The Short Answer
Among the major Canadian banks, TD Bank currently advertises the lowest starting personal loan rate, from 6.99%. But "lowest starting rate" and "lowest rate you'll actually get" are two different things — your real rate depends on your credit score, income, and existing debt.
Bank Personal Loan Rates Compared (2026)
- TD Bank — from 6.99% to 22.99%
- Manulife Bank — from 7.35% to 18.99%
- Scotiabank — from 7.49% to 23.99%
- RBC Royal Bank — from 7.99% to 24.99%
- BMO Bank of Montreal — from 8.49% to 22.99%
- CIBC — from 8.99% to 19.99%
- National Bank of Canada — from 9.45% to 22.99%
- Tangerine — from 9.49% to 19.99%
- EQ Bank — from 9.99% to 24.99%
Rates change, and every bank quotes a range — the number you see advertised is the best-case rate reserved for the strongest applicants. Always check the current rate on the lender's own page before applying.
How to Compare Personal Loan Options From Canadian Banks
A low advertised rate is only useful if you actually qualify for it. When you compare offers, look at all of these together, not just the headline rate:
- APR, not just interest rate — APR includes fees, so it reflects the true cost of borrowing.
- Loan amount and term — a lower rate on a longer term can still cost more in total interest.
- Approval odds — big banks reserve their best rates for applicants with strong credit; online lenders may approve faster with more flexible criteria, usually at a higher rate.
- Prepayment terms — check whether you can pay off the loan early without a penalty.
The fastest way to see this side by side is our loan comparison tool, which lets you filter by amount and term across every lender we track. If your credit isn't strong enough for a bank's best rate, browse the full list of personal loan options in Canada for alternatives with more flexible approval.
Bottom Line
TD Bank advertises the lowest starting rate among major banks right now, but the bank offering the lowest rate on paper isn't always the one that offers you the lowest rate in practice. Compare real quotes, not just headline numbers, before you decide.