{"id":25704,"date":"2023-02-28T13:39:59","date_gmt":"2023-02-28T21:39:59","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=25704"},"modified":"2024-05-06T14:27:52","modified_gmt":"2024-05-06T21:27:52","slug":"personal-loan-calculator","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-calculator","title":{"rendered":"Personal Loan Calculator"},"content":{"rendered":"\n\t<pre style=\"display:none !important;\"><script type=\"text\/javascript\">\n\t function doValidate_1(form)\n\t {\n        window['cff_enabling_form' ] = function(_form){\n            if(!(_form instanceof $dexQuery)) _form = $dexQuery(_form);\n            _form.removeData('being-submitted');\n            _form.find('.submitbtn-disabled').removeClass('submitbtn-disabled');\n            _form.find('.cff-processing-form').remove();\n        };\n        window['cff_disabling_form'] = function(_form){\n            if(!(_form instanceof $dexQuery)) _form = 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form_identifier)\n\t\t\t\t{\n\t\t\t\t\t$dexQuery(document).off('equationsQueueEmpty');\n\t\t\t\t\tvalidation_rules['no_pending']  = true;\n\t\t\t\t\tprocessing_form();\n\t\t\t\t}\n\t\t\t});\n\t\t}\n\t\t\/* End :1 *\/\n\t\tif (validation_rules['fields_validation_error'])\n\t\t{\n\t\t\t\t\tprocessing_form();\n\t\t\t\t}\n\t\telse\n\t\t{\n\t\t\tenabling_form();\n\t\t}\n\t\treturn false;\n\t}\n\t<\/script><\/pre>\n\t<form name=\"cp_calculatedfieldsf_pform_1\" id=\"cp_calculatedfieldsf_pform_1\" action=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-calculator\" method=\"post\" enctype=\"multipart\/form-data\" onsubmit=\"return doValidate_1(this);\" class=\"cff-form \">\n\t\t\t<input type=\"hidden\" name=\"cp_calculatedfieldsf_pform_psequence\" value=\"_1\" \/><input type=\"hidden\" name=\"cp_calculatedfieldsf_pform_process\" value=\"1\" \/><input type=\"hidden\" name=\"cp_calculatedfieldsf_id\" value=\"1452\" \/><input type=\"hidden\" name=\"cp_ref_page\" value=\"https:\/\/www.nerdwallet.com\/ca\" \/><pre style=\"display:none !important;\"><script type=\"text\/javascript\">form_structure_1=[[{\"form_identifier\":\"\",\"name\":\"fieldname1\",\"shortlabel\":\"\",\"index\":0,\"ftype\":\"fdiv\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"fields\":[\"fieldname8\",\"fieldname13\"],\"columns\":\"2\",\"rearrange\":false,\"title\":\"div\",\"collapsed\":false,\"fBuild\":{},\"parent\":\"\"},{\"form_identifier\":\"\",\"name\":\"fieldname2\",\"shortlabel\":\"\",\"index\":1,\"ftype\":\"fcurrency\",\"userhelp\":\"Enter the amount of money you might borrow.\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Loan 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(value)\",\"predefined\":\"\",\"required\":false,\"exclude\":false,\"size\":\"medium\",\"eq\":\"prec(fieldname2*fieldname9*pow(1+fieldname9,fieldname6)\\\/(pow(1+fieldname9,fieldname6)-1),2)\\n\",\"min\":\"\",\"max\":\"\",\"suffix\":\"\",\"prefix\":\"\",\"decimalsymbol\":\".\",\"groupingsymbol\":\"\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":true,\"fBuild\":{},\"parent\":\"fieldname8\"},{\"dependencies\":[{\"rule\":\"\",\"complex\":false,\"fields\":[\"\"]}],\"form_identifier\":\"\",\"name\":\"fieldname20\",\"shortlabel\":\"\",\"index\":20,\"ftype\":\"fCalculated\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Monthly Principal and Interest (value)\",\"predefined\":\"\",\"required\":false,\"exclude\":false,\"size\":\"medium\",\"eq\":\"prec(fieldname14*fieldname19*pow(1+fieldname19,fieldname18)\\\/(pow(1+fieldname19,fieldname18)-1),2)\\n\",\"min\":\"\",\"max\":\"\",\"suffix\":\"\",\"prefix\":\"\",\"decimalsymbol\":\".\",\"groupingsymbol\":\"\",\"readonly\":true,\"currency\":false,\"noEvalIfManual\":true,\"formatDynamically\":false,\"hidefield\":true,\"fBuild\":{},\"parent\":\"fieldname13\"},{\"form_identifier\":\"\",\"name\":\"fieldname23\",\"shortlabel\":\"\",\"index\":21,\"ftype\":\"fhtml\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"fcontent\":\"\\u003Cb\\u003EMORE:\\u003C\\\/b\\u003E Learn about \\u003Ca href=\\u0022https:\\\/\\\/www.nerdwallet.com\\\/ca\\\/loans\\\/what-is-an-unsecured-personal-loan\\u0022\\u003Eunsecured personal loans\\u003C\\\/a\\u003E or \\u003Ca href=\\u0022https:\\\/\\\/www.nerdwallet.com\\\/ca\\\/loans\\\/personal-loan-vs-line-of-credit\\\/\\u0022\\u003E how to choose between a personal loan or line of credit\\u003C\\\/a\\u003E.