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View optionPersonal Loans in Canada
A personal loan is an unsecured or secured instalment loan repaid in fixed payments over a set term. In Canada, lenders assess your income, credit history and debt load, and set your rate and limit accordingly.
What personal loans are
A personal loan gives you a lump sum that you repay with interest over an agreed term, usually in equal monthly payments. Because most personal loans are unsecured, the lender relies on your credit profile rather than collateral. That is why the interest rate you are offered depends heavily on your credit score, income stability and existing debts.
Eligibility
- You are at least the age of majority in your province
- You have a steady source of income or another means of repayment
- You can provide government-issued ID, proof of income and banking information
- You have a Canadian bank account for deposit and pre-authorized payments
How it works
- Compare offers and check the total cost, not just the advertised rate
- Complete the lender's application with accurate income and identity details
- The lender performs a credit check and verifies your information
- If approved, funds are typically deposited by e-transfer or direct deposit
- Repay on schedule — missed payments can add fees and hurt your credit
What to watch for
- Compare the annual percentage rate (APR), which includes certain fees, not only the nominal interest rate
- Check whether the loan has prepayment penalties before you sign
- A longer term lowers the monthly payment but increases total interest paid
- Adding a co-signer can improve your approval odds and rate
Frequently asked questions
How much can I borrow with a personal loan in Canada?
Limits are set by each lender and depend on your income, credit profile and existing debts. Most Canadian personal loans range from a few hundred dollars to tens of thousands, but the amount you qualify for is determined by the lender, not by Promissory.ca.
Will a personal loan application affect my credit score?
Most lenders perform a hard credit inquiry when you formally apply, which may affect your score. Some services offer a soft-check pre-qualification first, which does not affect your score.
What credit score do I need for a personal loan in Canada?
Requirements vary by lender. Some lenders work with applicants who have damaged or limited credit, but those loans usually carry higher rates. A higher credit score generally means a lower rate and a larger approved amount.
Can I pay off a personal loan early?
Many lenders allow early repayment, but some charge a prepayment penalty. Always confirm the prepayment terms in your loan agreement before signing.
Related tools and guides
Find personal loans by province
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.
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Options from our Canadian lending partners. Promissory.ca is not a lender and does not make lending decisions.
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Personal and payday loan options for Canadian borrowers
All credit types considered. Approval and terms are set by the lender.
View optionAffiliate disclosure: Promissory.ca is a free comparison and referral service. We may receive compensation from lending partners when you click a partner link or submit an application. This compensation does not affect the information or comparisons we publish.
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Compare loan optionsAffiliate disclosure: Promissory.ca is a free comparison and referral service. We may receive compensation from lending partners when you click a partner link or submit an application. This compensation does not affect the information or comparisons we publish.