Best Banks For Personal Loans In Canada For January 2024 (2024)

Featured Partner Offer

1

Smarter Loans

Learn More

On smarter.loans’s Website

Minimum Credit Score

No Minimum Requirement

APR

9.99% – 47.72%

Loan Amounts

$100- $50,000

2

Bank of Montreal (BMO)

Minimum Credit Score

Undisclosed

APR Range

8.99% to 22.99%

Loan Amounts

$1,500 to $35,000

3

Spring Financial

Minimum Credit Score

No credit history necessary

APR Range

9.99% to 46.99%

Loan Amounts

$500 to $35,000

FEATURED PARTNER OFFER

BEST OVERALL

CIBC

Best Banks For Personal Loans In Canada For January 2024 (1)

3.8

Best Banks For Personal Loans In Canada For January 2024 (2)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

660

APR Range

Maximum rate based on the CIBC Current Prime Rate

Loan Amounts

$3,000 to $200,000

Best Banks For Personal Loans In Canada For January 2024 (3)

Minimum Credit Score

660

APR Range

Maximum rate based on the CIBC Current Prime Rate

Loan Amounts

$3,000 to $200,000

Why We Picked It

CIBC stands out for their wide array of options and flexible loan features. Their expansive range of personal loan amounts go up to $200,000, they have options for both secured and unsecured loans, as well as the ability to choose between fixed and variable interest rates. They also do not have prepayment penalties, and their online application process, backed by 24/7 customer support and a user-friendly mobile app, adds to the convenience, despite mixed customer reviews on TrustPilot.

Pros & Cons

  • Wide range of loan amounts (up to $200,000)
  • No prepayment penalties
  • Easier qualification with a co-signer or co-borrower option
  • Relatively high minimum credit score requirement of 660
  • APR is variable and linked to CIBC’s Prime Rate
  • Reports of low customer satisfaction on Trustpilot

Details

Eligibility: To be eligible for a CIBC personal loan, applicants must be Canadian residents of majority age, with a minimum annual income of $17,000. They should not have declared bankruptcy in the last seven years or have been declined for credit from CIBC in the past six months.
Loan Uses: CIBC personal loans can be used for many purposes, including debt consolidation, major purchases and investments. The bank offers the flexibility to choose a secured loan for lower rates or an unsecured option for quicker access to funds.
Turnaround Time: While the exact turnaround time isn’t specified, CIBC promises expedited processing for online applications and the option to fill out forms in person for customers who prefer that.

FEATURED PARTNER OFFER

BEST FOR QUICK LOANS

TD Bank

Best Banks For Personal Loans In Canada For January 2024 (4)

3.8

Best Banks For Personal Loans In Canada For January 2024 (5)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

Not disclosed.

APR Range

8.99% to 23.99%

Loan Amounts

$5,000 to $50,000

Best Banks For Personal Loans In Canada For January 2024 (6)

Why We Picked It

TD Bank offers a variety of loan amounts, as well as options for both fixed and variable interest rates. They’ve also made their loan application process approachable, with an online option and the provision for co-signers or co-borrowers. Despite a bad TrustPilot rating of 1.4 among a pool of over 2,000 reviews, their many flexible loan options still make TD a strong contender for Canadians needing personal loans.

Pros & Cons

  • Extensive loan range (from $5,000 to $50,000)
  • Choice between fixed and variable interest rates
  • Online application for convenience and fast processing
  • High maximum APR of 23.99%
  • Late payment fees and prepayment penalties
  • Lower customer satisfaction ratings on Trustpilot (indicating potential service issues)

Details

Eligibility: TD doesn’t specify a minimum credit score. However, factors like credit history, income and financial stability play a crucial role in loan approvals and determining interest rates.
Loan Uses: TD personal loans are versatile, suitable for a range of purposes, including home improvements, consolidating debts or funding large purchases.
Turnaround Time: The processing time for a TD personal loan is relatively swift, with the possibility of receiving funds in up to three business days.

