Personal Loan FAQ – Your Questions Answered in Canada
Have questions about borrowing in Canada? This personal loan FAQ answers what Canadians ask most about WizardLoans.ca – how much you can borrow, how approval works, what it costs, and how your information is protected. WizardLoans.ca is a free comparison and matching service, not a lender, connecting you with licensed Canadian lenders offering $100 to $5,000.
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Personal Loan FAQ: The Questions Canadians Ask Most
How much can I borrow?
Through WizardLoans.ca, licensed lenders offer personal loans from $100 to $5,000. The amount you qualify for depends on your income, credit profile, and existing obligations.
Do I need good credit to qualify?
No. Lenders consider your income and banking history alongside your credit score, so good, fair, and rebuilding credit are all considered. No lender can promise guaranteed approval, but steady income improves your odds. See our guide to online loans for bad credit.
Does checking my rate affect my credit score?
No. The initial matching process uses a soft inquiry only, which does not affect your credit score. A lender may run a hard credit check at the final approval stage, and they will tell you first.
How is my income verified?
Lenders use Instant Bank Verification (IBV) – a secure, read-only connection to your bank account that confirms your income in about 60 seconds. IBV cannot move money or change anything in your account, and it does not affect your credit score.
How fast can I get the money?
Because IBV verifies income in seconds, many borrowers get a quick decision and receive funds by Interac e-Transfer within 24 hours of accepting an offer.
What interest rates can I expect?
Rates vary by lender and credit profile and are always shown as an annual percentage rate (APR). Every lender in the network operates within Canada’s 35% federal criminal interest-rate cap. Always review the total cost of borrowing before you accept.
Is WizardLoans.ca a lender?
No. WizardLoans.ca is a free comparison and matching service. We connect you with licensed Canadian lenders so you can compare real offers from a single application – we never fund loans ourselves.
Is there any cost to use WizardLoans.ca?
No. Comparing your options through WizardLoans.ca is completely free. You only ever repay the lender you choose, on the terms you agree to.
Which provinces and territories do you serve?
All 10 provinces and 3 territories, completely online. See our personal loans by province and territory guide for local details.
How do you protect my information?
WizardLoans.ca will never ask for your online banking password. Income is confirmed through read-only IBV, and you should walk away from anyone who asks for an upfront fee before funding or pressures you to act immediately.
For more on borrowing and your rights, see the FCAC personal loans guide and the FCAC credit score guide.
Still comparing? Explore personal loans, installment loans, payday loan alternatives, and e-transfer loans.
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This personal loan FAQ is reviewed and updated as Canadian lending rules change, so the answers above reflect the current 35% federal APR cap, IBV verification practice, and the $100 to $5,000 range our lenders serve. If your question is not in the personal loan FAQ yet, email us and we will answer it – and likely add it here.
About the Author
Disclaimer: WizardLoans.ca is a free loan-comparison and matching service, not a lender. Loan approval, amounts, rates, and terms are set by third-party licensed Canadian lenders and subject to their eligibility criteria. All loans comply with Canada’s 35% federal criminal interest-rate cap. This page is informational and is not financial advice or a loan offer.