Loan cost calculator · Canada
What will a personal loan actually cost you?
The real price of a loan is the total cost of borrowing — everything you repay beyond what you borrowed. Choose your province, amount and term to estimate it across the lenders we track, using each lender's published representative rates, verified and dated.
Which lenders could you compare in your province?
Choose your province above — we only show lenders licensed to offer loans where you live.
| Lender | Representative APR | Est. monthly payment | Est. total cost of borrowing | Rates verified |
|---|---|---|---|---|
| Choose your province to see lenders. | ||||
How much does a $5,000 personal loan cost in Canada?
On a $5,000 loan, the total cost of borrowing depends mostly on your rate and term. At 9.99% APR — the lowest representative rate among the lenders we track (verified 2026-11-05) — compare it with the 35% federal maximum:
| Term | At 9.99% APR | At 35% APR (legal max) |
|---|---|---|
| 12 months | $275 | $998 |
| 24 months | $537 | $2,022 |
| 36 months | $807 | $3,142 |
| 48 months | $1,086 | $4,353 |
| 60 months | $1,373 | $5,647 |
How do we calculate these estimates?
We apply each lender's published representative APR as a fixed annual rate, with equal monthly payments over your chosen term. Total cost of borrowing = (monthly payment × number of months) − amount borrowed.
- Rates come from each lender's own rate page and carry the date we verified them.
- Fees, optional loan insurance and add-ons are not included — they can raise your cost.
- Where a lender doesn't publish a rate range, we don't estimate one.
RatePine doesn't lend money or make credit decisions. We compare offers from licensed lenders so you can choose. Read how we rank lenders.
Frequently asked questions
What is the total cost of borrowing on a personal loan?
The total cost of borrowing is everything you repay beyond the amount you borrowed — interest plus any fees. It is the most honest number for comparing loans, because a lower monthly payment over a longer term can still cost more in total.
What is the maximum interest rate on a personal loan in Canada?
The federal criminal interest rate caps most consumer loans in Canada at 35% APR (Criminal Code s. 347; verified 2026-11-05). Payday loans are regulated separately by each province. Your actual rate depends on your credit profile and is set by the lender.
Does a longer loan term make a personal loan cheaper?
A longer term lowers your monthly payment but usually raises your total cost of borrowing, because interest is charged for more months. Compare the total cost, not just the payment, before you choose a term.
Why might a lender quote me a different rate than this estimate?
Lenders set your rate from your credit history, income and the term you choose. Our estimates use each lender's published representative APR range and assume a fixed rate, equal monthly payments and no other fees. Your offer from the lender is the number that counts.