Canal Bank offers both secured and unsecured loans. The amount you are approved to borrow, interest rate and APR are determined by a variety of factors, including your credit score. Once you’re approved for your loan, you can use the loan to:
Rates as of February 5, 2025
| Credit Score* | Term | Interest Rate (Secured) | APR** | Interest Rate (Partially Secured) | APR** | Interest Rate (Unsecured) | APR** |
|---|---|---|---|---|---|---|---|
| 740 & Above | 0 to 48 Months | 8.00% | 8.00% | 9.25% | 9.25% | 11.25% | 11.25% |
| 740 & Above | 49 to 60 Months | 8.50% | 8.50% | 10.50% | 10.50% | -- -- | -- -- |
| 700-739 | Up to 48 months | 9.50% | 9.50% | 11.00% | 11.00% | 13.00% | 13.00% |
| 700-739 | 49 to 60 Months | 10.25% | 10.25% | 11.75% | 11.75% | -- -- | -- -- |
| 675-699 | Up to 48 months | 12.00% | 12.00% | 14.25% | 14.25% | -- -- | -- -- |
| 675-699 | 49 to 60 Months | 12.50% | 12.50% | 14.75% | 14.75% | -- -- | -- -- |
| 674 & Below | up to 48 Months | 13.00% | 13.00% | 15.00% | 15.00% | -- -- | -- -- |
| 674 & Below | 49 to 60 months | 13.50% | 13.50% | 15.50% | 15.50% | -- -- | -- -- |
| Credit Score* | Term (Months) | Amount Borrowed | Monthly Payment | Total Loan & Interest |
|---|---|---|---|---|
| 740 & Above | 48 | $5,000 | $122.06 | $5,859.12 |
| 740 & Above | 60 | $5,000 | $102.58 | $6,154.99 |
| 700-739 | 60 | $5,000 | $106.85 | $6,411.12 |
| 675-699 | 60 | $5,000 | $112.49 | $6,749.39 |
| 674 & Below | 48 | $5,000 | $134.14 | $6,438.58 |
| Credit Score* | Term (Months) | Amount Borrowed | Monthly Payment | Total Loan & Interest |
|---|---|---|---|---|
| 740 & Above | 48 | $5,000 | $129.84 | $6,232.04 |
| 700-739 | 48 | $5,000 | $134.14 | $6,438.58 |
**APR = Annual Percentage Rate. The APR represents the maximum amount that may be charged in a year.
There is no minimum period for repayment and the maximum period for repayment is equal to the agreed upon term.
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ABA Routing Transit #: 021301115
Toll-free: 800-836-3711
