Which loan fits? Start here.
LoanGoose lays out Canadian borrowing options side by side — what each one is for, what it costs, what the rules say, and what to check before you sign. We are a comparison service, not a lender.
What do you need?
Today's benchmark rates
| Series | Value | As of | Publisher |
|---|---|---|---|
| Target for the overnight rate (business daily) | 2.25% | 2026-09-16 | Bank of Canada |
| Prime rate | 4.45% | 2026-09-16 | Bank of Canada |
| Conventional mortgage: 5-year | 6.09% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 2 year | 3.35% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 3 year | 3.44% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 5 year | 3.64% | 2026-09-16 | Bank of Canada |
| Benchmark bond yield: 10 year | 3.92% | 2026-09-16 | Bank of Canada |
| Daily interest savings (balances over $100,000) | 0.01% | 2026-09-16 | Bank of Canada |
Read the full lending rules and benchmark rates reference, or the loan payment calculator.
Loan types
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Personal Loans
Compare personal loan offers from Canadian lenders and see what fits your budget.
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Payday Loans
How payday loans work in Canada, what they cost, and why cheaper options are worth checking.
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Cash Advances
What a cash advance really costs, and how it differs from a short-term loan or an instalment loan.
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Instalment Loans
Compare instalment loans with fixed payments spread over a set schedule you agree to up front.
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Short-Term Loans
Compare short-term loan options in Canada and see how repayment timing drives the real cost.
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Loans for Bad Credit
How borrowing works when your credit history is uneven, and what to check before you apply.
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No Credit Check Loans
How no credit check loans work in Canada, what they really cost, and the alternatives worth comparing first.
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Emergency Loans
Emergency borrowing in Canada, from payment deferrals to payday loans, and how to weigh speed against cost.
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Small Loans
Small loans in Canada: how lenders assess them, what drives the cost, and how to compare your options.
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Loan Amounts
How loan amounts are decided in Canada, and how to choose a figure you can comfortably repay.
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Car Loans
Car loans in Canada, from dealer finance to bank loans, and how to compare the real cost of borrowing.
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Secured Loans
Secured loans in Canada: how collateral works, what it changes about cost, and the risk to weigh.
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Lines of Credit
A flexible borrowing limit you draw from, repay, and reuse as needed.
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Home Equity Loans
A one-time lump sum secured by the equity in your home, repaid on a set schedule.
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Home Equity Lines of Credit (HELOC)
A revolving home equity line: draw, repay, and borrow again up to your limit.
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Mortgage Refinancing
Replace your current mortgage with new terms, or with a larger loan that frees up equity.
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Home Renovation Loans
Borrowing aimed at one project, from a new kitchen to a basement suite.
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Mortgage Loans
The broad guide to borrowing against a property, from first mortgage to renewal.
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Business Loans
A term loan for a defined purpose, drawn once and repaid on a schedule set by the lender.
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Business Lines of Credit
A revolving facility you draw from as needed, with interest on the balance you actually use.
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Equipment Loans
Financing for one specific asset, with the equipment itself securing the borrowing.
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Debt Consolidation Loans
One loan replacing several debts, which helps only when the underlying spending changes.
How the trail works
- Work out what the money is forA one-off purchase, a cash-flow gap, a renovation or a refinance are four different products. Picking the wrong one is the most expensive mistake in this market.
- Check the real cost, not the headlineCompare the total you repay, not the advertised rate. Fees, insurance and compounding all change the answer.
- Match the term to the needBorrowing short and repaying slowly is how a small loan becomes an expensive one.
- Compare, then decideRun the numbers in a calculator, read the rules that apply where you live, and check the lender is licensed.
Rules that apply across Canada
| Rule | Figure | What it means | Publisher |
|---|---|---|---|
| Criminal rate of interest (federal ceiling) | 35% per year | Above this, an agreement is a criminal offence. | Justice Laws |
| Federal cost-of-borrowing cap, licensed payday regime | $14 per $100 advanced | A province may set a lower cap; the lower figure applies. | Canada Gazette |
| Typical payday loan size and term | up to $1,500 · 62 days or less | The federal payday lending rules describe the product this way. | FCAC |
| Provincial payday status | Varies | Quebec does not license payday lending; provinces that do may set a lower cap than the federal one. | Full table |
Every figure links to the publisher. See lending rules & benchmark rates for the sourced detail.
Borrowing where you live
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Toronto, ON
Loan options, rules and local numbers for Toronto.
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Montréal, QC
Loan options, rules and local numbers for Montréal.
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Calgary, AB
Loan options, rules and local numbers for Calgary.
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Ottawa, ON
Loan options, rules and local numbers for Ottawa.
See every city we cover · Borrowing by province
Guides
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How to Get a Loan in Canada: How Lending Actually Works
A plain-language guide to how Canadian lenders decide, what documents you'll need, what loans really cost, and when borrowing is honestly the wrong move.
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Secured Loan Canada: Secured vs Unsecured Explained
What a secured loan in Canada actually pledges, how it differs from unsecured borrowing, and how to tell which fits your situation before you apply for one.
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Fixed vs variable interest rates in Canada: which fits?
Fixed and variable rates work differently in Canada. Learn what moves each one, how payments change, and how to weigh certainty vs flexibility before borrowing.
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How Canadian Lenders Assess a Loan Application: A Guide
What Canadian lenders check before they decide — income, debts, credit history and security — and how each one is weighed when you apply for a loan in Canada.
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Loan terms explained: principal, interest and amortisation
Plain-English guide to principal, interest and amortisation on Canadian loans, with the terms decoded and the questions to ask before you sign anything.
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Cosigners and Guarantors on a Canadian Loan: A Guide
Cosigners and guarantors on a Canadian loan, explained plainly: how the two roles differ, what it means for the person signing, and what to weigh first.
What kind of site is LoanGoose?
A Canadian loan matching and comparison service. We explain how each kind of borrowing works, publish the rules with their official sources, and pass your request to a partner network when you want to compare options. We are not a lender.
Does it cost anything to compare?
No. The site, the guides and the calculators are free. We may earn a commission from a partner if you take a product through a link, which is disclosed beside every commercial link.
Which loan should I choose?
It depends on the job the money has to do. A one-off purchase, a short cash-flow gap, a renovation and a refinance are four different products, and the cost difference between them is far larger than the difference between lenders offering the same one.
Is there a legal maximum interest rate in Canada?
Yes. The federal criminal rate of interest is 35% per year and applies across Canada. Provinces can add licensing and disclosure rules on top, and provinces that license payday lending may set a lower cost cap than the federal one.
Sources used on this page
- Criminal Code s. 347 — criminal rate of interest —
- Payday Lending Regulations, SOR/2024-114 —
- FCAC — payday loans —
- FCAC — debt and borrowing —
- OSFI Guideline B-20 — residential mortgage underwriting —
- Office of the Superintendent of Bankruptcy Canada —
- Bank of Canada — interest rates —
Every figure on this page is attributed to the publisher above. Where a value could not be verified against the publisher's own publication, it is left out rather than estimated.