Compare Canadian Lenders

How to choose a Canadian lender

Picking the wrong lender is one of the most expensive mistakes a Canadian borrower can make. A 4-point APR difference on a $25,000 five-year loan is over $3,000 in extra interest. The directory below sorts by APR, but APR alone is misleading — origination fees, prepayment penalties, and minimum credit score requirements all change the real cost. Before applying, run the numbers in our Loan Calculator and check your eligibility with the Financial Health Quiz.

Bank, credit union, alternative, or fintech?

Canadian lenders fall into four buckets. Big Six banks (RBC, TD, Scotia, BMO, CIBC, National) offer the lowest posted rates but the strictest underwriting — federally regulated under OSFI, so the mortgage stress test always applies. Credit unions are provincially regulated, often more flexible on income documentation, and frequently undercut bank rates for members. Alternative (B) lenders like Equitable Bank, Home Trust, and MCAP serve self-employed borrowers, those with bruised credit, or non-standard income; expect rates 1–3 points above prime. Fintech lenders (Borrowell, Loans Canada, LoanConnect, Spring Financial) compete on speed — many fund within 24–48 hours but charge a premium for the convenience.

What to actually compare

• APR, not interest rate. APR includes mandatory fees. A 7.99% rate with a $400 origination fee can have a higher APR than a 9.49% no-fee loan.
• Minimum credit score. Most fintech lenders accept 600+; banks usually want 660+; prime rates require 720+.
• Prepayment terms. Open loans let you pay extra without penalty. Closed loans (especially mortgages) can charge thousands to break — see our prepayment penalty explainer.
• Funding time. Some lenders fund same-day; others take 7–14 days. Critical for emergency expenses.
• Provincial coverage. Not every lender operates in every province. Quebec and the Territories have the smallest pool.

Province-specific lender pages

Lender availability and provincial regulations vary widely. Browse our localized pages for Ontario, British Columbia, Alberta, Quebec, and the rest from the provinces hub for province-specific rules, average rates, and regulator information.

Before you apply

Pre-qualify wherever possible — it triggers a soft inquiry that doesn't hurt your credit score. Hard inquiries from formal applications can drop your score 5–10 points each, and multiple within 14 days for the same loan type are usually treated as one. Read our guides on credit, debt consolidation, and mortgage prep before submitting any application. If you're unsure which lender fits, our Smart Lender Match tool narrows the list based on your credit, income, and goals.

How we rank lenders

We don't accept payment for ranking. Every lender in the directory is verified for licensing, active operations in Canada, and transparent rate disclosure. Featured lenders are flagged separately and may be commercial partners — see our How We Make Money page and Editorial Policy for full disclosure.