Personal Loans in Canada, Compare Rates & Apply Online
Looking for personal loans in Canada? WizardLoans connects you with licensed Canadian lenders offering $100 to $10000, funded by direct deposit and often available within 24 hours. We are not a lender, we are a free matching service that compares real offers for you, with your income verified in about 60 seconds and no impact to your credit score to check your rate.
Compare Personal Loans, Soft Inquiry Only, No Score Impact
Table of Contents
- What Is a Personal Loan?
- Personal Loan Amounts and Rates: $100 to $10000
- How to Get a Personal Loan in Canada
- Who Qualifies
- Personal Loans by Province and Territory
- Frequently Asked Questions
What Is a Personal Loan?
A personal loan is a fixed amount of money you borrow and repay in equal, scheduled installments over a set term. Unlike a payday loan due in one lump sum, a personal loan spreads the cost out, which keeps each payment manageable. It can be used for almost anything, a car repair, rent, debt consolidation, medical bills, or an unexpected expense.
Because it is borrowed money rather than income, a personal loan does not appear on your tax return; are personal loans taxable in Canada covers the few exceptions, such as a loan that is later forgiven.
Want the bigger picture first? Compare the best personal loans in Canada by rate, term, and approval before you apply. To keep borrowing costs down, see how to find low-interest personal loans and the APR you actually qualify for.
Personal Loan Amounts and Rates: $100 to $10000
Through WizardLoans, lenders offer personal loans from $100 to $10000. Your APR depends on your credit profile, your income and the amount you borrow, and every offer sits at or below Canada’s 35% federal ceiling, so the worst legal case is the one to budget for:
| Loan at the 35% APR ceiling | Term | Monthly payment | Total interest |
|---|---|---|---|
| $1000 | 12 months | $99.96 | $200 |
| $3000 | 24 months | $175.56 | $1213 |
| $5000 | 36 months | $226.18 | $3142 |
| $10000 | 60 months | $354.90 | $11294 |
Figures are illustrative: equal monthly payments on a declining balance, no fees. Your lender’s written offer shows the exact APR and total cost of borrowing before you sign. A stronger file prices well under the ceiling: the low-interest personal loans page runs $1000 to $10000 at every rate from 10% to 35%, the loan for bad credit page works the whole range at the ceiling with a payment calculator, and the $5000 loan with bad credit page prices the most common amount term by term.
Every lender in the network operates within Canada’s 35% federal interest-rate cap. Always confirm the total cost of borrowing, not just the monthly payment, before you accept an offer. For longer-term needs, compare our online installment loans or read what an installment loan is first; if your credit is rebuilding, see online loans for bad credit.
How to Get a Personal Loan in Canada
The step that keeps funding moving is Instant Bank Verification (IBV): a secure, read-only connection to your bank account that confirms your income in about 60 seconds. It cannot move money or change anything in your account, and it does not affect your credit score.
- Apply online in about 3 minutes with your income and the amount you need.
- Verify income with IBV: read-only, 60 seconds, no score impact.
- Get matched with real offers showing APR and total cost upfront.
- Accept and get funded by direct deposit, often within 24 hours.
The initial match uses a soft inquiry only, so comparing your options never affects your credit score. Looking for a smaller amount? See our payday loan alternative.
Who Qualifies
Personal loan qualification rests on steady employment income verified through IBV, age of majority in your province, Canadian residency, and an active bank account, any credit band considered.
- Steady income: full-time or part-time employment income, verified through IBV, is the strongest path to approval.
- Age and residency: you must be the age of majority in your province or territory, a Canadian resident, with a Canadian bank account.
- Any credit band: good, fair, or rebuilding credit is considered; your income matters as much as your score.
Personal Loans by Province and Territory
Lending rules and consumer protections vary across Canada, and the federal 35% APR ceiling applies in every province and territory. WizardLoans connects borrowers everywhere in the country with licensed lenders who serve their region, on one application, with funds sent to any Canadian bank account. British Columbia, Alberta, Manitoba, Quebec and Newfoundland and Labrador also license the lenders that charge high-cost rates; the province table on our bad credit page names each regulator.
Related: for repayment spread over 6 to 24 months, see our comparison of the best installment loans in Canada.
Borrowing $400, $600 or $800: The Small End of the Range
The small amounts are written on the same application and the same monthly installment structure as the rest of the $100 to $10,000 range: you enter the amount, the 60-second IBV check reads your deposits, and the lender offers the largest amount your income carries, priced under the federal 35% APR cap. Because the balance declines with every payment, the dollar cost at the small end is modest. Here is the maximum interest at each rung, with monthly payments on a declining balance, rounded:
| Amount | 3 months | 6 months |
|---|---|---|
| $400 | About $24 interest, 3 payments of about $141 | About $42 interest, 6 payments of about $74 |
| $600 | About $36 interest, 3 payments of about $212 | About $62 interest, 6 payments of about $110 |
| $800 | About $47 interest, 3 payments of about $283 | About $83 interest, 6 payments of about $147 |
Two habits keep the small end cheap: pick the shortest term the payment allows, since a $400 loan over three months costs about half of what it costs over six, and repay on the scheduled date, because a bounced payment adds the lender’s dishonoured-payment fee and your own bank’s NSF fee on top. For a longer schedule on $1,000 and up, our online installment loans page covers the 6 to 60 month options, and if your credit is the obstacle, the loans for bad credit page explains how the income-based review works.
Frequently Asked Questions
How much can I borrow with a personal loan in Canada?
Through WizardLoans, lenders offer personal loans from $100 to $10000. The amount you qualify for depends on your income, credit profile, and existing obligations.
Can I get a personal loan with bad credit?
Yes. Lenders consider your income and banking history, verified through IBV, alongside your credit score, so fair and rebuilding credit can still qualify. Checking your options uses a soft inquiry that does not affect your score.
How soon can I get the money?
With IBV verifying your income in about 60 seconds, many borrowers get a prompt decision and receive funds by direct deposit within 24 hours of accepting an offer.
Does checking my rate affect my credit score?
No. The initial matching process uses a soft inquiry only. A lender may run a hard check at the final approval stage and will tell you first.
Is WizardLoans a lender?
No. WizardLoans is a free loan-matching service that connects you with licensed Canadian lenders, so you can compare multiple real offers from a single application.
For more on your rights as a borrower, see the FCAC personal loans guide and the FCAC credit score guide.
Ready to Compare Personal Loans?
Loan amounts from $100 to $10000. Income verified in 60 seconds via IBV. Decisions typically within hours, funded by direct deposit.
Find Your Rate in 2 Minutes, Free, No Obligation
Comparing multi-year schedules? Our long term loans page covers terms from 3 to 60 months honestly.
Borrowing $5000 with a score in the 500s? The $5000 loan with bad credit page shows the real odds and the real cost.
About Our Editorial Team
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.