Loan options in Canada

Every loan category below is explained in plain language: what it is, who it suits, what lenders look at, and what it costs. Promissory.ca is not a lender and does not make lending decisions.

Personal Loans

A personal loan gives you a lump sum that you repay with interest over an agreed term, usually in equal monthly payments.

Instalment Loans

Instalment loans split repayment into multiple fixed payments rather than a single lump sum.

Payday Loans

A payday loan is a short-term loan, typically up to $1,500 and repaid within 62 days.

Car Loans

Car loans are usually secured by the vehicle, which means the lender can repossess it if you default.

Business Loans

Business lending is underwritten on the strength of the business, not just the owner's personal credit.

Debt Consolidation

Debt consolidation is a strategy, not a single product.

Mortgages

A mortgage is secured against your home. You choose a term (the period the rate is fixed for) and an amortization (the total repayment period).

HELOC & Home Equity

A HELOC is a revolving, secured line of credit registered against your property. You can draw, repay and redraw up to your limit.

Emergency Loans

Emergency borrowing is defined by speed rather than by product. When you need money quickly, the cost of that speed is often high.

Important legal information

Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.

Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.

Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.

Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.

There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.

Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.

We handle personal information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA). See our Privacy Policy for how we collect, use and protect your information.

If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.