Tangerine – Personal Loan

Tangerine Bank is a Canadian direct bank (branchless) and a subsidiary of Scotiabank, having been acquired from ING in 2012. Operating entirely online and by phone, Tangerine has grown to over 2 million clients by offering no-fee chequing and savings accounts, mortgages, and personal loans with competitive rates and no branch-required processes. Tangerine is particularly popular with self-directed Canadians who prefer digital banking over in-person service.

Tangerine personal loans range from $2,000 to $35,000 with terms from 1 to 5 years at fixed rates. The application process is entirely online and is available to Tangerine clients (opening an account is a prerequisite). Interest rates tend to be competitive compared to Big Five banks, reflecting Tangerine's lower operating costs as a branchless institution. Decisions are typically made within 1-2 business days, with funds deposited directly to the Tangerine account.

Tangerine Bank is a federally chartered Schedule I bank regulated by OSFI and deposits are CDIC-insured. Because Tangerine requires you to be an existing client to apply for a personal loan, factor in the time needed to open and establish a chequing or savings account if you are not yet a customer. The overall process is still typically faster and more convenient than visiting a branch, and Tangerine's rates frequently beat those offered by traditional Big Five branches.