\",\"fBuild\":{},\"parent\":\"\"}],{\"0\":{\"title\":\"Personal Loan Comparison Calculator\",\"description\":\"Use NerdWallet's personal loan calculator to compare the monthly and total cost of two loan options. Differences in loan term and interest rate can have a big impact on your monthly payments and the amount you'll pay over the life of a personal loan.\",\"formlayout\":\"top_aligned\",\"formtemplate\":\"\",\"request_cost\":\"fieldname2\",\"evalequationsevent\":\"2\",\"evalequations\":1,\"loading_animation\":0,\"autocomplete\":1,\"persistence\":0,\"animate_form\":0,\"customstyles\":\"\"},\"formid\":\"cp_calculatedfieldsf_pform_1\",\"setCache\":false,\"cache\":false}];<\/script><\/pre>\n\t\t<div id=\"fbuilder\">\n\t\t\t\t\t\t<div id=\"fbuilder_1\">\n\t\t\t\t<div id=\"formheader_1\"><\/div>\n\t\t\t\t<div id=\"fieldlist_1\"><\/div>\n                <div class=\"clearer\"><\/div>\n\t\t\t<\/div>\n\t\t\t<div id=\"cpcaptchalayer_1\" class=\"cpcaptchalayer\" style=\"display:none;\">\n\t\t\t            \t\t\t<div class=\"fields\" id=\"field-c0\" style=\"display:none\">\n\t\t\t\t<label>Payment options<\/label>\n\t\t\t\t<div class=\"dfield\">\n\t\t\t\t <div><input type=\"radio\" name=\"bccf_payment_option_paypal\" vt=\"1\" value=\"1\" checked> <\/div>\t\t\t\t <!--addons-payment-options-->\n    \t\t\t \t\t\t\t<\/div>\n\t\t\t\t<div class=\"clearer\"><\/div>\n\t\t\t<\/div>\n\t\t\t<!--addons-payment-fields-->\n\t\t\t\t\t\t<!--add-ons-->\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"clearer\"><\/div>\n\t\t<\/div>\n\t\t<\/form>\n\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 id=\"get-multiple-loan-offers-in-under-60-seconds\"  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\t<div class=\"c-block-table-of-contents nw-table-of-contents wp-block-table-of-contents \">\n\t\t<div class=\"c-block-table-of-contents__table-wrapper c-block-table-of-contents--scrollable\">\n\t\t\t<h2 id=\"jump-to\"  class=\"c-block-table-of-contents__title\">Jump to<\/h2>\n\t\t\t<ul class=\"c-block-table-of-contents__links\">\n\t\t\t\t\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#costs\">Personal loan costs<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#compare\">How to compare personal loan options<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#use\">How to use a personal loan<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#good-rate\">What&#8217;s a good rate for a personal loan?<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#where\">Where to get a personal loan<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#alternatives\">Personal loan alternatives<\/a><\/li>\n\n\t\t\t<\/ul>\n\t\t\t<div class=\"c-block-table-of-contents__show-more--wrapper\">\n\t\t\t\t<span class=\"c-block-table-of-contents__show-more\">\n\t\t\t\t\t<label class=\"show-more-label\" for=\"c-block-table-of-contents__show-more\">Show more<\/label>\n\t\t\t\t\t<label class=\"hide-more-label\" for=\"c-block-table-of-contents__show-more\">Show less<\/label>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"costs\"><strong>How much does a personal loan cost?<\/strong><\/h2>\n\n\n\n<p class=\"\">The cost of a <a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-personal-loan\">personal loan<\/a> can vary quite a bit depending on multiple factors. Generally speaking, to calculate the cost of a personal loan, you need to know the following:<\/p>\n\n\n\n<h3 id=\"interest-rate\"  class=\"wp-block-heading\"><strong>Interest rate<\/strong><\/h3>\n\n\n\n<p class=\"\">Loan <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-interest-rate\">interest rates<\/a> are either fixed or variable. With fixed interest rates, your payments remain the same over the duration of your loan. Variable rates will fluctuate depending on your lender\u2019s prime rate.&nbsp;<\/p>\n\n\n\n<h3 id=\"annual-percentage-rate\"  class=\"wp-block-heading\"><strong>Annual percentage rate&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"\">The <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/apr-vs-apy\">annual percentage rate (APR)<\/a> represents the cost of a loan, over the course of a year. APRs are often higher than advertised interest rates, because they include fees and other costs, and in that way, they can help you choose between loan options.<\/p>\n\n\n\n<p class=\"\">Let&#8217;s say you want to get a personal loan for $5,000 and repay it over three years. You reach out to two lenders, and get the offers seen in the table below.