Borrow smart.Repay faster.
Student lines of credit, personal loans, and auto financing — 9 options across 3 categories. Compare options across Canadian lenders.
Government student loans typically offer lower rates and more protections than private options — explore them first.
Calculate the total cost of borrowing (all interest paid), not just the monthly payment.
Payday loans and "instant approval" lenders can charge 300%+ APR in Canada — review terms carefully before borrowing.
Use a loan amortization calculator before signing — a 0.5% rate difference on a car loan costs hundreds.
Line of Credit
Flexible borrowing up to a set limit — you only pay interest on what you use. Ideal for managing ongoing education or emergency costs.
CIBC Student Line of Credit
CIBC
Variable rate based on CIBC Prime (contact CIBC for current rates)
A student line of credit from CIBC designed for students in multi-year professional programs. You draw what you need, pay interest only, and repay after graduation.
- Up to $400,000 for medical students depending on field of study
- Interest-only payments while in school
- Prime-linked rate
- Access funds as needed — no lump-sum pressure
- No prepayment penalties
- Open-ended term
on CIBC's website
RBC Student Line of Credit
RBC
Variable rate based on RBC Prime; medical/dental students may qualify for Prime − 0.25% with RBC Healthcare Advantage
RBC's student line of credit offers flexible access to funds for post-secondary students. Rates are competitive and you only pay interest while in school.
- Borrow up to $80,000 for undergraduate programs
- Up to $400,000 for medical and dental students
- Revolving credit — reuse as you repay
- Interest-only payments while enrolled in school
- Access via RBC app, ATM, or branch
- Interest charged only on amount used
on RBC's website
Prodigy Finance International Student Loan
Prodigy Finance
Variable; interest rates from 10.69% (representative APR 13.12%)
Rates are significantly higher than Canadian bank student LOCs — only consider if you have no access to domestic financing.
International students generally do not qualify for Canadian government student loans; Prodigy Finance provides an alternative with no Canadian co-signer required. Loans are based on future earnings potential.
- No Canadian co-signer required
- Covers international students from 120+ countries
- Deferred repayment until 6 months after graduation
- Funds tuition + living expenses
- Available for MBA, engineering, law programs
on Prodigy Finance's website
Personal Loan
For large one-time purchases or emergencies. Rates vary widely based on credit — always compare at least 3 lenders.
TD Personal Loan
TD Bank
Starting ~8.49% APR (varies by credit)
TD's personal loan offers loyalty rate discounts for existing TD customers.
- Loyalty rate discounts for TD customers
- Up to $50,000 borrowed
- No prepayment penalties
- Direct deposit to TD chequing
- Online or in-branch application
on TD Bank's website
Fairstone Personal Loan
Fairstone
19.99%–34.99% APR
High interest rates — compare total cost carefully before borrowing.
Fairstone lends to people with imperfect credit; rates are higher than traditional bank loans and the product is generally considered a last-resort option. Review terms carefully before borrowing.
- Accepts fair credit (580+ score)
- Secured and unsecured options
- Fast approval — sometimes same day
- Rates are very high — use as last resort only
- Can help build credit if repaid responsibly
on Fairstone's website
Auto Loan
Financing your first car as a student or young adult. Getting pre-approved before visiting a dealer puts you in control.
RBC Auto Loan
RBC
Starting ~7.49% APR (new vehicles)
RBC offers pre-approval before visiting a dealership, so you know your rate and budget in advance.
- Competitive new & used vehicle rates
- Pre-approval before visiting the dealer
- Flexible terms up to 96 months
- Gap insurance and protection products available
- Integrated with RBC mobile app
on RBC's website
TD Auto Finance
TD Bank
Varies — negotiated at dealership
TD Auto Finance works directly with dealers across Canada. Rates are negotiated at the dealership — compare with a bank pre-approval first.
- Available at thousands of Canadian dealerships
- Competitive rates for good credit
- Flexible term lengths
- Pre-approval options available
- GAP insurance available
on TD Bank's website
iA Auto Finance
Industrial Alliance
Varies by dealer and credit
Industrial Alliance's auto financing arm has a strong presence in Eastern Canada. Available if you're buying from a dealer in Quebec or Atlantic Canada.
- Strong presence in Quebec and Atlantic provinces
- Flexible terms and financing structures
- Available for new and pre-owned vehicles
- Debt protection insurance available
- Accessible for fair credit profiles
on Industrial Alliance's website
Canada Drives
Canada Drives
Varies — accepts poor credit
Always calculate the total cost of the loan, not just the monthly payment.
Canada Drives offers an all-in-one car buying and financing platform for Canadians with imperfect credit. Rates are typically higher than bank financing — always calculate total cost of borrowing.
- Accepts credit scores as low as 500
- All-in-one car buying and financing platform
- Vehicle delivered to your door
- Rates higher than bank financing — check total cost
- Good for credit building if managed well
on Canada Drives's website