Securing a personal loan as an international student in Canada can be challenging, especially when factoring in co-signer requirements, varying interest rates, and specific eligibility criteria.
However, many financial institutions and platforms have tailored solutions to meet the needs of international students.
This guide outlines the 9 best personal loan for international students in Canada, helping you navigate your options to fund your education and related expenses.
Best Personal Loan for International Students in Canada
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $50,000 | No | 9.5% – 12% | Up to 20 years | Enrolled in a partnered university |
| MPOWER Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 10 years | Studying in eligible programs |
| RBC Royal Bank Student Line | Up to $100,000 | Yes | Prime + 1% | Flexible | Full-time students in Canada |
| CIBC Education Line of Credit | Varies | Yes | Prime + 1% | Flexible | Enrolled at Canadian institutions |
| HSBC Student Line of Credit | Up to $20,000 | Yes | Prime Rate | Varies | International students with visa |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible programs |
| TD Canada Trust | Up to $60,000 | Yes | Prime + 1% | Varies | Full-time student in Canada |
| Windmill Microlending | Up to $15,000 | No | 5% fixed | Up to 5 years | Credential-related expenses |
| BMO Student Line of Credit | Up to $45,000 | Yes | Prime + 1% | Flexible | Enrolled in Canadian universities |
1. Prodigy Finance
- Loan Amount: Up to $50,000
- Interest Rates: 9.5% – 12%
- Loan Terms: Up to 20 years
Prodigy Finance offers loans specifically for international students without requiring a co-signer.
Loan eligibility is determined by the student’s future earning potential rather than their current financial standing. Repayment starts six months after graduation.
2. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 11.99% – 13.99%
- Loan Terms: 10 years
MPOWER is a popular choice for international students, offering loans without the need for a co-signer or collateral. Students also benefit from career support and scholarships.
3. RBC Royal Bank Student Line of Credit
- Loan Amount: Up to $100,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
RBC offers lines of credit tailored for international students. A co-signer with a strong Canadian credit history is required.
4. CIBC Education Line of Credit
- Loan Amount: Varies
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
Designed for international students studying at Canadian institutions, CIBC’s loans come with interest-only payments while in school.
5. HSBC Student Line of Credit
- Loan Amount: Up to $20,000
- Interest Rates: Prime Rate
- Loan Terms: Varies
This option is ideal for students who need moderate funding. A Canadian co-signer is required, and funds can be accessed as needed.
6. College Ave Student Loans
- Loan Amount: Up to $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
A U.S.-based provider, College Ave specializes in offering flexible personal loans for international students in eligible programs.
They do not require a co-signer, making it convenient for students without Canadian ties.
7. TD Canada Trust
- Loan Amount: Up to $60,000
- Interest Rates: Prime + 1%
- Loan Terms: Varies
TD’s loans are accessible to students with a Canadian co-signer, offering competitive rates and repayment flexibility.
8. Windmill Microlending
- Loan Amount: Up to $15,000
- Interest Rates: 5% fixed
- Loan Terms: Up to 5 years
Windmill is perfect for international students pursuing credentials or certifications to further their careers in Canada.
9. BMO Student Line of Credit
- Loan Amount: Up to $45,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
BMO provides financial support to international students with a Canadian co-signer, offering interest-only payments during the study period.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get a personal loan in Canada without a co-signer?
Yes, providers like Prodigy Finance, MPOWER Financing, and College Ave Student Loans do not require a co-signer, making them excellent choices for international students.
What is the typical interest rate for personal loans for international students?
Interest rates range from as low as 5% (Windmill Microlending) to 13.99% (MPOWER Financing), depending on the provider and loan terms.
What documents are required to apply for a student loan in Canada?
Applicants typically need proof of enrollment, a valid study permit, identification, and, in some cases, a co-signer’s financial details.
Conclusion
Choosing the right personal loan is essential for funding your studies and managing expenses as an international student in Canada.
With options ranging from co-signer-free providers like MPOWER and Prodigy Finance to traditional banking solutions like RBC and BMO, there’s a loan suited for every need.
Carefully evaluate your financial situation, compare interest rates, and ensure the terms align with your repayment ability before making a decision.