<\/p>\n\n\n\n<h4 id=\"apr-vs-interest-rate\"  class=\"wp-block-heading\">APR vs interest rate<\/h4>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-tablepress\"><div class=\"c-tablepress-table-wrapper\" style=\"overflow-x: auto;\">\n<table id=\"tablepress-190\" class=\"tablepress tablepress-id-190\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">Personal Loan 1<\/th><th class=\"column-3\">Personal Loan 2<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\"><strong>Interest rate<\/strong><\/td><td class=\"column-2\">10%<\/td><td class=\"column-3\">11%<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\"><strong>Lender fee<\/strong><\/td><td class=\"column-2\">$150 (3% fee)<\/td><td class=\"column-3\">$100 (2% fee)<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\"><strong>Monthly payment<\/strong><\/td><td class=\"column-2\">$161<\/td><td class=\"column-3\">$164<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\"><strong>APR<\/strong><\/td><td class=\"column-2\">12.1%<\/td><td class=\"column-3\">12.4%<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\"><strong>Total interest<\/strong><\/td><td class=\"column-2\">$808<\/td><td class=\"column-3\">$893<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div>\n\n\n\n<p class=\"\">At first glance, the interest rates and monthly payments look very similar. But when the different lender fees are factored in, you can see that Loan 2 will end up costing you almost $100 more in interest over the life of the loan.<\/p>\n\n\n\n<p class=\"has-lightest-green-background-color has-background\"><strong>Nerd Tip:<\/strong> Pick the loan with the lowest APR for a given loan term, if you can, because it&#8217;s always the cheapest option. Note that APR loans in Canada can\u2019t exceed 60%. However, payday lenders are exempt from this rule.<\/p>\n\n\n\n<h3 id=\"additional-fees\"  class=\"wp-block-heading\"><strong>Additional fees<\/strong><\/h3>\n\n\n\n<p class=\"\">Depending on where you get your loan, there may be additional fees, including:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Administration fee.<\/strong> This is the cost of setting up your account<\/li>\n\n\n\n<li class=\"\"><strong>Non-sufficient funds fee.<\/strong> If your loan repayments are automatically withdrawn from your bank account, and you don\u2019t have enough funds, you\u2019ll be charged a fee.<\/li>\n\n\n\n<li class=\"\"><strong>Late fee.<\/strong> If you miss a payment, a fixed fee or a percentage of the unpaid payment will be added to what you owe.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"compare\"><strong>How to shop for a personal loan<\/strong><\/h2>\n\n\n\n<p class=\"\">When considering a personal loan, it\u2019s always worthwhile to shop around. That\u2019s because every loan is different. You want a loan that aligns with your goals and gives you options. Consider the following when comparing personal loan options:<\/p>\n\n\n\n<h3 id=\"monthly-payment-and-interest-rate\"  class=\"wp-block-heading\"><strong>Monthly payment and interest rate<\/strong><\/h3>\n\n\n\n<p class=\"\">Quite often, people considering a loan will focus on the monthly payment. This is a reasonable thing to do, as any amount of debt will affect your monthly budget. However, any loan can look affordable if you stretch out the terms. That\u2019s why you need to look at both the monthly payment and how much you&#8217;ll be paying over the entire term.<\/p>\n\n\n\n<p class=\"\">For example, let\u2019s say you\u2019re considering a loan of $30,000, and you\u2019ve been presented with three different quotes:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">4% interest for 7 years. Your monthly payment will be $410.06<\/li>\n\n\n\n<li class=\"\">5% interest for 5 years. Your monthly payment will be $566.14<\/li>\n\n\n\n<li class=\"\">6% interest for 3 years. Your monthly payment will be $912.66<\/li>\n<\/ul>\n\n\n\n<p class=\"\">The first option gives you the lowest monthly payment, but you need to calculate the total cost of the loan over the course of the term, which would be as follows:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">$34,445.04<\/li>\n\n\n\n<li class=\"\">$33,968.40<\/li>\n\n\n\n<li class=\"\">$32,855.76<\/li>\n<\/ul>\n\n\n\n<p class=\"\">As you can see, going for the shorter-term loan with the higher monthly payment would actually cost you the least in the long run.<\/p>\n\n\n\n<h3 id=\"additional-considerations\"  class=\"wp-block-heading\"><strong>Additional consideration<\/strong>s<\/h3>\n\n\n\n<p class=\"\">Besides the interest rate and monthly payments, you\u2019ll also want to consider the following when choosing a lender:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Additional fees.