Banks versus consumer-credit lenders

In Canada, a bank that takes deposits and a firm that only lends can both be licensed — under different permissions — and both sit under OSFI and the FCAC. A familiar high-street name is not automatically cheaper. A specialist lender is not automatically more expensive. Compare APR, fees and the written offer.

What deposit protection does and does not cover

Eligible deposits with a licensed deposit-taker are covered by CDIC coverage. A loan balance you owe is not a deposit. Owing a consumer-credit firm money does not put that debt under the deposit scheme.

Brokers

A broker introduces you to one or more lenders and is paid for the introduction. Judge the resulting offer the same way you would a direct lender. The lender directory and bank list split those roles where we have the data.

Then open personal loans or match. How we get paid: editorial policy. How we score: methodology.