There are multiple money-lending banks and financial institutions in Canada that offer loans to the residents of the country. However, the banks charge a higher rate of interest while offering personal loans. Many readers want to know Which bank has the lowest interest rate on personal loans in Canada. Everyone wants to get the benefits of the lowest interest rate on personal loans.
After going through multiple banks’ information and their interest rates, it has been concluded Fusion Credit Union is one of the banks which offers the lowest interest rate on personal loans in Canada. Scroll down the following article and get detailed information regarding the Fusion Credit Union such as the required eligibility, low-interest comparison among other banks and more.
Which bank has the lowest interest rate on personal loans in Canada?
The interest rate on a personal loan can vary widely based on factors like the credit score of an applicant, income, debt-to-income ratio and others. If any reader can secure an interest rate of 10% or less then they can consider this as low. Fusion Credit Union advertises an APR as low as 5% which is one of the best deals in the loan market right now.
However, one must note that the interest rate is a variable which tends to change from time to time. Apart from this, individuals will have to qualify for certain factors to get the benefits of the lowest interest rate on personal loans in Canada. Individuals who have decided to apply for a personal loan through Fusion Credit Union can learn the details below.
Fusion Credit Union Lowest Interest Rate on Personal Loans Details
The following are some of the details which a reader must keep in mind while applying for a personal loan:
- It has competitive fixed or variable rates.
- The officials have structured the repayments to meet the borrower’s needs, weekly, bi-weekly, semi-monthly or monthly.
- All personal loans can be prepaid at any time without facing any penalty.
- Variable Rate Loan with an interest rate as low as 5.32%.
- Please Note: Variable Rate Loan is available on approved credit in year one and rates are subject to change.
Required Eligibility Criteria to Get Lowest Interest Rate on Personal Loans
Readers must go through the following section as it will let them know whether they are eligible to apply for the Fusion Credit Union Personal Loan or not. Please note that the mentioned eligibility will only provide a loan. To get the loan at the lowest interest, the officials will check different factors like credit score and more. The following are the required eligibility criteria:
- The minimum age of borrowers should be at least 18 years old.
- Beneficiaries must reside in any of Canada’s provinces or territories.
- They must hold a valid contact phone number and Social Insurance Number
- Applicants must hold details about any property they own.
- Beneficiaries will have to provide consent to complete a credit check.
- Applicants must provide information about what they owe.
Loan Interest Comparision in Canada
We have collected information on different online banks which provide low-interest personal loans to users. With the help of the following section, readers will be able to compare between different loan lending companies. The following is the table showing loan details of different banks:
| Lender | APR Range | Minimum Credit Score | Loan Amounts |
| Bank of Montreal (BMO) | 8.99% to 22.99% | 640 and above | $1,500 to $35,000 |
| Easyfinancial | 29.99% to 46.96% (unsecured) 9.99% to 25.99% (secured) | 550 | $500 to $20,000 (unsecured) $15,000 to $100,000 (secured) |
| Fusion Credit Union | 5% to 10% | Not available | $300 to $10,000,000 |
| ATB Financial | 7.2% to 14.2% | 640 and above | Up to $75,000 |
| Spring Financial | 9.99% to 46.99% | 620 | $500 to $35,000 |
| Coast Capital Savings | 9.09% | 680 | $2,000 to $5,000 |
(Please note that the interest rate tends to change timely. To get the current interest rate details, visit the website of the respective loan lending bank)
Frequently Asked Questions
How to get the lowest interest rate on personal loans in Canada?
To get the lowest rates, borrowers can increase their credit limit, reduce the debt amount, increase the income amount and more.
How can I apply for a Fusion Credit Union Personal Loan?
Beneficiaries can apply for the Fusion Credit Union Personal Loan by visiting the official website of Fusion Credit Union. Click the Apply button below the Personal Loan and fill out the details on the application form to complete the process.
Which bank has the lowest interest rate on personal loans in Canada?
Fusion Credit Union is currently providing the lowest interest rate on personal loans in Canada. The rate is as low as 5.32%.
