{"id":15538,"date":"2022-11-15T16:10:28","date_gmt":"2022-11-16T00:10:28","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=15538"},"modified":"2024-04-30T18:28:15","modified_gmt":"2024-05-01T01:28:15","slug":"personal-loan-rates-canada","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada","title":{"rendered":"Personal Loan Rates in Canada"},"content":{"rendered":"\n<p class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-personal-loan\">Personal loan<\/a> interest rates in Canada vary widely. Depending on the lender and your financial situation, you might be offered a rate in the single digits or one that doubles the rate charged by most credit cards.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"\">The interest rate on your personal loan affects how much you\u2019ll end up paying overall. A difference of a few percentage points could reduce \u2014 or increase \u2014 the overall cost by hundreds or thousands of dollars.<\/p>\n\n\n\n<p class=\"\">That\u2019s why it\u2019s important to know how personal loan rates work. Doing so can help you land a better deal the next time you need to borrow some cash.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Factors that affect personal loan interest rates<\/strong><\/h2>\n\n\n\n<p class=\"\">Lenders set a borrower\u2019s individual interest rate after considering a variety of factors, including:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Income.<\/strong> Your income is one of the biggest predictors of whether or not you\u2019ll likely manage to make regular payments and eventually pay off a loan.<\/li>\n\n\n\n<li class=\"\"><strong>Credit score.<\/strong> The higher your <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/how-to-check-your-credit-score\">credit score<\/a>, the more likely a lender will see you as creditworthy and offer you a favourable rate.<\/li>\n\n\n\n<li class=\"\"><strong>Loan amount and term.<\/strong> A lender\u2019s rates may vary based on the size of your loan and the amount of time you\u2019ll take to pay back the funds.<\/li>\n\n\n\n<li class=\"\"><strong>Unsecured vs. secured loan.<\/strong> Generally, you\u2019ll get a lower rate with a secured loan because providing collateral ensures the lender takes on less financial risk.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How are Canadian personal loan rates calculated?<\/strong><\/h2>\n\n\n\n<p class=\"\">Personal loan interest rates are generally determined through a combination of the following factors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Banks\u2019 and lenders\u2019 prime rates<\/h3>\n\n\n\n<p class=\"\">The prime rate is the interest rate a lender offers its preferred customers and is the basis for most variable-rate personal loans. Variable personal loan rates are typically expressed as \u201cprime rate plus X%.\u201d &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Bank of Canada\u2019s overnight rate<\/h3>\n\n\n\n<p class=\"\">The Bank of Canada\u2019s overnight rate is used to set banks\u2019 prime rates, the interest rate at which financial institutions lend money to one another. When inflation is high, the Bank of Canada typically increases the overnight rate, which increases the cost of intra-bank lending. Banks compensate for the added expense by increasing their prime rates.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Activity in the bond market<\/h3>\n\n\n\n<p class=\"\">While prime rates affect variable-rate loans and<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/best-5-year-fixed-mortgage-rates-in-canada\"> mortgages<\/a>, the Canadian bond market typically influences a financial institution&#8217;s fixed rates. When the central bank\u2019s interest rate rises, the<a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-a-bond\"> bond<\/a> prices go up, subsequently dropping the bonds\u2019 value, causing banks to lose money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Lender preferences<\/h3>\n\n\n\n<p class=\"\">Aside from external elements like the regional and international economy, inflation, and other market forces,&nbsp;banks also have some flexibility to alter their personal loan rates based on the borrower\u2019s credit profile and loan needs.<\/p>\n\n\n\n<p class=\"\">This table illustrates how much a $5000 personal loan would cost you in total, assuming you pay monthly instalments for the following fixed interest rates over the period of six to sixty months:<\/p>\n\n\n\n<p class=\"\"><strong>Total potential cost of a $5,000 personal loan using different terms and interest rates<\/strong><\/p>\n\n\n<div class=\"c-tablepress-table-wrapper\" style=\"overflow-x: auto;\">\n<table id=\"tablepress-124\" class=\"tablepress tablepress-id-124\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">8% Fixed Interest<\/th><th class=\"column-3\">20% Fixed Interest<\/th><th class=\"column-4\">40% Fixed Interest<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\"><strong>1 Year<\/strong><\/td><td class=\"column-2\">$5,219.28<\/td><td class=\"column-3\">$5,558.04<\/td><td