Get the best personal loans rates in Canada. Compare current rates online.
Get approved for a personal loan.
Get a personal loan from the comfort of your home.
You shop online for flights, hotels, and car insurance — now you can do the same for personal loans. We work with the best digital lenders in Canada to provide you with a fast, easy, and hassle-free borrowing experience. The best part: you won’t have to put up collateral or visit a bank branch to get your loan, and you’ll receive your funds in just a few business days.
How it works. Hint: It’s free!
Enter your information.
Get transferred to a loan partner and confirm your eligibility.
Compare offers and choose your loan.
Verify your information and receive your loan.
Personal loans made easy.
Here's how our personal loan service works.
Fair rates
You’ll pay a reasonable interest rate based on your credit. No matter your credit score, we'll have a solution.
Fast
Your application only takes a few minutes to complete. Get your funds within 24 hours.
Transparent
No hidden fees, penalties, or charges and all the loan terms will be presented clearly.
Won’t affect credit score
Applying will not affect your credit in any way.
Secure
State-of-the-art security and encryption. Your information will be safe with us.
Predictable
Your monthly payments will never go up, and you can pay off your loan at any time.
Flexible
Choose a loan that works for your needs and use the loan the way you want.
Discreet
Privacy first. We’ll only send your application details to the lender with whom you’re matched.
Loans for a busy life.
You never know when you’re going to need a loan or what you’re going to need a loan for. Here are just a few of the ways you can use the personal loans available through our site:
Debt consolidation loan
When you’re drowning in credit card debt, it’s hard to stay above water. Use a personal loan to pay off your credit cards, consolidate your debt into one monthly payment, and scale down your interest charges.
Business loan
You have an idea, a business plan, and a future that you believe in — now you need the capital to make it happen. Apply for a business loan today and launch (or grow) your passion project tomorrow.
Major purchase
Maybe you need a new oven or refrigerator. Or maybe you just want to buy a boat or an ATV. Unless you’re lucky enough to have the cash sitting in your bank account, the best way to pay for your major purchase is by taking out a low-interest rate personal loan.
Home renovation loan
Whether you’re updating a bathroom or fixing a leaky roof, home renos aren’t cheap. Our personal loan service will give you the funds you need to renovate your home. You’ll add value to your property and enjoy your house a whole lot more once you’ve fixed or upgraded it.
Medical or dental loan
Your health insurance may not be enough to cover your family’s medical or dental expenses. Finance the procedure or treatments that you need (or that your loved one needs) with a personal loan.
Vacation loan
Seize the here-and-now and start crossing dream vacations off your bucket list. Wherever you want to go, a personal loan will help get you there.
Engagement loan
Maybe you want to throw a big engagement party or you have your heart set on a special ring. Celebrate your engagement now and pay back your loan in monthly installments at a reasonable interest rate.
Wedding loan
Let’s see: there’s the venue, food, music, and photographer to plan for. Plus a hundred other little details. With a personal loan through LowestRates.ca, consider your wedding expenses taken care of.
Special occasion loan
Some things only happen once, like a 25th wedding anniversary, graduation, or retirement party. So enjoy the moment and use our personal loan service to help make your celebration one to remember.
Education loan
Whether you’re enrolled in a full-time university program or a one-off skills-building course, school can be expensive. If you’re ready to invest in yourself, a personal loan can help you pay for your education.
Tax loan
You owe money to the CRA and that’s a cost you didn’t plan or budget for. But there’s hope: just apply for a personal loan through our site and get access to the cash you need to pay your tax bill.
Rainy day loan
Most of us don’t have the extra income needed to grow an emergency fund. So when an unexpected financial setback arises — like a job loss or major car repair — a personal loan can help save the day.
Household expenses loan
Between heating, hydro, groceries, and all your other monthly expenses, it’s easy to get behind on your payments. Life happens. Apply for a personal loan on our site and get those bills paid and back up to date.
Bridge loan
Your equity is a little tied up at the moment. So what do you do? Get a bridge loan, a popular short-term financing tool that helps you meet your liquidity needs between the start of a new loan and the conclusion of an existing loan.
Baby or adoption loan
Welcoming a new baby into the family is a lot of things: exciting, magical — and expensive. A personal loan can help you shore up your finances as you take on the awesome responsibility of being a parent.
Car loan
You’re way too busy to be worrying about the bus schedule or depending on a ride from someone else. Here’s the new plan: apply for a car loan through our site and get your mobility and independence back.
