Average Interest Rates by Credit Score Range
300 - 55927.6%
560 - 65921.9%
660 - 72415.2%
725 - 75911.1%
760 - 9008.4%
Canadian Loan Statistics
Reference-grade lending benchmarks for journalists, bloggers, and market researchers covering Canadian personal loans.
Updated yearly. Current release: March 2026 (2026 data is year-to-date).
Average Personal Loan Size in Canada
| Metric | Value | Coverage |
|---|---|---|
| Average funded personal loan size | $9,400 | Canada, 2026 year-to-date |
| Median funded personal loan size | $7,900 | Canada, 2026 year-to-date |
| Most frequent funded range | $5,000 - $9,999 | Canada, 2026 year-to-date |
Use this table when citing baseline loan size benchmarks in Canada.
Average Loan Interest Rates by Credit Score
| Credit Score Range | Average APR | Relative Cost Tier |
|---|---|---|
| 300 - 559 | 27.6% | Very high |
| 560 - 659 | 21.9% | High |
| 660 - 724 | 15.2% | Moderate |
| 725 - 759 | 11.1% | Low |
| 760 - 900 | 8.4% | Lowest |
Typical Loan Repayment Terms
| Repayment Term | Share of Funded Loans | Typical Borrower Goal |
|---|---|---|
| 12 months | 14% | Fast payoff, lower total interest |
| 24 months | 33% | Balanced monthly payment and cost |
| 36 months | 30% | Lower monthly pressure |
| 48 months | 15% | Larger loans with affordability focus |
| 60 months | 8% | Lowest monthly payment target |
Common Borrowing Purposes
| Purpose | Share of Applications | Notes |
|---|---|---|
| Debt consolidation | 31% | Most common use case |
| Home improvement | 22% | Renovation and repairs |
| Vehicle repair or purchase | 17% | Car maintenance and replacement |
| Medical and dental expenses | 11% | Planned and urgent care costs |
| Education and training | 9% | Tuition, certifications, upskilling |
| Moving and relocation | 6% | Rental deposits and logistics |
| Other | 4% | General personal expenses |
Data Visualizations
Average Loan Size Distribution
$1,000 - $4,99929%
$5,000 - $9,99934%
$10,000 - $14,99922%
$15,000 - $20,00011%
$20,001+4%
Typical Repayment Timelines
12 months14%
24 months33%
36 months30%
48 months15%
60 months8%
Canadian Lending Trends
| Year | Average Funded Loan | Average APR | Most Common Term | Lead Trend |
|---|---|---|---|---|
| 2021 | $7,600 | 13.9% | 36 months | Debt consolidation became dominant |
| 2022 | $7,900 | 14.6% | 36 months | Higher cost-of-living borrowing pressure |
| 2023 | $8,300 | 15.4% | 36 months | Rate-sensitive shopping increased |
| 2024 | $8,700 | 14.8% | 24 months | Shorter term selection recovered |
| 2025 | $9,100 | 13.7% | 24 months | Refinance and consolidation demand rose |
| 2026 (YTD) | $9,400 | 12.9% | 24 months | Prime-tier borrowers secured lower rates |
2021
Borrowers prioritized consolidating multiple debts into single installment loans as unsecured credit demand stabilized.
2022
Application volume rose for emergency and budget-bridge borrowing while average APR moved higher year over year.
2023
Rate comparison behavior accelerated, and the spread between low-score and high-score borrower pricing widened.
2024
Two-year terms gained traction as borrowers sought lower total interest without returning to high monthly obligations.
2025
Consolidation remained the top purpose and average funded balances continued climbing with larger household expense gaps.
2026 (YTD)
Average pricing eased overall, but score-tier differences remain substantial, especially below the 660 credit score range.
Citation note: figures are reference benchmarks from anonymized Canadian personal-loan application and funding records compiled for annual trend reporting.