class=\"column-4\">$6,148.32<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\"><strong>2 Years<\/strong><\/td><td class=\"column-2\">$5,427.36<\/td><td class=\"column-3\">$6,107.52<\/td><td class=\"column-4\">$7,342.56<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\"><strong>3 Years<\/strong><\/td><td class=\"column-2\">$5,640.48<\/td><td class=\"column-3\">$6,689.52<\/td><td class=\"column-4\">$8,659.80<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\"><strong>4 Years<\/strong><\/td><td class=\"column-2\">$5,858.88<\/td><td class=\"column-3\">$7,303.20<\/td><td class=\"column-4\">$10,091.04<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\"><strong>5 Years<\/strong><\/td><td class=\"column-2\">$6,082.80<\/td><td class=\"column-3\">$7,948.20<\/td><td class=\"column-4\">$11,625.60<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n\n\n<p class=\"\"><em>These interest rates and calculations are basic examples and don\u2019t consider variable rates or potential fees, such as insurance or origination fees charged by the lender in the individual personal loan agreement.<\/em><\/p>\n\n\n<div class=\"c-block-in-house-promotion is-advert-style__image-small is-style-horizontal wp-block-nerdwallet-blocks-in-house-ad\">\n\n\t\t\t<div class=\"c-promotion-banner__partner-spotlight\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/plugins\/nerdwallet-blocks\/assets\/images\/nerdwallet-bug.svg\"\n\t\t\t\talt=\"Nerdwallet Logo\"\n\t\t\t\/>\n\t\t\t<span class=\"c-promotion-banner__partner-spotlight--title\">\n\t\t\t\tPartner Spotlight\t\t\t<\/span>\n\t\t<\/div>\n\t\n\t<div\n\t\tclass=\"c-block-in-house-promotion__inner\"\n\t\tstyle=\"background-image: none;\"\n\t>\n\n\t\t\t\t\t<div class='c-block-in-house-promotion__image-wrapper'>\n\t\t\t\t<div class='c-block-in-house-promotion__image'>\n\t\t\t\t\t<img decoding=\"async\" class=\"c-block-in-house-promotion__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2024\/04\/LoanConnect-Logo-Transparent-Background.png\" alt=\"Ad Icon\" \/>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"c-block-in-house-promotion__content-wrapper c-block-in-house-promotion__no-image\">\n\t\t\t\n\t\t\t<h3 class=\"c-block-in-house-promotion__title\">Get Multiple Loan Offers in Under 60 Seconds!<\/h3>\n\t\t\t\t\t\t\t<p class=\"c-block-in-house-promotion__content\">\n\t\t\t\t\tA Leader in Personal Loan Solutions for Canadians!<strong> Pre-Approvals up to $50,000. Choose the rates &amp; terms that work for you<\/strong>. A Safe and Secure System that allows you to search a network of Canadian lenders.\t\t\t\t<\/p>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"c-block-in-house-promotion__cta wp-block-button\"><a href=\"https:\/\/loanconnect.ca\/apply_now?pd=nerdwallet\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">APPLY NOW<\/a><\/div>\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Which lenders offer the best personal loan rates?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Banks and credit unions<\/strong><\/h3>\n\n\n\n<p class=\"\">If you prefer to borrow from a well-established<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/types-of-financial-institutions-in-canada\"> financial institution<\/a> and prefer in person transactions, banks and credit unions can be good options. They usually offer both secured and unsecured personal loans at fixed or variable rates.<\/p>\n\n\n\n<p class=\"\">Banks and credit unions tend to have reasonable rates, but may only lend to clients with solid credit scores.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Online platforms<\/strong><\/h3>\n\n\n\n<p class=\"\">You can find a wide range of loans available from individual online lenders and online brokers, though their rates tend to be higher than traditional banks and credit unions. Generally, online-only lenders are private lenders with no affiliation with a major bank or credit union, but not always. For example, the low\/no-fee,<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/online-banks-explained\"> online-only bank<\/a> Simplii, which is the digital banking division of<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/cibc-review\"> CIBC<\/a>, offers personal loans with competitive rates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Private and alternative lenders<\/strong><\/h3>\n\n\n\n<p class=\"\">Private lenders, those not connected to a bank or<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-credit-union\"> credit union<\/a>, may be more willing to offer loans to borrowers with a history of bad credit, though they may charge higher interest rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Personal loan<\/strong> fees<\/h2>\n\n\n\n<p class=\"\">A personal loan involves taking up several extra costs beyond accruing interest. Make sure you\u2019re aware of these additional fees hiding in the fine print of your loan contract. It\u2019s worth noting that banks tend to charge no or fewer fees than alternative lenders.<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Origination fee.