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Get a $1,000 loan

Apply online for a $1,000 loan and get your money on the same day.

If you’re looking for a $1,000 loan, you can get an installment loan or payday loan. Installment loans are a type of personal loan that have higher rates but more lenient eligibility requirements than traditional personal loans. Payday loans are loans of up to $1,500 that you typically repay by your next payday. Since they are very expensive, borrowers should use them as a last resort.

Get a $1,000 installment loan

Compare lenders that offer $1,000 installment loans.

1 - 5 of 5
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Installment Loan
8.00% - 46.96%
$500 - $50,000
4 - 60 months
Requirements: min. credit score 300
SkyCap Installment Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $1,666/month, full time employment/pension, min. credit score 575, no bankruptcy
Spring Financial Installment Loan
17.99% - 46.96%
$500 - $35,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoanConnect Installment Loan
32.00%
$500 - $2,500
3 - 6 months
Requirements: min. credit score 300
Mogo Installment Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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Features of an installment loan

  • Interest rates. Interest rates range between 7% and 47% based on your credit score, lender and other personal factors.
  • Loan terms. Term lengths often last between 6 months and 5 years. A longer loan term gives you smaller monthly payments, but you could pay more interest overall.
  • No prepayment penalties. Many lenders allow you to pay off your $1,000 loan early without facing any fees.
  • Bad credit is considered. It is possible to get a $1,000 loan with bad credit below 560. However, you’ll be charged high interest rates.

How to apply for a $1,000 loan

The process to get an installment loan online is straightforward:

  1. Apply online. Provide details such as your name, contact information and employment information.
  2. Get pre-approved. Many online lenders are fast, and you can get a decision within minutes of applying.
  3. Get verified. If you’d like to proceed with the offer, provide documents to verify your income and identity.
  4. Get official approval. Review and sign your contract.
  5. Get your $1,000 loan. You should receive your money via e-transfer or direct deposit.

Compare $1,000 installment loans

Get a $1,000 payday loan

Compare online lenders that can offer $1,000 payday loans.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider payday loan alternatives:
  • Visit 211.ca. A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.
1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NL, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
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Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & PEI $15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $14 per $100 borrowed
Northwest Territories, Nunavut & the Yukon Up to $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Features of a payday loan

  • Fast. You can get a payday loan in as little as 1 hour.
  • Lenient eligibility requirements. Payday loans are fast and easy to get because lenders have flexible eligibility requirements. You can get a payday loan with bad credit and low income.
  • Very high rates. Payday loans are easy to get, but expect to pay $14 to $25 for every $100 borrowed. The fee depends on your province.
  • Very short loan term. Payday loans are typically repaid by your next payday, up to 62 days.

How to apply for a $1,000 payday loan

  1. Apply online. Provide details such as your name, contact information and income. Connect your bank account for online bank verification.
  2. Get an instant decision. Lenders will let you know whether you’re approved or denied.
  3. Get your loan offer. Review the contract and sign.
  4. Get your $1,000 loan. Once you submit your signed contract, lenders can e-transfer your money to you within minutes.

Compare $1,000 payday loans

Are there bad credit loans with guaranteed approval for $1,000?

There are no legitimate bad credit loans with guaranteed approval for $1,000. Reputable lenders will always evaluate an applicant’s financial situation before approving them for a $1,000 loan. If you encounter a lender advertising a $1,000 bad credit guaranteed approval loan, it’s either a scam, predatory or it has fine print that actually doesn’t make it guaranteed. Be sure to apply to a legitimate lender so you don’t put your personal information and finances at risk.

If you’re looking for a $1,000 loan with bad credit, apply to legitimate lenders with flexible requirements.

Legitimate providers of $1,000 loans for bad credit

Personal loan providerKey featuresEligibility requirements
Loans Canada logo
  • Loan term: 4 - 60 months.
  • Interest rates: 5.4% - 46.96%.
Requirements: min. credit score 300Go to site
LoanConnect logo
  • Loan term: 3 - 6 months.
  • Interest rates: 32.00%.
Requirements: min. credit score 300Go to site
Mogo logo
  • Loan term: 6 - 60 months.
  • Interest rates: 9.90% - 46.96%.
Requirements: min. income $13,000/year, min. credit score 500Go to site

Best bad credit loans in Canada

What are the eligibility requirements for a $1,000 loan?

