Personal loan rates in Canada vary significantly based on your credit profile, lender, and loan term — understanding the typical range helps you evaluate whether an offer you receive is competitive.
Typical Rate Range
APRs across our lender network span from 5.99% to 34.99%, in compliance with Canada's federal criminal rate of interest cap. Where you land within that range depends heavily on your credit tier.
Rates by Credit Tier
- Excellent credit (760+): rates toward the lower end of the range
- Good to Very Good (660-759): moderate rates
- Fair credit (560-659): higher rates reflecting increased risk
- Poor credit (below 560): rates toward the higher end of the range
Other Factors That Affect Your Rate
Beyond credit score, your income stability, existing debt load, and the specific loan term and amount all factor into your final offer — two borrowers with the same score can receive different rates.
How to Get the Best Rate Available to You
Compare multiple offers using a soft credit check, keep your credit utilization low before applying, and consider a shorter term if your budget allows, since it often comes with a better rate.