Low Interest Personal Loans

Canada is home to over 37 million residents. Financing is a great way for folks to finance their investments whether personal or business related. The only caveat is how high the interest some of these loans can go for. This is why Smarter Loans has accumulated a roster of low interest loan providers for residents that prefer to work with rates on the lower end. These loans are generally purposed allowing the freedom for you to choose which situation you would use the funds on.

Whether you require a low interest loan for a specific business venture in Canada, or even just a personal reason such as paying for a much needed vacation, Smarter Loans will help you find one. For starters, you’ll be able to research and apply to any reliable low interest loan provider in Canada from your computer. This means that stacks of paperwork and endless processing times are no longer an issue. Instead, all you need to do is scroll down in order to view and compare terms, rates and offers by all of the providers we work with in Canada. This is achievable because Smarter Loan has curated a roster of the top low interest loan providers in Canada. Simply review the options below and if you’ve found one that is suitable for your needs, click “Apply Now” beside the name of the provider.

If you simply lack the time to research providers right now but you know for sure that you intend on a low interest loan, alternatively pre-apply with Smarter Loans and we’ll take on the task for you. We’ll source providers from Canada based on your specifications and then prompt them to reach out to you directly.

We can help connect you with the top low interest loan providers in Canada.

Pre-Apply For A Personal Loan Now

Top Low Interest Personal Loans Providers in Canada

Interest Rate
$500 - $15,000
9.99% - 46.96%
6 - 60 Months
$1,000 - $5,000
19.9% - 45.9%
12 - 36 months
$500 - $1,000
3 - 6 months
$500 - $15,000
29.99% - 47.72%
12 - 60 Months
$1,000 – $10,000
19.9% - 46.9%
Line of Credit
$250 - $7,000
6 - 60 Months
$300 - $20,000
12 - 60 Months
$1,500 to $10,000
12 months to 60 months
$500 - $15,000
18.9% - 46.93%
6 months - 5 years
$500 - $1,000
29.99% - 46.96%
84 - 120 days
$500 - $10,000
12.99% - 39.99%
9 - 36 Months

Frequently Asked Questions About Low Interest Personal Loans

What’s the best interest rate I can get on a loan in Canada?

Interest rates in Canada can range from just a few percent to over 50%, depending on the type of loan you get, where you get it from, and your personal financial circumstances. The lowest interest rates tend to be reserved for the most qualified borrowers, who may be able to get a personal loan for as little as 4% interest. The eligibility criteria for these very low rate loans are strict though.

How do I qualify for a low interest loan in Canada?

Qualifying for a low interest loan means meeting the requirements of your chosen lender. Every lender is slightly different, but to get the best rate most will want to see:

  • ID
  • Proof of residency
  • Proof of employment and income level
  • A credit score of over 600
  • Your existing debt profile

If you meet these criteria, you will be able to access the cheapest possible loans. However, you’ll still have options even if you don’t have a great credit score or high income – it’ll just cost you more.

How much can I borrow with a low interest loan in Canada?

Loan amounts from just a few hundred dollars to $50,000 (or sometimes more) are available throughout Canada, but how much you can borrow will depend on the type of loan you choose, the lender you get it from, and your personal details (including credit score, income, and so on). Those with excellent credit and high income not only qualify for the best rates, they also qualify for the most borrowing room too, while those with less ideal circumstances may be limited by what a lender feels comfortable with.

What credit score do I need to get a low interest loan in Canada?

Credit score can be a deciding factor in many loan approvals, but the exact score you need (and even whether a credit check is performed) depends on the lender you go to. Banks and credit unions require a minimum score of 600 to proceed with a loan. Other lenders, including many alternative and online lenders, have more flexible criteria, and may be willing to accept a credit score of less than 600 if you have extenuating factors (like no other debts, collateral, or high income). But be aware though, the lowest loan rates are reserved for those with the best credit score.

Where’s the best place to get a low interest loan from?

The best place to go for your low interest loan will depend on your exact needs. Is interest rate the most important factor for your loan, or does the borrowing amount available come into play? Do you need the loan as quickly as possible, or can you afford to wait a few weeks? Do you want to be able to apply online, or can you go into a branch? All of these elements will dictate which lender (and loan type) is best suited to your needs. You need to find a lender who can offer what you need, for a price you can afford, and whose eligibility criteria you meet.

Additional Resources

To learn more about the credit score ranges and what it means to have good credit, check out this guide by TransUnion. 


The image on the right should give you a good sense of what type of credit bracket you are in. If you are in the Good or Excellent range getting a low interest loan should be simple.


If you are a homeowner, you may be eligible for a home equity loan at much lower rates.

TransUnion Credit Ranges

TransUnion Credit Ranges Canada - Low Credit to High Credit

Types of Low Interest Personal Loans offered:

  • Personal Loans
  • Short Term Loans
  • Debt Consolidation Loans
  • Long Term Loans
  • Credit Cards
  • Bad Credit Loans
  • Dentist Loans
  • Installment Loans
  • Prime Loans
  • Subprime Loans
  • Same Day Loans
  • Wedding Loans
  • Home Improvement Loans
  • Vacation Loans
  • Car Repair Loans
  • Emergency Loans
  • Cash Advance Loans
  • Online Loans

Elite Trusted Lenders

These companies are recognized for their excellent service, product offering and financial literacy education for all Canadians.