Here’s how RBC stacks up against other popular lenders providing the best personal loans in Canada:
RBC vs. easyfinancial
easyfinancial lays out its loan details online, including loan amount, terms and rates. With easyfinancial you can prequalify online, which is not available through RBC. If you add a co-applicant on your loan you can get a 2% reduction. If you’re a student or new to Canada, you can get approved for an easyfinancial loan without a credit history. If you don’t have a long credit history, you might prefer easyfinancial.
RBC vs. Fairstone
Fairstone makes it easy to prequalify for and get approved for a personal loan online. Unlike RBC, most personal loan details are easy to find online. With Fairstone, you can expect to pay late payment fees and prepayment penalties on secured loans. The maximum APR for a secured loan is 24.49% and 39.99% for an unsecured loan. Borrowers with a poor credit score might find it easier to qualify with Fairstone over RBC. If you want to avoid late fees and prepayment penalties, RBC is a better option.
RBC vs. Magical Credit
You can get a personal loan with Magical Credit even if you don’t have a credit history.
There are no late payment fees and no prepayment penalties, and Magical Credit scores 4.3 stars on Trustpilot. However, Magical Credit’s maximum APR is high at 46.8%, so you might want to compare multiple loan providers on rates. Customers who value a positive customer service experience and a simple loan process might consider Magical Credit over RBC.
Featured Partner Offer
Minimum Credit Score
No Minimum Requirement
Loan Amounts
$100- $50,000
