How it works
  1. A form being filled in
    Enter your information

    We just need your contact details and some basic financial info to get started.

  2. A depiction of transferring information to a partner
    Get transferred to a loan partner

    We’ll send your secure application to the appropriate loan partner.

  3. A browser window showing an approved document
    Confirm your eligibility

    The digital lender you’re matched with will process your application and confirm your eligibility.

  4. A browser window offering a selection of loans
    Compare offers and choose your loan

    Decide which loan offer is right for you.

  5. A depiction of a partner with verified documents
    Verify your information

    The lender will verify your details and email you the loan documents.

  6. A browser window confirming a received loan
    Receive your loan

    Submit your loan documents electronically and get your funds as soon as the next business day.

Get a personal loan from the comfort of your home

 

You shop online for flights, hotels, and car insurance — now you can do the same for personal loans. We work with the best digital lenders in Canada to provide you with a fast, easy, and hassle-free borrowing experience. The best part: you won’t have to put up collateral or visit a bank branch to get your loan, and you’ll receive your funds in just a few business days.

Fair rates

You’ll pay a reasonable interest rate on your loan (a lot less than the rate on your credit card).

Fast

Your application only takes a few minutes to complete. Get your funds in 2-3 business days.

Transparent

No hidden fees, penalties, or charges and all the loan terms will be presented clearly.

Won’t affect credit score

Applying will not affect your credit in any way.

Secure

State-of-the-art security and encryption. Your information will be safe with us.

Predictable

Your monthly payments will never go up, and you can pay off your loan at any time.

Flexible

Choose a loan that works for your needs and use the loan the way you want.

Discreet

Privacy first. We’ll only send your application details to the lender with whom you’re matched.

Loans for a busy life

 

You never know when you’re going to need a loan or what you’re going to need a loan for. Here are just a few of the ways you can use the personal loans available through our site:

Debt consolidation loan

When you’re drowning in credit card debt, it’s hard to stay above water. Use a personal loan to pay off your credit cards, consolidate your debt into one monthly payment, and scale down your interest charges.

Business loan

You have an idea, a business plan, and a future that you believe in — now you need the capital to make it happen. Apply for a business loan today and launch (or grow) your passion project tomorrow.

Major purchase

Maybe you need a new oven or refrigerator. Or maybe you just want to buy a boat or an ATV. Unless you’re lucky enough to have the cash sitting in your bank account, the best way to pay for your major purchase is by taking out a low interest rate personal loan.

Home renovation loan

Whether you’re updating a bathroom or fixing a leaky roof, home renos aren’t cheap. Our personal loan service will give you the funds you need to renovate your home. You’ll add value to your property and enjoy your house a whole lot more once you’ve fixed or upgraded it.

Medical or dental loan

Your health insurance may not be enough to cover your family’s medical or dental expenses. Finance the procedure or treatments that you need (or that your loved one needs) with a personal loan.

Vacation loan

Seize the here-and-now and start crossing dream vacations off your bucket list. Wherever you want to go, a personal loan will help get you there.

Engagement loan

Maybe you want to throw a big engagement party or you have your heart set on a special ring. Celebrate your engagement now and pay back your loan in monthly installments at a reasonable interest rate.

Wedding loan

Let’s see: there’s the venue, food, music, and photographer to plan for. Plus a hundred other little details. With a personal loan through LowestRates.ca, consider your wedding expenses taken care of.

Special occasion loan

Some things only happen once, like a 25th wedding anniversary, graduation, or retirement party. So enjoy the moment and use our personal loan service to help make your celebration one to remember.

Education loan

Whether you’re enrolled in a full-time university program or a one-off skills building course, school can be expensive. If you’re ready to invest in yourself, a personal loan can help you pay for your education.

Taxes loan

You owe money to the CRA and that’s a cost you didn’t plan or budget for. But there’s hope: just apply for a personal loan through our site and get access to the cash you need to pay your tax bill.

Rainy day loan

Most of us don’t have the extra income needed to grow an emergency fund. So when an unexpected financial setback arises — like a job loss or major car repair — a personal loan can help save the day.

Household expenses loan

Between heating, hydro, groceries, and all your other monthly expenses, it’s easy to get behind on your payments. Life happens. Apply for a personal loan on our site and get those bills paid and back up to date.

Bridge loan

Your equity is a little tied up at the moment. So what do you do? Get a bridge loan, a popular short-term financing tool that helps you meet your liquidity needs between the start of a new loan and the conclusion of an existing loan.

Baby or adoption loan

Welcoming a new baby into the family is a lot of things: exciting, magical — and expensive. A personal loan can help you shore up your finances as you take on the awesome responsibility of being a parent.

