Looking to finance a big purchase, consolidate debt, or cover an emergency expense? Personal loans remain a flexible and accessible option for many Canadians. With interest rates and terms varying widely, choosing the right lender can save you thousands over the life of your loan.
Here are the top 10 personal loan options in Canada for 2025, based on interest rates, approval flexibility, and overall customer satisfaction.
1. LoanConnect
Best For: Comparing Multiple Offers
APR Range: 6.99% – 46.96%
Loan Amounts: $500 – $50,000
LoanConnect is a loan search engine that lets Canadians instantly compare offers from several lenders. It’s great for borrowers with all credit types, including those rebuilding their credit.
2. Borrowell
Best For: Credit Score Insights + Loan Offers
APR Range: Varies by lender
Loan Amounts: $1,000 – $35,000
Borrowell offers a unique combo of free credit score tracking and personal loan matching. Their AI-driven platform helps match you with personalized loan offers suited to your profile.
3. Fairstone
Best For: In-Person Service & Fair Credit
APR Range: 19.99% – 39.99%
Loan Amounts: $500 – $50,000
Fairstone offers both secured and unsecured personal loans. With over 200 branches across Canada, it’s a good option if you prefer face-to-face financial advice.
4. Mogo
Best For: Eco-Conscious Borrowers
APR Range: 9.90% – 46.96%
Loan Amounts: $500 – $35,000
Mogo’s digital-first platform offers personal loans and rewards customers with carbon offsets for making smart financial decisions. It’s fast, paperless, and fully online.
5. LendingMate
Best For: Guarantor Loans
APR Range: 43%
Loan Amounts: $2,000 – $10,000
For those with poor or no credit, LendingMate provides loans backed by a guarantor. Though interest rates are high, it’s one of the few options available without requiring a credit check.
6. Spring Financial
Best For: Instant Cash Advances
APR Range: 18.99% – 46.96%
Loan Amounts: $500 – $35,000
Known for its quick turnaround and flexible approval, Spring Financial is great for borrowers who need funds fast, even with less-than-perfect credit.
7. Refresh Financial
Best For: Building Credit While Borrowing
APR Range: Fixed monthly fees
Loan Amounts: Up to $10,000 (secured savings loans)
Refresh doesn’t issue traditional loans but offers a credit builder loan that functions more like a savings plan with credit reporting—perfect for those aiming to improve their score over time.
8. goPeer
Best For: Peer-to-Peer Lending
APR Range: 8.99% – 33.92%
Loan Amounts: $1,000 – $25,000
goPeer connects borrowers with individual investors. It’s one of Canada’s only peer-to-peer lending platforms, offering competitive rates and a modern online experience.
9. EasyFinancial (goeasy)
Best For: Bad Credit Approval
APR Range: 29.99% – 46.96%
Loan Amounts: $500 – $45,000
While interest rates are on the higher end, EasyFinancial is known for working with clients who’ve been turned away elsewhere. Their in-depth application process often leads to approval for hard-to-qualify borrowers.
10. RBC Royal Bank
Best For: Existing RBC Clients
APR Range: As low as 6.99% (subject to credit)
Loan Amounts: Flexible
RBC offers highly competitive rates to its banking customers. If you already bank with RBC and have good credit, this could be your most cost-effective option.
Final Thoughts
Personal loans in Canada are more accessible than ever thanks to digital lenders and fintech platforms. Whether you’re looking to rebuild your credit, borrow quickly, or secure a lower rate, there’s a solution for every financial situation in 2025.
Tips Before Applying:
- Check your credit score first
- Compare APRs, not just monthly payments
- Understand all fees and repayment terms
Always borrow responsibly and only what you can afford to repay.