% to 46.96%
  • Loan amount: $500 – $35,000
  • Loan term: 4- 60 months
  • Minimum credit score: None

Loans Canada is a loan comparison platform founded in 2012. It offers personal loans from various lenders, making it easy to estimate the best personal loan rates for your credit rating.

The types of loans available on this platform include debt consolidation, auto financing, no credit check, guarantor, private, and employment insurance loans. Business loans are also available.

You can borrow up to $35,000 for as long as 60 months. Loans Canada does not charge a fee to use its platform; however, you may need to pay an origination fee to whichever lender you choose.

To apply, visit their website and complete the short application form. Their system automatically matches you with lenders, and you get pre-approved for a loan.

If the terms are acceptable to you, further information is provided on the lender’s website, and you can receive funding within 1-2 business days.

Eligibility: You must be the age of the majority in your province or territory (i.e. at least 18 or 19 years old).


  • Secured and unsecured personal loans are offered
  • A+ rating on the Better Business Bureau (BBB)
  • Free to use the loans comparison engine
  • Low interest rate loans are available if you have a good credit score
  • Access to low interest personal loans


  • Does not offer loans directly

Here’s a detailed deep dive into Loans Canada.


  • Interest rates: 4.99% – 46.96%
  • Loan amount: Up to $50,000
  • Loan term: 3 – 120 months
  • Minimum credit score: None

LoanConnect uses a loan search engine to help you find personalized loans in Canada. This company was established in 2015 and works with established bank lenders, alternative lenders, and private lenders.

You can borrow up to $50,000 and use the money for various purposes, including debt consolidation, car purchase, medical expenses, credit card payoff, home improvement, vacation, or credit rebuilding.

Loan rates will vary based on the lender’s assessment of your creditworthiness and can range from 4.99% to 46.96% APR.

You can borrow for up to 10 years (120 months).

To apply, visit their website and complete the application form. Pre-approvals take as little as 5 minutes, and funds can be received on the same day.

Eligibility: All types of credit scores are accepted. You must be a Canadian citizen or permanent resident and the age of the majority in your province of residence.

Also, your total debt payments must be less than 60% of your income.


  • It can be used to search for the best unsecured personal loans
  • A+ rating on the BBB
  • The platform is free to use
  • Loan rates as low as 5.99% for unsecured loans and 4.99% for secured loans


  • Does not provide loans directly


  • Interest rates: 9.99% – 46.96%
  • Loan amount: $500 – $35,000
  • Loan term: 9 – 60 months
  • Minimum credit score: N/A; Minimum income of $13,000/year

Mogo is a financial technology company founded in 2008. It has over 1.8 million members and offers multiple financial products, including some of the best personal loans in Canada.

Mogo loans are provided by its partners, such as Lendful and easyfinancial. The APRs on these loans range from 9.9% to 46.96%, and borrowers are generally required to have a steady income of at least $13,000 per year.

After applying, pre-approval typically takes about 3 minutes. For some of its loans, there’s a 100-day test drive, and if you are not satisfied, you can pay back the principal, and interest and fees are waived.

In addition to loan products, Mogo also offers a prepaid card, stock, trading platform, cryptocurrency trading, and identity fraud protection.

Eligibility: Loans are available in BC, AB, ON, NB, MB, PE, NL, and NS. A minimum income of $13,000 or more per year.


  • Offers several financial products
  • Free credit score monitoring
  • A+ rating on the BBB
  • 100-day money-back guarantee for some loans


  • Borrowers face an income test
  • Loans are through third-party lenders
  • Some loans have extremely high APRs


  • Interest rates: 29.9% – 46.9%
  • Loan amount: $1,000 – $15,000
  • Loan term: 12 – 60 months
  • Minimum credit score: None; Minimum income of $1,200/month

Loanz is operated by LendingArch Financial, a personal loan provider in Canada. It offers one of the best personal loans for bad credit.

The interest rate on loans for this company range between 29.9% and 46.9%, and you can borrow for 12-60 months.

After completing the online application, approval is almost instant if you meet the basic requirements. The money can be deposited in your account in as little as 15 minutes.

