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Get a $10,000 loan

Whether you have good or bad credit, get fast funding from these online lenders offering a $10,000 personal loan in Canada.

1 - 8 of 8
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
Secured from 4.70%, Unsecured 8.00% - 46.96%
$300 - $50,000
3–60 months
Requirements: min. credit score 300
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More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 600
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Connects creditworthy Canadians looking for an unsecured loan with Canadians looking to invest. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
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More Info
If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,600/month, stable employment, min. credit score 550, no bankruptcy
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More Info
Apply in less than 5 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours.
Loanz Personal Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
Requirements: min. credit score 570, min. income $1,200/month, 3+ months employed
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More Info
Apply online and get approved in less than 3 minutes. Receive funds in as little as 15 minutes. Borrowers with bad credit or no credit can apply.
LoanConnect Personal Loan
Secured from 4.99%, Unsecured 5.99% - 46.96%
$100 - $50,000
3–120 months
Requirements: min. credit score 300
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More Info
Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6–60 months
Requirements: min. income $13,000/year, min. credit score 500
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More Info
Get a free quote without affecting your credit score and get an unsecured loan the same day. 100-day money-back guarantee: If you're not happy with your loan, pay back the principal and get the 100 days of paid interest and fees back.
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
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More Info
Use your home equity to get a secured loan with flexible repayment options. Get a free quote without impacting your credit score.
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Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

There are many lenders you can consider when you need to take out a $10,000 loan in Canada, including banks, credit unions and online lenders. Those with good to excellent credit (660 or higher) will have access to lower interest rates and better terms, but if you have fair or bad credit, there are personal loan options available to you.

Where to get a $10,000 loan in Canada

The different types of lenders below can help if you need to take out a $10,000 personal loan.

Types of personal loans

Personal loans come in a variety of forms, from unsecured loans, secured loans, bad credit loans and cosigned loans. Here’s a look at your options to help you decide which type of $10,000 personal loan best suits your needs:

Can I get bad credit personal loans with guaranteed approval for $10,000 in Canada?

Tread carefully if you encounter a lender advertising bad credit personal loans with guaranteed approval for $10,000. These loans are either a scam, predatory or have fine print that actually doesn’t make them guaranteed.

Legitimate, responsible lenders do not guarantee approval. They evaluate a borrower’s financial situation first before approving, and they clearly define their eligibility requirements.

If you want to increase your chances of approval on a $10,000 loan with bad credit, consider legitimate online lenders that often work with borrowers with bad credit. Online broker LoanConnect, for example, has a minimum credit score of 300. You can submit 1 application to find a selection of lenders that can potentially finance you.

Get a $10,000 personal loan with bad credit

Below are loan providers that specialize in working with borrowers with bad credit. They are more likely to approve bad credit loans for $10,000 than banks and credit unions.

Personal loan providerKey featuresEligibility requirements
Loans Canada logo
  • Loan terms: 3–60 months
  • Interest rates: Secured from 4.70%, Unsecured 8.00% - 46.96%
- Be the age of majority in your province of residence
- Be a Canadian resident
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Loanz Logo
  • Borrow $1,000 to $15,000 for 12 - 60 months.
  • Interest rates: 18.90% - 46.93%.
Min. credit score 570, min. income $1,200/month, 3+ months employedGo to site
LoanConnect logo
  • Loan terms: 12 - 60 months
  • Interest rates: 29.90% - 46.90%
Min. credit score 570, min. income $1,200/month, 3+ months employedGo to site

Can I get instant approval on a $10,000 loan with bad credit?

Online lenders are a solid option if you have bad credit and you’re looking for the fastest way to get approved for a $10,000 personal loan. Many online lenders offer instant pre-approval and approval within 24 hours.

What is instant pre-approval?

When you submit an application, online lenders use technology to rapidly evaluate your information and determine whether you are pre-approved or denied. You can usually find out their decision within minutes. If you’re pre-approved, it simply means the lender wants to proceed with your application and may even provide you with a quote.

Next step: Approval

If you want to proceed, then the next stage is official approval. The lender will examine your finances in more detail through a hard credit check. If everything checks out, it can give approval. Online lenders are fast and can give approval within 24 hours.

Questions to ask yourself when getting a $10,000 loan with bad credit

Below are some factors to consider before you apply or sign for a loan:

What is the annual percentage rate (APR)?

