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Personal loans in {{city.name_locative}} for August 2022 in Canada

Get a personal loan at one of the banks verified by our specialists. On 16.08.2022 there are 7 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.

Offers: 7

Updated:
28.07.2022
19:43
iCash
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100$ - 1500$
Rate
i

Effective interest rate on the product

15% - 23%
Term
i

Loan term for the financial product

7 - 62 days
Easyfinancial
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$20,000
Rate
i

Effective interest rate on the product

from 29.99%
Term
i

Loan term for the financial product

9 - 84 months
PayBright
Pay in 4
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $500
Rate
i

Effective interest rate on the product

from 0%
Term
i

Loan term for the financial product

up to 60 months
Submit your loan application online!
Submit your loan application online!

Take advantage of our loan selection system with a free credit check!

Borrowell
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

up to 39.99%
Term
i

Loan term for the financial product

up to 84 months
Cash Money
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
50$ - 1500$
Rate
i

Effective interest rate on the product

up to 391%
Term
i

Loan term for the financial product

1 - 62 days
Money Mart
Cash advance
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$120-$1,500
Rate
i

Effective interest rate on the product

up to 575%
Term
i

Loan term for the financial product

up to 62 days
Coast Capital Savings
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

up to 7.5%
Term
i

Loan term for the financial product

up to 60 months

Calculate a personal loan payment in Canada

Your ideal loan with a free credit check in Canada is just a few clicks away.

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CAD
CAD
500 $
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Interest rates on loans in various Canadian provinces

Section 347 of the Canadian Criminal Code sets the federal limit on the maximum allowable annualized interest. Accordingly, personal loans may not bear more than 60% interest annually, including all fees, costs, and interest. Any higher interest charged is considered usury and is illegal.

Quebec has taken a stricter approach: lenders cannot charge more than a 35% annual interest rate.

Interest rates on loans in various Canadian provinces

Online loan application in Canada

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1000 $
50000 $
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1
120
Online loan application
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0 $
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0 months
Loan comission
700 $
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Other types of loans

How to get a personal loan

Fill out an application
Fill out an application

On our website you can fill out a short application form for a loan.

Pass a credit check
Pass a credit check

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Send your application online to the suggested companies
Send your application online to the suggested companies

After checking your credit rating, you will be able to send the loan application to the appropriate companies.

Wait for a response from the lender
Wait for a response from the lender

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Reviews of loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Personal loans in {{city.name_locative}} for August 2022

Personal Loans

If you are in need of financial aid for your personal expenses, like wedding, medical bills, funerals, and studying, personal loan can be a good option for you. This is a short-term financial solution provided with a wide range of interest rates.

Personal loans make it possible to purchase a particular product instantly. That's why they are so popular. These are often small amount loans which are taken for a relatively short period. There are so many online banking programs that choosing the best option is a non-trivial task for the borrower.

What is a personal loan?

A personal loan is the way you borrow money from a bank to buy goods and services for yourself or your family. Personal loan is issued only to individuals. Personal loans include loans for which the funds received can be spent only for personal needs. It may be the purchase of goods or payment for services. The large loans for the purchase of real estate and a personal loans for cars can also be attributed here, although banks try to put them in separate groups.

The fact is that every credit institution has personal loans with different conditions and requirements. The diversity is explained: the lender wants to attract as many borrowers as possible.

Major types of personal loans

There are several types of personal loans available to borrowers in Canada.

Secured and unsecured loans

Secured personal loan is the loan guaranteed by the borrower's solvency at the time of their registration. As collateral, the bank will be ready to accept a valuable asset owned by you or a third party ready to provide their property as collateral for your loan. The lender controls the condition of the collateral. If you repay the secured personal loan, the burden is removed from the collateral and returned to your complete ownership.

If you violate the personal secured loan agreement, the bank can repossess your property. It sells the collateral and directs the proceeds from the sale to repay the debt. The distinctive features of secured loans are a down payment in the transaction, a relatively low-interest rate and a sufficiently long possible loan term.