FEATURED PARTNER OFFER

BEST FOR CUSTOMIZABLE LOANS

Scotiabank

Best Banks For Personal Loans In Canada For January 2024 (7)

3.5

Best Banks For Personal Loans In Canada For January 2024 (8)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

Not disclosed

APR Range

N/A

Loan Amounts

$5,000 to $75,000

Best Banks For Personal Loans In Canada For January 2024 (9)

Minimum Credit Score

Not disclosed

APR Range

N/A

Loan Amounts

$5,000 to $75,000

Why We Picked It

Scotiabank’s personal loans stand out for their flexibility in terms and payment options, accommodating multiple financial situations. Whether you prefer a fixed interest rate for predictable payments or a variable rate for potentially lower costs, Scotiabank caters to both options. The option to postpone a payment annually and the absence of prepayment penalties are other notable features.

Pros & Cons

  • Flexible payment options with weekly, bi-weekly or monthly plans
  • No prepayment penalties
  • Both fixed and variable interest rate options
  • Lack of disclosed APR range could limit rate comparison
  • No 24/7 customer support
  • Trustpilot ratings suggest room for improvement in customer satisfaction

Details

Eligibility: Applicants should have valid government-issued identification and proof of employment, with additional requirements for self-employed individuals. While a minimum credit score isn’t specified, credit history and income are likely factors in Scotiabank loan approvals.
Loan Uses: Scotiabank personal loans are versatile, suitable for consolidating higher interest debts, making large purchases or covering other significant financial needs, offering a structured repayment plan for borrowers.
Turnaround Time: Scotiabank does not specify the exact turnaround time for personal loan approval and disbursement.

FEATURED PARTNER OFFER

BEST FOR RENOVATION LOANS

Laurentian Bank of Canada

Best Banks For Personal Loans In Canada For January 2024 (10)

3.2

Best Banks For Personal Loans In Canada For January 2024 (11)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

Not disclosed

APR Range

9.45%

Loan Amounts

Minimum $3,500

Best Banks For Personal Loans In Canada For January 2024 (12)

Minimum Credit Score

Not disclosed

APR Range

9.45%

Loan Amounts

Minimum $3,500

Why We Picked It

Laurentian Bank offers all their personal loans information upfront. They are currently offering a flat APR of 9.45% and a minimum loan amount of $3,500. They also offer a product specifically for renovation loans, with a 1% rebate on the interest rate. Additionally, the choice between fixed and variable interest rates provides borrowers with the flexibility to align their loan with market trends.

Pros & Cons

  • Clear, fixed APR of 9.45%
  • Special renovation loan with a 1% interest rate rebate
  • Flexibility in choosing between fixed and variable interest rates
  • Limited loan amounts with a minimum of $3,500
  • Presence of prepayment penalties and late payment fees
  • Lack of 24/7 customer support could be a drawback for some customers

Details

Eligibility: While Laurentian Bank doesn’t specify a minimum credit score.
Loan Uses: These loans are ideal for individuals with specific, one-time funding needs, such as home renovations or other significant projects.
Turnaround Time: The exact turnaround time isn’t specified by Laurentian Bank.

FEATURED PARTNER OFFER

BEST FOR A SEAMLESS DIGITAL BORROWING EXPERIENCE

Tangerine

Best Banks For Personal Loans In Canada For January 2024 (13)

2.6

Best Banks For Personal Loans In Canada For January 2024 (14)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

Not disclosed

APR Range

N/A

Loan Amounts

Based on individual requirements

Best Banks For Personal Loans In Canada For January 2024 (15)

Minimum Credit Score

Not disclosed

APR Range

N/A

Loan Amounts

Based on individual requirements

Why We Picked It

Tangerine is renowned for its strong emphasis on digital convenience and customer-centric services. The bank’s approach to personal loans is reflected in its flexible terms, including options for co-signers and the absence of prepayment penalties, making it a good fit for a range of borrowers. Tangerine also stands out for its 24/7 customer support and user-friendly mobile app.

