REVOLVING FLEXIBILITY

Personal Line of Credit

Compare revolving credit options where you can borrow as needed and pay interest only on what you use.

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Compare personal lines of credit before choosing flexible borrowing

A personal line of credit can be more flexible than a fixed loan, but the right option depends on rate, credit limit, repayment rules, minimum payments, lender requirements, and how often you expect to borrow.

Use the filters below to narrow line of credit matches by amount, credit profile, income range, lender, and must-have features.

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Personal Line of Credit Options

Compare revolving credit options by rate, credit limit, repayment flexibility, and eligibility factors.

BMO Personal Line of Credit
Est. APR
Varies
Amount
Up to $25k
Terms
Varies
Credit Fit
All Credit Types
No Collateral Required
Online Application
Flexible Repayment Options
Interest-Only Payments Available
No impact to your credit score
Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $0 - $25,000
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
No Collateral Required Loan Insurance Available Online Application Flexible Repayment Options Mobile App Available Online Account Management Interest-Only Payments Available
Highlights & Pros
  • Extremely low minimum monthly payments (2% of balance or $50, whichever is greater).
  • Interest-only payment options available to maximize monthly cash flow.
  • Existing BMO customers can apply online in minutes.
  • Easily access funds via mobile banking, in-branch, or through line of credit cheques.
Things to Consider
  • Variable interest rate means your borrowing costs can fluctuate with the BMO Prime Rate.
  • Unsecured online applications are capped at $25,000 (higher amounts may require collateral and a branch visit).
KOHO line of credit
Est. APR
19.90%
Amount
$1k - $15k
Terms
Varies
Credit Fit
All Credit Types
Fast Approval
Online Application
Online Account Management
Soft Credit Check for Pre-approval
Origination: $0.00
Funding Time: As soon as the same day
No impact to your credit score
Rates, Fees & Terms
Rate Type Fixed
APR Range 19.90%
Loan Amounts $1,000 - $15,000
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee No additional flat fee
Funding Time As soon as the same day
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
Fast Approval Online Application Online Account Management Soft Credit Check for Pre-approval
Highlights & Pros
  • No annual, late, or origination fees
  • Applying does not impact your credit score
  • Only pay interest on the amount of credit you actually use
Things to Consider
  • Only available to residents of AB, ON, NB, SK, NS, and BC
  • Requires a KOHO account/membership
CIBC Personal Line of Credit
Est. APR
Varies
Amount
From $5k
Terms
Varies
Credit Fit
All Credit Types
Online Application
Flexible Repayment Options
No impact to your credit score
Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
Secured Loan Online Application Flexible Repayment Options Online Account Management
Highlights & Pros
  • Revolving funds mean you only apply once and can reuse the credit as you pay it back.
  • Lower minimum borrowing amount ($5,000) than the secured Home Power Plan.
  • Security is optional, allowing for unsecured access based on creditworthiness.
Things to Consider
  • Variable interest rates fluctuate with the CIBC Prime Rate.
CIBC Business Line of Credit
Est. APR
Varies
Amount
Varies
Terms
Varies
Credit Fit
All Credit Types
Interest-Only Payments Available
No impact to your credit score
Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
Interest-Only Payments Available
Highlights & Pros
