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Get a $5,000 loan

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

Employed and need a loan?Compare lenders
Looking for guaranteed approval with bad credit?Learn more
Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
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
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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.
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
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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.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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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
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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.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
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
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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.
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.
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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.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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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.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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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.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any 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.

Your credit score is one of the key factors that lenders review when you’re looking to take out a $5,000 loan in Canada. If you have good to excellent credit (above 660), you have access to lower interest rates and better terms. If you have fair or bad credit (below 660), your options may be more limited, but you do have options.

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 personal loan. Here’s a look at your options.

$5,000 installment loans for people on benefits

If you are unemployed but have other sources of income such as government benefits, you can apply for the installment loans below.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Installment Loan
32% + brokerage fee
$500 - $2,500
3 - 6 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
Get approved by different lenders in as little as 60 seconds with any credit score. Access resources to help you work toward better finances.
Loans Canada Installment Loan
8.00% to 46.96%
$500 - $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 with lenders for free through one quick application regardless of your financial situation.
Cash Money Installment Loan
46.93%
$500 - $10,000
6 - 60 months
Stable source of income
Min. credit score: 560
Go to site
More Info
Cash Money offers installment loans up to $10,000 for Alberta, Manitoba and New Brunswick residents. Online installment loans are available in Alberta only. Residents of Manitoba and New Brunswick must apply in-store.
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How do I 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. Keep these factors in mind when looking for a $5,000 loan with bad credit:

  • Interest rates. People with bad credit will end up paying higher interest rates compared to borrowers with a solid credit history. Shop around and compare interest rates before agreeing to a bad credit loan.
  • Repayment terms. Make sure you can afford the repayments on a $5,000 bad credit loan, especially since you will have a higher interest rate. Lenders can offer you 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.
  • Fees and penalties. Don’t fixate solely on the interest rate your lender is charging you. Check whether they charge extra fees like late payment fees, origination fees (a fee to to process your application) or fees to pay off your loan early.

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.

The 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.

Get a $5,000 loan with bad credit

Personal loan providerKey featuresEligibility requirements
Picture not describedFlexMoney is an online lender offering unsecured personal loans. Get pre-approval instantly, plus approval within 24 hours. Pay off your loan partially or in full with no penalties. No hidden fees or charges.

Interest rates: 18.90% - 46.93%

- At least 20 years old
- Proof of monthly income for the past 3 months
- Income of at least $2,000 per month
- Valid Canadian ID to confirm your identity, address and phone number
- Valid email address and phone number

– Minimum credit score of 500

Go to site
Spring Financial LogoSpring is an online lender offering fast personal loans. Those filing for bankruptcy or a consumer proposal can also apply. This loan has no fees (except for a $30 NSF fee for a missed payment).

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. You can choose not to proceed.

Interest rates: 9.90% - 46.96%

- Be a citizen or resident of Canada
- Be the age of majority in your province or territory
- Minimum net annual income of at least $13,000
- Must have a credit bureau
- Not currently in bankruptcy or insolvency
- Bank statement showing the last payroll deposited and the last 30-days activity
- Valid ID showing home address

Minimum credit score of 500.

Go to siteRead review
loan connectGet pre-approved in 5 minutes for up to $50,000. Submit 1 quick application to find lenders that can finance you. Once you find a loan, you are sent to the lender, who generally does a soft credit check. If the lender requires a hard pull, it will notify you, and you can choose not to proceed.

Interest rates: 5.75% – 46.96%

- Be the age of majority in your province of residence
- Be a Canadian Citizen or a Permanent Resident
- Any currents debts must total less than 60% of your income

– Minimum credit score of 300

Go 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 scan 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 check, verifying your personal information in more detail. If everything checks out, it will give official approval.

Online lenders are usually fast at giving approval, and some can give approval within 24 hours.

Tips to getting a $5,000 loan with bad credit

To get approved for a $5,000 personal loan with bad credit, consider these actions:

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 loans. There are even lenders whose minimum credit score requirement is the lowest – 300.

To get an idea of what rates you might qualify for, you could apply with lenders who can give you a quote without impacting your credit score. Mogo and Fairstone are examples of lenders who 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 to encounter steep interest rates. Lenders will err on the side of caution and assume your credit score is poor.

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. 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%.

It might also be a good idea 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

Personal loan monthly payment calculator

Find out your potential monthly payments on a $5,000 personal loan with this calculator.

Personal loan monthly payment calculator

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Compare $5,000 loans

What interest rates should I expect on a $5,000 loan?

Your interest rate for a $5,000 loan depends on several factors, including:

  • Loan security. When you back your loan with collateral, such as your house or investments, your interest rate will be much lower compared to unsecured loans. LoanConnect, for example, offers secured loans with interest rates starting at 1.9% and unsecured loans with interest rates starting at 5.75%.
  • Your credit score. Borrowers with bad credit will encounter higher rates. It’s not uncommon for bad credit personal loans to start at 19.99% and go all the way up to 46.96%. If you have good to excellent credit, you could see a range from 6% to 12%.

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

The monthly payment depends on your interest rate and loan term. Below is a breakdown of a $5,000 loan over 3 vs. 5 years at 9%, 15% and 25%.

Interest rateMonthly payment for 3 yearsTotal cost after 3 yearsMonthly payment for 5 yearsTotal cost after 5 years
9%$159.00$5,723.95$103.79$6,227.51
15%$173.33$6,239.76$118.95$7,136.98
25%$198.80$7,156.77$146.76$8,805.40

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:

  • Interest rate. Compare providers to make sure you lock in competitive interest rates. Look at the APR to get a better idea of the true cost.
  • Loan term. Most loan terms range from 6 months 5 years. Shorter terms come with larger payments while longer terms give you smaller payments (but you’ll pay more in interest over time).
  • Fees. Is there a late payment fee? What about an origination or administration fee?
  • Repayment flexibility. Can you choose the frequency of your payments? Can you pay off your loan early without penalties?
  • Eligibility criteria. Many lenders will have specific criteria such as a minimum income or credit score. Make sure you’re eligible for the loan you’re interested in before you take the time to apply.

    How do I apply for a personal loan online?

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

    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 want to proceed, provide documents. Typically, lenders ask to see proof of income, bank statements and a valid photo ID when you apply for $5,000 loans.
    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 one 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 the dotted line.

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