Pros & Cons

  • Online application process
  • No prepayment penalties
  • 24/7 customer support
  • Comprehensive mobile app
  • Lack of disclosed APR range and loan amounts limits comparison
  • Late payment fees apply
  • Limited geographical reach (available in only 5-7 provinces/territories)

Details

Eligibility: Tangerine does not specify a minimum credit score. However, the availability of a co-signer option may make Tangerine’s personal loans more accessible to some borrowers.
Loan Uses: Tangerine’s personal loans are designed for a range of personal, family or household purposes, offering funds for projects like home renovations, major purchases or debt consolidation.
Turnaround Time: Tangerine’s specific timeframe for loan processing and disbursement isn’t available.

FEATURED PARTNER OFFER

BEST FOR TAILORED LOAN SOLUTIONS

RBC

Best Banks For Personal Loans In Canada For January 2024 (16)

2.4

Best Banks For Personal Loans In Canada For January 2024 (17)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

Not disclosed

APR Range

Based on the RBC Prime Rate

Loan Amounts

Customized to meet specific needs

Best Banks For Personal Loans In Canada For January 2024 (18)

Minimum Credit Score

Not disclosed

APR Range

Based on the RBC Prime Rate

Loan Amounts

Customized to meet specific needs

Why We Picked It

RBC Royal Bank stands out for its personalized approach to lending, offering both fixed and variable rate loans and the option to switch from a fixed to variable rate. Moreover, RBC’s easy payment options, including the Skip-a-Payment feature and no penalties for early loan repayment, make it a versatile choice for Canadians. The additional benefit of optional LoanProtector® insurance adds a layer of security to the borrower’s financial planning.

Pros & Cons

  • Choice between fixed and variable rates
  • Flexible payment terms ranging from one to five years
  • No penalties for early repayment
  • Specific APR range is not disclosed (making loan comparisons difficult)
  • No 24/7 customer support available
  • Lack of disclosed minimum credit score

Details

Eligibility: RBC does not specify a minimum credit score for loan eligibility.
Loan Uses: RBC personal loans are versatile, suitable for debt consolidation, making significant purchases or financing personal projects, offering structured and manageable repayment plans.
Turnaround Time: RBC does not specify an exact turnaround time.

FEATURED PARTNER OFFER

BEST FOR FINANCING MAJOR LIFE EVENTS OR PROJECTS

National Bank

Best Banks For Personal Loans In Canada For January 2024 (19)

2.3

Best Banks For Personal Loans In Canada For January 2024 (20)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

Not disclosed

APR Range

9.65% to 13.70%

Loan Amounts

Starting from as low as $500

Best Banks For Personal Loans In Canada For January 2024 (21)

Minimum Credit Score

Not disclosed

APR Range

9.65% to 13.70%

Loan Amounts

Starting from as low as $500

Why We Picked It

National Bank is committed to flexible and accessible lending solutions, making their personal loans ideal for anyone looking to finance significant life events or projects, like home renovations, weddings or travel. They offer a competitive APR range of 9.65% to 13.70%,no late payment fees or prepayment penalties and the option to choose between fixed and variable interest rates. They also have a straightforward application process and availability across all provinces and territories in Canada.

Pros & Cons

  • Competitive APR range
  • Choice between fixed and variable interest rates
  • No late payment or prepayment penalties
  • Unspecified minimum credit score requirements
  • No 24/7 customer support
  • Relatively low Trustpilot customer review score

Details

Eligibility: National Bank does not specify a minimum credit score.
Loan Uses: National Bank’s personal loans can be used for a variety of purposes, from covering the expenses of significant life events to financing home improvement projects.
Turnaround Time: Specific details on National Bank’s turnaround time are not available.

FEATURED PARTNER OFFER

BEST FOR DIVERSE FINANCIAL NEEDS

HSBC

Best Banks For Personal Loans In Canada For January 2024 (22)

1.8

Best Banks For Personal Loans In Canada For January 2024 (23)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Minimum Credit Score

Not disclosed

APR Range

Varies with the HSBC Prime Rate

Loan Amounts

Based on financial needs and goals

Best Banks For Personal Loans In Canada For January 2024 (24)

Minimum Credit Score

Not disclosed

APR Range

Varies with the HSBC Prime Rate

Loan Amounts

Based on financial needs and goals

Why We Picked It

HSBC links their personal loans to the HSBC Prime Rate, providing borrowers with competitive and market-responsive interest rates. HSBC offers the flexibility of fixed or variable rate options and preferential rates for HSBC Private Client Services clients.