  • Revolving access: use and reuse funds up to your limit without needing to reapply.
  • Interest-only payment options help maintain healthy daily cash flow.
Things to Consider
  • New businesses must provide a detailed business plan to be considered for credit.
Apply in as little as 60 seconds. Funds as early as the same day
featured
Loan Marketplace
Est. APR
8.99% - 35.00%
Amount
$500 - $60k
Terms
3 - 120 Mo
Credit Fit
All Credit Types
Online Application
Flexible Repayment Options
Bad Credit Considered
Instant Loan Matching
No Impact on Your Credit to See Offers
Funds As Soon As the Same Day
Funding Time: As soon as the same day
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Completing the application will not affect the consumer's credit score. Options available to every applicant - alternative lenders, debt management, credit counselling services, and more
Apply in as little as 60 seconds. Funds as early as the same day
No impact to your credit score
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Rates, Fees & Terms
Rate Type Fixed
APR Range 8.99% - 35.00%
Loan Amounts $500 - $60,000
Available Terms 3 to 120 months
Application Fee No application fee
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time As soon as the same day
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age 18 years old
Residency Status Canadian Citizens or Permanent Residents
Applicants earning less than $1,000 per month may be unlikely to receive loan offers, although alternative offers may still be available.
Included Features
Online Application Flexible Repayment Options Bad Credit Considered Instant Loan Matching No Impact on Your Credit to See Offers Funds As Soon As the Same Day
Highlights & Pros
  • One streamlined application: LoanConnect helps borrowers explore personalized options from a network of Canadian lenders without completing separate applications for each lender.
  • Options across different credit profiles: The marketplace works with borrowers across a broad range of credit situations, making it a practical starting point for Canadians who may not know which lender fits their circumstances.
  • No impact on credit to check options: Borrowers can submit the initial LoanConnect application and explore potential offers without affecting their credit score.
  • Broad loan amounts and terms: Available personal loans range from $500 to $60,000, with repayment terms from 3 to 120 months, providing flexibility for different borrowing needs.
  • Fast matching experience: Potential offers may be presented in as little as 60 seconds, and approved funding may be available as soon as the same day.
  • Free marketplace service: LoanConnect does not charge applicants an application fee, making it convenient to explore availab
Things to Consider
  • LoanConnect is a marketplace, not the lender: Final approval, loan agreements, fees and funding are handled by the participating lender selected by the applicant.
  • The lowest rate is not available to everyone: Personal-loan APRs currently range from 8.99% to 35%. The rate offered depends on factors such as the applicant’s credit profile, financial circumstances and province.
  • Lender fees may vary: Some participating lenders may charge origination, administration or other applicable fees. Applicants should carefully review the complete loan agreement before accepting an offer.
  • Offers and funding are not guaranteed: Matching can be fast, but approval, the number of available offers and funding time depend on lender criteria and applicant eligibility.
  • Additional lender assessment may be required: Although checking options through LoanConnect does not affect the applicant’s credit score, a selected lender may conduct its own credit and identity assessment before providing final approval.

