If you’re looking for the best personal loans in Canada as of May 2025, here’s a curated list of top lenders based on factors like APR, loan amounts, eligibility, and funding speed.
🇨🇦 Top Personal Loan Providers in Canada (2025)
1. Bank of Montreal (BMO)
- Loan Amounts: $1,500 – $35,000
- APR: 8.99% – 22.99%
- Credit Score: No minimum specified
- Key Features: Same-day funding, no prepayment penalties, co-signer options
- Ideal For: Quick access to funds with flexible terms
2. easyfinancial
- Loan Amounts: $500 – $100,000
- APR: 9.99% – 46.96%
- Credit Score: No credit history necessary
- Key Features: Same-day funding, flexible loan terms (9–120 months), no prepayment penalties
- Ideal For: Borrowers without established credit history
3. Spring Financial
- Loan Amounts: $500 – $35,000
- APR: 9.99% – 46.99%
- Credit Score: No credit history necessary
- Key Features: Same-day e-transfer, fully online application, no credit score impact
- Ideal For: First-time borrowers seeking quick and easy loans
4. Fusion Credit Union
- Loan Amounts: $300 – $10,000,000
- APR: 5% – 10%
- Credit Score: Undisclosed
- Key Features: Flexible loan terms (1–25 years), co-signer options, online and mobile app access
- Ideal For: Large loan amounts with long repayment terms
5. Fairstone
- Loan Amounts: $500 – $60,000
- APR: 19.99% – 39.99%
- Credit Score: Minimum 550
- Key Features: Secured and unsecured loan options, quick turnaround (as fast as 24 hours for unsecured loans)
- Ideal For: Borrowers with fair credit seeking quick access to funds
6. CIBC
- Loan Amounts: $3,000 – $200,000
- APR: Variable, based on CIBC Prime Rate
- Credit Score: Minimum 660
- Key Features: Secured and unsecured loans, no prepayment penalties, online application with 24/7 customer support
- Ideal For: Established borrowers needing larger loan amounts
7. TD Bank
- Loan Amounts: $5,000 – $50,000
- APR: 8.99% – 23.99%
- Credit Score: 650 for existing clients; 750 otherwise
- Key Features: Fixed and variable rates, flexible terms, no prepayment penalties
- Ideal For: TD customers seeking competitive rates
🔍 Quick Comparison Table
| Lender | Loan Amounts | APR Range | Credit Score | Funding Speed | Best For |
|---|---|---|---|---|---|
| BMO | $1,500 – $35,000 | 8.99% – 22.99% | None | Same-day | Quick access to funds |
| easyfinancial | $500 – $100,000 | 9.99% – 46.96% | None | Same-day | No credit history |
| Spring Financial | $500 – $35,000 | 9.99% – 46.99% | None | Same-day | First-time borrowers |
| Fusion CU | $300 – $10M | 5% – 10% | Undisclosed | Varies | Large loan amounts |
| Fairstone | $500 – $60,000 | 19.99% – 39.99% | 550+ | 24 hours (unsecured) | Fair credit borrowers |
| CIBC | $3,000 – $200,000 | Variable (Prime) | 660+ | Varies | Larger loan amounts |
| TD Bank | $5,000 – $50,000 | 8.99% – 23.99% | 650–750 | Varies | TD customers |
🧠 Tips for Choosing the Right Loan
- Credit Score: If you have no credit history or a low score, consider lenders like easyfinancial or Spring Financial.
- Loan Amount: For larger loans, Fusion Credit Union and CIBC offer higher limits.
- Funding Speed: BMO, easyfinancial, and Spring Financial provide same-day funding.
- Loan Terms: Evaluate the repayment terms to ensure they align with your financial situation.
If you need assistance comparing specific offers or understanding loan terms, feel free to ask!