Personal Loans: Best Picks for August 2026

With a starting APR of 6%, Scotiabank offers the lowest rate among major Canadian banks, making it highly attractive for those with top-tier credit. It's a no-brainer if you're aiming for minimal interest costs.

Desjardins stands out for its credit union model, offering a competitive 6.95% APR. Profits return to members, adding community value beyond just the interest rate.

Meridian Credit Union offers a 7.49% APR, slightly higher than Desjardins but still competitive. Ontario residents will appreciate the member-focused approach and local service.

Coast Capital Savings provides a 7.99% APR with no-fee banking advantages, ideal for BC residents seeking straightforward loan terms without hidden costs.

National Bank offers a 7.95% APR, particularly benefiting Quebec residents with its extensive branch network. A solid choice for those preferring in-person banking.

Mogo excels in quick online approvals, with soft credit checks that won't impact your score. However, the APR can soar to nearly 47%, so it's best for urgent short-term needs.

GoPeer offers a unique P2P lending model with an 8.99% APR. It's a good fit for those with decent credit who prefer borrowing from individual investors rather than traditional banks.

TD Bank provides one of the longest terms up to 7 years, giving borrowers flexibility in managing repayments. While the rates vary, existing TD customers might find tailored options.

Spring Financial is great for small loans starting at $300, though the 9.99% APR reflects higher risk. It's a practical option for those who can't secure traditional bank loans.