Example$35,000 personal loan · 9.49% · 60-month term · Ontario
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The Canadian personal loan calculator compares loan offers side-by-side, showing the true cost of each (interest + fees) and the monthly payment you'll owe. Use it for consolidating credit cards, financing renovations, or comparing a bank loan against a credit union rate.
Payments use the standard loan amortization formula with your chosen compounding frequency. The total cost figure sums all payments plus any origination fees; 'effective APR' rolls fees into the interest calculation so you can compare a no-fee higher-rate loan against a low-rate loan with fees. Canadian consumer loans are typically compounded monthly.
Personal loan rates in April 2026 typically range from 6.99% (secured) to 14.99% (unsecured prime) to 19.99%+ (alternative lenders). Credit cards carrying 19.99–24.99% should usually be paid before refinancing any lower-rate loan.
Payments are derived from principal, annual interest rate, and amortization period using standard loan amortization math. Fees and insurance are not included unless you add them to the scenario.
You can compare different loan structures and see approximate total interest. For credit cards, the balance transfer tool may be more relevant for promo-rate scenarios.
Rates in the tool are illustrative or AI-assisted estimates. Always confirm with your lender or financial institution.
Long-form explainers that pair with this calculator.