What Is a 24-Month Loan Term?
A 24-month term is the standard choice for larger personal loans in our network, giving a full two years to comfortably repay a bigger expense or consolidate existing debt. It's typically where the monthly payment becomes clearly manageable, even for loan amounts near our $5,000 maximum. It's one of several repayment terms we cover, from 3 to 60 months.
24-Month Payment Examples
APRs across our lender network range from 5.99% to 34.99%, depending on the lender, your credit profile, and provincial regulations. Here's an illustrative example at a representative rate:
| Loan Amount | APR | Est. Monthly Payment | Est. Total Repayable |
|---|---|---|---|
| $2,000 | 29.9% | $112 | $2688 |
| $2,500 | 29.9% | $140 | $3360 |
| $3,500 | 29.9% | $196 | $4704 |
Illustrative example only — your actual rate, term, and payment depend on the lender and your credit profile.
Who a 24-Month Term Is For
- Larger expenses like debt consolidation or a major purchase
- Wanting the lowest monthly payment among our more commonly available terms
- Loan amounts from $2,000 up to our full $5,000 maximum
- A structured, multi-year payoff plan instead of revolving debt
Things to Consider
- Two years of accruing interest adds up — compare the total repayment amount against your current debt if you're consolidating.
- A longer term is a longer commitment; confirm the payment fits your budget through any reasonably foreseeable changes.
- This is often the point where it's worth comparing a personal loan against alternatives like a line of credit for the lowest overall cost.
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How to Apply for a 24-Month Loan
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Tell us your amount and preferred 24-month term. No paperwork.
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