Unsecured personal loans are the exact opposite of the loans described above. You don't need to provide collateral. Therefore, the loan conditions will mainly depend on your credit history and income. However, if you stop paying on unsecured personal loan and the case goes to court, the debt will still be collected at the expense of your property.

The bank regards an unsecured personal loan as a risky business. For each payment delay, it charges interest on your unsecured personal loan. Also, if you cannot provide a complete package of documents or you have something wrong with your credit report, you will get less loan amount. You will also have to return it quickly, maximum, in a couple of years.

Individual loans and consigned loans

Individual loans are loans that can be obtained without providing property as collateral. Guarantors for such a loan are also not needed. All responsibility for the loan payment of the debt lies with the borrower.

There are loans you can take with a co-signer if you cannot qualify for the best terms. This is a person that meets all the requirements, is trustworthy, and will pay your debt off in case you fail to do so. Jointly signed loans are common for the highest possible amounts that only the bank can approve. Often, such loans have lower interest rates, while the requirements for both the client and the co-borrower are strict.

Fixed interest rate loans and variable interest rate loans

Fixed-rate loans charge an interest rate which remains unchanged throughout the life of the loan. Although the amount of principal and interest paid each month can vary from payment to payment, the total amount remains the same, simplifying budgeting for the borrower. The borrower is protected from a sudden and potentially significant increase in monthly payments in the event of an increase in interest rates. In addition, fixed-rate loans are easy to understand. However, getting a loan at high interest rates is more challenging because personal loan payments are less affordable.

Variable rate loan gets tied to the prime rate. Therefore, the interest rates vary according to the market situation. The prime rate can fall, meaning that more of your payment amount will go towards the principal. If the interest rate goes up, you will pay more toward the interest.

How to choose a lender

Before choosing a lender, it is necessary to determine the purpose and the current state of your financial situation. The loan conditions depend on your creditworthiness which is determined by your credit score, existing debts, DTI, income, and more.

Shop for the lenders. There are plenty of them offering personal loans. You can take a personal loan online, or in-store. There are banks, credit unions, and onine lenders. Sometimes, when you request a loan online or through a mobile application, it may provide additional benefits, for example, as a reduced minimum loan amount or a lower rate.

Important! Don't agree with the consitions of the first bank you come across, even if your best friend advised it, you liked the advertisement, or so an inner voice suggests.

Instead, learn the offers of several financial institutions, and evaluate the cost of services, income on deposits, and the quality of service. This way, you can find the most favorable conditions for you.

When choosing a lender, you should carefully study the location of branches and ATMs and the possibilities of online banking. You may be required to visit an in-store location no matter that you've applied online. The application process may be only partially online.

Think about how often you have to go to a lender's branch: maybe its physical accessibility is an important criterion. And if you plan to withdraw cash from the card often or deposit it, make sure that there are ATMs of this bank in places convenient for you, near your home or work. Then, you can top up your account and withdraw money from the card without commission. Evaluate whether you are ready, for example, to go to the bank on the other side of the city every month because there the interest rate on loan is slightly lower. Or it's easier to pay more at a bank near your home but not go anywhere.

Once you decided on a lender that offers suitable terms, you can opt to pre-qualify with it. Pre-qualification is available with most lenders, especially the online ones, and it doesn't hurt your score. You will get an estimation of loan terms based on the information you gave to the lender. Altermatively, you can pre-approve with the lender, meaning the lender will decide whether it is ready to give your a loan and on what terms. This entails a hard credit check, so make sure you pre-approved with all the leners withing a week.

