Two Canadians can borrow the same $10,000 and end up paying very different amounts. On this list, APRs start at 8.99%, and no lender can legally go above 35% APR, the cap set by the Criminal Code since January 2025.

We reviewed 24 lenders, from the Big Five banks to online lenders and payday providers. Only three publish their rates, loan amounts and terms clearly online, and those are the ones we ranked.

Use the calculator to estimate your payment with each lender.

Do you need the lowest rate, the fastest funding or a loan funded by other Canadians? Start here.

Before you sign: five things to check

A loan offer can look good on the first screen and cost more than expected later. Check these points first:

1. Read the APR, not just the interest rate. The APR shows the full yearly cost. At Fig, the APR equals the interest rate. At goPeer, the APR already includes the origination fee, so you can compare both on equal terms.
2. Know the legal limit. Since January 1, 2025, most personal loans in Canada can’t exceed 35% APR. If an offer goes above that, don’t sign it.
3. See your rate before a full credit check. Fig and Spring Financial let you check your rate without affecting your credit score. Compare a few offers before you commit to one.
4. Match the term to your budget. A longer term lowers each payment but raises the total interest you pay. goPeer only offers 3- or 5-year terms, while Fig and Spring go up to 84 months.
5. Never pay a fee upfront. Legitimate lenders take fees from the loan itself, not before you get the money. Spring Financial, for example, states it will never ask for an upfront fee.

Representative example: a $10,000 loan over 3 years at 19.99% APR, with weekly payments of $85.36, has a total borrowing cost of $3,301.20 (goPeer).

How we chose

We started with the 24 personal loans and lines of credit we cover on our blog. We collected rates, loan amounts, terms and fees from each lender’s official website in October 2026.

Then we scored each lender on five criteria:

• Total cost: APR range, origination fees and penalties for early repayment.
• Loan size and term: the minimum and maximum you can borrow and how long you have to repay.
• Access: how much your credit profile limits approval and pricing.
• Speed: how soon the money reaches your account after approval.
• Transparency: whether the lender publishes its rates and a borrowing cost example online.

Lenders that didn’t publish their rates, products that are lines of credit, and short-term payday loans didn’t make the top 3. The calculator uses the lowest rate each lender publishes. Your final rate depends on your credit profile, so confirm the terms before you apply.