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Fact Checked
Update date 29.04.2025
If you have a 720 credit score in Canada, you’re in the “good” range according to Equifax, meaning you’ve built positive credit habits but still have room for improvement. With a score higher than the national average of 650, you have strong chances of qualifying for loans, credit cards, mortgages, and other financial products, although the best rates and premium offers might still be reserved for those with very good or excellent credit. Lenders see you as a lower-risk borrower, which can help you access lower interest rates, easier loan approvals, higher credit limits, better rental opportunities, and more negotiating power when it comes to loan terms and credit offers.
Requirements and Conditions
Requirements
You must be at least 18 or 19 years old, depending on your province or territory.
A valid government-issued ID and Social Insurance Number are required to verify your identity.
You must be a Canadian citizen or permanent resident to meet standard legal eligibility.
Proof of stable income, such as pay stubs, bank statements, or tax returns, is typically required.
Lenders may request your employment history to confirm job stability and consistent earnings.
You may be asked to provide additional financial documents depending on the loan amount and lender requirements.
Conditions
Interest rates and repayment terms are set by the lender based on your full financial profile.
Loan amounts and repayment schedules vary depending on your income, debt, and lender policies.
The purpose of the loan may influence the type of product or repayment structure offered.
Collateral may be required for certain secured loans and can affect both loan approval and terms.
Your full credit report, including payment history and recent activity, will be reviewed during the application process.
Some lenders may offer better terms if you meet specific internal criteria beyond your credit score.
Depending on the type of loan, lenders may recommend or require insurance coverage.
With a 720 credit score, you can access a wide variety of strong lending options. This score makes it easier to qualify for personal loans with lower interest rates, helping you save more overtime. It also gives you the opportunity to combine multiple debts into one manageable payment through debt consolidation. This can simplify your financial planning and support steady progress toward long-term goals, especially if you're focused on reducing debt.
FAQ
What is a credit score in Canada and how is it rated?
A credit score in Canada is a three-digit number ranging from 300 to 900 that reflects your creditworthiness based on your financial history. The higher your score, the more trustworthy you appear to lenders, employers, and landlords. Equifax rates scores from 300 to 579 as poor, 580 to 669 as fair, 670 to 739 as good, 740 to 799 as very good, and 800 to 900 as excellent. The national average credit score sits around 650 according to TransUnion, and while a score of 610 is slightly below average, it’s possible to improve it with the right financial habits.
Where can you apply for personal loans with a 720 credit score in Canada?
With a 720 credit score, you can apply for personal loans from major Canadian banks like TD, RBC, Scotiabank, and CIBC, where strong credit often means access to better rates and faster approval, especially for existing customers. Credit unions are another good option, offering competitive rates and flexible terms, although you'll need to become a member. You can also check with online lenders, many of which let you pre-qualify without impacting your credit score, making it easy to compare offers and find the best deal for your needs.
What types of personal loans are available with a 720 credit score?
With a 720 credit score, you can qualify for unsecured personal loans, which don't require collateral and usually come with favorable rates based on your strong credit profile. You might also consider secured personal loans if you're looking for even lower rates by offering an asset as collateral. If you’re aiming to combine multiple debts, a debt consolidation loan is another option, and your 720 score can help you secure a lower interest rate to simplify your payments and reduce overall costs.
