Personal Loan vs Line of Credit in Canada

A personal loan gives you a set amount with fixed payments over a set term, so you know exactly when the debt is gone. A line of credit lets you borrow and repay as you like, usually at a variable rate.

For paying off debt, a loan’s fixed schedule keeps you on track. A line of credit is more flexible and often cheaper, but it only works if you keep paying it down.

Many banks don’t publish their loan rates, so the starting rates shown are the lowest we could confirm on each bank’s own site.