Personal loans from Loanz can be used to rebuild credit, buy a car, pay bills, or cover emergencies.

Eligibility: Applicants must be at least 18 years old and have a steady income of at least $1,200 per month. They must have a Canadian bank account and not be in bankruptcy or collections.


  • Access to fast and easy online personal loans in Canada
  • Funds in as little as 15 minutes
  • Provides bad credit personal loans
  • 4.1/5 rating on Trustpilot


  • Loan interest rate start at 29.9%
  • The maximum loan amount is $15,000


  • Interest rates: 19.99% – 39.99%
  • Loan amount: $500 – $50,000
  • Loan term: 6 – 60 months
  • Minimum credit score: Good credit score

Borrowell is another financial technology company offering access to online personal loans and other financial products.

This company was one of the first to provide free credit score checks through Equifax.

Borrowell loans are provided by various Canadian loan companies, including Fairstone, Symple Loans, LendDirect, Refresh Financial and others.

Loan interest rates start at 19.99% and can be as high as 39.99%, with terms ranging from 6 months to 5 years.

Origination fees also apply to some loans, so be sure to read the fine print. These can be as high as 5%.

Eligibility: You will need a good credit score of at least 660 to apply for a Borrowell loan. You must also earn at least $20,000 per year and not have an active bankruptcy or collection.


  • Access to competitive personal loans
  • Provides other financial products and tools, including free credit score checks
  • A+ rating on the BBB


  • Does not provide loans directly
  • Has credit score and income requirements
  • Some loans have high APR and origination fees

SkyCap Financial

  • Interest rates: 12.99% – 39.99%
  • Loan amount: $500 – $10,000
  • Loan term: 9 – 60 months
  • Minimum credit score: None

SkyCap Financial is a personal loan lender founded in 2013.

It offers fast loans to pay for a car, wedding, dental expenses, education, home improvement, travel, and other expenses.

SkyCap Financial loans have interest rates ranging from 12.99% to 39.99%, and you can borrow up to $10,000.

Loan terms are between 9 and 36 months.

Eligibility: You will need a monthly income of $1,600 or more to qualify. Applicants must also be the age of the majority in their province of residence.


  • Offers bad credit personal loans to individuals with low or bad credit
  • Fast application process
  • A+ rating on the BBB
  • Access to educational resources through SkyCap Financial University


  • Maximum loan amount is $10,000
  • Minimum APR is 12.99%, and the loan rate can be as high as 39.99% for bad credit applications
best personal loans canada-img


  • Interest rates: 19.99% – 39.99%
  • Loan amount: $500 – $50,000
  • Loan term: 6 – 120 months
  • Minimum credit score: Good

Fairstone has been operating in the country for almost 100 years. It offers a variety of personal loans, including secured and unsecured personal loans, mortgages, auto loans, and more.

Unsecured loans are available from $500 to $25,000 and rates from 26.99% to 39.99%, depending on the borrower’s credit score, borrowing history, and province.

Secured loans are available from $5,000 to $50,000 with interest rates from 19.99% to 23.99%.

Note that secured loans use your home as collateral.

Fairstone loan terms range from 6 months to 10 years, depending on the type.

Eligibility: You will need to show proof of income, such as your current pay stub or latest T4/T4a.


  • Legitimate company that has been around for a long time
  • Fast approval process
  • Has branches across Canada
  • A+ rating on the BBB


  • Loan rates are on the high side
  • Prepayment penalties for secured loans
  • There may be additional fees


  • Interest rates: 19.99% – 46.93%
  • Loan amount: Up to $15,000
  • Loan term: N/A
  • Minimum credit score: None

LendDirect offers personal lines of credit up to $15,000, and you can apply for these online or visit one of their branches.

After approval, the money is transferred to your bank account using Interac e-Transfer®, which can take as little as 2 hours.

Since this is a line of credit personal loan, you can take out cash advances when needed up to the maximum credit limit you were approved for.

The loan interest ranges from 19.99% to 43.96%.

Eligibility: You will need to provide documents showing regular recurring income. Applicants must also be 18 years or older and have valid ID and a bank account.


