Instalment Loans in Canada
Instalment.ca compares instalment loan types from licensed Canadian lenders across every province and territory. Compare typical amounts, terms, and costs, then check offers directly with the lender.
Compare Instalment Loan Types in Canada
Bad Credit Loans
Bad credit loans are loans for borrowers whose credit history makes them ineligible for standard bank lending. They often carry higher rates and may be secured or guaranteed.
Check bad credit loan offersBusiness Loans
A business loan provides capital to a company, repaid with interest over a set term. Canadian lenders typically assess time in business, revenue, and cash flow.
Check business loan offersCar Loans
A car loan is a secured instalment loan used to buy a vehicle, with the vehicle pledged as collateral. Rates depend on the vehicle, term, down payment, and credit profile.
Check car loan offersDebt Consolidation Loans
A debt consolidation loan combines multiple high-interest debts into one loan with a single monthly payment, ideally at a lower overall interest rate.
Check debt consolidation loan offersDebt Relief
Debt relief options in Canada include debt management programs, consumer proposals, and bankruptcy. Each has different costs, credit impacts, and eligibility rules.
Check debt relief program offersEmergency Loans
An emergency loan is short-term financing for an unexpected expense. Because urgency pushes borrowers toward high-cost credit, compare all options first.
Check emergency loan offersHome Equity Loans
A home equity loan lets you borrow against the equity in your home, usually at a lower rate than unsecured credit because the property secures the debt.
Check home equity loan offersInstalment Loans
An instalment loan is repaid in a set number of equal payments over a fixed term. Unlike a payday loan, the principal is paid down gradually rather than in a single lump sum.
Check instalment loan offersLines of Credit
A line of credit is a flexible revolving facility you can draw on, repay, and reuse up to a limit. Interest is charged only on the amount you use.
Check line of credit offersMortgage Refinancing
Refinancing replaces your existing mortgage with a new one, often to change the rate, term, or payment schedule, or to access home equity.
Check mortgage refinancing offersNo Credit Check Loans
So-called no credit check loans still involve a credit decision. Lenders may use a soft check, alternative data, or collateral instead of a hard inquiry on your credit report.
Check no credit check loan offersPayday Loans
A payday loan is a short-term, high-cost loan of up to $1,500 for a term of 62 days or less. In Canada the cost of borrowing is capped at $14 per $100 borrowed.
Check payday loan offersPersonal Loans
A personal loan is an unsecured or secured lump-sum loan repaid in fixed instalments over an agreed term. In Canada, personal loans are offered by banks, credit unions, and licensed alternative lenders.
Check personal loan offersStudent Loans
Student loans help cover tuition and living costs while studying. Canadian students may use government student aid, private student loans, or a combination.
Check student loan offersInstalment Loans by Province and Territory
Alberta
Compare instalment loans in Alberta, including Edmonton.
British Columbia
Compare instalment loans in British Columbia, including Victoria.
Manitoba
Compare instalment loans in Manitoba, including Winnipeg.
New Brunswick
Compare instalment loans in New Brunswick, including Fredericton.
Newfoundland and Labrador
Compare instalment loans in Newfoundland and Labrador, including St. John's.
Northwest Territories
Compare instalment loans in Northwest Territories, including Yellowknife.
Nova Scotia
Compare instalment loans in Nova Scotia, including Halifax.
Nunavut
Compare instalment loans in Nunavut, including Iqaluit.
Ontario
Compare instalment loans in Ontario, including Toronto.
Prince Edward Island
Compare instalment loans in Prince Edward Island, including Charlottetown.
Quebec
Compare instalment loans in Quebec, including Quebec City.
Saskatchewan
Compare instalment loans in Saskatchewan, including Regina.
Yukon
Compare instalment loans in Yukon, including Whitehorse.
How Instalment Loans Work in Canada
An instalment loan gives you the money up front and a repayment schedule with a fixed number of payments. Each payment is split between interest and principal, so the balance falls steadily and reaches zero on the final due date. That is the defining feature of a loan: the payment amount, the due date, and the end date are known before you sign.
Because the schedule is fixed, an instalment loan behaves differently from revolving credit such as a credit card or a line of credit. Revolving credit has no end date, and the payment changes with the balance. If you need flexibility rather than a fixed payoff date, a line of credit may suit you better; if you need a guaranteed end date, an instalment product is usually the better fit.
What Instalment Loans Cost in Canada
Rates vary by lender, creditworthiness, and province.
Since 1 January 2025 the federal criminal rate of interest is 35% APR, down from roughly 48%. Lenders that charge more than that commit a criminal offence. Provincial rules can be stricter, particularly for payday lending.
The advertised rate is not the whole story. Ask for the annual percentage rate (APR) and the total cost of borrowing in dollars. Two offers with the same rate can cost different amounts once administration fees, insurance, and prepayment penalties are included.
Payday loans are the most expensive form of short-term credit in Canada, and the rules are specific:
- The cost of borrowing is capped at $14 per $100 borrowed.
- The maximum payday loan is $1,500, with a term of 62 days or less.
- A dishonoured-payment fee cannot exceed $20.
- Nine provinces operate a payday lending regime; Quebec effectively bans payday loans.
- The federal criminal rate of interest is 35% APR as of 1 January 2025.
