Compare Canadian Personal Loans

Compare dozens of Canadian personnals loans and find the one that best suits your needs.

13 results
Loans Canada

Loans Canada

Loans Canada

$14.17-$20.41/month

Estimated monthly payment

Interest rates2.00% - 46.96%
Loan purposePersonal loan, Credit Building Loan
Smarter loans

Smarter loans

Smarter loans

$14.30-$20.41/month

Estimated monthly payment

Interest rates2.99% - 46.96%
Administration feeNo admin fees
Credit score requiredDepending on the lending institution
Loan purposePersonal loan, Business Loan
Missed payment fee$0.00
Monthly income required$0.00
Payment frequencies offeredMonthly
Windmill microlending

Windmill Microlending

Windmill microlending

$14.82-$14.82/month

Estimated monthly payment

Interest rates6.70% - 6.70%
Administration feenone
Loan purposePersonal loan, Credit Building Loan
Missed payment fee$0.00
Monthly income required$0.00
Payment frequencies offeredMonthly
Symple Loans

Symple Loans

Symple Loans

$14.86-$18.48/month

Estimated monthly payment

Interest rates6.99% - 33.08%
Administration feeDe 0% à 5 %
Credit score requiredNo minimum credit score required
Loan purposePersonal loan
Missed payment fee$45.00
Monthly income required$50,000.00
Fatcat Loans

Fatcat Loans

Fatcat Loans

$14.86-$20.41/month

Estimated monthly payment

Interest rates6.99% - 46.96%
Administration fee0$
Credit score required300
Loan purposeCar loan, Personal loan, Credit Building Loan
Monthly income required$1,000.00
goPeer

goPeer

goPeer

$15.00-$18.74/month

Estimated monthly payment

Interest rates8.00% - 34.90%
Administration fee0.5%+ ($25 or 5% of due payment, whichever is higher, if pmt late 30+days)
Credit score required600 (Pre-qualification will not impact your credit score)
Loan purposePersonal loan
Missed payment fee$50.00
Monthly income required$1,250.00
Payment frequencies offeredBi weekly, Monthly, Semi Monthly
Loan Connect

Loan Connect

Loan Connect

$15.00-$20.41/month

Estimated monthly payment

Interest rates8.00% - 46.96%
Credit score requiredNo minimum credit score required
Loan purposePersonal loan, Car loan
Monthly income required$0.00
Mogo

Mogo

Mogo

$15.26-$16.88/month

Estimated monthly payment

Interest rates9.90% - 21.50%
Administration feeNo admin fees
Credit score requiredNo min Credit Score
Loan purposePersonal loan
Missed payment fee$50.00
Payment frequencies offeredPay Date
Spring Financial

Spring Financial

Spring Financial

$15.28-$20.28/month

Estimated monthly payment

Interest rates9.99% - 46.00%
Administration feeNo admin fees
Credit score requiredNo min credit score (ok if bankrupcy)
Loan purposePersonal loan
Missed payment fee$30.00
Monthly income required$0.00
Payment frequencies offeredBi weekly, Semi Monthly, Monthly
SkyCap Financial

SkyCap Financial

SkyCap Financial

$15.69-$19.44/month

Estimated monthly payment

Interest rates12.99% - 39.99%
Administration fee10 %
Credit score required550-725
Loan purposePersonal loan, Car loan
Missed payment fee$50.00
Monthly income required$1,699.00
Payment frequencies offeredPay Date
Magical credit

Magical Credit

Magical credit

$23.33-$28.54/month

Estimated monthly payment

Interest rates19.99% - 46.80%
Administration feeStarting from $200 ( 1-year term)
Credit score requiredNo minimum required
Loan purposePersonal loan, Credit Building Loan, Car loan, Business Loan
Monthly income required$1,200.00
Payment frequencies offeredWeekly, Semi Monthly, Monthly
Parachute

Parachute

Parachute

$17.36-$18.05/month

Estimated monthly payment

Interest rates24.99% - 29.99%
Credit score required600-700
Loan purposePersonal loan, Credit Building Loan
Fairstone

Fairstone

Fairstone

$17.64-$19.44/month

Estimated monthly payment

Interest rates26.99% - 39.99%
Administration feeNo admin fees
Credit score required550-700
Loan purposePersonal loan
Missed payment fee$45.00
Monthly income required$0.00
Payment frequencies offeredBi weekly, Semi Monthly, Monthly

Frequently asked questions about canadian personal loans

How to choose a loan with hardbacon?

