Ready to find your best personal loan rate?
You can find personal loan rates within minutes from various lenders across Canada through RateSupermarket.ca. We make it easy to compare apples-to-apples and find the product that best mathes your needs.
To get started, choose the product you’d like to compare. You can further customize your search too, all you need to do is share a little more info including the kind of features you’re looking for in a loan, or a bit more about your personal situation. These details will be used to search the market and list the products that best match your needs.
From there, you can view a complete snapshot of each product available, compare products side-by-side, or simply click to be connected with the lender via our website or over the phone.
Your Top Personal Loans Questions Answered
Whether you’re considering taking out a personal loan for the first time or third, it pays to compare loan rates with RateSupermarket.ca.
Why should I get a personal loan?
There are many reasons to borrow money, and a personal loan can be easier to apply for in comparison to other types of financing such as credit cards, or a personal line of credit from your bank. There are also no restrictions in how you spend a personal loan. There are a variety of reasons why people take out a personal loan, including the following:
- Paying off credit card debt
- Consolidating other types of debt
- Investing in a business
- Engagement/wedding/honeymoon costs
- Home improvements/renovations
- Moving costs/relocation
- Funeral expenses
- Security deposit
- Down payment for a home
- Buying a car
- New job expenses/career development
- Medical bills
Should I get a payday loan, or a loan from RateSupermarket.ca?
Certain establishments offer fast and easy access to cash at outrageous interest rates, often with no credit check required. This is what is known as a payday loan or cash advance loan.
Payday loans are advertised as a way to fund unexpected expenses that arise as you are strapped for cash and awaiting your next pay day. These types of loans can be appealing to people who may not have the best of credit, and want to borrow money with minimal questions asked. But payday loans can be dangerous as you can quickly find yourself in massive amounts of debt, shortly after taking the loan.
By getting a personal loan through RateSupermarket.ca, you can have peace of mind knowing you are receiving the amount you need at a competitive rate – our lenders offer rates as low as 4.6 per cent APR, for terms between six and 60 months.
What do I need to get a personal loan?
To apply for a personal loan, the lender will typically ask you for your ideal loan amount, a description of how you’d like to use the loan, as well as some personal details, including your employment history. Your current income, debts and credit score will also be taken into consideration before getting approval for a loan.
If you have a steady income, a good credit score, and a healthy debt-to-income ratio, you’ll likely be at an advantage when applying for a loan. However, even if you have poor or no credit, RateSupermarket.ca can find a lender that fits your needs.
Your debt-to-income ratio is the per cent of gross income you currently put towards paying off your debts. In Canada, if you have a debt-to-income ratio of 37 per cent or more, you may have some difficulty getting approved for the loan you want. In this case, you should probably consider paying down some of your other debts before applying for a new personal loan.