Legal Disclaimer: Loan details and eligibility: Loan amounts range from $500 to $60,000, with available terms from 3 to 120 months and annual percentage rates (APRs) ranging from 8.99% to 35%. LoanConnect is free to use and does not charge an application fee. Origination fees, if applicable, vary by lender, and applicants should carefully review all loan agreements before accepting an offer. Approved funds may be available as soon as the same day; however, funding times are not guaranteed and may vary by lender and applicant circumstances. Applicants must be Canadian citizens or permanent residents. Applicants earning less than $1,000 per month may be unlikely to receive a loan offer, although alternative offers may still be available. Approval, rates, terms, fees, and funding depend on the participating lender and the applicant’s eligibility.

Get immediate pre-qualification and an estimated rate with no impact to your credit score.
sponsored featured top pick
goPeer Personal Line of Credit
RateBuddy
Trustpilot
Est. APR
8.99% - 34.99%
Amount
$1k - $35k
Terms
36 - 60 Mo
Credit Fit
Fair (600+)
No Collateral Required
Online Application
Flexible Repayment Options
No Early Repayment Penalty
Weekly/Bi-weekly Payments
Lump-Sum Prepayments Allowed
Online Account Management
Soft Credit Check for Pre-approval
Min Income: $35k/yr
Funding Time: 5 Days
Borrow from real Canadians, not big banks — with a quick online pre-qualification that won’t impact your credit score.
No impact to your credit score
Rates, Fees & Terms
Rate Type Fixed
APR Range 8.99% - 34.99%
Loan Amounts $1,000 - $35,000
Available Terms 36 to 60 months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time 5 Days
Eligibility Requirements
Minimum Income $35,000/yr
Credit Score Required 600
Minimum Age 18 years old
Residency Status Foreign Worker (Work Permit)
Included Features
No Collateral Required Fast Approval Online Application Flexible Repayment Options No Early Repayment Penalty Weekly/Bi-weekly Payments Lump-Sum Prepayments Allowed Online Account Management Soft Credit Check for Pre-approval Skip the branch visits
Highlights & Pros
  • Check your rate without affecting your credit score. Pre-qualify with a soft credit check to view your estimated rate and eligibility before deciding whether to complete a full application.
  • Competitive peer-to-peer lending model. goPeer connects eligible borrowers with Canadian investors, offering a modern alternative to traditional bank and high-cost lending options.
  • No collateral required. Borrow from $1,000 to $35,000 through an unsecured personal loan without pledging your home, vehicle, or other assets.
  • No penalty for paying early. Make additional payments or repay the entire loan early without prepayment fees, giving you more control over interest costs.
  • Clear, fully online experience. Apply online, review your personalized offer and see the applicable rate and fees before accepting the loan.
Things to Consider
  • An origination fee applies. The one-time origination fee is included in the disclosed APR and deducted from the loan proceeds, so the amount deposited will be lower than the approved loan amount.
  • Eligibility standards may be stricter. Approval depends on factors such as credit history, income, existing debt and overall ability to repay, making goPeer better suited to borrowers with established credit.
  • Only two repayment terms are available. Loans currently come with either a three-year or five-year term, which provides less term flexibility than some lenders.

Representative Example: For example, the average borrowing cost paid on a $10,000 unsecured personal loan at an APR of 19.99%, with a 3-year term and weekly payments of $85.36 is $3,301.20.

Legal Disclaimer: Legal Disclaimer: *goPeer offers unsecured personal loans in Canada from $1,000 to $35,000, with 3- or 5-year terms and APRs ranging from 8.99% to 34.99%. Your actual rate, loan amount, and eligibility depend on your credit profile, income, debt-to-income ratio, province, and goPeer’s underwriting criteria. Minimum requirements include being 18+, a Canadian resident, having a Canadian bank account, a 600+ credit score, annual income of at least $35,000, debt-to-income ratio below 35%, no bankruptcy within the past 12 months, and at least 3 credit trades. Pre-qualification does not impact your credit score, but applying does not guarantee approval or funding. Fees may apply, including an origination fee included in the APR and applicable missed or unsuccessful payment fees. Once approved and accepted, loans are listed for investor funding, and funds are typically advanced within 1–4 business days after funding. Conditions apply.

LendDirect Line of Credit
Est. APR
34.99%
Amount
Up to $10k
Terms
Varies
Credit Fit
All Credit Types
Loan Insurance Available
Online Application
No Early Repayment Penalty
Mobile App Available
Soft Credit Check for Pre-approval
Credit Bureau Reporting
Funds Deposited within 24h
No impact to your credit score
Rates, Fees & Terms
Rate Type Fixed
APR Range 34.99%
Loan Amounts $0 - $10,000
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
Loan Insurance Available Online Application No Early Repayment Penalty Mobile App Available Soft Credit Check for Pre-approval Credit Bureau Reporting Funds Deposited within 24h
Highlights & Pros
  • Extremely fast funding via Interac e-Transfer in as little as 15 minutes
  • Reports to Equifax to help build credit history if used responsibly
  • No-fee advances once your line of credit is open
  • Ongoing access to funds: Apply once and take advances whenever needed without reapplying
Things to Consider
  • Very high fixed APR of 34.99%
  • Minimum advance requirement of $50
  • Requires an open bank account in your name and proof of recurring income

Legal Disclaimer: Advances only available for a Line of Credit in good standing; $50 minimum advance requirement.