<\/strong> Some lenders charge upwards of 8% of your loan to process your application, also known as the processing fee. It&#8217;s best to avoid lenders who charge this fee when possible.<\/li>\n\n\n\n<li class=\"\"><strong>Loan insurance.<\/strong> This type of insurance will cover you in the event you become unable to make your loan payments due to illness or loss of employment. It\u2019s illegal for a lender to automatically add this insurance, which typically comes with extra cost, without your permission.<\/li>\n\n\n\n<li class=\"\"><strong>Yearly maintenance fee.<\/strong> Lenders charge a maintenance fee, especially if the loan repayment is over a long period of time. Some lenders may be willing to reduce or forgo this fee entirely with a bit of negotiation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Types of personal loan interest rates in Canada<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Fixed rates<\/h3>\n\n\n\n<p class=\"\">With a fixed rate, you\u2019ll pay the same rate of interest on your loan for the length of your term. That means that your loan payments won\u2019t change and remain predictable through the loan\u2019s term. Even if the lender\u2019s prime rate changes, your rate of interest will not rise or fall.<\/p>\n\n\n\n<p class=\"\">Fixed rates may be ideal for borrowers who don\u2019t like surprises and who want the security of knowing exactly how much the loan will cost them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Variable rates<\/h3>\n\n\n\n<p class=\"\">A variable rate, tied to the lender&#8217;s prime rate, makes your loan payments less predictable and can change through the loan\u2019s term. The uncertainty due to the fluctuating rates can be nerve-racking.<\/p>\n\n\n\n<p class=\"\">However, if interest rates drop or stay low, a variable-rate loan may end up costing less overall than a fixed-rate loan for the same amount. In that case, a variable rate can mean significant savings over the course of a loan. But, if interest rates rise during the term, a variable-rate loan could end up costing you more than anticipated.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Type of personal loans<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Secured loans<\/strong><\/h3>\n\n\n\n<p class=\"\">Secured loans require you to provide an asset, such as a home or car, as collateral&nbsp; \u2014 a guarantee against non-payment of the loan. Though you can get better rates and a larger fund with a secured loan, the risk is much higher if you default on your payments because you could lose your asset.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Unsecured loans<\/strong><\/h3>\n\n\n\n<p class=\"\">The most common kind of personal loan in Canada is an<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-an-unsecured-personal-loan\"> unsecured loan<\/a>, which means you don\u2019t need to offer collateral. While faster to get than a secured loan, unsecured loans tend to have higher interest rates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Individual loans<\/strong><\/h3>\n\n\n\n<p class=\"\">If you have trouble getting a loan from a traditional lender like a bank, you could consider asking to borrow money from a friend or family member. Because you\u2019re borrowing from an individual, you can discuss and agree on an interest rate that works for you both.<\/p>\n\n\n\n<p class=\"\">However, if you fail to repay the loan or fall behind on payments, it could cause friction in your relationship.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cosigned loans<\/strong><\/h3>\n\n\n\n<p class=\"\">A cosigned loan may be an option for people who would struggle to qualify for a loan on their own due to little credit history or a poor credit score. With a cosigned loan, a close friend or family member signs the loan with you and becomes legally responsible for repaying the loan if you default on any payments.<\/p>\n\n\n\n<p class=\"\">If the cosigner presumably has a better credit score, you may get a better rate than you would on your own.<\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 class=\"c-block-faq__title\">Frequently asked questions about personal loan interest rates<\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">What&#8217;s the typical interest rate on personal loans in Canada?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">The interest rate charged on personal loans is approximately 9.00%. However, your rate could be lower if you provide collateral with a secured loan, or much higher \u2014 40% or more \u2014 if you have bad credit and need to go with an alternative lender.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\">How does my credit score affect my interest rate?<\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">The higher your credit score, the better interest rates you\u2019ll typically get. Lenders perceive borrowers with higher<a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-a-good-credit-score\"> credit scores<\/a> as more creditworthy, and less likely to default.&nbsp;<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-100x100.