<\/strong> What are the additional fees, if any, for accepting a loan?<\/li>\n\n\n\n<li class=\"\"><strong>Payment schedule. <\/strong>Can you prepay your loan early or change the payment frequency without penalty?<\/li>\n\n\n\n<li class=\"\"><strong>Reputation. <\/strong>Is the lender a financial institution with a positive reputation?<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Always read the details of your loan contract before signing. If an offer sounds too good to be true, it probably is.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"use\"><strong>What can a personal loan be used for?<\/strong><\/h2>\n\n\n\n<p class=\"\">Personal loans in Canada can be quite flexible since you can use them for many different things. Some of the most common uses for a personal loan are as follows:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-debt-consolidation\">Debt consolidation<\/a>. <\/strong>Many people will consider using a personal loan to reduce their debt. That\u2019s because personal loans often come with an interest rate that\u2019s lower than high-interest debt such as credit cards.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>Home renovations. <\/strong>Depending on the size of your project, home renovations can be costly. A personal loan would allow you to make upgrades at a reasonable interest rate. The hope is that when you sell your home later, the increased property value due to your renovations is worth more than the interest you paid on your loan.<\/li>\n\n\n\n<li class=\"\"><strong>Auto purchase. <\/strong>Although most auto dealers offer financing, the terms may not be ideal. Getting a personal loan for the purpose of purchasing a car could make financial sense.<\/li>\n\n\n\n<li class=\"\"><strong>Continuing education.<\/strong> Getting a student\/personal loan can be common for people that are looking to study but may not qualify for traditional student financial aid. The funds you get can be used to pay your tuition, books, housing, and more.<\/li>\n\n\n\n<li class=\"\"><strong>Travel.<\/strong> While taking on debt to travel isn\u2019t normally advised, a personal loan does charge less interest than most credit cards. If you\u2019re going to put that vacation on credit, you might as well try to keep your costs down.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 id=\"what-a-personal-loan-can%e2%80%99t-be-used-for\"  class=\"wp-block-heading\"><strong>What a personal loan can\u2019t be used for<\/strong><\/h3>\n\n\n\n<p class=\"\">Personal loans can be used for just about anything, but there are a few things they can\u2019t be used for.<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Mortgage down payment.<\/strong> In Canada, you must have a minimum down payment of 5% when buying a home. You can not borrow this money.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>Loaning out the funds with an interest rate above 60%. <\/strong>The criminal code bans loans with an interest rate above 60%. So you couldn\u2019t borrow money and then try to lend it to someone else with a rate about that amount.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"good-rate\"><strong>What&#8217;s a good interest rate on a personal loan?<\/strong><\/h2>\n\n\n\n<p class=\"\">Generally speaking, a good interest rate is the lowest rate you can get from a lender. That said, every lender has different criteria when determining if they\u2019ll approve you for a loan and how much interest they\u2019ll charge you. In most cases, lenders look at the following:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Fixed or variable interest rate.<\/strong> Variable rates are typically lower than fixed rates, but they could change during your term based on the Bank of Canada\u2019s policy interest rate.<\/li>\n\n\n\n<li class=\"\"><strong>Your credit score. <\/strong>A high credit score is essential since it shows the lender that you\u2019re creditworthy.<\/li>\n\n\n\n<li class=\"\"><strong>Income. <\/strong>If you have a stable income, lenders will likely feel more confident about your ability to repay the loan.<\/li>\n\n\n\n<li class=\"\"><strong>Loan amount and term. <\/strong>Lenders may offer different rates based on the loan and amount, and term.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-an-unsecured-personal-loan\">Unsecured personal loan<\/a> vs. <a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-secured-personal-loan\">secured personal loan<\/a>.