Pros & Cons

  • Competitive interest rates linked to the HSBC Prime rate
  • Option to choose between fixed and variable interest rates
  • Preferential rates available for HSBC Private Client Services clients
  • Lack of specific APR range and loan amount details
  • No 24/7 customer support available
  • Relatively low Trustpilot customer review score

Details

Eligibility: While HSBC doesn’t specify a minimum credit score, they do assess borrowers based on their creditworthiness, financial history and relationship with the bank.
Loan Uses: HSBC’s personal loans are designed for a variety of uses, including vehicle purchases, home improvements or debt consolidation, providing financial flexibility for both planned and unexpected expenses.
Turnaround Time: The specific timeframe for loan approval and funds disbursement is not disclosed.

Summary: Best Personal Loans In Canada For January 2024

LenderRatingBest for Minimum Credit ScoreAPR RangeLoan Amounts
CIBCBest Banks For Personal Loans In Canada For January 2024 (25)Cash back at Amazon.ca and Whole Foods660Maximum rate based on the CIBC Current Prime Rate.$3,000 to $200,000
TD BankBest Banks For Personal Loans In Canada For January 2024 (26)U.S. shopping, like on Amazon.comNot disclosed8.99% to 23.99%$5,000 to $50,000
ScotiabankBest Banks For Personal Loans In Canada For January 2024 (27)Cash back with no annual feeNot disclosedN/A$5,000 to $75,000
Laurentian BankBest Banks For Personal Loans In Canada For January 2024 (28)Cash back at Amazon.ca, Whole Foods and beyondNot disclosed9.45%Min: $3,500
TangerineBest Banks For Personal Loans In Canada For January 2024 (29)Online shoppingNot disclosedN/ABased on individual requirements
RBCBest Banks For Personal Loans In Canada For January 2024 (30)Overall cash back on essential purchases like gas and groceriesNot disclosedBased on the RBC Prime RateCustomized to meet specific needs
National BankBest Banks For Personal Loans In Canada For January 2024 (31)No FX feesNot disclosed9.65% to 13.70%Starting from as low as $500
HSBCBest Banks For Personal Loans In Canada For January 2024 (32)Using Amex Membership Rewards points on Amazon Shop with PointsNot disclosedVaries with the HSBC Prime RateBased on financial needs and goals

Methodology

We reviewed 76 popular lenders based on 17 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the 10 best lenders based on the weighting assigned to each category:

  • Loan details: 20%
  • Loan cost: 25%
  • Eligibility and accessibility: 30%
  • Customer experience: 15%
  • Application process: 10%

Within each major category, we also considered several characteristics that would benefit those with bad credit in particular, including awarding an extra five points for lenders offering a low maximum APR, a low minimum credit score, a high maximum loan term and cosigner/borrower capability. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

Where appropriate, we awarded partial points depending on how well a lender met each criterion.

How Do Bank Loans Work?

Bank loans are designed to provide a fixed amount of money that you can pay back over a predetermined period of time. Canadian borrowers can typically access loan amounts ranging from $1,000 to more than $50,000, depending on their creditworthiness.

The repayment period for personal loans is quite flexible, spanning from one to as many as 10 years. This flexibility allows borrowers to tailor their repayment schedule to their financial situation, striking a balance between manageable monthly payments and overall interest costs.

Interest rates on these loans vary significantly, usually between 5% to 35%. The rate you receive is heavily influenced by your credit score: a healthy credit history often leads to lower interest rates, making the loan more affordable in the long term. On the flip side, borrowers with poor credit scores may face higher rates, reflecting the increased risk from the lender’s standpoint.

