🇨🇦 Canada / Loans Rates

Canada Loans Rates & Limits 2026

Official rates sourced from Bank of Canada, Financial Consumer Agency of Canada, Ratehub June 2026.

Last updated: 2026-06-27

Current Rates

Parameter	Value
Bank Of Canada Policy Rate	2.75
Prime Rate	4.95
Personal Loan Average	10.95
Personal Loan Bank Prime Secured	7
Auto Loan Average	7.95
Student Loan Cslp Rate	0
Heloc Rate Typical	6.45
Credit Card Average Purchase Rate	19.99
Payday Loan Max Per 100	14

Parameter	Value
Personal Loan Max Term Years	7
Criminal Interest Rate Annual Max	35
Payday Loan Max Provinces Per 100	15
Canada Student Loan No Interest	Yes
Cslp Repayment Assistance Income Threshold Single	25,000
Heloc Max Ltv	65
Heloc Combined Max Ltv	80

›Canada Student Loans (CSL) have been interest-free since April 2023. No interest accrues during repayment, and the Repayment Assistance Plan (RAP) caps payments at 20% of family income. Loans are written off after 10 years of repayment.
›Home Equity Lines of Credit (HELOCs) are very popular in Canada. They are limited to 65% LTV on their own, and combined first mortgage + HELOC cannot exceed 80% LTV. HELOCs float with the prime rate.
›As of 2025, the criminal interest rate was reduced from 60% to 35% APR (excluding payday loans). This caps effective rates on all loan products, including rent-to-own and installment loans.
›Payday loan regulations are provincial. Most provinces cap rates at $14-$15 per $100 borrowed for a 14-day loan, equivalent to ~365% APR. Quebec caps rates at 35% APR effective annually.