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Sandra MacGregor photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\">\n\t\t\t\t\t\t<strong>Sandra MacGregor<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Sandra MacGregor is a freelance writer who has been covering personal finance, investing and credit cards for over a decade. Her work has appeared in a variety of publications like&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" title=\"Read more about Sandra MacGregor\">\n\t\t\t\t\t\t\t<span>Read more about Sandra MacGregor and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-13022\" class=\"c-block-card post-13022 page type-page status-publish has-post-thumbnail hentry content-classification-personal-finance topic-personal-finance cluster-personal-finance\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/canada-post-mymoney-loan-goes-national\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/10\/GettyImages-1157640216-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Canada Post MyMoney Loan Goes National: What to Know Before You Borrow\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/canada-post-mymoney-loan-goes-national\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tCanada Post MyMoney Loan Goes National: What to Know Before You Borrow\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The MyMoney Loan offers up to $30,000 in financing with a max of seven years for repayment, but be sure you account for high interest rates before applying.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-13022 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-10962\" class=\"c-block-card post-10962 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-banking-basics cluster-banking-services\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-business-loans-work\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1210182387-e1662738060276-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Business Loans Work in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-business-loans-work\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Business Loans Work in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A business loan can help you maintain or grow your company. Common business loan options include startup financing, commercial real estate loans and equipment financing loans.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-10962 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-10944\" class=\"c-block-card post-10944 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-banking-basics cluster-banking-services\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/types-of-loans\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1156320577-e1662674820301-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Types of Loans Available in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/types-of-loans\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tTypes of Loans Available in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Common loan types include personal loans, home loans and student loans. Knowing how different types of loans work in Canada can help you choose the right option for your goals.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Kurt Woock<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-10944 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-10976\" class=\"c-block-card post-10976 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-banking-basics cluster-banking-services\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-car-loans-work\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1324380685-e1662758339202-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Car Loans Work in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-car-loans-work\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Car Loans Work in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A car loan is a way to purchase a new or used vehicle when you lack the cash to buy it outright. Car loans are available from banks and credit unions, as well as online lenders.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-10976 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>Personal loan interest rates can be either fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.<\/p>\n","protected":false},"author":27,"featured_media":15541,"parent":15647,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[337],"topic":[338],"cluster":[339],"pp_author":[87,24],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Personal Loan Rates in Canada - NerdWallet<\/title>\n<meta name=\"description\" content=\"Personal loan interest rates in Canada can either be fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Personal Loan Rates in Canada - NerdWallet\" \/>\n<meta property=\"og:description\" content=\"Personal loan interest rates in Canada can either be fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada\" \/>\n<meta property=\"og:site_name\" content=\"NerdWallet Canada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NerdWallet\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-01T01:28:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/Personal-Loan-Rates-in-Canada-feature-image-e1668454556700.