The APR is the annual interest rate plus fees to finance your loan. It gives you a truer view of the cost of the loan. People with bad credit will end up paying higher APRs, so before signing a contract, be sure to compare your options first and know how much a $10,000 bad credit loan will cost you overall.

Is there room in my budget for more debt payments?

Before approving you for a $10,000 loan with bad credit, a lender will analyze your current monthly income and debts. To get approved, your income and debts should demonstrate to the lender that you can manage additional loan payments.

Can I improve my credit score first?

This may not be an option if your need is immediate, but if you can wait 6 months, improve your credit score first by paying your bills and existing loan payments on time, because having recent NSF transactions in your bank account will affect a lender’s decision.

How much is going towards the principal?

Before signing a contract, understand exactly how much of your payments is going towards the interest vs. the principal. You might find that your payments will go towards paying the interest first rather than reducing the principal.

Do I meet the eligibility criteria?

Lenders often list their eligibility requirements, such as minimum income and credit score. Also check that the lender you’re interested in is available in your province.

Can I get a cosigner?

Having a cosigner increases your chances of approval on a $10,000 loan and may also lower your interest rate. But make sure your cosigner understands what they’re committing to.

What are my loan options if I have good credit?

If you’re looking for a $10,000 personal loan with good credit (above 660), you have many options, with access to better interest rates and terms.

Traditional lenders such as banks or credit unions will want your business. For reference, National Bank’s interest rate range for fixed-rate personal loans is 9.65–11.30%. For variable-rate personal loans, the range is 10.45–11.20%.

Variable-rate personal loans generally have lower starting rates, but they will change with the markets. Economists expect the Bank of Canada to hike interest rates this year, so if you get a variable-rate personal loan now, be prepared for your rate to increase.

Online brokers as an alternative

To find the best $10,000 loan for you, you could broaden your search to online brokers like Loans Canada or LoanConnect so you can compare interest rates and terms. Since they both have access to a large network of lenders, they can match you with lenders that want to finance you. Their applications are free, and you can see your matches within minutes.

With LoanConnect, the lender you’re interested in will generally do a soft credit check first that does not impact credit score. If the lender requires a hard credit check, it will ask for consent first, and you can choose not to proceed.

If you need to borrow $10,000 fast, applying with an online lender can give you the quickest access to funds (within 24-48 hours).

Low interest loans for good or excellent credit

    Personal loan calculator

    Find out your potential monthly payments on a $10,000 personal loan with this calculator.

    Personal loan monthly payment calculator

    Calculate how much you could expect to pay each month
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    Fill out the form and click on “Calculate” to see your estimated monthly payment.

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    Compare personal loans
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    Based on your loan terms
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    How to get a $10,000 loan

    Basic eligibility requirements

    Every lender will have its own unique criteria, but generally, you need the following:

    • Proof of a regular income, such as pay stubs and bank statements
    • Proof of identity, such as a copy of your driver’s licence or passport
    • An active bank account
    • A permanent address and contact phone number
    • Credit history, as most institutions will do a credit check before approving you

    8 steps to taking out a $10,000 personal loan

    1. Determine what type of personal loan best suits your needs.
    2. Compare lenders’ loan amounts, loan terms, interest rates, fees and reputation.
    3. Check that you meet the loan’s eligibility requirements.
    4. Fill out the loan application.
    5. Get pre-approval.
    6. If you want to proceed, provide documents to support the information you’ve provided.
    7. Get approval.
    8. Review and sign the loan agreement.

    What to consider before you apply or sign for a $10,000 loan in Canada

    • Interest rates. Find out if you can get pre-approved for a personal loan so you’ll have a better idea of the rates you’re eligible for. You can also compare personal loan interest rates in Canada.
    • Loan term. You’ll need to find a loan term that works for you. Loan terms typically range from 6 months to 5 years. A longer loan term will give you lower monthly payments, but you’ll pay more interest over the life of the loan.
    • Additional fees. Ask about extra fees like NSF fees, late fees, prepayment fees, origination fees (fee to process your loan) and more. NSF and late fees are more common than prepayment and origination fees.
    • Turnaround time. The time it takes to get your loan approved and for it to arrive in your bank account will differ among lenders. Make sure the lender you apply with can get your loan amount to you when you need it.
    • Loan insurance. Lenders may offer you insurance to cover you loan repayments in the event of a death, job loss or illness. This is allowed, but the lender should never require it or push you to get it. Loan insurance adds to the cost of your loan and should always be completely optional.
    • Upfront fees. Legitimate lenders will not ask you to pay any fees upfront, so be sure to avoid lenders that do this.
    • No pressure. Avoid lenders that pressure you into signing a contract, and do not rush into an agreement without understanding the terms of your loan, including the APR, repayment schedule and how much interest and fees you’ll pay overall.