  • Open line of credit up to $15,000
  • Quick funding via Interac e-Transfer
  • Flexible payment options
  • A+ rating on the BBB


  • APRs can be as high as 46.93%
  • Maximum personal loan is $15,000


  • Interest rates: 8% – 54%
  • Loan amount: $1,000 – $35,000
  • Loan term: 36 or 60 months
  • Minimum credit score: 600+

goPeer is a peer-to-peer lending platform for personal loans.

Instead of going to a bank or online lender, regular Canadians invest their money through goPeer, and this money is offered to borrowers as unsecured personal loans.

After applying on the platform, you receive a response within 24 hours and can select a loan that matches your needs.

Eligibility: To qualify, you must be at least 18 years of age and have a credit score of 600 or higher.

Applicants must also earn at least $15,000 per year, have a Canadian bank account, and be resident in the country for three years or longer.


  • Low interest rate personal loans are available if you have a very good or excellent credit score
  • A+ rating on the BBB


  • Requires a 600+ credit score
  • The top loan APR is high
  • Terms are limited to 3 or 5 years
  • An origination fee is included in advertised APRs

Loan Away

  • Interest rates: 19.99% – 45.9%
  • Loan amount: $1,000 – $5,000
  • Loan term: 6 – 36 months
  • Minimum credit score: None

Loan Away offers bad credit personal loans in as little as 30 minutes after you apply online.

You can borrow up to $5,000 with interest rates ranging from 19.99% to 45.9%.

As per the company, more than 80% of applications are approved.

Eligibility: You will need two government-issued IDs and proof of income. You must also be over the age of 18 and a Canadian resident.


  • Installment loans up to $5,000 even if you have bad credit
  • High approval rate
  • A+ rating on the BBB


  • It does not operate in all provinces- only ON, AB, NB, BC, NS, and NL
  • The top loan rate is up to 45.9%
  • The maximum loan amount is $5,000

Best Personal Loan Rates in Canada 2024

The loan rate you qualify for depends on several factors, including:

Credit score: A higher credit score makes getting a loan at competitive rates easier. Excellent credit scores range from 760 to 900, while very good credit scores are from 725 to 759. If you have a poor or bad credit score (below 600), your interest rate can be as high as 46.96%.

Employment: Most lenders ask to see proof of income. If you have worked for the same employer for several months or years, you stand a better chance of getting a loan.

Some lenders also have a minimum income requirement. You will need to provide a paystub, T4, bank statement, or employment letter to show proof of income.

Debt-to-income Ratio: Many lenders may not approve your application if you have a debt-to-income ratio exceeding 50% – 60%. A lower ratio can get you a lower loan interest rate.

What is a Personal Loan?

When you borrow money for personal use, you are said to have taken a personal loan. Some of the more common reasons why people apply for a personal loan are:

  • Home renovations
  • Car financing (auto financing)
  • Debt consolidation
  • Wedding
  • Emergencies, e.g. medical expenses
  • Big-ticket purchases

After taking a personal loan, you are required to pay back the loan over a specific period of time. The amount you pay back is made up of ‘principal’ and ‘interest.’

The principal is the amount you borrowed initially.

The interest rate is the cost of borrowing and is the extra amount you pay on top of the principal.

The interest rate on a loan may be fixed or variable and is generally expressed as an annual percentage rate or APR.

In addition to the personal loan interest rate, some lenders also charge an origination fee.

Types of Personal Loans

You can apply for various types of loans, including:

  • Unsecured loans
  • Secured loans
  • Fixed rate personal loans
  • Variable rate personal loans
  • Guarantor loans
  • Credit builder loans
  • Debt consolidation loans
  • Co-signed loans
  • Personal line of credit
  • Payday loans

Unsecured Personal Loan

An “unsecured” loan does not require the borrower to provide collateral. This means you won’t have to use your assets to guarantee the loan.

Unsecured loan lenders check your credit score to determine your creditworthiness and base the interest rate you pay on how good your credit rating is.

Secured Personal Loans

A “secured” loan requires the borrower to provide collateral. For example, you may need to guarantee the loan using your home, investment accounts, or vehicles.

