Personal Loans in Canada, Compare Rates & Apply Online
Personal loans in Canada are fixed amounts of $300 to $20000 borrowed from licensed lenders and repaid in scheduled installments over 3 to 60 months, with every offer priced under the federal 35% APR ceiling. WizardLoans is a free matching service, not a lender: one application compares real offers with a soft inquiry only, funded by direct deposit.
Compare Personal Loans, Soft Inquiry Only, No Score Impact
Table of Contents
- What Is a Personal Loan?
- How much can you borrow with personal loans in Canada, and at what rate?
- How to Get a Personal Loan in Canada
- Who Qualifies
- Can you get personal loans in every province and territory?
- What do personal loans of $400, $600 or $800 cost?
- Frequently Asked Questions
What Is a Personal Loan?
A personal loan is a fixed amount of money, $300 to $20000 through WizardLoans, that you borrow and repay in equal, scheduled installments over a set term of 3 to 60 months. Unlike a short-term 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.
How much can you borrow with personal loans in Canada, and at what rate?
Through WizardLoans, lenders offer personal loans from $300 to $20000. 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.
For context, the Bank of Canada policy rate is 2.50% (set October 28, 2026, next decision December 9) and the banks’ prime rate is 4.70%; unsecured personal loan APRs sit above prime because no asset backs them. A stronger file prices well under the ceiling: the low-interest personal loans page runs $1000 to $10000 at example rates 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.
How to Get a Personal Loan in Canada
The step that keeps funding moving is IBV, a read-only bank verification that confirms your income in about 60 seconds through a secure connection to your bank account. 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.
Who Qualifies
Personal loan qualification rests on steady employment income verified through IBV, the age of majority in your province (18 or 19), 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.
Can you get personal loans in every 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.
What do personal loans of $400, $600 or $800 cost?
The small amounts are written on the same application and the same monthly installment structure as the rest of the $300 to $20000 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 $35 interest, 3 payments of about $212 | About $63 interest, 6 payments of about $110 |
| $800 | About $47 interest, 3 payments of about $282 | About $84 interest, 6 payments of about $147 |
Two habits keep the small end cheap: pick the shortest term the payment allows, since a $400 loan costs about $24 in interest over three months and about $42 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 (capped at $10 at federally regulated banks since March 12, 2026) on top. For a longer schedule on $1000 and up, our online installment loans page covers the 6 to 60 month options.
Frequently Asked Questions
Do I need a job to get a personal loan in Canada?
Lenders in the WizardLoans network look for steady full-time or part-time employment income, verified through IBV in about 60 seconds, because the monthly payment has to fit your pay. Income is weighed alongside your credit profile, and the written offer shows the APR and total cost before you accept anything.
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, and a lender may run a hard check only at the final approval stage.
What does a personal loan cost at the 35% APR ceiling?
At the legal ceiling of 35% APR, $5000 over 36 months costs $226.18 a month and $3142 in total interest, and $1000 over 12 months costs $99.96 a month and $200 in interest. The ceiling is the worst legal case, not a quote: each lender sets your rate after a soft check and shows the exact APR and total cost of borrowing in writing.
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.
Are the rules for personal loans the same in every province?
The 35% APR ceiling in section 347 of the Criminal Code applies in all 10 provinces and 3 territories, and federally regulated lenders such as banks must disclose the amount, rate, term, payment and fees before you sign. Credit unions are regulated by their province, and British Columbia, Alberta, Manitoba, Quebec and Newfoundland and Labrador also license the lenders that charge high-cost rates, so the paperwork and cooling-off rights differ a little by region.
Can a cosigner help me get a personal loan?
Yes. A cosigner with steady income and stronger credit agrees to repay if you cannot, which can turn a decline into an approval or lower the APR offered, and both of you are legally responsible for every payment. Our personal loan with a cosigner page works through the trade-offs for both sides.
Should I choose a secured or an unsecured personal loan?
The loans compared through WizardLoans are unsecured: no asset backs them, so approval rests on income and credit and the rate reflects that, never above 35% APR. A secured personal loan uses an asset such as your car as collateral, which can lower the rate but puts the asset at risk if you miss payments.
Can I pay off a personal loan early?
Usually, yes. Lenders may allow extra payments and a full payoff before the end of the term without a penalty, though some charge a fee for paying off early, so read the prepayment line in the written offer before you sign. Interest accrues on the declining balance: clearing $5000 at 35% APR after 12 months instead of 36 removes about $1563 of the $3142 in scheduled interest.
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 $300 to $20000. 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. Borrowing $2000? The $2000 loan in Canada page prices that amount at every term and rate.
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.