A best personal loans in canada is a lump sum you pay back over some time along with interest. It’s typically used to cover expenses, finance a large purchase or consolidate credit card debt. Personal loans are available from banks, credit unions and select online lenders. They can be secured, meaning you put up collateral like your house or investments, or unsecured, where you don’t. You can also choose from different terms, such as a set amount paid over a specific term or a line of credit that you can withdraw from and repay at your convenience.

Personal loan rates are typically determined by your credit score, as well as the type of lender and the size of the loan. You can get better rates by using your house as collateral, which lowers the risk for the lender. Credit unions and banks typically offer the lowest rates, while online lenders have higher rates on average. A P2P lender like goPeer can save on operating costs and pass those savings to borrowers through lower personal loan rates.

Borrowing Brilliance: A Guide to the Best Personal Loans in Canada

You can find the best personal loans in canada by comparing rates and terms. Start the process by providing basic information, including your income level and address, as well as proof of identity and a bank account. Once you’ve found a lender, review the loan terms and documents thoroughly. In many cases, you can complete the entire process online, which is much faster and easier than visiting a branch or office.