Loans
Personal Loan Rates in Canada
Typical personal loan rates at banks, credit unions and online lenders, why your rate differs from the advertised one, and how to get a lower rate.
What are personal loan rates right now?
Prime is 4.7%. Banks price personal loans from prime plus a margin, and the online lenders we track publish rates between 8.99% and 35%.
| Lender | Loan | Rate | Amount |
|---|---|---|---|
| Tangerine | Personal loan | APR 8.99% – 15.5% | Ask lender |
| ATB Financial | Unsecured personal loan | Interest 7.2% – 14.2% | Ask lender |
| Fairstone | Unsecured personal loan | Interest 29.99% – 34.99% | $500 – $25,000 |
| Fairstone | Secured personal loan (homeowners) | Interest 19.99% – 25.99% | $5,000 – $50,000 |
| easyfinancial | Unsecured personal loan | Interest 29.99% – 35% | $500 – $20,000 |
| Spring Financial | Personal loan | APR 9.99% – 35% | $500 – $35,000 |
| goPeer | Personal loan | APR 8.99% – 34.99% | $1,000 – $35,000 |
| LendDirect | Vehicle-secured loan | APR 24.99% – 34.99% | Up to $25,000 |
Among banks, Tangerine publishes 8.99% – 15.5% APR and ATB Financial publishes 7.2% – 14.2%. Most big banks quote individually.
The table lists the banks that publish a range and every online lender we track. Figures come from each lender’s website.
Put it into practiceCompare personal loansWhy is my rate higher than the advertised rate?
The lowest advertised rate goes to borrowers with excellent credit, stable income and low debt. Most people are offered something higher.
Ask for the APR and the total cost in writing. If an offer is near 35%, a secured loan, a cosigner or a credit union may cost less.
Fixed or variable?
A fixed rate stays the same for the whole term. A variable rate moves with prime, so your payment or the interest you pay can change.
Variable rates often start lower. If prime rises by 1 percentage point, a $10,000 variable loan costs about $100 more interest a year.
How can I get a lower rate?
Improve your credit score, shorten the term, add a cosigner or offer security, and compare at least two or three lenders.
Pre-qualification with a soft check lets you see a likely rate without affecting your score. Several hard checks in a short time can lower it.
Keep reading
LoansHow Much Does a Personal Loan Cost?Worked examples showing how the rate and the term change your monthly payment and total interest, plus the fees to watch for.
LoansHow Personal Loans Work in CanadaWhat a personal loan is, how lenders set your rate, what it costs and what you need to apply, explained step by step.
LoansPersonal Loan vs Line of CreditHow the two differ in rates, payments and flexibility, and which one suits a one-off cost or ongoing spending.
LoansHow to Spot a Loan ScamThe warning signs of fake lenders, what real lenders never ask for, and what to do if you have been targeted.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value