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The Best Personal Loans: Rates, Fees, and Who They're For
Explore personal loans with APRs as low as 6.95% and find the right lender for your needs. Discover options for bad credit, fast approvals, and no-fee banking.
Quick Picks
Best overall: Desjardins Personal Loan.
Best for bad credit: Fairstone Personal Loan.
Fastest approval: Spring Financial Personal Loan.
Competitive Rates and No-Fee Options
For those prioritizing low borrowing costs, some lenders offer attractive rates without hidden fees. Let's explore how these options compare on total cost and eligibility.
Desjardins Personal Loan
Desjardins offers the lowest APR at 6.95%, making it a top pick for Quebec members who value a credit union model. Profits go back to members, enhancing its appeal for those invested in cooperative banking.
Desjardins Personal Loan
Coast Capital Savings Personal Loan
Coast Capital provides a no-fee approach, appealing to BC residents seeking both free chequing and competitive loan rates. It's a compelling choice if you prefer a credit union experience without extra costs.
If you're willing to explore non-traditional lenders, the next picks offer distinct advantages for those with specific needs.
Flexible Loans for Varied Credit Profiles
These options cater to borrowers with varying credit scores, providing flexibility in terms and access to funds even if your credit is less than perfect.
Fairstone Personal Loans
Fairstone's unsecured loans start at 29.99%, serving as a last resort for those declined by banks. With over 200 branches, it suits borrowers preferring face-to-face service despite higher rates.
Fairstone Personal Loans
Spring Financial Personal Loan
Spring Financial offers quick online applications and funding as fast as today, ideal for those needing smaller loans or rebuilding credit. While rates start at 9.99%, the speed and accessibility can be a lifeline.
Spring Financial Personal Loan
For borrowers comfortable with alternative lending models, peer-to-peer platforms provide another path.
Exploring Peer-to-Peer Lending
Peer-to-peer (P2P) lending connects borrowers with individual investors, often offering competitive rates but with unique considerations.
goPeer Personal Loan
goPeer's P2P model offers competitive rates, starting at 8.99%, and is best for those comfortable borrowing from individuals instead of banks. The fully online process appeals to tech-savvy borrowers.
goPeer Personal Loan
TD Bank Personal Loan
TD Bank offers flexibility with repayment terms up to 7 years. Existing TD customers who value in-branch service and long-term planning may find this offering fits their needs well.
Choosing the right personal loan depends on your specific needs and financial situation. If you're interested in how Desjardins compares with other major lenders, check out our detailed Scotiabank vs. Desjardins: The Personal Loan Showdown.