Lenders may ask for collateral when a borrower has a poor or bad credit score.

In the case of a mortgage loan, your home is collateral by default.

A secured loan generally has a lower interest rate than unsecured loans since they are less risky for lenders.

Fixed-Rate Personal Loans

These are the most common types of personal loans.

The interest rate is fixed, and you make the same monthly payments until the loan is paid off.

Variable-Rate Personal Loan

For this type of personal loan, the interest rate you pay varies depending on the Prime Rate.

If the interest rate rises, a large portion of your monthly payment goes towards interest. When interest rates decline, more of your monthly payment goes towards paying down your principal.

Guarantor Loans

If a borrower has a bad credit score or they don’t have a credit history, they may qualify for a guarantor loan.

These loans require someone else to co-sign the loan and accept responsibility for paying it back if the borrower doesn’t.

Credit Builder Loans

Unlike a regular personal loan, a “credit builder” or ‘cash secured” loan is solely aimed at helping you rebuild your credit.

You don’t get cash upfront from the lender. Instead, you make regular payments into a savings (loan) account for the term of the loan.

The lender reports your payments as installment loan payments, which helps improve your credit score. At the end of the credit building program, you can retrieve your funds.

How To Apply For a Personal Loan

Online personal loans are easy to apply for. In general, you visit the comparison site or lender’s website and complete their application form.

You may need to provide information and documents such as:

  • Name and address
  • Social Insurance Number
  • Employment status and proof of income (pay stub, T4, T4a, CPP statement, or bank statement)
  • Valid government-issued ID such as a driver’s license, Canadian Passport, citizenship card, etc.

They will do a credit check after you give consent, and you should get pre-approved shortly after if you meet the requirements.

Review the loan’s terms and conditions before accepting an offer and signing a contract.

You want to go over the fees, loan term, interest rates, repayment terms, and more carefully.

Alternatives To Personal Loans

Instead of a personal loan, you can also consider:

  • Line of credit
  • Home Equity Line of Credit (HELOC)
  • Loans from friends and family
  • Credit card
  • Salary advance
  • Bank overdraft

Best Personal Loans in Canada 2024: Summary

LenderLoan InterestLoan TermLoan Amount
Loans Canada2.99% – 46.96%4 – 60 months$500 – $35,000
LoanConnect4.99% – 46.96%3 – 120 months$500 – $50,000
Mogo5.99% – 46.96%9 – 60 months$500 – $35,000
Loanz29.9% – 46.9%12 – 60 months$1,000 – $15,000
Borrowell19.99% – 39.99%6 – 60 months$500 – $50,000
SkyCap Financial12.99% – 39.99%9 – 60 months$500 – $10,000
Fairstone19.99% – 39.99%6 – 120 months$500 – $50,000
LendDirect19.99% – 46.93%N/AUp to $15,000
goPeer8% – 54%3 or 5 years$1,000 – $35,000
Loan Away19.99% – 45.9%6 – 36 months$1,000 – $5,000

Conclusion: What to Look For in a Personal Loan

When applying for a loan, you should pay attention to the terms of the offer.

Ensure you understand the interest rates (fixed vs. variable) and how much it will cost you, other fees, prepayment penalties, loan terms, and frequency of repayments.

Read the fine print thoroughly to fully understand what you are getting into.

If you have a decent credit score, you may qualify for a competitively priced personal loan. Check with your bank or credit union to see what they are offering.

Related: Personal Loan Debt Stats in Canada.


What is considered a good interest rate on a personal loan?

A loan interest below 7% is good if you have an excellent credit score.

How do I choose the best personal loans in Canada?

To choose the best personal loans, you want to compare loan interest rates across several loan providers and ensure you get a good deal on fees, repayments, and length of the term. There should be no hidden fees, and the loan interest must be competitive.

Which banks give loans easily?

Canadian traditional banks like TD, RBC, BMO, and CIBC, offer personal loans, and if you have a good credit score, they will likely offer you the best rates. For less than stellar credit scores, alternative lenders and loan platforms like Loans Canada, LoanConnect, Mogo, and Loanz are great options.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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