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Desjardins Personal Loan: Low Rates, Big Bank Reach
Desjardins offers some of the lowest starting rates in Canada with the flexibility of credit union membership. But is it the right loan for you?
The Quick Version
Desjardins personal loans combine low starting APRs (5.95%) with flexible terms from 12 to 60 months. Members get perks like easier online applications, but non-members can still apply with a call. The max loan amount is CAD 50,000, making it ideal for significant expenses. However, if you aren't a member, the process might feel cumbersome.
Desjardins Personal Loan
Desjardins Personal Loan review
Desjardins Personal Loan
What You Get
Desjardins offers personal loans from CAD 3,000 to CAD 50,000 with APRs ranging from 5.95% to 11%. Terms are flexible, spanning 12 to 60 months. Members can apply directly through the mobile app or online, while non-members need to schedule a call. You can choose between a fixed or variable rate, and switch between them as needed.
What's Actually Good
The low starting APR of 5.95% is a standout feature, especially when compared to most big banks. The ability to switch between fixed and variable rates offers great flexibility, which isn't something you get everywhere. Being part of a credit union means members might enjoy more personalized service and potentially better terms.
The Catch
If you're not a Desjardins member, applying isn't as seamless. You'll need to book an appointment, which can delay the process. Plus, the APR can climb to 11% depending on your creditworthiness. There's no mention of origination or prepayment fees, but it's always wise to ask.
Who Should Apply
This loan is best for individuals with a high credit score who are already Desjardins members — you'll get the most benefit from the low rates and easy application process. If you're looking for a loan of up to CAD 50,000 and prefer the personalized service of a credit union, this should be on your shortlist.
The Bottom Line
If you're a member, Desjardins offers a compelling mix of low rates and flexibility. Non-members might find the application process a bit tedious. For more insights on choosing the right personal loan, check out Why Your Personal Loan Choice Matters: APRs and Fast Approvals.