Focus on
Start saving: paying off a personal loan vs. paying off your credit card
Thousands of Canadians use personal loans to pay off their credit card debt and save money on interest. Here’s how much a typical borrower could save by paying off $7,000 in credit card debt with a personal loan:
| Credit Card | Personal Loans | |
|---|---|---|
| Starting Balance | $7,000 | $7,000 |
| Interest Rate | 19.99% | 10.00%* |
| Monthly Payment | $350 | $350 |
| Time to pay off debt | 25 months | 21 months |
| Total interest | $1,585 | $698 |
*Example only. Interest rates may vary.
Amount saved = almost $900
Your personal loan questions, answered.
How do I apply for a personal loan?
First, fill out a loan form. Then we’ll match you with a loan partner and they’ll process your application. Once the loan partner has received your details and determined whether you qualify, you’ll be asked to select the type of loan you want. The lender will then verify your identity and financial details, and when that step is complete, you can sign your loan documents electronically. You should receive your funds within 24 hours.
How does my loan get approved?
The lender you’re matched with will review the information you provide in your application to determine if you’re eligible for a loan. If you qualify, you’ll be asked to provide proof of identity and proof of your financial details. Usually, you’ll complete this step by sending scanned copies of all the relevant documents (your two most recent pay stubs or your two most recent Notice of Assessments, etc.) to the lender.
What are the minimum requirements needed to qualify for a loan?
The requirements can differ from lender to lender, but in general, you need the following:
- A Canadian bank account.
- To be 18 or older.
- Canadian residency.
- Minimum credit history of 12 months.
- A minimum income of $1,250 per month.
- Must be employed for at least three months.
Will my credit details be safe?
Yes. At LowestRates.ca, we maintain a high level of data security, and we only work with loan partners that are just as secure.
Do you require collateral or a deposit?
The lending partners we work with don’t require a deposit or collateral to extend you a loan.
How do I get my funds once I’m approved?
Once the loan partner has verified your application and banking details, the money will be deposited into your bank account. This process usually takes 24 hours, although that timeframe can vary.
How much money can I borrow?
That depends on your financial details and your credit history. In general, though, the loan agencies we work with offer unsecured loan amounts of $500-$45,000 to people who qualify.
Can I get a loan if I have bad credit?
We work with partners that offer personal loans to Canadians with a range of credit scores. Anyone with good credit, bad credit, or even no credit history at all, can begin the application process at LowestRates.ca. We'll refer you to the appropriate loan agency for your circumstance.
Can I use my loan for whatever I want?
If you’re approved for a standard unsecured loan through our site, you can use it for whatever purpose you wish.
Why is a personal loan better than a home equity line of credit loan?
Personal loans are often unsecured, so you don’t have to put up your house as collateral against the loan. With a home equity line of credit, you borrow against the equity in your home.
Will my loan offer change depending on what the loan is for?
In general, no. The details of your loan offer will depend on factors like your credit score, financial information, and the amount of money you’re asking to borrow.
I wasn’t approved for the loan amount I asked for. Why?
The amount a lender can approve you for depends on your credit, income, and existing debt. Lenders have an obligation to assess the financial strength of each personal loan applicant and to offer loan amounts that conform to the firm’s underwriting guidelines.
Does my loan offer expire?
A loan offer from a digital lender is generally valid for 7 days.
Facts
- Credit agency TransUnion says the average Canadian adult carries more than $3,800 in credit card debt. Most of these consumers could benefit from using a personal loan to pay off that debt.
- More than half of all Canadians are carrying consumer debt (credit card balances, line of credit balances, etc.) according to a 2016 Ipsos survey.
- The same Ipsos survey found that only 36% of Canadians say, ‘Debt is inevitable, so I don’t think about it’. Most Canadians disagreed with that statement and are proactive about reducing their debts.
- More than 26 million Canadians use credit on a regular basis, according to a report by TransUnion released in September 2016.
- Canadians are paying off their lines of credit: TransUnion says average line-of-credit debt fell 5% last year.
Myths
- All personal loans need to be secured, either by property (a house, car, etc.) or by a co-signer. False. Canadians can get unsecured loans through our site if they meet the minimum credit and income standards.
- Personal loans are only for borrowers with great credit. False. Your credit doesn’t have to be perfect for you to get a personal loan. It doesn’t even have to be all that good. Bad credit personal loans are offered every day by Canadian lenders. We've partnered with loan agencies that are ready to help secure loans for people with good, bad, or even no credit histories.
- Personal loan interest rates are extraordinarily high right now. False. If you have reasonably good credit, your interest rate could be well under 10%.