According to research by Finder1, a significant percentage of Canadians have taken out a personal loan. By doing an online search, you can find the best interest rates that suit your needs.

personal loans canada

Why Take A Personal Loan?

There are many reasons why you might take out a loan. For example, to make home repairs, consolidate debt, medical expenses or pay for education. Whatever your need may be, personal loans offer a flexible way to get the cash you need to overcome the challenge. Debt consolidation is one of the most common reasons for taking out a personal loan in 2022.

How Do Personal Loans Work?

After going through the simple online application you will be pending approval. Once the application has been approved the funds will be deposited right into your bank account in a lump sum. Depending on the loan and obligations you may have to start making monthly payments as soon as the loan is wired to you.

The 4 Best Canadian Personal Loans Available Right Now

Loans Canada2

Being one of the largest lenders in Canada this is a tried and trustworthy finance company. Applications for personal loans take less than 10 minutes to complete and a quick process of approval is undertaken. The minimum credit score needed for personal loans is 300 with Loans Canada and they offer loans from $300 to $50,000. Loan durations can be taken anywhere from 3 months to 60 months and this will affect which APR is given. With secured interest rates available at 2% or unsecured from 8% to 47%.


Next on the list today we have goPeer which is a peer to peer finance company. This means they use funds from customers who have spare money and loan it to individuals who require immediate financing. This one requires a minimum credit score of 600 which is a bit higher than other providers. Minimum loan amounts are $1,000 and maximum loans are $25,000 when using goPeer. The loan terms are available in 36 month periods to 60 month periods and with interest rates from 8% to 34% they’re a decent option. You will need a minimum income of $15,000 a year and be a Canadian resident for at least 3 years in order to be approved for this loan.


If you’re looking for a speedy approval for a personal loan look no further than They have software which is able to give you an instant reply on your approval process and an official process in under 24 hours. Minimum loans are $500 and a maximum loan is available of $15,000. This higher end of the loan may not cover everyones needs however the speed at which Flexmoney offers approvals is wanted by many customers. They have loan durations of 6 months to 60 months available. If you have a credit score of 500 or above, at least 20 years of age and an income of $25,000 or more a year you can be approved instantly.


Fairstone is one of Canada’s most trusted secure loan lenders and offer competitive financing in the personal loans space. To get approved for any personal loan with this company you will need a minimum credit score of 560 and be a permanent Canadian resident. This type of loan is not for a small amount so $5,000 is the minimum amount and $50,000 is the maximum amount on offer. It takes 48 hours to be completely approved and have the money transferred to your bank account with Fairstone.

Bonus Tips For Loan Comparisons

  • Purpose Of Your Loan – Loans can be used for a broad range of purposes . For example, a car loan can be used to buy a new vehicle or a personal loan can be used for medical expenses. Make sure you are aware of what the purpose of your loan is, as this will help you narrow down your search and find the best lender to work with.
  • Strong Customer Support – It is important to know that you have a strong advocate when taking out a personal loan. A good lender will stay on top of your needs and guide you through the application process.
  • Prepayment Plans – While some lenders offer the ability to repay a loan at anytime, others may require you to start making payments right away. Choose the financing company that offers the most suitable plan for you situation.

Find Your Perfect Personal Loan Today

Join the millions of Canadians around the nation who have used a personal loan to their advantage. Life has many unexpected hurdles and challenges so having access to immediate cash can help to overcome. Whether it is medical expenses, moving home, financing a vacation, consolidating debts or simply boosting cashflow a personal loan may be great for you. To find the best rates available in your locality try a simple online search.