<\/strong> If your loan is tied to an asset, such as your home, you\u2019d likely be offered a lower interest rate.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">In most cases, if you have a good credit score and stable income, you\u2019ll be approved for a personal loan with a lower interest rate. For those with a poor credit history or lower income, the terms offered for a loan may not be favourable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"where\"><strong>Which lenders provide personal loans?<\/strong><\/h2>\n\n\n\n<p class=\"\">Many different lenders provide personal loans. While some are obvious, there are some lenders that you may not have been aware of that could offer you a loan that fits your needs.<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Traditional financial institutions. <\/strong>When looking for a personal loan, most people will consider a bank or credit union first. They\u2019re well-established, trustworthy, and have branches that you can walk into for assistance. While traditional financial institutions typically offer good rates, they tend to be more strict about their lending criteria.<\/li>\n\n\n\n<li class=\"\"><strong>Online\/direct lenders. <\/strong>Some lenders operate online only. This could include digital banks such as Simplii, or lenders that don\u2019t have storefronts. Since these lenders have lower overhead costs compared to traditional banks, they can pass on those savings to consumers in the form of lower interest rates.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>Private and alternative lenders. <\/strong>There are private and alternative lenders that have lower criteria when qualifying people for a personal loan. That said, these lenders will likely charge you higher interest rates and fees since they\u2019re taking on more risk.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"alternatives\"><strong>Personal loan alternatives to consider<\/strong><\/h2>\n\n\n\n<p class=\"\">If you don\u2019t want a personal loan or don\u2019t qualify for one, you still have some options. It just depends on your personal situation and what you need the money for.<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-car-loans-work\">Car loan<\/a>.<\/strong> Most auto dealers have their own financing options. This type of loan can only be used to purchase a vehicle.<\/li>\n\n\n\n<li class=\"\"><strong>National student loans<\/strong>. Every province and territory offers student loans with favourable interest rates to eligible students pursuing post-secondary education.<\/li>\n\n\n\n<li class=\"\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/home-equity-line-of-credit-explained\">Home equity line of credit (HELOC)<\/a>.<\/strong> If you own your home, you can borrow from the equity you\u2019ve built by setting up a HELOC.<\/li>\n\n\n\n<li class=\"\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-the-home-buyers-plan\">Home Buyers\u2019 Plan (HBP)<\/a>. <\/strong>The HBP allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to be used as a down payment.<\/li>\n\n\n\n<li class=\"\"><strong>Lifelong Learning Plan (LLP).<\/strong> You can withdraw up to $10,000 annually (up to $20,000) from your RRSP to finance continuing education for you or your partner.<\/li>\n\n\n\n<li class=\"\"><strong><a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/best-balance-transfer-credit-cards-in-canada\">Balance transfer credit card<\/a>.<\/strong> Some credit cards allow you to transfer an existing balance to a new credit card with a lower interest rate.<\/li>\n<\/ul>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 id=\"related-reading\"  class=\"c-block-card-grid__title\">\n\t\t\t\tRELATED READING\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-23057\" class=\"c-block-card post-23057 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\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\/loans\/how-do-i-get-a-personal-loan\" 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\/2023\/02\/GettyImages-1028679822-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Do I Get a Personal Loan? Cost, Eligibility and Credit Score\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"how-do-i-get-a-personal-loan-cost-eligibility-and-credit-score\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/how-do-i-get-a-personal-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Do I Get a Personal Loan? Cost, Eligibility and Credit Score\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>To get a personal loan in Canada, you&#8217;ll have to meet common requirements around age, residency, income, and credit score.