GoodLoan borrowing costs
Personal loan rates, fees and terms
Personal loan rates in Canada can vary by lender, amount, term and financial profile. Therefore, compare the interest rate, APR, payment schedule, fees and total cost before accepting a GoodLoan personal loan. The final figures in an approved offer and disclosure—not a website estimate—apply to the loan.
Current rates and loan terms
Annual interest rate
Annual interest rates range from 5% to 30%. The rate offered depends on the approved loan and borrower circumstances.
Annual percentage rate
GoodLoan’s annual percentage rate (APR) is 31%. APR is separate from the annual interest rate. Review the cost-of-borrowing disclosure before accepting an offer.
Requested principal
Generally $100 to $20,000. Approval may be for less than requested.
Available terms
The maximum loan term is 48 months (4 years), subject to eligibility and approval. The repayment term offered may be shorter.
Payment frequency
Weekly, bi-weekly or monthly where offered and stated in the agreement.
Rate offered
May reflect verified income, obligations, credit information, amount, term and affordability.
Fees and payment policies
| Item | Current intended treatment | Important qualification |
|---|---|---|
| Application fee | $0 | No fee merely to submit an application. |
| Origination fee | $0 | Final disclosure identifies all applicable charges. |
| Prepayment penalty | $0 | Early full or partial payment is intended without penalty. |
| Late fee | $0 under current design | Interest and outstanding payment obligations may continue under the agreement. |
| Returned payment | Up to $5 where permitted | Only if legally permitted and clearly disclosed; external bank fees may be separate. |
| Extension or amendment | No automatic fee | Any approved change requires disclosure and may affect interest or term. |
For general guidance on comparing borrowing costs, see the Financial Consumer Agency of Canada loan information.
Illustrative borrowing examples: check the calculation method
These examples assume a fixed actuarially amortized loan, no additional fees, payments made exactly as scheduled and the APR shown. They are illustrations—not offers. The APRs in these hypothetical comparisons are example assumptions, not GoodLoan’s current 31% APR. These amortized examples also use a different calculation method from the flat-interest planning calculator. Do not treat the two methods as interchangeable or use either illustration as your approved repayment schedule. Actual figures must appear in your offer and disclosure.
| Principal | APR | Term | Frequency | Approx. payment | Total interest | Total repayment |
|---|---|---|---|---|---|---|
| $2,000 | 25% | 12 months | Monthly | $190.09 | $281.06 | $2,281.06 |
| $5,000 | 28% | 24 months | Bi-weekly | $126.08 | $1,556.18 | $6,556.18 |
| $10,000 | 31% | 24 months | Weekly | $129.30 | $3,447.14 | $13,447.14 |
Rounding can cause small differences. Different interest calculations, payment dates or fees change the result.
Prepayment and cancellation rights
GoodLoan’s current product design allows borrowers to make full or partial prepayments without a prepayment penalty. Applicable statutory rights cannot be waived.
GoodLoan intends to provide a 48-hour contractual cancellation period where stated in the approved agreement. Manitoba high-cost credit rules may provide a statutory 48-hour right subject to the legislation. Rights in Ontario and other provinces depend on the applicable law and agreement. Borrowers should follow the cancellation instructions and deadlines in their documents.
Returned and missed payments
If a scheduled debit is returned, the payment remains outstanding. GoodLoan may contact the borrower and may retry or arrange payment only as permitted by the agreement, payment rules and applicable law. A returned-payment charge must be permitted and disclosed.
GoodLoan’s current design does not include a separate late fee. This does not cancel the overdue amount, stop contractual interest or prevent lawful servicing and collection activity.
Rates and fees questions
Is the interest rate the same as APR?
Not always. APR reflects the annualized borrowing cost and may include charges required by law.
Can my rate change after signing?
The current design uses a fixed rate for the agreed term. Any default treatment or amendment must be clearly permitted, disclosed and legally reviewed.
Does a longer term cost more?
It often can. A longer term may lower individual payments while increasing total interest.
Which figures control?
The approved agreement and cost-of-borrowing disclosure control, not a calculator or general website example.
Estimate, then verify
Use the calculator for planning and compare the result with the disclosure provided in any actual offer.