Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Get a $5,000 loan

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

Looking for guaranteed approval with bad credit?Learn more
Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
Go to site
More Info
An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year, no payday loan debt
Min. credit score: 600
Go to site
More Info
Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 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.
Go to site
More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed, no payday loan debt
Min. credit score: 600
Go to site
More Info
An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
Go to site
More Info
An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
Go to site
More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
Go to site
More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
loading

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. Those with fair or bad credit (below 660) can get approved for a $5,000 loan by online lenders at higher interest rates.

Where can I get a $5,000 personal loan?

The different types of lenders below can help those looking to take out $5,000 loans.

Types of 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 only true record of your financial history and what lenders will use to judge your creditworthiness. You can order a free copy from the major credit bureaus once a year and correct any discrepancies you see.

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. You may wish to 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.

Check that you meet eligibility requirements

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

Ask about fees and penalties

When researching your options, look into any extra costs beyond the interest rate, such as late payment fees, origination fees (fee to process your application) or fees to pay off your loan early.

Check that you can manage the loan

Make sure you can afford the repayments on a $5,000 bad credit loan with the rate you’re offered. Personal loans typically have loan terms from 6 months right up to 5 years. 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 can no longer manage the monthly payments.

Avoid predatory lenders

People in a bad financial situation are often targeted by predatory lenders. Avoid lenders that pressure you into signing and also those who 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 will guarantee you’ll get approved for a bad credit personal loan. Responsible lenders first look into a borrower’s circumstances, validate their information and income sources, and evaluate their credit history before approving.

    If you’re looking to increase your chances of approval on a $5,000 loan with bad credit, consider legitimate online lenders who frequently work 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

    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
    Picture not describedGet instant pre-approval from FlexMoney, plus approval within 24 hours. Pay off your loan partially or in full with no penalties.

    Interest rates: 18.90% - 46.93%

    Minimum credit score of 500, $2,000 minimum income, employed for 3+ months
    Spring Financial LogoSpring aims for same-day approval. Those filing for bankruptcy or a consumer proposal can apply.

    Interest rates: 17.99% - 46.96%

    - Age of majority in your province or territory of residence
    - Minimum credit score of 400
    - Minimum income of $1,800
    - 3+ months employed
    Go to siteRead review
    Mogo BitcoinMogo is a direct online lender. Get a personal loan pre-approval in 3 minutes without impacting your credit score.

    Interest rates: 9.90% - 46.96%

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

    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.

    Online lenders are usually fast at giving approval. Some can give approval within 24 hours after submitting 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 worried about getting denied because of your credit, consider online lenders that specialize in bad credit personal loans. There are even lenders whose minimum credit score requirement is the lowest – 300.

    To get an idea of what rates you qualify for, you might wish to consider lenders that can give you a quote without impacting your credit score. Mogo and Fairstone are examples of lenders that can do this. But if you decide to proceed, they will run a hard credit check later in the process.

    If you do encounter a legitimate lender that can offer you a $5,000 with no credit check, make sure you have a stable source of income and be prepared for steep interest rates. Lenders will err on the side of caution and assume you have a bad credit history.

    I have good credit. What are my 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, TD’s interest rate range for fixed-rate loans is 8.83% – 16.03%. For variable-rate loans, the range is 6.33% – 13.58%.

    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, they can match you with lenders who want to finance you. 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 expressed as an annual cost. It gives you a broader view of the cost of the loan.
    • Repayment flexibility. Can you choose the frequency of your payments? Can you change the frequency? Can you pay off your loan early without penalties? Can you make extra payments any time?
    • Origination fee. This is a fee deducted from the loan amount to process your loan, and not all lenders charge this. Ask lenders to break down all fees for you.
    • 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 see any consistent complaints, be cautious.

    Personal loan monthly payment calculator

    Calculate your monthly payments on a $5,000 loan
    Your loan
    Loan amount
    $
    Loan terms (in years)
    Interest rate
    $%

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

    or

    Compare personal loans

    Based on your loan terms...

    You can expect to pay back $ per month

    This breaks down to...

    $ in principaland $ in interest charged, with a total cost of $Compare personal loans

    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
    6%$152.11$5,475.95$96.66$5,799.84
    15%$173.33$6,239.76$118.95$7,136.98
    25%$198.80$7,156.77$146.76$8,805.40

    How do I apply for a personal 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

    More guides on Finder

      Go to site