Many Canadian banks have a preference for lending to their existing customers. This might mean opening a bank account and maintaining a minimum balance as a prerequisite for loan approval. However, this is not a uniform practice across all Canadian banks. For loyal customers, banks often provide perks like reduced interest rates, which can lead to substantial savings over the life of the loan.

Bank Loans vs. Online Loans

When comparing traditional bank loans with those online, it’s important to understand their advantages and limitations. Both types of loans offer upfront funding that you can pay back over time in regular installments.

Traditional banks, however, may offer a more personalized borrowing experience, with physical locations where customers can receive face-to-face service. This human touch can be reassuring for some borrowers, especially those who prefer direct interaction when dealing with financial matters.

Additionally, Canadian banks often incentivize their current customers with perks such as interest rate discounts. This not only fosters customer loyalty but also makes the loan more cost-effective for the borrower.

In contrast, online lenders offer a modern approach to borrowing, excelling at providing nationwide service, often with a more straightforward, quicker approval process.

Online lenders are particularly appealing to borrowers who value convenience and speed. Their ability to often disburse funds the same day you apply for the loan is a significant benefit if you need a loan quickly.

Moreover, the competitive landscape of online lending often leads to more favourable interest rates for personal loans, since online lenders do not need to cover the overhead costs of operating physical branches. The simplicity of prequalifying for a loan online further adds to the appeal of online lenders, allowing borrowers to effortlessly compare rates and terms without leaving their homes.

Pros and Cons of Bank Loans

Pros:

  • Customer loyalty benefits: Many Canadian banks acknowledge the loyalty of their customers by offering reduced interest rates. This gesture of appreciation can translate into significant savings over the life of a loan.
  • Application flexibility: With banks, the option to apply either in person or online is a significant advantage. This flexibility is particularly appealing to a diverse range of consumers. Borrowers who value personal interaction and guidance can opt for in-person applications at bank branches, while others who prefer convenience and speed can choose the online route.
  • Substantial loan amounts: Catering to a wide array of financial needs, some banks are known for offering high loan amounts. These substantial loans come with flexible repayment terms, allowing borrowers to tackle large expenses like home renovations, significant purchases or even debt consolidation.

Cons:

  • Prequalification limitations: One of the drawbacks of traditional bank loans is the potential absence of a prequalification process. Unlike many online lenders, not all banks allow for a soft credit check to gauge eligibility, which means borrowers may have to undergo a formal application process. This can be more time-consuming and may impact your credit score slightly.
  • Longer processing times: Typically, banks may take more time to review and process loan applications compared to their online counterparts. This could be a significant factor for borrowers who need quick access to funds.
  • Potentially higher APRs: To offset the costs associated with maintaining physical branches and other operational expenses, banks might charge slightly higher APRs compared to online lenders. This could mean paying more over the life of the loan, especially if you don’t qualify for customer loyalty discounts.

How To Get a Personal Loan From a Bank?

The process for getting a personal loan from a bank essentially involves five critical steps:

1. Credit assessment: Review your credit report and check your credit score. The credit bureaus, Equifax Canada or TransUnion Canada, can provide you with this information for free once a year. You can also take a look at your credit score by signing up for a free account at Borrowell at Credit Karma. A good credit score not only increases your chances of loan approval but can also secure you a better interest rate. If your score is not up to par, consider steps to improve it, such as reducing your debt-to-income ratio or correcting any inaccuracies in your credit report.

2. Determine your financial needs: Carefully evaluate how much money you need to borrow. It’s crucial to avoid overborrowing, as this can put you in a difficult financial situation. Use online tools like loan calculators to estimate your monthly payments and total interest charges, ensuring you borrow an amount that doesn’t cause you too much financial strain.

3. Explore prequalification options: If your bank offers prequalification, take advantage of this option. Prequalification lets you see potential loan terms without impacting your credit score, allowing you to shop around and compare offers from different banks effectively.

4. Formal application process: Once you select a loan, you will need to fill out a comprehensive application. This will involve providing detailed personal and financial information, and possibly uploading documents to verify your income and other aspects of your financial life. A hard credit inquiry, which is part of this process, may temporarily affect your credit score.