If you’re looking to get approved for a $1,000 loan, basic requirements for lenders include the following:

  • Age. You must be at least 18 years old, or the age of majority in your province or territory.
  • Residency. You must be a Canadian citizen or permanent resident.
  • Income. You need to be earning some sort of income whether it’s from employment, government benefits or pension. Some lenders may have a minimum of how much you need to earn.

How to compare $1,000 loans

Below, we’ve broken down some factors you’ll need to take into account before you apply for and accept a loan.

  • What’s the interest rate? Interest rates for payday and installment loans can vary significantly from one lender to another. It’s always best to compare different lenders in order to know if the rate is competitive.
  • Can you repay based on the loan term? Will you have the funds to repay a payday loan by your next payday? If you’re unsure, avoid taking it out in the first place. If you get an installment loan, how much of a monthly repayment can you afford?
  • What are the fees and charges? Lenders may charge fees in addition to the interest rate. Both payday loan lenders and installment loan lenders may charge you late/missed payment fees and fees if you go into default.
  • Is there repayment flexibility? You can repay payday loans and installment loans early without paying penalties. Some installment loan lenders let you choose the frequency of your payments, whether that’s weekly, bi-weekly or monthly.
  • What is the reputation of the lender? Given that the Internet has given rise to a number of online lenders, it can be difficult to navigate between legit lenders and scammers. Always choose a reputable and trustworthy lender by thoroughly researching companies online and ensuring they comply with any provincial regulations.

How do you know if a payday lender is legit?

How much will a $1,000 loan cost?

The actual amount you will pay for your $1,000 loan will depend on the type of loan you apply for, your loan term and your interest rate.

For example, if you live in Ontario, a $1,000 payday loan will have a borrowing fee of $150 for a total loan cost of $1,150.

A $1,000 installment loan with an interest rate of 46.96% and a 6-month term will cost $141.34 every month for 6 months for a total loan cost of $1,141.34, which is slightly less than a payday loan. If you stretch that to an 8-month term, it’s around $184 per month for a total loan cost of $1,184, which is more than a payday loan.

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Can I get a $1,000 loan with no credit check in Canada?

No credit check loans are available, but consider whether applying for a loan with no credit check is necessary. Lenders will likely still require you to list all forms of income and any debts you currently have on your application in order to ensure you’ll be able to pay back your $1,000 loan in time. Also, most payday lenders will consider you for a loan even if you have a few bad credit listings on your file.

Keep in mind that every legit lender will have some sort of criteria for you to meet. Without a credit check, you’ll still need to meet other requirements, like minimum age and proof of stable income, to qualify for a loan. If a lender advertises “guaranteed” loans, it’s likely a scam.

The pros and cons of $1,000 loans

  • Quick turnaround time.
    These types of loans can be processed within a couple of hours and can be in your bank account in as little as an hour or 1 business day. If you apply in person for a $1,000 loan, you can have the loan even quicker.
  • Minimal documentation required.
    You don’t have to upload various documents to support your application. For instance, you can usually supply your online banking details rather than upload 3 months of your bank statements.
  • Higher interest fees.
    Loans with shorter terms such as payday loans will come with high interest rates.
  • Not all lenders are reputable.
    There are lenders who may try to take advantage of people who need cash quickly. Always do your research on the lender before submitting a loan application and choose one who is trustworthy and reputable.

How to increase your chances of being approved for a $1,000 loan

While there is no definite way to make sure a lender approves your loan application, you can increase your changes of being approved by making use of the following tips:

  • Check the eligibility criteria. Each lenders has a list of eligibility criteria that you will need to meet in order to be approved for a $1,000 loan. Take some time to go through these requirements before applying. If you have any questions or doubts about any part, you can always call the lender and clarify. Avoid applying for loans that you are not eligible for since this could damage your credit score slightly.
  • Go through your credit report. It’s a good idea to get a free copy of your credit report online before you apply for any type of credit. Understanding your credit history will put you in a better position to know what loans you can and can’t apply for. Furthermore, if you find any mistakes on your credit report, you can contact one of the credit bureaus – TransUnion or Equifax – and have them remove the mistake from your credit history.
  • Limit your applications. Every time you apply for a loan, it counts as an inquiry on your credit report, which takes about 5 points off your credit score. Submitting too many applications can negatively affect your credit score. If you want to compare your options without going through the hassle of applying to multiple lenders, try a lender-matching service instead.

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