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Get a $6,000 loan

Compare lenders to borrow a secured or unsecured $6,000 loan for people with good or bad credit.

Getting a $6,000 loan should be fairly easy, even for people with bad credit. This is because lenders are more likely to issue small amounts with fewer eligibility criteria since there’s less risk of you defaulting. You’ll usually have to pay higher interest rates for a $6,000 loan, but you’ll be able to pay it off quickly if you make reasonable monthly payments.

Compare $6,000 loans

1 - 8 of 8
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 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.
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
29.9% - 46.9%
$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 1.90%, Unsecured 6.99%-46.96%
$500 - $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.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 500
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More Info
Apply in less than 10 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours. Pay off your loan any time without penalty.
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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Where can I get a $6,000 loan?

You can get a $6,000 loan from banks, credit unions, private lenders and peer-to-peer lending services in Canada.

Bank loans for $6,000

  • Best for: Good to excellent credit

Bank loans usually come with mid-level interest rates and you’ll need a high credit score to qualify for a $6,000 loan. You may be able to borrow money with bad credit if you secure your loan with an asset or get a cosigner.

  • How it works. Apply in person or online. If approved, money will be deposited into your bank account as a lump sum and you’ll pay the loan back over a set term.
  • How do I qualify? Be a Canadian citizen or resident and the age of majority in your province, have a high credit score, regular income and working bank account.
  • Sample lenders. BMO, TD Bank, RBC, CIBC, Scotiabank, HSBC, Canadian Western Bank and National Bank.

Credit union loans for $6,000

  • Best for: Good to excellent credit

Credit union $6,000 loans may come with slightly lower interest rates and more flexible repayment terms than banks. You may be able to apply with bad credit if you get a credit builder loan, secured loan or cosigned loan. You’ll usually need to be a member to apply.

  • How it works. Apply in person or online. If approved for a $6,000 loan, money will be deposited into your bank account as a lump sum and you’ll pay the loan back over a set term.
  • How do I qualify? Be a Canadian citizen or resident and the age of majority in your province, meet credit score and income requirements and have a credit union membership.
  • Sample lenders. Providers include Meridian, Servus, Vancity, connectFirst, Conexus, First West, Steinbach, Alterna Savings and Coast Capital Savings.

Online lenders offering $6,000 loans

  • Best for: Poor to excellent credit

Online lenders usually offer loans with less strict eligibility criteria and higher than average interest rates. You’ll often get your funds deposited in less than 24 hours and there’s less paperwork involved. Borrowers may qualify for a $6,000 loan with bad credit or low income. You can compare $6,000 loan options in our curated list of online lenders in the table above.

  • How it works. Apply online in most cases. You can often get funds deposited into your bank account on the same day you’re approved.
  • How do I qualify? Be a Canadian citizen or resident and the age of majority in your province, meet credit score and income requirements and have a working bank account.
  • Sample lenders. LoanConnect, Spring, Loans Canada, Mogo, Fairstone, SkyCap Financial and FlexMoney.

Peer-to-peer lenders offering $6,000 loans

  • Best for: Fair to excellent credit

P2P loans are usually offered through an online platform that connects you to other Canadians who want to lend you money. Interest rates for these loans will usually be lower than bank or private loans, and you may be able to apply for a $6,000 loan with bad credit in some cases.

  • How it works. The platform connects you with lenders who will send you a lump sum of money plus interest that you pay back through the platform.
  • How do I qualify? Be a Canadian citizen/resident and the age of majority in your province, have a decent credit score and a regular source of income.
  • Sample lenders. Providers include goPeer and the r/borrow subreddit (but be aware that r/borrow is not regulated in Canada and is typically for smaller amounts).

Types of $6,000 loans

You’ll have to choose an unsecured vs a secured loan as well as a variable rate vs a fixed rate loan. The most popular loan type for $6,000 loans is an unsecured fixed rate loan.

Am I eligible for a $6,000 loan?

To get a $6,000 loan in Canada, you’ll usually need to meet the following criteria:

  • Be a Canadian citizen or resident who is the age of majority in your province.
  • Meet income and credit score requirements with your chosen lender.
  • Have a working bank account.
  • Enlist a cosigner or put up an asset as collateral for some bad credit loans.
  • Have an acceptable debt-to-income ratio (usually under 36%)

Steps to apply for a $6,000 loan online

Follow these steps on how to apply for a personal loan to get the $6,000 loan you want.

1. Figure out a budget

Do the math to figure out how much you can afford to pay back each month. Try to choose the shortest term possible that still gives you affordable monthly payments. This will help to cut down on the amount of interest you pay over time.

2. Compare lenders

Compare, compare, compare! This is the best way to get a full picture of how much you should pay based on your credit score and other personal factors. Try comparing lenders with a personal loan broker or get quotes from numerous lenders individually.

3. Get pre-approved when possible

Aim to get preapproved for several $6,000 loans so you can see the actual rates you’ll need to pay (instead of the advertised rates). Getting preapproved for a personal loan won’t affect your credit score and can give you an idea of where you might find the best deal.