5. Loan disbursement: Upon approval, your bank will deposit the loan amount directly into your bank account. You will, at this point, begin to pay off the loan based on the terms you agreed to, which includes the repayment schedule and interest rate.

Featured Partner Offer

1

Smarter Loans

Learn More

On smarter.loans’s Website

Minimum Credit Score

No Minimum Requirement

APR

9.99% – 47.72%

Loan Amounts

$100- $50,000

2

Bank of Montreal (BMO)

Minimum Credit Score

Undisclosed

APR Range

8.99% to 22.99%

Loan Amounts

$1,500 to $35,000

3

Spring Financial

Minimum Credit Score

No credit history necessary

APR Range

9.99% to 46.99%

Loan Amounts

$500 to $35,000

Frequently Asked Questions (FAQs)

Which bank is best for a personal loan?

Identifying the “best” bank for a personal loan in Canada largely depends on your individual financial circumstances and needs. Major banks like the Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD) and the Bank of Montreal (BMO) are known for their range of personal loan products, catering to diverse credit profiles and financial needs. When you compare banks, it’s crucial to consider factors like interest rates, loan terms, fees and customer service reputation. Additionally, some banks offer specialized loan options for specific purposes like debt consolidation or home renovations, which might be more suitable for your particular requirements.

Which bank loan is easiest to get?

The ease of getting a bank loan can vary based on your credit history, income stability and existing banking relationships. Typically, banks like TD, Canadian Imperial Bank of Commerce (CIBC) and Scotiabank have a reputation for relatively straightforward loan approval processes, especially for existing customers in good financial standing. Credit unions can also be a viable option, as they often have more flexible lending criteria compared to larger banks.

What’s the easiest bank to get a loan from in Canada?

While the criteria for loan approvals can vary for each bank, credit unions and smaller community banks are often considered more accessible for personal loans, particularly for individuals with less-than-perfect credit scores. Institutions like Vancity, Meridian Credit Union and Desjardins are known for their customer-centric approach and may offer more personalized services, potentially making it easier for individuals to secure a loan.

Which bank offers the best interest rate for a personal loan?

The bank offering the best interest rate for a personal loan in Canada can fluctuate based on market conditions and promotional offers. Generally, online lenders like Tangerine or Simplii Financial tend to offer competitive rates due to their lower operational costs. Among traditional banks, RBC, BMO and HSBC Canada often feature competitive interest rates, but you should always compare rates from multiple lenders and consider promotional offers and the overall cost of the loan, including fees and the flexibility of repayment terms.

What are the advantages of getting a personal loan from a bank?

Here are the six major advantages of getting a personal loan from a bank in Canada:

1. Security and trust: Banks are regulated financial institutions, offering a sense of security and reliability.
2. Competitive interest rates: For customers with good credit, banks often provide loans at competitive interest rates.
3. Variety of loan options: Banks typically offer a wide range of loan products to suit different financial needs, including secured and unsecured loans.
4. Potential for customer perks: Existing bank customers might access additional benefits like discounted rates or easier approval processes.
5. Comprehensive financial services: Banks can offer a holistic approach to your finances, allowing you to combine your loan with other financial products, like bank accounts and credit cards.
6. Personalized financial advice: Many banks provide access to financial advisors who can assist in making informed decisions about loan products and financial planning.

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Kevin NishmasContributor

Kevin Nishmas is an expert financial content writer with a long and successful history of working with Canada's largest financial institutions. His knack (and passion) for transforming complex personal finance information into clear, compelling content has landed him in leading business publications such as Report on Business, Advisor’s Edge, Benefits Canada and Investor's Digest of Canada.

As a financial expert with extensive knowledge of the Canadian lending landscape, I can confidently dissect the information provided in the article on the best personal loans in Canada for January 2024. My understanding spans various aspects of personal finance, lending practices, and the intricacies of loan products offered by different financial institutions.