<\/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\/hannah-logan\" 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\/Hannah-Logan-e1626212867388-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Hannah Logan<\/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-23057 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-23017\" class=\"c-block-card post-23017 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\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\/loans\/debt-consolidation-loan-vs-personal-loan\" 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\/2023\/02\/GettyImages-669887514-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Debt Consolidation Loan vs Personal Loan: How to Choose\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"debt-consolidation-loan-vs-personal-loan-how-to-choose\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/debt-consolidation-loan-vs-personal-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tDebt Consolidation Loan vs Personal Loan: How to Choose\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A debt consolidation loan and personal loan have many similarities, but may differ on qualification requirements, collateral requirements, interest rate and loan limit.<\/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\/hannah-logan\" 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\/Hannah-Logan-e1626212867388-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Hannah Logan<\/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-23017 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-15538\" class=\"c-block-card post-15538 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\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\/loans\/personal-loan-rates-canada\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/Personal-Loan-Rates-in-Canada-feature-image-e1668454556700-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Personal Loan Rates in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"personal-loan-rates-in-canada\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tPersonal Loan Rates in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<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\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><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-15538 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-24292\" class=\"c-block-card post-24292 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\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\/loans\/should-you-use-a-personal-loan-for-home-improvements\" 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\/2023\/02\/GettyImages-1366995171-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Should You Use a Personal Loan for Home Improvements?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"should-you-use-a-personal-loan-for-home-improvements\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/should-you-use-a-personal-loan-for-home-improvements\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tShould You Use a Personal Loan for Home Improvements?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Personal loans are funded quickly and feature lower interest rates than credit cards, but may be too restrictive for major home improvement projects.<\/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\/nora-dunn\" 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\/11\/Nora-Dunn-The-Professional-Hobo-0035-e1637619627161-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Nora Dunn<\/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-24292 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>Use this personal loan calculator to compare the monthly and total cost of two personal loans, side by side. Just enter the loan amount, term and interest rate.<\/p>\n","protected":false},"author":12,"featured_media":25794,"parent":15647,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","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":[23],"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 Comparison Calculator - NerdWallet Canada<\/title>\n<meta name=\"description\" content=\"Use this personal loan calculator to compare the monthly and total cost of two personal loans, side by side. 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