What Are Personal Loans?
A personal loan is a fixed amount of money borrowed from a lender and repaid in regular installments over a set term, typically at a fixed interest rate. In Canada, personal loans are one of the most flexible borrowing options — usable for nearly any purpose, from a $300 emergency to a $5,000 debt consolidation, with no collateral required in most cases.
Who It's For
- Covering planned or unplanned expenses without dipping into savings
- Consolidating higher-interest debt into one fixed payment
- Borrowers across the full credit spectrum, from building credit to excellent scores
- Anyone who prefers a fixed payment and end date over revolving credit
What You'll Need
- Proof of a regular source of income
- An active bank account in your name
- Valid identification and a Social Insurance Number (SIN)
Things to Consider
- Unsecured personal loans typically carry a higher rate than secured options like a HELOC, since there's no collateral for the lender to claim.
- The right loan amount and term depend heavily on why you're borrowing — see our guides by amount and by purpose for specifics.
- Your credit score is one factor among several — income and existing debt load matter just as much for approval and rate.
Explore Personal Loans in Depth
How to Apply for Personal Loans
Step 1
Apply in 2 minutes
Tell us a bit about your situation. No paperwork required upfront.
Step 2
Compare offers
See real offers from vetted lenders, matched to your profile.
Step 3
Get funded
Accept an offer and funds typically land within 24 hours.