Personal Loans Canada - Fast & Flexible Financing
Borrow $1,000 to $50,000 for any purpose. Get approved in minutes with rates from 9.99% APR. Funds deposited within 24 hours.
24-Hour Funding
Money in your account within 24 hours
From 9.99% APR
Competitive rates for all credit types
No Hidden Fees
Transparent pricing, no surprises
Flexible Use
Use funds for any personal expense
Personal loans are unsecured loans that provide Canadians with lump-sum financing for virtually any purpose. Unlike auto loans or mortgages that are tied to specific purchases, personal loans give you the freedom to use the funds however you need - whether it's consolidating debt, making home improvements, covering emergency expenses, or funding major life events.
Because personal loans are unsecured (no collateral required), they're faster to obtain than secured loans. You can typically get approved within 24 hours and receive funds the same day or next business day. Interest rates range from 9.99% to 46.96% APR depending on your credit score and the lender.
What Can You Use a Personal Loan For?
Personal Loan Requirements in Canada
- Age: Must be at least 18 years old (19 in some provinces)
- Residency: Canadian citizen, permanent resident, or valid work permit
- Income: Proof of steady income (employment, self-employment, or benefits)
- Bank Account: Active Canadian bank account for fund deposit
- Credit Check: Soft check for pre-approval (no credit impact)
Advantages of Loan Beaver Personal Loans
How fast can I get a personal loan in Canada?
With Loan Beaver, you can get approved within minutes and receive funds within 24 hours. Some lenders offer same-day funding if you apply early in the day. The entire process from application to money in your account typically takes less than 24 hours.
Can I get a personal loan with bad credit?
Yes! We work with lenders who specialize in bad credit personal loans. While your interest rate will be higher (typically 19.99-46.96% vs 9.99-19.99% for good credit), approval is possible with steady income. Many lenders focus more on your current income than past credit issues.
What documents do I need for a personal loan application?
Most lenders require: government-issued ID, proof of income (pay stubs or bank statements), proof of address, and void cheque or banking information. Self-employed applicants may need to provide tax returns (NOA). The entire application can be completed online.
How much can I borrow with a personal loan?
Personal loan amounts in Canada range from $1,000 to $50,000. The amount you qualify for depends on your income, credit score, existing debts, and the lender's criteria. Generally, your monthly loan payment shouldn't exceed 15-20% of your gross monthly income.
Is a personal loan better than a credit card for large expenses?
Often yes! Personal loans typically have lower interest rates than credit cards (9.99-29.99% vs 19.99-29.99% for cards). With fixed monthly payments and a set repayment schedule, personal loans help you pay off debt faster and save on interest, especially for large one-time expenses.
*Based on 36-month term at 14.99% APR
Loan Range:
$1,000 - $50,000
Interest Rates:
From 9.99% APR
Repayment Terms:
6 to 84 months
Approval Time:
As fast as 5 minutes
Funding Speed:
24 hours or less
- Excellent Credit: 9.99-14.99%
- Good Credit: 14.99-19.99%
- Fair Credit: 19.99-29.99%
- Poor Credit: 29.99-46.96%
All credit types welcome - we have lender partners for every situation
Apply for Your Personal Loan
Secure online application. Get instant decision. Money in 24 hours or less.