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2121\" \/>\n\t<meta property=\"og:image:height\" content=\"885\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NerdWallet\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Clay Jarvis, Sandra MacGregor\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada\",\"name\":\"Personal Loan Rates in Canada - NerdWallet\",\"isPartOf\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\"},\"datePublished\":\"2022-11-16T00:10:28+00:00\",\"dateModified\":\"2024-05-01T01:28:15+00:00\",\"description\":\"Personal loan interest rates in Canada can either be fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Loans\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/loans\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Personal Loan Rates in Canada\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"name\":\"NerdWallet Canada\",\"description\":\"NerdWallet, make all the right money moves.\",\"publisher\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\",\"name\":\"NerdWallet Canada\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"contentUrl\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"width\":1,\"height\":1,\"caption\":\"NerdWallet Canada\"},\"image\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/NerdWallet\",\"https:\/\/twitter.com\/NerdWallet\",\"https:\/\/www.instagram.com\/NerdWallet\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Personal Loan Rates in Canada - NerdWallet","description":"Personal loan interest rates in Canada can either be fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada","og_locale":"en_US","og_type":"article","og_title":"Personal Loan Rates in Canada - NerdWallet","og_description":"Personal loan interest rates in Canada can either be fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.","og_url":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada","og_site_name":"NerdWallet Canada","article_publisher":"https:\/\/www.facebook.com\/NerdWallet","article_modified_time":"2024-05-01T01:28:15+00:00","og_image":[{"width":2121,"height":885,"url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/Personal-Loan-Rates-in-Canada-feature-image-e1668454556700.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@NerdWallet","twitter_misc":{"Est. reading time":"7 minutes","Written by":"Clay Jarvis, Sandra MacGregor"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada","url":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada","name":"Personal Loan Rates in Canada - NerdWallet","isPartOf":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#website"},"datePublished":"2022-11-16T00:10:28+00:00","dateModified":"2024-05-01T01:28:15+00:00","description":"Personal loan interest rates in Canada can either be fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.","breadcrumb":{"@id":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.nerdwallet.com\/ca\/"},{"@type":"ListItem","position":2,"name":"Loans","item":"https:\/\/www.nerdwallet.com\/ca\/loans"},{"@type":"ListItem","position":3,"name":"Personal Loan Rates in Canada"}]},{"@type":"WebSite","@id":"https:\/\/www.nerdwallet.com\/ca\/#website","url":"https:\/\/www.nerdwallet.com\/ca\/","name":"NerdWallet Canada","description":"NerdWallet, make all the right money moves.","publisher":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search"},"query-input":"required name=search_term_string"}],"inLanguage":"en-CA"},{"@type":"Organization","@id":"https:\/\/www.nerdwallet.com\/ca\/#organization","name":"NerdWallet Canada","url":"https:\/\/www.nerdwallet.com\/ca\/","logo":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","contentUrl":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","width":1,"height":1,"caption":"NerdWallet Canada"},"image":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/NerdWallet","https:\/\/twitter.com\/NerdWallet","https:\/\/www.instagram.com\/NerdWallet"]}]}},"_links":{"self":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/15538"}],"collection":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/comments?post=15538"}],"version-history":[{"count":86,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/15538\/revisions"}],"predecessor-version":[{"id":64478,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/15538\/revisions\/64478"}],"up":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/15647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media\/15541"}],"wp:attachment":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media?parent=15538"}],"wp:term":[{"taxonomy":"content-classification","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/content-classification?post=15538"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/topic?post=15538"},{"taxonomy":"cluster","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/cluster?post=15538"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pp_author?post=15538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}