Personal loans in Canada are made only to individuals, and most banks and lending companies have conditions about what you can use a personal loan for. There are different types of personal loans, including secured, unsecured, and reverse loans (explained below). The lenders partnered with Loans Canada typically offer interest rates as low The Bank Rate and deposit rate were also cut by 50bps to 1% and 0.5%, respectively. Interest Rate in Canada averaged 5.86 percent from 1990 until 2020, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009.