Best Personal Loan Lenders Canada 2026
| Lender |
Rate Range |
Loan Amount |
Term |
Type |
| RBC |
7.99-13.49% |
$1,000-50,000 |
1-5 years |
Unsecured |
| TD |
6.99-12.99% |
$2,000-50,000 |
1-5 years |
Unsecured |
| BMO |
7.49-13.99% |
$2,000-50,000 |
1-5 years |
Unsecured |
| Scotiabank |
7.99-14.99% |
$1,000-50,000 |
1-5 years |
Unsecured |
| CIBC |
7.49-13.49% |
$2,000-50,000 |
1-5 years |
Unsecured |
| Borrowell |
9.99-33.99% |
$1,000-35,000 |
3-5 years |
Online |
| Fairstone |
19.99-39.99% |
$500-25,000 |
1-5 years |
Alternative |
| Credit unions |
5.99-12.99% |
Varies |
1-5 years |
Varies |
Personal Loan vs Other Options
| Option |
Rate |
Secured? |
Best For |
| Personal loan |
7-15% |
No |
Fixed one-time expense |
| HELOC |
Prime to Prime+1% |
Yes (home) |
Homeowners, large amounts |
| Personal line of credit |
Prime+2-5% |
No |
Ongoing/revolving needs |
| Credit card |
19.99-22.99% |
No |
Small amounts, short-term |
| Balance transfer card |
0% (promo) |
No |
Debt consolidation, 6-12 months |
Monthly Payment Examples
| Loan Amount |
Rate |
3-Year Term |
5-Year Term |
| $5,000 |
8% |
$157 |
$101 |
| $10,000 |
9% |
$318 |
$208 |
| $25,000 |
10% |
$807 |
$531 |
| $50,000 |
11% |
$1,636 |
$1,087 |
Who Should Get a Personal Loan
| Purpose |
Recommendation |
| Debt consolidation |
✅ If rate is lower than existing debt |
| Home renovation (no home equity) |
✅ Good alternative to HELOC |
| Emergency expense |
✅ Better than credit card |
| Car purchase |
⚠️ Compare to auto loan rates |
| Discretionary spending |
❌ Avoid borrowing for wants |