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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.

Name Product Ratings Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Customer Survey:
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Spring Financial Personal Loan
Customer Survey:
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoanConnect Personal Loan
Customer Survey:
6.99% - 46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Mogo Personal Loan
Customer Survey:
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
SkyCap Financial Personal Loan
Customer Survey:
19.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
Symple Personal Loan
Not yet rated
6.99% - 32.00%
$5,000 - $50,000
12 - 84 months
Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies
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 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, like Spring Financial, that often work with borrowers with bad credit. Online broker LoanConnect, for example, has a minimum credit score of 300. You submit one 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
  • Interest rates: 6.99% - 46.96%
  • Loan terms: 3 - 60 months
Canadian resident, age of majority in your province of residenceGo to site
Spring Fiancial
  • Interest rates: 9.99% - 46.96%
  • Loan terms: 6 - 60 months
Min. income of $1,800, min. credit score of 500, 3+ months employedGo to site
  • Interest rates: 18.90% - 46.90%.
  • Loan terms: 12 - 60 months
Min. credit score 570, min. income $1,200/month, 3+ months employedRead review

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 for a $10,000 loan. You can usually find out their decision within minutes. If you’re pre-approved for a personal loan, it simply means the lender wants to proceed with your application and can 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 some can approve a $10,000 loan on the same day.

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 you must pay to get the loan. It gives you a truer view of its cost. 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 six 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 low interest rates.

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% - 13.70%. For variable-rate personal loans, the range is 12.20% - 13.70%.

Variable rate personal loans generally have lower starting rates, but they will change with the markets. Economists expect the Bank of Canada to increase interest rates more, 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. Both have access to a large network of lenders. Fill out one application to get multiple offers and pick the best one.

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

    Plans to get a personal loan in 2023

    Recent data from the Finder: Consumer Sentiment Survey Q2, shows that 20% of respondents plan to take out a personal loan in the next three months.

    How much Canadians plan to borrow

    While the majority of respondents (24%) plan to borrow between $5,000 and $9,999, in the next three months, 22% plan to borrow $10,000 and $14,999, while 21% plan to borrow between $1,000 and $4,999.

    $10,000 personal loan calculator

    Find out your potential monthly payments on a $10,000 personal loan with this calculator. For reference, the average interest rate for personal loan plans according to the Bank of Canada is currently 8.99%, and loan terms usually last up to 60 months, although some can be longer.

    Personal loan monthly payment calculator

    Calculate how much you could expect to pay each month
    Your loan
    Loan amount
    Loan terms (in years)
    Interest rate

    Fill out the form and click on “Calculate” to see your estimated monthly payment.


    Compare personal loans
    You can expect to pay back $ per month
    Based on your loan terms
    Principal $
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    Total Cost $

    Am I eligible for a $10,000 personal loan?

    Every lender has its own unique criteria, but generally, you’ll need to meet the following:

    • Be at least 18 years old.
    • Be a Canadian citizen or resident.
    • Have an active bank account.
    • Meet the minimum credit score.
    • Meet the minimum income.

    How to get a $10,000 personal loan

    1. Compare your options. Determine what type of personal loan best suits your needs. Compare lenders’ loan amounts, loan terms, interest rates, fees and reputation. Check that you meet their eligibility requirements.
    2. Fill out the application with your top choices. This allows you to get pre-approval and compare offers. You’ll need to provide your personal details, such as your name, address, employment, income and debts.
    3. Pick your best offer. Complete the rest of the application by providing any documents the lender may require, such as government-issued ID, recent pay stubs and bank statements.
    4. Get verified. The lender will verify your identity and finances and give approval. Review and sign the contract.
    5. Get funded. You’ll get your money via direct deposit or e-transfer.

    How to compare $10,000 loans in Canada

    • Interest rates. Getting pre-approved will give you an idea of the rates you’re eligible for. Some lenders can give quotes without impacting your credit score. You can also compare personal loan rates in Canada here.
    • Loan term. You’ll need to find a loan term that works for you. Loan terms typically range from 6 - 60 months. A longer loan term will give you lower monthly payments, but you’ll pay more interest over the life of the loan.
    • Fees. Ask about NSF fees, late payment fees, prepayment penalties and origination fees (fee to process your loan).
    • 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.
    • Turnaround time. The time it takes to get your loan approved and for it to arrive in your bank account will differ among lenders. Online lenders can fund loans on the same day or next day, while traditional lenders can take about one to three weeks. If your need for a $10,000 loan is urgent, consider emergency loans.

    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.

    Example: $10,000 loan over 3 and 5 years at 6.99%, 9.99%, 13.99% and 17.99% APR

    Loan amountAPRLoan termMonthly payment amountTotal cost of loanExtra cost compared to cheapest option
    $10,0006.99%3 years$308.73$11,114.11
    $10,0006.99%5 years$197.96$11,877.89$763.78
    $10,0009.99%3 years$322.62$11,614.50$500.39
    $10,0009.99%5 years$212.42$12,745.27$1,631.16
    $10,00013.99%3 years$341.73$12,302.20$1,188.09
    $10,00013.99%5 years$232.63$13,957.84$2,843.73
    $10,00017.99%3 years$361.47$13,013.06$1,898.95
    $10,00017.99%5 years$253.88$15,232.79$4,118.68

    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.

    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 in the last three months minimum.

    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 you get a $10,000 loan with no credit history?

    It’s possible to get a $10,000 loan with no credit if you apply to a lender that doesn’t do credit checks or if you apply to a lender that provides personal loans specifically to people with no credit history. QuadFi is an example. This lender offers loans to people without a credit history in Canada, such as new immigrants. To approve you for a loan, it’ll look at other factors such as your foreign credit history, education and income.

    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 2022 research found that 36% of Canadians plan to take out a loan in 2022 to cover bills for essential fixed costs, 24% to consolidate debt, 19% to cover bills due to a job loss, 15% to buy a car and 14% to cover education. Below are other reasons people take out a loan:

    • Home improvement
    • Invest in property
    • Vacation
    • Buy a recreational vehicle
    • Wedding
    • Pet care
    • Medical emergency
    • Dental bills
    • Going green

    Should you get a $10,000 debt consolidation loan?

    This depends on your personal finances. If you have good to excellent credit and currently have high-interest debts such as credit cards, it might make sense to get a debt consolidation loan since you could get approved for a lower interest rate. Consolidating debt and getting a lower interest rate have several advantages, including simplifying your monthly payments, reducing your interest and getting you out of debt faster. Learn more about the best debt consolidation loans in Canada.

    If you have bad credit, you won’t get approved for a competitive rate. You’ll need to examine whether the rate and loan term you’re eligible for give you the benefits you’re looking for with debt consolidation.

    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.

    Frequently asked questions about $10,000 loans

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