Personal Loans Comparison

Personal loans in Canada can help you consolidate debt, finance a major purchase, or cover unexpected expenses. Unlike credit cards, personal loans come with fixed monthly payments and a clear payoff date — making budgeting easier. There are two main types: unsecured loans (based on your creditworthiness) and secured loans (backed by collateral like a vehicle or savings). Secured loans typically offer lower rates but put your asset at risk if you can't pay. Interest rates vary widely based on your credit score, income, and the lender. Banks and credit unions generally offer the lowest rates for qualified borrowers, while alternative lenders serve those with less-than-perfect credit — often at much higher rates. Before borrowing, calculate the total cost including interest and fees. Watch out for prepayment penalties, origination fees, and rates that look low but compound monthly instead of annually. Our comparison will show you the true cost of borrowing from each lender.