4. Finish the application

Fill out an application once you’ve decided on the lender that will give you the best rates and conditions for your loan. You’ll usually need to submit contact details and financial information to apply as well as submit to a credit check.

What is the monthly payment on a $6,000 loan?

Your monthly payments on a $6,000 loan will vary depending on your interest rate and term length. You can use the loan calculator below to calculate the monthly payment on any $6,000 loan offer you’re considering.

Personal loan monthly payment calculator

Calculate how much you could expect to pay each month on a $6,000 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
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

The monthly payment on a $6,000 loan based on interest rates

This example will look at the payments you’ll make on a $6,000 loan over 5 years based on having different interest rates. As you can see, you’ll pay higher monthly payments and a significantly larger loan amount as your interest rates go up.

Interest ratesTotal interestTotal loan costMonthly payment
8.5%$1,385.95$7,385.95$123.10
14.3%$2,432.67$8,432.67$140.54
20.9%$3,718.97$9,718.97$161.98

The monthly payment on a $6,000 loan based on different term lengths

This example will look at the payments you’ll make on a $6,000 loan over three different loan terms – all with the same interest rate of 8.5%. With this example, your monthly payments will go up with a shorter term but you’ll pay less in interest over time.

TermInterest ratesTotal loan costMonthly payment
1 year$279.82$6,279.82$523.32
3 years$818.59$6,818.59$189.41
5 years$1,385.95$7,385.95$123.10

How to find a low interest $6,000 loan

You can try these strategies to find a low interest $6,000 loan in Canada:

  • Shop around. Compare lenders to make sure you lock in the lowest interest rates. Low rates can fall anywhere between 2% and 9.41% (for good credit).
  • Secure your loan. Use an asset as collateral to secure your $6,000 loan and drop your rates by several percentage points.
  • Enlist a cosigner. Ask someone with good to excellent credit to cosign your loan so you can take advantage of their good rates.

How to get a $6,000 loan with bad credit

While you’ll have fewer $6,000 loan options if you have a bad credit score of 659 or less, there are still options. Use these tips to secure a $6,000 loan with bad credit:

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Bad credit lenders

Your best bet is to find lenders who specialize in offering loans of $6,000 loans to bad credit borrowers, which will likely be alternative online lenders – like the ones listed above. Look at eligibility criteria for loans before you start applying and make sure you meet income/credit score requirements.

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Credit builder loan

Check with your local credit union for credit builder loans, which come with lower rates and are designed to increase your credit score. However, you should know that with this type of loan, you will not receive the $6,000 until after you make your on-time loan repayments (with interest).

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Secured or cosigned loan

Asking someone with a better credit score than you to cosign on the loan can help increase your chances of getting approved for a $6,000 loan for bad credit. You can also consider using an asset to secure your payments, which reduces your overall risk factor for the lender and may help you get a approved.

Where to get a $6,000 loan with good credit

If you’re looking for a $6,000 personal loan with good credit (above 660), you have more lower interest rate options, especially from traditional lenders such as banks or credit unions. For reference, National Bank’s interest rate range (as of May 31, 2022) for fixed-rate personal loans is 10.9% – 11.30% and prime+6.5% for variable-rate personal loans.

How to evaluate a $6,000 loan offer whether you have good or bad credit

You can ask yourself the following questions to evaluate your $6,000 loan offer and make sure that the loan is right for you:

  • Am I getting the best rate?
    Rates can be fixed or variable and usually range from 2% to 47%. Compare multiple lenders to make sure you get the best deal.
  • How fast do I need the loan?
    Think about how quickly you need the money. Consider fast personal loans if you need your cash in 24 hours or less.
  • What will my monthly payments be?
    Look for the shortest term with affordable monthly payments. This will cut down on how much interest you pay over time.
  • What is the payment breakdown?
    Before signing anything, examine the payment schedule. Know how much of your repayments is going towards paying the interest vs reducing the principal.
  • What’s the overall cost?
    Some lenders charge fees plus interest on your loan (also known as your APR). Read the fine print to make sure you don’t end up paying too much.
  • Can I get lower interest rates?
    Consider securing your $6,000 loan with an asset or getting a cosigner to bring down the total cost of your loan.
  • Do I really need the money?
    If you’re making a non-essential purchase, it can be better to save up and pay out of pocket to avoid paying interest.

What are the signs of a reputable $6,000 loan lender?

Look for the following signs to make sure you’re working with a reputable lender before moving forward with any $6,000 loan offer:

  1. Online presence. Aim to borrow from companies with a solid online presence, including a well-designed website and readily available email, phone number and office address.
  2. Positive reviews. Look for lenders that have a lot of positive reviews on Google as well as on customer review sites and forums such as Trustpilot and Reddit.
  3. Plain language contract. Only sign loan contracts that are easy to understand and give you all the information you need upfront.
  4. Business licence. Ask for a lender’s business licence if you’re unsure about its legitimacy. This should also be prominently displayed on the lender’s website.
  5. No unsolicited contact. Be wary of lenders that reach out to you unexpectedly and never do business with unknown callers over the phone.
  6. No pressure. Avoid lenders that pressure or rush you into signing a contract.

Compare lenders offering $6,000 loans

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