What is a Personal Loan?
Need extra funds? A Conexus Personal Loan offers flexible terms with fixed and variable rate options, designed to fit your needs. Whether you're planning a major purchase, consolidating debt, or need funds for a special project, a Personal Loan from Conexus provides a clear path to manage your finances.
Why choose a Personal Loan?
Predictable fixed payments
Fixed monthly payments make it easier to budget and plan your finances.
The predictability of fixed monthly payments makes it easier to budget and plan your finances. Your payment amount stays the same throughout your term, so there are no surprises — you always know exactly what’s coming out of your account and when.
Lower rates than credit cards
Save money over time with interest rates lower than typical credit cards.
Personal Loan interest rates are typically lower than credit card rates, helping you save money over time. If you’re carrying a balance on a higher-rate card, consolidating to a Personal Loan can meaningfully reduce your total interest costs.
Flexible use
Finance large purchases, pay for travel or consolidate debt into one easy loan.
Use your Personal Loan for financing large purchases, paying for travel or consolidating multiple debts into one easy-to-manage loan with a single monthly payment. One loan. One payment. One clear path forward.
Loan protection available
Optional life, disability and critical illness insurance protects your payments.
Optional loan protection through life, disability and critical illness insurance ensures your loan payments are protected in case of illness, injury or death — providing peace of mind for you and your family when it matters most.
Build your credit score
Strengthen your credit history with every on-time payment you make.
Making your loan payments on time is one of the most effective ways to strengthen your credit score in Canada. Your payment history is reported to Canadian credit bureaus, so every on-time payment builds your financial foundation for the future.
Pay it off faster
Make accelerated payments or increase your payment amount any time, without fees.
With flexible payment options, choose a weekly, bi-weekly, semi-monthly or monthly schedule. You can make accelerated payments or increase your payment amount at any time, allowing you to pay off your loan faster without additional fees.
How does it work?
Start by meeting with a Conexus Advisor to discuss your borrowing needs. You’ll need to provide identification, proof of income and a net worth statement. If your loan is secured by your home, you’ll also need your current property tax balance and proof of home insurance.
Your eligibility is based on factors such as your credit history, income and the purpose of the loan. Once approved, you’ll receive the funds as a lump sum and can manage your loan through Conexus online banking.
Choose a payment schedule that works for you, including weekly, bi-weekly, semi-monthly or monthly payments. You can also make accelerated payments or increase your payment amount at any time to pay your loan off faster without additional fees.
Choosing between a fixed or variable rate.
Fixed-rate Personal Loan
- Predictable payments: A fixed-rate Personal Loan ensures your interest rate stays the same for the entire term, so your monthly payments won’t change.
- Fixed term lengths: Fixed-rate loans are available with terms of up to 5 years. If your loan is amortized over a longer period, the term will still be capped at 5 years. This allows you to have lower monthly payments, but you may need to make a larger final payment to fully pay off the loan.
Variable-rate Personal Loan
- Rate adjustments: A variable-rate Personal Loan is linked to the prime interest rate, which can fluctuate during the term of the loan.
- Flexible terms: Variable-rate loans can have terms longer than 5 years. If the amortization period exceeds the loan term, you may enjoy lower monthly payments, but you'll likely need to renew the loan to pay off the remaining balance at the end of the term.
- Impact of interest rates: If interest rates rise, your payments may stay the same, but your loan term could extend
Is this right for you?
Right for you if you:
- Need to finance a major purchase such as a vehicle, home renovation, or vacation.
- Are looking to consolidate high-interest credit card debt into one manageable, lower-interest payment.
- Prefer fixed payments, ensuring that you know exactly what you’ll pay each month without worrying about fluctuating interest rates.
May not be right for you if you:
- Require more borrowing flexibility. If you need access to funds multiple times, a line of credit may be a better option.
- Are making a short-term, smaller purchase. A credit card could be more practical if you can pay it off quickly.
- Struggle with repayments. Missing payments can impact your credit score. A budget review with a Financial Advisor may be a better first step.
See what you can afford, before you commit.
Common questions.
Here’s what people ask us the most.
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A Personal Loan can help you finance a major purchase, home renovation, vacation, special project or other personal expense. You can also use one to consolidate higher-interest debt into a single payment.
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The amount you can borrow depends on factors such as your income, credit history, existing debt and the purpose of the loan. Your Advisor can help you understand how much you may qualify for.
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Start by booking an appointment with a Conexus Advisor. You’ll need to provide identification and proof of income and may need to provide additional financial information depending on your loan.
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You can choose weekly, bi-weekly, semi-monthly or monthly payments. You can also increase your payment amount or make accelerated payments to pay your loan off faster without additional fees.
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Your credit history is one of the factors considered when determining loan eligibility. Your Advisor can explain what’s involved when you apply and how borrowing may affect your credit.
We’re here to help.
Have questions about our loan options, rates, payments or the application process? Fill out our quick form and a member of our team will be happy to help.
