loanloon.ca — Compare Canadian Loans and Lenders

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Start with the product

Sixteen ways Canadians borrow, explained from the rules up — not from a marketing page.

Personal Loans Unsecured or secured lump-sum borrowing repaid on a fixed schedule. Most Canadian personal loans run from $1,000 to $50,000 over one to five years. Bad Credit Loans Loans for borrowers whose credit history falls short of prime lending. Lenders weigh income, stability and banking history alongside the score. No Credit Check Loans Advertised as borrowing without a hard credit pull. A credit decision still happens, and the price of that flexibility is usually higher. Payday Loans Short-term, high-cost credit of up to $1,500 for 62 days or less. Federal law caps the cost of borrowing at $14 per $100 advanced. Cash Advance Loans A cash advance against your next paycheque or credit line. Fast, but among the most expensive ways to borrow in Canada. Emergency Loans Short-term financing for an unexpected bill. Urgency is exactly when borrowers pay the most, so compare before signing. Car Loans Vehicle financing secured by the car itself. Rates move with the vehicle's age, the term, your down payment and your credit profile. Auto Refinancing Replacing an existing vehicle loan with a new one, usually to lower the rate or the monthly payment.

All 16 loan types

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The two numbers that decide the cost

Every honest loan comparison reduces to these.

The annual percentage rate folds mandatory fees into one figure, which makes it the only fair way to compare two offers. The total cost of borrowing is what you actually pay by the end. A longer term almost always lowers the monthly payment and raises the total, and the calculators here show that trade-off directly.

Federal limits that apply across Canada
Limit	Published value	Where it applies
Criminal rate of interest	35% per year	Outer ceiling for consumer credit under Criminal Code s. 347
Payday loan cost cap	$14 per $100 advanced	Licensed payday lending, where a province operates a regime; a lower provincial cap prevails

Sources: Criminal Code s. 347; SOR/2024-114. Quebec does not license payday lending.

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One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.

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LoanLoon is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.

03

Where you live changes the rules

Provincial licensing and cost caps sit on top of the federal limits.

Thirteen provinces and territories, each with its own regulator, its own complaint route and — for payday lending — potentially its own cap.

Newfoundland and Labrador St. John's Prince Edward Island Charlottetown Nova Scotia Halifax New Brunswick Fredericton Quebec Quebec City Ontario Toronto Manitoba Winnipeg

All provinces and territories Browse 1,000 cities

04

Check the arithmetic first

Free, no sign-up, and the maths is published on every page.

Loan Payment Calculator Work out the monthly payment, total interest and total cost of a fixed-rate instalment loan. Loan Interest Calculator See how much interest a loan costs in total, and how much of each payment goes to interest versus principal. Loan Affordability Calculator Estimate how much debt payment your income can carry using a debt-service ratio, and see what is left over. Car Loan Payment Calculator Calculate vehicle financing payments including down payment, trade-in, tax and term length. Mortgage Payment Calculator Estimate mortgage payments, total interest and the effect of amortisation length and payment frequency. Debt Consolidation Calculator Compare your current debts against one consolidation loan, and see whether the total cost actually falls.

05

Borrowing rules, sourced

Reference pages built from regulators and statutes, each value carrying its publisher and date.

Payday loan cost limits by province The maximum permitted cost of borrowing for a licensed payday loan, province by province, against the federal $14 per $100 cap. Criminal rate of interest The 35% criminal rate of interest in the Criminal Code, how it is calculated, and the payday lending exception. Credit reporting in Canada How Equifax and TransUnion collect and report credit information, how long entries stay, and how to get your free report. Borrowing costs compared How the main forms of Canadian consumer credit compare on cost, structure and risk, from credit cards through to payday loans.

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Guides that explain the fine print

Long-form answers to the questions lenders' websites do not address.

How to Get a Personal Loan in Canada: Step-by-Step Guide 1,927 words Learn the step-by-step process for a personal loan in Canada: what lenders actually verify, what to prepare, and how to compare offers online before applying. Personal Loan Interest Rates Explained | Loanloon.ca 1,636 words How personal loan rates are set in Canada, why two borrowers get different quotes, and how to compare APR against total cost, not just a headline rate. Interest Rate vs APR in Canada: What You Actually Pay 1,813 words APR bundles interest and fees, so it shows the true cost of borrowing better than the advertised rate. Here is how to compare loan offers in Canada today. How Much Can I Borrow in Canada? Why Income Sets the Cap 1,715 words What determines how much you can borrow in Canada? Learn how income, debt-service ratios and lender rules shape personal loan amounts — not headline limits. Debt-to-Income Ratios in Canada: GDS and TDS Explained 1,832 words GDS and TDS show how much of your gross income goes to debt payments. Learn how Canadian lenders calculate both ratios and what ceiling they look for. Secured vs Unsecured Loans in Canada: The Rate-Risk Trade 1,694 words Secured loans trade an asset for a lower rate; unsecured private loans cost more but risk less. How the trade works in Canada, and when pledging is a mistake.

Browse all guides

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How this site is paid for

Commercial links on loanloon.ca are affiliate links: if you follow one and take a product, we may be paid a commission. It costs you nothing, and it never changes what we publish, which options appear, or the order they appear in.

We are not a lender, a broker of record, or a credit counsellor. We do not make loans, set rates or decide who is approved. Read our affiliate disclosure and editorial policy.

loanloon.ca is a matching and comparison service — not a lender, a broker of record, or a credit counsellor. We do not make loans, set rates or make credit decisions. The lowest rates are only available to the most qualified applicants.

City population figures: Statistics Canada, Population and dwelling counts: Canada and census subdivisions (municipalities), Census of Population 2021, table 98-10-0002. As of 2021-05-11; retrieved 2026-09-17. View the source table.