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Get a $5,000 loan

Compare lenders that offer $5,000 personal loans in Canada for good or bad credit.

Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
5.40% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
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A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
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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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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Apply in less than 5 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours.
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.
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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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
5.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
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Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
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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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.
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
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Use your home equity to get a secured loan with flexible repayment options. Get a free quote without impacting your credit score.

Compare up to 4 providers

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.

Credit score is one of the key factors that lenders review when you’re looking to take out a $5,000 loan in Canada. Those with good to excellent credit above 660 have access to lower rates from banks, credit unions and online lenders. If you have fair or bad credit below 660, you can get approved by an online lender, but be prepared to pay more in interest.

Where can I apply for a $5,000 loan?

The different types of lenders below can help borrowers looking for $5,000 personal loans.

Types of $5,000 personal loans

Just as you have choices in the type of lender, you have choices in the type of $5,000 personal loan. Here’s a look at your options.

How to get a $5,000 loan with bad credit in Canada

Those with bad credit can seek out $5,000 personal loans from online lenders that specifically work with people in these situations. Consider the following steps if you need a $5,000 loan with bad credit:

Order a free copy of your credit report

Your credit report is the true record of your financial history and what lenders will use to evaluate your application. You can order a free copy from one of the major credit bureaus, Equifax or TransUnion, once a year and correct any discrepancies you see by filling a dispute. This can raise your credit score. The process takes a few weeks, so if you don’t have time for that, you can get your credit score within minutes from an online lender who will do a soft credit check. Mogo and Borrowell are examples of lenders that do this.

Compare your options

Because you’ll encounter higher interest rates on a $5,000 loan, compare offers from multiple lenders so you can get the lowest possible rate for your situation. Learn about personal loan interest rates in Canada and get personal loan pre-approval so you have an idea of what rates you qualify for. Mogo and Fairstone are examples of lenders that can give you a free quote without impacting your credit score.

Check that you meet the eligibility requirements

Lenders have their own eligibility requirements for $5,000 bad credit loans, such as minimum income and credit score. Some are more flexible than others, but their lenient requirements come with the price of higher rates.

Ask about fees and penalties

When researching your $5,000 loan options, look into any extra costs beyond the interest rate:

  • NSF fee. This is common for loans, and it is in addition to the NSF fee that your bank will charge for insufficient funds. NSF fees for personal loans are typically between $25 and $50.
  • Late payment fee. Some lenders charge this, while others don’t. It is usually a percentage of the amount owed or a specific dollar amount, whichever is higher.
  • Origination fee. This is a fee to process your loan, and it’s usually a percentage deducted from the loan amount.
  • Early repayment penalty. This fee is also not common for personal loans, so avoid this if there’s a chance you can pay off your loan early.
  • Loan insurance. If you have bad credit, the lender may offer you loan insurance in case you default on you $5,000 loan. Loan insurance is completely optional, so avoid lenders that require you to get it. Insurance makes your loan more expensive.

Check that you can manage a $5,000 loan

Make sure you can afford the repayments on a $5,000 bad credit loan with the rate you’re offered. Personal loans for bad credit typically have loan terms from 6 to 60 months. Your goal is to get the shortest loan term possible so you pay less interest overall, but at the same time, you don’t want the term to be so short that you’ll have a difficult time managing the monthly payments.

Before signing anything, check how much of your payments is going towards the interest vs. principal. You may find that your initial loan repayments are mostly going towards the interest first.

Avoid predatory lenders

People in a bad financial situation are often targeted by predatory lenders. Avoid lenders that pressure you into signing and do not clearly explain the terms of the loan, especially how much it’ll cost you.

    Can you get bad credit personal loans with guaranteed approval for $5,000?

    Be cautious when you encounter lenders offering bad credit personal loans with guaranteed approval for $5,000. No trustworthy lender would guarantee you’ll get approved for a bad credit personal loan worth $5,000. Responsible lenders first look into a borrower’s circumstances, validate their information and income sources, and evaluate their credit history before approving.

    While you should be cautious of guaranteed approval for bad credit personal loans of $5,000, you can increase your chances of approval by opting for legitimate online lenders who specialize in working with borrowers with low credit scores. Online broker LoanConnect, for example, has a minimum credit score of 300. It has a simple application process where you can search its network for your lender matches without affecting your credit score.

    Get a $5,000 loan with bad credit in Canada

    If you find you need $5,000 dollars now with bad credit, you have options. The loan providers below specialize in working with borrowers with bad credit. They are more likely to approve bad credit personal loans for $5,000 than banks and credit unions.

    Personal loan providerKey featuresEligibility requirements
    Spring Financial logoSpring aims for same-day approval and funding.

    Interest rates: 17.99% - 46.96%

    Min. income of $1,800, min. credit score of 500, 3+ months employedGo to site
    Picture not describedGet an instant decision. Pay off your loan with no penalties.

    Interest rates: 18.90% - 46.93%

    Minimum credit score of 500, $2,000 minimum income, employed for 3+ months
    Mogo BitcoinGet a free quote within 3 minutes without impacting your credit score.