Nyble Credit Building Line
Est. APR
0%
Amount
$30 - $250
Terms
Varies
Credit Fit
All Credit Types
Online Application
Flexible Repayment Options
Bad Credit Considered
Credit Bureau Reporting
Funds Deposited within 24h
Min Income: $12k/yr
0% Interest. Optional $11.99/mo membership for instant funding and identity protection.
No impact to your credit score
0% Interest. Optional $11.99/mo membership for instant funding and identity protection.
Rates, Fees & Terms
Rate Type Fixed
APR Range 0%
Loan Amounts $30 - $250
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income $12,000/yr
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
Online Application Flexible Repayment Options Bad Credit Considered Credit Bureau Reporting Funds Deposited within 24h
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Personal Line of Credit Calculator

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Personal line of credit guide

How a personal line of credit works in plain English

A personal line of credit gives you flexible access to money up to an approved limit. You borrow only what you need, pay interest only on what you use, and can reuse the available room as you repay it.

Best for

Flexible borrowing

Useful when costs may come in stages or when you want access to funds without taking a full lump sum on day one.

Works well for

Cash flow gaps and planned needs

Common examples include emergency expenses, ongoing projects, or consolidating higher-interest balances more strategically.

Less ideal for

One-time fixed borrowing

If you already know the exact amount you need and want a fixed repayment schedule, a personal loan may be easier to manage.

1

You get approved for a limit

The lender approves a borrowing limit based on your income, debt picture, credit profile, and other factors.

2

You use only what you need

Unlike a lump-sum loan, you do not need to borrow the full amount upfront.

3

You make monthly payments

Minimum payments are still required each month, even when the balance feels manageable.

4

Credit room opens again

As you pay the balance down, that room becomes available to use again without reapplying.

Why people like personal lines of credit

  • You only pay interest on what you actually borrow
  • You can borrow, repay, and borrow again
  • They can be more flexible than a fixed installment loan
  • They may carry lower rates than credit cards
  • They can work well for uneven or uncertain expenses

What to watch out for

  • Easy access can turn into repeated borrowing
  • Minimum payments can make debt feel smaller than it is
  • Variable rates can rise over time
  • Interest-only style repayment can slow progress
  • A flexible product still needs a repayment plan

Personal line of credit vs personal loan vs credit card

These products solve different problems. The best choice depends on how you plan to use the money.

Product Best when Repayment style Things to keep in mind
Personal Line of Credit Costs may come in stages or you want ongoing access to funds Flexible monthly repayment with reusable credit room Strong for flexibility, but easier to keep carrying debt if you only make minimum payments
Personal Loan You know the exact amount you need upfront Fixed installments over a set term Easier to budget because payments are structured
Credit Card Short-term everyday spending or very short borrowing windows Revolving balance with minimum monthly payment Convenient, but often much more expensive if you carry a balance

When a personal line of credit makes the most sense

A personal line of credit is often strongest when flexibility matters. That could mean funding a renovation in stages, creating a lower-cost backup to a high-interest card balance, or keeping emergency access available without borrowing the full amount immediately.

It can also be a useful middle ground between a rigid installment loan and a more expensive revolving product like a credit card.

Friendly pro tip

The best way to use a personal line of credit is to treat it like a controlled tool, not extra income. Go in knowing why you are borrowing, how you will repay it, and how long you want the balance to stay open.

Before you apply

A few quick checks can help you choose more confidently.

Review the rate type

Know whether the rate is variable and how changes could affect your payment.

Understand the minimum payment

A small minimum can feel comfortable, but it may keep the balance around much longer.

Match the product to the job

If you want structure, a personal loan may fit better. If you want flexibility, a line of credit may fit better.

Best next steps

Compare offers, run the numbers, and make sure the repayment plan is as clear as the borrowing plan.

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Find your perfect Personal Line of Credit

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