The Financial Consumer Agency of Canada illustrates the difference in cost for borrowing $300 over 14 days: a payday loan costs roughly $42 to $63, a credit-card cash advance about $4 to $8, overdraft protection about $2.40 to $7, and a line of credit about $1.15 to $5.81. The gap is the reason payday credit should be a last resort.
Compare Instalment Loans by City
Toronto, ON
Compare instalment loan options in Toronto.
Montréal, QC
Compare instalment loan options in Montréal.
Vancouver, BC
Compare instalment loan options in Vancouver.
Calgary, AB
Compare instalment loan options in Calgary.
Edmonton, AB
Compare instalment loan options in Edmonton.
Ottawa, ON
Compare instalment loan options in Ottawa.
Winnipeg, MB
Compare instalment loan options in Winnipeg.
Québec, QC
Compare instalment loan options in Québec.
Mississauga, ON
Compare instalment loan options in Mississauga.
Halifax, NS
Compare instalment loan options in Halifax.
Victoria, BC
Compare instalment loan options in Victoria.
Saskatoon, SK
Compare instalment loan options in Saskatoon.
Instalment Loan Guides for Canadians
Secured vs Unsecured Loans in Canada
The difference between secured and unsecured loans in Canada, how collateral affects your rate and risk, and how to choose the right one for your needs.
Read guideHow to Compare Loan Offers in Canada
A step-by-step method to compare loan offers in Canada, from APR and total cost to fees, term length, prepayment terms, and lender licensing before you sign.
Read guideDebt Collectors and Your Rights in Canada
What debt collectors can and cannot do in Canada, your rights under provincial rules, how to respond to their calls, and where to complain about abuse.
Read guideCredit Counselling in Canada: What to Expect
What credit counselling in Canada involves, how non-profit counsellors help with debt, what it costs, and how it differs from formal insolvency options.
Read guideBorrowing From Your RRSP in Canada
How borrowing from an RRSP works in Canada, the difference between an RRSP loan and a withdrawal, tax withholding, and the plans that avoid penalties.
Read guideStudent Loans in Canada: How They Work
How student loans work in Canada, from government programs like OSAP to repayment assistance, interest relief, tax treatment, and private student lending.
Read guideQuestions to Ask Before You Borrow
- Is the lender licensed in my province?
- What is the APR, and what is the total cost of borrowing in dollars?
- What fees apply — administration, broker, insurance, or prepayment?
- Is the loan secured, and if so, what asset is at risk?
- What happens if I miss a payment or want to pay the loan off early?
- How and when are funds deposited, and how is repayment collected?
Frequently Asked Questions
How fast can I get approved for a loan?
We do not approve loans, so we cannot promise a timeline. Matching through our service takes only a few minutes, but the decision belongs to the lender. Once a lending partner receives your request, response times vary by lender, by the product, and by how complete your information is. Some lenders respond quickly, and others take longer. Approval is never guaranteed, and the lender may ask for more documents before it decides.
Will checking my options affect my credit score?
Submitting a request through Instalment.ca is not a credit application with us, and we do not perform a credit check. When you apply directly with a lender, that lender may run a soft or a hard credit check. A soft check does not affect your score. A full application can cause a small, temporary dip. Ask the lender which type it uses before you proceed.
Who is eligible to use Instalment.ca?
You generally need to be at least 18 years old, or the age of majority in your province or territory, whichever applies, and a resident of Canada with a bank account and verifiable income. Lenders set their own eligibility criteria, and some products have additional requirements such as collateral or a co-signer.
Is Instalment.ca free to use?
Yes. The site is free for consumers. We may earn a commission from a lending partner when you click or apply through our links, and that is how we fund the site. The commission does not change the rate, fees, or terms a lender offers you, because the lender sets those.
What interest rate will I be offered?
Rates are set by lenders and vary by lender, by province or territory, and by creditworthiness. We do not publish unverified lender rates. The federal criminal rate of interest is 35% per year for most credit, and payday loans are capped separately at $14 per $100 borrowed. Always check the lender disclosure for the annual percentage rate and the total cost of borrowing.
Can I get a loan with bad credit?
Possibly. Some lenders work with damaged credit, but they usually charge more and may offer a smaller amount. A co-signer or a secured loan can improve your odds and your rate. Compare the total cost, not just the payment, and treat high-cost payday borrowing as a last resort. If your debt is already unmanageable, a credit counsellor can lay out better options.
Which provinces and territories do you cover?
We provide information for all Canadian provinces and territories. Lending rules differ by region. Payday lending is regulated provincially, nine provinces have their own payday regimes, and Quebec effectively bans payday loans. The rules that apply to you are the ones in force where you live, so verify them with your provincial or territorial regulator.
How does loan matching work?
You share a few details, such as your province, the amount you are looking for, your income range, and your contact information. We pass your request to one or more lending partners, who may contact you with options. You decide whether to proceed with any of them. We do not guarantee that you will receive an offer, and we do not make the credit decision.
Sources
- Financial Consumer Agency of Canada
- FCAC — Payday loans
- Canada Gazette — Criminal Interest Rate Regulations (SOR/2024-114)
- Office of the Superintendent of Financial Institutions
- Bank of Canada
- Canada Revenue Agency
Sources are provided for verification. Instalment.ca is not affiliated with these organisations.
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Last updated: September 16, 2026 · Reviewed by the Instalment.ca Editorial Team
We research Canadian lending rules and update this page when the law, the data, or the available offers change. We are not a lender and we do not provide personal financial advice.