    Interest rates: 9.90% - 46.96%

    Minimum credit score of 500, $13,000 minimum annual incomeGo to site

    Can you get instant approval on a $5,000 loan with bad credit?

    If you’re looking for fast approval on a $5,000 personal loan, you might like to consider online lenders. Some online lenders can give instant pre-approval within minutes. Getting pre-approval does not mean you’re guaranteed the loan; it simply means the lender has done a light review of your finances and wants to proceed with your application. It may even provide you with a quote. If you choose to proceed, the lender will do a more thorough review of your finances. If everything looks good, it will give official approval.

    The fastest online lenders can give approval on a $5,000 loan on the same day you submit your application.

    Can I get a $5,000 loan with no credit check in Canada?

    Credit checks are a standard lending practice in Canada, and most lenders will want to run a credit check, especially for a $5,000 loan. If you’re looking for a $5,000 loan with no credit check, be sure to choose a legitimate lender that will evaluate your ability to repay a loan. To do so, they will need to examine your income by looking at your bank statements and/or pay stubs. Be prepared for steep interest rates, because a lender will assume you have a bad credit history.

    Alternative: Bad credit personal loans

    Before getting a $5,000 loan with no credit check, you might wish to consider applying to bad credit lenders that can give you a quote without impacting your credit score. This will give you an idea of what rates you qualify for. But if you decide to proceed, they will conduct a hard credit check later in the process.

    I have good credit. What are my $5,000 loan options in Canada?

    If you have a good credit score (660 or higher), you can get $5,000 personal loans with lower interest rates and better terms. Traditional lenders like banks and credit unions will want your business. For reference, National Bank’s interest rate range for fixed-rate loans is . For variable-rate loans, the range is 10.45–11.20%, but in the current environment, prepare yourself for a rate increase if you get this type of loan.

    You might also want to broaden your search to online brokers such as Loans Canada and LoanConnect so you can compare rates and terms. Since they have access to a large network of lenders, they can match you with those who can offer low interest rates. Their applications are free, you can see your matches within minutes, and you can choose not to proceed.

    Low interest personal loans for good to excellent credit

    How to choose a $5,000 loan

    With so many options for a $5,000 loan in Canada, how do you pick the right one? Consider the following:

    • APRs. Annual percentage rate is the interest rate and fees to finance your loan expressed as an annual cost. It gives you a broader view of the cost of the loan. If your loan has an origination fee, it will be included in the APR.
    • Loan amounts and loan terms. The ranges can vary among lenders. Make sure your top choices can offer the amount and length of time you need. You’ll find that most lenders can lend out $5,000, and that includes large financial institutions.
    • Repayment flexibility. How often will you make payments? Can you pay off your loan early or make payments anytime without penalties? Can you easily manage your loan online?
    • Grace period. Some lenders specify a “grace period.” For example, some of the big banks offer 1 payment that you can skip per year. P2P lender goPeer gives 15 days after the monthly due date with no penalties and no impact to your credit score.
    • Reputation of the lender. Not all lenders are the same. Check reviews from people who have taken out a loan from the lender. If you notice a clear pattern of complaints, you may want to apply somewhere else.

    Personal loan monthly payment calculator

    Calculate your monthly payments on a $5,000 loan
    Your loan
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    Fill out the form and click on “Calculate” to see your estimated monthly payment.


    Compare personal loans
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    What is the monthly payment on a $5,000 loan?

    The monthly payment on a $5,000 personal loan depends on your interest rate and loan term. Below is a breakdown of a $5,000 loan over 3 vs. 5 years at 6%, 15% and 25% (for illustration purposes only).

    Interest rateMonthly payment for 3 yearsTotal cost after 3 yearsMonthly payment for 5 yearsTotal cost after 5 years

    How do I apply for a $5,000 loan online?

    Follow these steps to apply for a $5,000 loan online:

    1. Compare lenders. Compare loan amounts, rates, terms and eligibility requirements to find an option you can afford and qualify for.
    2. Fill out the application. Go to the lender’s website and complete the application. Want to use a lender from our table? Click the Go to site button to get started.
    3. Review and submit. Double-check your application for mistakes before submitting it.
    4. Wait for pre-approval. Wait for a response about whether you are pre-approved or denied.
    5. Upload required documents. If you’re pre-approved and want to proceed, provide documents. Typically, lenders ask to see proof of income, bank statements and a valid photo ID.
    6. Sign and submit your agreement. Carefully read your loan’s terms and conditions before signing anything.
    7. Get your funds. Most lenders offering this amount can send it to your bank account as soon as 1 business day.

    Bottom line

    Whether you have good or bad credit, options to obtain $5,000 loans are readily available in Canada. The types of loans available to you, along with their interest rates and terms, will vary depending on your needs and your credit history.

    Before applying for a $5,000 loan, make sure your credit score is in good shape and you have a stable source of income to increase your chances of approval. Also, compare at least 3 to 5 lenders to help you decide which one is the best fit for you. Remember to double-check for any extra fees or charges before signing on the dotted line.

    Frequently asked questions about $5,000 loans

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