Personal loans in Ontario: compare rates (November 2026)
Borrowers in Ontario can compare personal loan offers from licensed lenders below. Since January 1, 2025, federal law caps most consumer lending at 35% APR (Criminal Code s. 347), and payday loans are regulated separately under Ontario's Payday Loans Act at a maximum cost of $14 per $100 borrowed. Your actual rate depends on your credit profile, income and the term you choose — and is always set by the lender, not by us.
Which lenders offer personal loans in Ontario?
| Lender | Representative APR | Loan amount (CAD) | Term | Notes | Action |
|---|---|---|---|---|---|
| Spring Financial | 9.99%–35% APR | $500–$35,000 | 6–84 months | All credit profiles considered; fully online application. Open loan — repay anytime without penalty. | Compare offer |
| Fairstone | 29.99%–34.99% APR | $500–$25,000 | 6–60 months | Fair to excellent credit history; personalized quote with a soft credit check. Published interest rate 29.99%–34.99% with no fees and no prepayment penalty on unsecured loans. Secured option $5,000–$50,000 for homeowners. | Compare offer |
| easyfinancial | 29.99%–35% APR | $500–$20,000 | 9–84 months | For borrowers when banks aren't an option; no credit history needed. Rates from 29.99%; lender's stated APR range across its loans is 9.99%–35%. Pay off anytime with no penalty. | Compare offer |
Loan rules in Ontario
Most consumer lending in Ontario is capped by the federal criminal interest rate of 35% APR (Criminal Code s. 347, in force January 1, 2025). Payday loans are regulated separately under Ontario's Payday Loans Act, 2008, with a maximum cost of borrowing of $14 per $100 borrowed and a maximum $25 fee for dishonoured payments.
[[VERIFY with counsel: whether Ontario applies high-cost credit rules beyond the federal 35% APR cap before publishing high-cost content]]
RatePine is an independent comparison service, not a lender, broker or agent. We may be compensated when you click links to lender offers.
Frequently asked questions
What is the maximum interest rate on a personal loan in Ontario?
Since January 1, 2025, the federal criminal interest rate caps most consumer lending in Canada at 35% APR (Criminal Code s. 347). Payday loans are regulated separately under Ontario's Payday Loans Act, with a maximum cost of borrowing of $14 per $100 borrowed.
Do lenders in Ontario check your credit score?
Most licensed lenders run a credit check as part of their approval process. Some consider applicants with low credit scores; rates are typically higher in that case.