Best Personal Loans For Excellent Credit In Canada

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Last updated on October 1, 2020

Do you have excellent credit? You qualify for some of the highest rated personal loans in Canada with fixed interest rates and higher borrow amounts. If you have an excellent credit score of 700 or higher, you’ll have access to a pool of online lenders and banks who are willing to give you access to their premium personal loan rates with the best terms.

Simple Rate reviewed and analyzed dozens of different lenders and their data points to find the best excellent credit personal loan rates. View the complete recommendations of Canadian lenders below.

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Here are the best personal loan rates for Canadians with great credit scores

Loans Canada

Loans Canada

Maximum borrow amount: $50,000

Features: Get multiple offers from one application. Free to apply. Fast approval.

When can you get the funds? As early as same day

Loans Canada offers one of the fastest and easiest methods of getting any kind of personal loan. You can borrow up to $50,000 and can get the funds as early as the same day. Fill out the application once (free to apply) and get multiple offers you can choose from.

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Loans Canada is the top rated personal loans marketplace in Canada. Borrow up to $50,000 and get approved fast for same day cash loans.


Maximum borrow amount: $50,000
Interest rates: As low as 4.6%
When can you get the funds? Same day

LoanConnect is one of the largest loan providers in Canada. Unlike companies like Borrowell or Mogo, they are not a direct lender and they don’t fulfill the loans themselves. Instead, they have a vast network of partners and loan providers they work with to get you the best rates. If you have excellent credit, you’ll get access to some of their best terms. You can apply through their website and get approved in under 5 minutes. If you have great credit, you should have no issues getting approved and receiving the funds in the same day.

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Maximum borrow amount: $15,000
Interest rates: 29.99%
When can you get the funds? Around 1-2 days.

Mogo doesn’t offer the most amount of money through their personal loan offerings. However, they make it really easy to apply and receive your funds. If you only need to borrow $15,000 or less, you can get approved and receive the funds in the same day. Interest rates start at 29.99%.


Maximum borrow amount: $35,000
Interest rates: 19.99%
When can you get the funds? 24 hours

Fairstone is one of the oldest loan providers in Canada, operating over 100 years. They have over 200 branches, and are known for offering better interest rates and terms than most banks in Canada. You can borrow up to $35,000. The application process is fast, and can be completed in under 3 minutes. If approved, you can get the funds in 24 hours or less.


Maximum borrow amount: $35,000
Interest rates: 5.6%
When can you get the funds? Around 1-2 days.

Borrowell is one of the best options for people with excellent credit scores in Canada. You can get a personal loan up to $35,000 quickly and reliably. Borrowell is a highly reputable company with millions of Canadians who use their app to get free credit scores. Getting a loan is straightforward and all done through the app. You just need to create a Borrowell account, and you can apply through their platform. Once approved, all you’ll need to do is send proof of income and verify the bank account details you want the funds sent to. You can receive the loan funds as fast as the next business day.

What’s the difference between a regular personal loan and an excellent credit personal loan?

Many personal loans have rates, terms, and conditions that are unfavorable for borrowers. This is because personal loans are considered risky for lenders since they’re unsecured. An unsecured loan means that lenders don’t require borrowers to put up collateral to be approved. Instead, it’s almost entirely based on trust on your credit score, income, and any current debt you might have.

If you have excellent credit, that means less risk for the lenders. Therefore, you’ll get more favorable interest rates, terms, and conditions that may not be regularly available for people with bad or even average credit scores.

Does getting a loan hurt my excellent credit score?

A lender will only do a soft credit check to see if you qualify for the loan. Once you pre-qualify, they will do a final hard credit check before the final approval. A hard credit check does hurt your credit score temporarily. However, if you do get approved for the loan and you make payments on-time to pay it back, that will offset any dings and actually improve your credit score more than the credit check hurt you.

Borrow up to $50,000

Fast approval. Free to apply. Get up to $50,000 today.

Start Free Quote ➞

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