Let's delve into the concepts and details presented in the article:

  1. Smarter Loans

    • Minimum Credit Score: No Minimum Requirement
    • APR: 9.99% – 47.72%
    • Loan Amounts: $100 - $50,000
  2. Bank of Montreal (BMO)

    • Minimum Credit Score: Undisclosed
    • APR Range: 8.99% to 22.99%
    • Loan Amounts: $1,500 to $35,000
  3. Spring Financial

    • Minimum Credit Score: No credit history necessary
    • APR Range: 9.99% to 46.99%
    • Loan Amounts: $500 to $35,000
  4. CIBC (Canadian Imperial Bank of Commerce)

    • Minimum Credit Score: 660
    • APR Range: Maximum rate based on the CIBC Current Prime Rate
    • Loan Amounts: $3,000 to $200,000
    • Why Picked: Wide array of options, flexible loan features, up to $200,000 loan amounts, options for secured and unsecured loans, fixed and variable interest rates, no prepayment penalties, 24/7 customer support, user-friendly mobile app.
  5. TD Bank

    • Minimum Credit Score: Not disclosed
    • APR Range: 8.99% to 23.99%
    • Loan Amounts: $5,000 to $50,000
    • Why Picked: Extensive loan range, choice between fixed and variable interest rates, online application, provision for co-signers or co-borrowers.
  6. Scotiabank

    • Minimum Credit Score: Not disclosed
    • APR Range: Not disclosed
    • Loan Amounts: $5,000 to $75,000
    • Why Picked: Flexible payment options, no prepayment penalties, both fixed and variable interest rate options.
  7. Laurentian Bank of Canada

    • Minimum Credit Score: Not disclosed
    • APR Range: 9.45%
    • Loan Amounts: Minimum $3,500
    • Why Picked: Clear, fixed APR of 9.45%, special renovation loan with a 1% interest rate rebate, flexibility in choosing between fixed and variable interest rates.
  8. Tangerine

    • Minimum Credit Score: Not disclosed
    • APR Range: Not disclosed
    • Loan Amounts: Based on individual requirements
    • Why Picked: Renowned for a seamless digital borrowing experience, online application process, no prepayment penalties, 24/7 customer support, user-friendly mobile app.
  9. RBC (Royal Bank of Canada)

    • Minimum Credit Score: Not disclosed
    • APR Range: Based on the RBC Prime Rate
    • Loan Amounts: Customized to meet specific needs
    • Why Picked: Personalized approach to lending, choice between fixed and variable rates, flexible payment terms, no penalties for early repayment, optional LoanProtector® insurance.
  10. National Bank

    • Minimum Credit Score: Not disclosed
    • APR Range: 9.65% to 13.70%
    • Loan Amounts: Starting from as low as $500
    • Why Picked: Competitive APR range, choice between fixed and variable interest rates, no late payment or prepayment penalties.
  11. HSBC

    • Minimum Credit Score: Not disclosed
    • APR Range: Varies with the HSBC Prime Rate
    • Loan Amounts: Based on financial needs and goals
    • Why Picked: Competitive interest rates linked to the HSBC Prime rate, choice between fixed and variable interest rates, preferential rates for HSBC Private Client Services clients.

The article also provides additional information, such as methodology for selecting the best lenders, a comparison between bank loans and online loans, and a guide on how bank loans work. It concludes with a summary table highlighting the best personal loans in Canada for January 2024, considering factors like lender ratings, best for categories, minimum credit score, APR range, and loan amounts.

If you have any specific questions or if there's a particular aspect you'd like more information on, feel free to ask.

Best Banks For Personal Loans In Canada For January 2024 (2024)
Top Articles
Latest Posts
Article information

Author: Twana Towne Ret

Last Updated:

Views: 6113

Rating: 4.3 / 5 (44 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Twana Towne Ret

Birthday: 1994-03-19

Address: Apt. 990 97439 Corwin Motorway, Port Eliseoburgh, NM 99144-2618

Phone: +5958753152963

Job: National Specialist

Hobby: Kayaking, Photography, Skydiving, Embroidery, Leather crafting, Orienteering, Cooking

Introduction: My name is Twana Towne Ret, I am a famous, talented, joyous, perfect, powerful, inquisitive, lovely person who loves writing and wants to share my knowledge and understanding with you.