Car loan

You’re way too busy to be worrying about the bus schedule or depending on a ride from someone else. Here’s the new plan: apply for a car loan through our site and get your mobility and independence back.

Start saving: paying off a personal loan vs. paying off your credit card

Thousands of Canadians use personal loans to pay off their credit card debt and save money on interest. Here’s how much a typical borrower could save by paying off $7,000 in credit card debt with a personal loan:

 Starting balanceInterest rateMonthly paymentTime to pay off debtTotal interest paid
Credit card$7,00019.99%$35025 months$1,585
Personal loan$7,00010.00%*$35021 months$698

*Example only. Interest rates may vary.

Amount saved = almost $900

Personal loan FAQs

 
Getting your loan
How do I apply for a personal loan?

First, fill out a loan form. Then we’ll match you with a loan partner and they’ll process your application. Once the loan partner has received your details and determined whether you can be approved, you’ll be asked to select the type of loan you want. The lender will then verify your identity and financial details, and when that step is complete, you can sign your loan documents electronically. You should receive your funds within 2-3 business days.

How does my loan get approved?

The lender you’re matched with will review the information you provide in your application to determine if you’re eligible for a loan. If you qualify, you’ll be asked to provide proof of identity and proof of your financial details. Usually, you’ll complete this step by sending scanned copies of all the relevant documents (your two most recent pay stubs or your two most recent Notice of Assessments, etc.) to the lender.

What are the minimum requirements needed to qualify for a loan?

The requirements can differ from lender to lender, but in general you need the following:

  • A credit score of 660 or more
  • A Canadian bank account
  • To be 18 or older
  • Canadian residency
  • A minimum credit history of 12 months
  • A minimum income of $20,000 per year
Will my credit details be safe?

Yes. At LowestRates.ca, we maintain a high level of data security, and we only work with loan partners that are just as secure.

Do you require collateral or a deposit?

The lending partners we work with don’t require a deposit or collateral to extend you a loan.

How do I get my funds once I’m approved?

Once the loan partner has verified your application and banking details, the money will be deposited into your bank account. This process usually takes 2-3 business days, although that timeframe can vary.

How much money can I borrow?

That depends on your financial details and your credit history. We currently offer loans ranging from $1,000 to $35,000.

Other personal loan questions
Can I get a loan if I have bad credit?

We will be offering personal loans to Canadians with a range of credit scores. Currently, your credit score needs to be at least 660 to qualify.

Can I use my loan for whatever I want?

If you’re approved for a standard unsecured loan through our site, you can use it for whatever purpose you wish.

Why is a personal loan better than a home equity line of credit loan?

Personal loans are often unsecured, so you don’t have to put up your house as collateral against the loan. With a home equity line of credit, you borrow against the equity in your home.

Will my loan offer change depending on what the loan is for?

In general, no. The details of your loan offer will depend on factors like your credit score, financial information, and the amount of money you’re asking to borrow.

I wasn’t approved for the loan amount I asked for. Why?

The amount a lender can approve you for depends on your credit, income, and existing debt. Lenders have an obligation to assess the financial strength of each personal loan applicant and to offer loan amounts that conform to the firm’s underwriting guidelines.

Does my loan offer expire?

A loan offer from a digital lender is generally valid for 7 days.

Personal loan myths

 
  1. All personal loans need to be secured, either by property (a house, car, etc.) or by a co-signer. False. Canadians can get unsecured loans through our site if they meet the minimum credit and income standards.
  2. Personal loans are only for borrowers with great credit. False. Your credit doesn’t have to be perfect for you to get a personal loan. It doesn’t even have to be all that good. Bad credit personal loans are offered every day by Canadian lenders. Currently, you need a minimum credit score of 660 to get a loan on our site.
  3. Personal loan interest rates are extraordinarily high right now. False. If you have reasonably good credit, your interest rate could be well under 10%.

Personal loan facts

 
  1. Credit agency TransUnion says the average Canadian adult carries more than $3,800 in credit card debt. Most of these consumers could benefit from using a personal loan to pay off that debt.
  2. More than half of all Canadians are carrying consumer debt (credit card balances, line of credit balances, etc.) according to a 2016 Ipsos survey.
  3. The same Ipsos survey found that only 36% of Canadians say, ‘Debt is inevitable, so I don’t think about it’. Most Canadians disagreed with that statement and are proactive about reducing their debts.
  4. More than 26 million Canadians use credit on a regular basis, according to a report by TransUnion released in September 2016.
  5. Canadians are paying off their lines of credit: TransUnion says average line-of-credit debt fell 5% last year.