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| Instalment loan | Line of credit | Payday loan | |
|---|---|---|---|
| Rate range | 5.98 - 46.96% APR | 19.8 - 34.99% APR | $14 per $100 |
| Interest charged on | The full amount from day one | Only what you draw | Flat fee per $100 borrowed |
| Repayment | Fixed instalments, set end date | Revolving, minimum payment | Due in full on your next payday |
| Re-borrow without reapplying | No | Yes | No, and rollovers are banned in most provinces |
| Best when | You know the amount and want a payoff date | Costs arrive over time and you cannot size them yet | A small shortfall you can clear from your next cheque |
| Watch out for | Interest on funds you may not need | No end date means a balance can persist for years | The highest cost per dollar of any form on this site |
| Term | Monthly payment | Total interest |
|---|---|---|
| 2 years | $551 | $3,231 |
| 3 years | $416 | $4,983 |
| 5 years | $314 | $8,854 |
Fixed amount, fixed payment, fixed end date. You borrow once and repay on a schedule that does not change. That is the whole product, and it is what distinguishes it from a line of credit, which you draw and repay repeatedly with no defined payoff date.
The instalment market in Canada is the larger half by value and the smaller half by volume. 33.8% of applications are at instalment scale, averaging $6,061.
This is the part most comparisons skip.
On a near-cap rate, the difference between a 36-month and a 60-month term on the same amount is substantial in total interest, even though the monthly payment looks better on the longer one.
The rule that follows: choose the shortest term whose payment you can hold for the full duration. Not the shortest you can imagine affording.
| Purpose | Average instalment request |
|---|---|
| Debt consolidation | $8,346 |
| Home improvement | $7,909 |
| Education | $6,624 |
| Improve credit | $6,017 |
| Pay off bills | $4,838 |
| Medical expenses | $4,700 |
Consolidation carries the largest requests. Bills and medical carry the smallest, which fits their nature as gaps rather than projects.
Larger amounts mean more scrutiny than a small advance.
Income verification is deeper. Banking connection or documents, not a self-declared figure.
Debt-to-income is assessed. Most lenders want total monthly debt payments under roughly 40 percent of gross income.
Amount against income is the binding constraint. A request well above what the income supports produces a decline rather than a smaller offer at most lenders.
A fixed sum repaid in equal scheduled payments over a set term. Each payment covers interest and principal, and the balance reaches zero on a known date.
A line of credit revolves. You draw, repay, and draw again, with no fixed payoff date and a payment that changes with the balance. An instalment loan does not.
An average of $6,061, down from $6,229 a year earlier.
Most lenders in Canada allow it. Terms vary, so confirm before signing rather than after.
