EQ Bank – Personal Loan

EQ Bank is the digital banking platform of Equitable Bank, a federally chartered Schedule I Canadian bank with over 50 years of history. Launched in 2016, EQ Bank pioneered the high-interest digital savings account in Canada and has since expanded to offer personal loans, mortgages through its digital mortgage arm (Equitable Bank mortgages), and GICs. With over 600,000 clients, EQ Bank is one of the fastest-growing banks in Canada, consistently ranked as one of the country's best online banking options.

EQ Bank personal loans range from $5,000 to $100,000 with terms from 12 to 84 months at fixed interest rates. The application is completed entirely online and existing EQ Bank savings account holders can expect faster processing. APR typically starts at 9.99% for well-qualified borrowers, making EQ Bank competitive with the Big Five banks. Funds are disbursed via direct deposit or e-Transfer within 1-3 business days of approval. There are no origination fees and no prepayment penalties, allowing borrowers to pay off the loan early without additional cost.

EQ Bank is regulated by OSFI and deposits are insured by the Canada Deposit Insurance Corporation (CDIC). Because EQ Bank operates without branches, all support is provided via phone and chat. EQ Bank's straightforward fee structure and competitive rates make it a strong option for Canadians with a solid credit profile seeking an alternative to traditional bank branches.