    What are the monthly payments on a $10,000 loan?

    Payments will depend on your loan term and interest rate. Longer loan terms will give you lower monthly repayments, but you’ll end up paying more in interest over the life of your loan.

    Your goal is to commit to a repayment plan that fits your budget. You don’t want to overstretch your budget each month by dedicating too much of your income to monthly loan payments. At the same time, you don’t want to choose repayments so low it will take you much longer to get out of debt than what’s necessary.

    Example: $10,000 loan over 5 years

    Martha lives in a semi-detached in Toronto and has decided to replace her master bedroom furniture. She wants a full set including a new king-sized bed frame complete with mattress, 2 bedside tables, a dresser and a standing wardrobe. In total, the furniture set will cost $19,000.00. Her husband John wants to go on vacation, so they don’t want to use all of their savings on the bedroom set. Instead, they will use $9,000.00 in savings and take out a loan for the remaining $10,000.00. Since in-store financing is too expensive, they head online to compare lenders. They settle for a personal loan from their local bank and are approved for $10,000.00 at a 9% fixed rate.

    Martha’s $10,000 loan over 5 years will cost $12,455.01 in total (interest of $2,455.01). Her monthly payment will be $207.58.

    Cost of furniture$19,000.00
    Loan typePersonal loan
    Loan amount$10,000.00
    Interest rate9%
    Loan term5 years
    Additional feesNone
    Monthly payment$207.58
    Total interest$2,455.01
    Total loan cost$12,455.01

    *The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

    Can I get a $10,000 with no credit check in Canada?

    There are lenders in Canada that offer $10,000 loans with no credit check, but you’ll be offered steep interest rates, you may need to provide collateral such as your car, and you’ll need to make sure you find a legitimate lender.

    Instead of assessing your credit score, no credit check lenders examine your income and bank statements to make sure you can afford the loan. To get approved, your income must be stable, and your bank account activity should have little to no NSF payments.

    What credit score do I need for a $10,000 loan?

    To get approved for a $10,000 loan, you typically need a good credit score above 660 or a fair credit score that’s close to 660. If you have bad credit below 560, it may be possible to get a $10,000 loan if you apply to an online lender, but you’ll need to show the lender there’s room in your budget for additional loan payments by providing them details about your current income and debts. To increase your chances of approval, your bank account shouldn’t have recent NSF transactions, and you may need to put up collateral.

    If you don’t qualify to borrow $10,000, an online lender may approve you for a smaller amount.

    Can I get a $10,000 personal loan if I’m unemployed?

    Lenders want to make sure you can repay your personal loan, so if you’re unemployed, they will want to know that you’re receiving some other kind of income that will allow you to pay back your loan. While it depends on the lender, some accept alternative forms of income such as Employment Insurance (EI), government benefits, private pensions, CPP and OAS, investment income and others.

    At the end of the day, you’ll need to prove that you can afford to make your loan repayments.

    What can I use a $10,000 personal loan for?

    Lenders don’t generally put restrictions on how you can use your loan. That flexibility is one of the reasons why personal loans are such a popular financing option. For example, our 2021 research found that 41.3% of Canadians took out personal loans to buy a car, 19.5% to finance a mortgage, 15.8% to consolidate debt and 13.2% to finance home renovations. Here is a list of ways people tend to use personal loans:

    • Home improvement
    • Vacation
    • Debt consolidation
    • Buying a car
    • Buying a boat or jet ski
    • Wedding
    • Pet care
    • Education
    • Dental bills
    • Going green

    Bottom line

    Put your best financial foot forward before you apply for a $10,000 personal loan. It’s a large sum to ask to borrow. Get your credit in great shape, stay on top of your bills and show lenders you have a stable income source to make your repayments. Compare loan products and interest rates available on our website to help you decide which lender is the best fit for you and remember to double-check for any extra fees or charges before agreeing to a loan. Good luck!

    Frequently asked questions about $10,000 loans

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