Generally, private lenders offer second-resort loans. They are more flexible and have broader eligibility conditions than conventional banks. However, the interest rates are much higher than those of the banks, so it is better to go to a conventional bank first, and only turn to a private lender in case of refusal.

What is the difference between a private lender and a bank?

Generally, private lenders offer second-resort loans. They are more flexible and have broader eligibility conditions than conventional banks. However, the interest rates are much higher than those of the banks, so it is better to go to a conventional bank first, and only turn to a private lender in case of refusal.

How does the approval process for a personal loan work?

The approval process involves several factors. The lender will check your credit rating, your job stability, and your debt ratio by comparing your debt ratio to your income. They will also look at what assets you have, minus any loans you have on those assets. Lastly, they’ll consider your professional status, that is, your job.

Is security or collateral required to get a personal loan?

Generally, lenders do not ask for collateral for loans of $15,000 or less. For loans above $15,000, you’ll need to provide an asset as collateral. For example, if you apply for a loan to purchase a car, the lender will use that car as security for payment.

What is the difference between a payday loan and a personal loan?

A payday loan is an advance on your pay of up to $1500 that you must repay on your next payday. Interest rates can be as high as 35%. If you are unable to repay, you will have to pay additional fees and interest. It is strongly advised not to take out a payday loan. A personal loan allows you to borrow much larger amounts of up to $50,000. In addition, you can repay over a period of 24 to 120 months at a potentially lower rate.

Which loan company is best for bad credit in Canada?

There are several private lenders available in Canada that offer access to financing for borrowers with less than optimal credit scores. The ‘best’ lender is contingent entirely on your personal needs. Different lenders offer varying terms and structures for bad credit personal loans.

What does payment frequency mean?

Payment frequency is the regularity with which you have to make payments on your outstanding debt. There are several types of payment frequencies that lenders can offer you, but the most common ones are monthly, biweekly or weekly.

Will a personal loan help me build my credit?

A personal loan can certainly help you build your credit provided that you make all payments on time and that your lender reports to credit bureaus such as Equifax and TransUnion. Different agencies calculate your credit score in different ways, but the most common factor is your history of successful, timely debt repayment. As such, if you make your payments on time, the credit bureau records that as a positive in your favour and your score subsequently increases over time. Credit bureaus also reward you for using a wide variety of loans responsibly. If you hold an existing credit card, then a personal loan is counted as a different type of loan and thus viewed favourably (as long as payments are all made on time).

How do you calculate monthly interest on a loan?

To calculate the monthly interest, you first convert that annual rate to a monthly rate by dividing it by 12. For example, if you have a loan with an annual interest rate of 12%, your monthly interest rate would be 1% (because 12% divided by 12 months equals 1%). Then, to calculate the interest you owe each month, you multiply your outstanding loan balance by this monthly interest rate. So, if you have a $10,000 loan, your first month’s interest would be $100 (because $10,000 times 1% equals $100). Keep in mind that this method only applies to simple interest calculation. If you want to take into account the compounding effect of interest being charged on interest, you can use our personal loan calculator.

What is a credit building loan?

A credit building loan is a type of loan designed to help individuals build or improve their credit score. Here’s how it works: when you take out a credit building loan, the lender places the loan amount in a savings account instead of giving it to you directly. You then make regular monthly payments, including interest, back to the lender over a set period of time. These payments are reported to credit bureaus, which helps you build your credit history.