How to apply for a personal loan

Personal loan is a standard bank loan issued for personal expenses or emergencies. After signing the personal loan agreement, the client receives money in cash at the bank's cash desk, on a card or bank account, and can spend it. Personal loans are more often issued in the whole amount at once. The requirements for the borrower depending on the bank's strategy and the type of loan. For individuals, the requirements are:

  1. Being 18 years old;

  2. Having a residential status, permanent or temporary residence;

  3. Having a stable income. The more significant the loan amount, the more carefully the financial condition is checked for the presence of a permanent income and official employment;

  4. Good credit history and credit score. The borrower should not have delays in payments or evasion on previously issued loans.

Here are the documents you need to provide:

  • Bank statements;

  • A proof of residence;

  • A proof of employment;

  • The filled in borrower's questionnaire.

However, if you are counting on a larger loan, you must provide additional documents to clarify your income.

Ways to pay back personal loans

There are the following options for personal loans repayment:

  • Depositing cash at the bank's cash desk or an ATM;

  • Transferring to the borrower's bank account intended for repayment of the loan, from which the bank automatically debits;

  • Transferring to the lender's bank account, including through the payment agent's terminal.

Lnders often offer various automated ways to repay a loan. For example, they issue a special card to the client, from which it automatically debits money on the loan payment date to repay the loan. Of course, you should remember to replenish it. It is convenient, but it does not insure against all risks: it is helpful from time to time to ensure that the next monthly payment from the credit card debt has passed on time and the bank does not consider you an overdue debtor.

Attention! It is essential to choose the correct loan term so that the monthly payment amount is comfortable. Use the personal loan calculator on the lender's official website. The financial institutions typically provide loans for one to five years.

The longer the term, the smaller the monthly contribution. You can reduce the amount of the loan by using partial or complete early repayment. For unforeseen cases, you can enable the borrower's financial protection option. The terms of insurance programs vary, but almost everywhere, there is coverage for risks such as job loss, or serious injury.

Legal regulations of personal loans

There are many acts regulating personal loans in Canada. However, there are almost no federal laws on loans. These matter is regulated by the provinces. A resident of each province can get personal loans legally. Each region assigns its rights and responsibilities for personal loans.

The federal regulations are the Criminal Code of Canada that sets the maximum interest rates, and the Negotiable Instruments Act 1881, which states the repayment terms. The Financial Consumer Agency of Canada (FCAC) deals with this in Canada. This organization conducts inspections of credit institutions and solves all consumer issues.

The true cost of personal loans

The client independently decides how much to contribute to monthly payments and how often. However, transferring more than the minimum is recommended, so you will not have to overpay on interest.

Penalties and fines for some lenders may make up a significant amount. Sometimes such profit takes the third place after interest payments for the loan and bank commissions. It is one of the few ways credit institutions can influence unscrupulous customers.

The fine is a one–time measure. Therefore, it can only be charged once per violation. Unlike a fine, penalties are calculated based on the period during which the breach of the contract occurs. Therefore, the amount of the sentence may significantly exceed the amount of the fine.

Most often, banks use the following fines and penalties:

  • Penalty for late payment. It can be expressed in a fixed amount, as well as a percentage of the amount of overdue loan payment or the entire amount of debt;

  • Penalty for an unauthorized overdraft. It is accrued when the client accidentally or intentionally allows overspending funds over the established limit. It is most often expressed in an increased interest rates.

For the borrower not to forget to fulfill their debt obligations, a reminder letter arrives on the phone and email a few days before the due date.

FAQ

Which bank gives personal loans quickly?

HDFC Bank's regular customers can receive a personal loan without documents and other confirmations.

How much personal loan can I get in Canada?

Most personal loan ranges start from $100 to $50,000. They are issued for up to 60 months.

What is a good interest rate on a personal loan?

A reasonable interest rate can be different for everyone. However, any borrower can count on an interest rate of 8%.

How can I get a small loan in Canada?

To get a small loan, opt for taking a personal loan. Find a suitable lender according to your needs. Pay special attention to the interest rates and terms. Once you decided on the lender, fill in the application. You will need to provide your name, address, phone number, employment details, credit score pull concent, financial information, and a proof of residency.