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Get a $7,000 loan

Whether you have bad or good credit, find out how much a $7,000 loan could cost you and how to get the best rate.

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Rachel Wait

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Carmen Chai

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Name Product Ratings Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Loans Canada Personal Loan
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Go to site
View details
Spring Financial Personal Loan
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
Go to site
View details
LoanConnect Personal Loan
LoanConnect Personal Loan
Customer Survey:
★★★★★
6.99% - 46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
View details
Mogo Personal Loan
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
Go to site
View details
SkyCap Financial Personal Loan
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
Go to site
View details
Symple Personal Loan
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
Go to site
View details
Fat Cat Loans Personal Loan
Fat Cat Loans Personal Loan
Not yet rated
6.99% - 46.96%
$300 - $50,000
3 - 120 months
Requirements: min. income $1,000/month, min. credit score 300
Go to site
View details
goPeer Personal Loan
goPeer Personal Loan
Not yet rated
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 650, min. 5-year credit history. (Avg. approved rate of 15.80%)
Go to site
View details
Fairstone Secured Personal Loan
Fairstone Secured Personal Loan
Customer Survey:
★★★★★
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
View details
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Whether you’re paying for a new car, home improvements or some unexpected expense, there are plenty of reasons why you might need a $7,000 loan. Many financial institutions in Canada offer personal loans of that size including banks, online lenders and credit unions. There are also $7,000 loan options for those with bad credit. Keep reading to discover loan options, the cost of borrowing and more.

Where can I get a $7,000 loan in Canada?

You can find a $7,000 loan in Canada from banks, credit unions, online lenders and P2P platforms. Learn more about each option below:

Types of $7,000 personal loans

Personal loans come in a variety of forms, from unsecured loans and secured loans to cosigned loans and more. Here’s a look at the most common options to help you decide which type of $7,000 personal loan best suits your needs:

How to get a $7,000 loan with bad credit

If your credit score is below 660, there are still $7,000 loans for bad credit available in Canada especially from online lenders that specifically work with people in these situations. Consider the following 5 steps if you need a $7,000 loan with bad credit:

1. Order a free copy of your credit report

Lenders use your credit report to evaluate your application. You can order a free copy of your full report from one of the major credit bureaus once a year. The process can take a few weeks though, so if you’re pressed for time, you can get your credit score within minutes from an online provider, like Mogo and Borrowell, who will do a soft credit check.

2. Compare your options

Because you’ll encounter higher interest rates on a $7,000 loan for bad credit, compare offers from multiple lenders so you can get the lowest possible rate for your situation. Mogo and Fairstone are examples of lenders that can give you a free quote without impacting your credit score.

3. Check that you meet the eligibility requirements

Besides looking at your credit score, lenders have various other eligibility requirements for $7,000 bad credit loans, like a minimum income threshold. While some lenders are more flexible than others, their lenient requirements come with higher interest rates.

4. Ask about fees and penalties

When researching your options, look into any extra costs beyond the loans interest rate. Fees that can drive up your loan’s costs include a late payment fee, additional NSF fee, origination fee, early repayment penalty and optional loan insurance.

5. Ensure you can manage a $7,000 loan

Make sure you can afford the repayments on a $7,000 loan with bad credit before agreeing to the loan. Falling behind on loan payments will only hurt your credit score more. Your goal is to get the shortest loan term possible so you pay less interest overall, while ensuring that the term isn’t so short that the monthly payments become too high to manage.

  • Avoid predatory lenders

People in bad financial situations are often targeted by predatory lenders. Avoid lenders that pressure you into signing and do not explain the terms of the loan clearly.

Be wary of lenders advertising $7,000 bad credit loans with guaranteed approval. A responsible lender will not guarantee approval. Instead, it’ll evaluate a borrower’s financial situation against clearly defined eligibility requirements before approving an application.

If you want to increase your chances of approval, consider legitimate online lenders that work with bad credit borrowers. With a minimum credit score of 300, you can submit one application to the online broker LoanConnect, for example, to find a selection of lenders that can potentially finance you.

Get a $7,000 personal loan with bad credit

Below are loan providers that specialize in working with bad credit borrowers. They are more likely to approve $7,000 bad credit loans than banks and credit unions.

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

Interest rates: 9.99% - 46.96%

Min. income of $1,800, min. credit score of 500, 3+ months employedGo to siteRead review
MogoLoans Canada is an online broker with the largest lender network in Canada. It specializes in finding lenders for borrowers with bad credit. Submit one simple application to see your lender matches for free.

Interest rates: 6.99% - 46.96%

Minimum credit score of 300, minimum annual incomeGo to siteRead review
SkyCapSkyCap is a reputable lender offering fast personal loans. Apply online and get a decision within minutes.

Interest rates: 19.99% - 39.99%

Minimum credit score of 600, $3,333 minimum income, stable employmentGo to site

Can I get a $7,000 loan with no credit check?

It’s possible to get a $7,000 loan with no credit check or with a soft credit check that won’t dent your credit score. For example, Mogo will do a soft credit check on $7,000 loan applications. If you’re looking for a $7,000 loan with no credit check, you’re best bet is to check into online lenders since they tend to have more lenient loan requirements. Unfortunately, no credit check $7,000 loans will come with higher interest rates because the lender takes on higher risk.

What are my $7,000 loan options if I have good credit?

If you have a good credit score of 660 or higher, you have plenty of options for $7,000 personal loans. A good place to start is with your current bank or credit union since they will be familiar with your finances. It’s also a good idea to compare offers from other banks and credit unions so you can find the lowest rate for your loan. With a good or excellent credit score you may be able to lock in an interest rate ranging from 6.99% to 15% on a personal loan.

Another way to compare your financing options is through an online broker like Loans Canada or LoanConnect. With an online broker, you fill out one application and get matched with lenders that want your business.

How to apply for a $7,000 personal loan

The first step to applying for a $7,000 personal loan is to shop around and compare your options. Although you already know how much you want to borrow, you’ll need to have an idea about how long you need to repay it.

Personal loans can typically be paid off over a period of 6 to 60 months. The longer the repayment term, the lower your monthly repayments will be. But you’ll also end up paying more in interest, making it more expensive overall.

When comparing options, it’s worth changing the length of the repayment term to see how it affects your monthly repayments. Make sure they will be affordable before you click through to apply.

Documents needed apply for $7,000 loans

When you’re ready to make your application, you’ll need the following details to hand:

  • Your name and date of birth
  • Your current address and address history for the past three years
  • Your employment details, including your salary
  • Your bank details

How do I qualify for a $7,000 loan?

As with any type of credit, to qualify for the best $7,000 loan interest rates you’ll need a good credit score. You’ll also need to be over the age of the majority in your province or territory (either 18 or 19 years old) and a Canadian resident.

In addition, you’ll stand a better chance of getting accepted for a loan if you have a regular income – without this, lenders may be concerned about your ability to keep up with the loan repayments.

How much is a $7,000 loan per month?

The table below shows some examples of how much you might pay per month on a $7,000 loan, depending on the interest rate and repayment term.

5% interest10% interest20% interest
1-year term$599.25$615.41$648.44
2-year term$307.10$323.01$356.27
3-year term$209.80$225.87$260.15
4-year term$161.21$177.54$213.01
5-year term$132.10$148.73$185.46
6-year term$112.73$129.68$167.67
7-year term$98.94$116.21$155.44

Each repayment is made up of a portion of the amount borrowed (the capital), plus interest. At first, you’ll chip away at the capital relatively slowly, but by the end of the loan, each repayment will go almost entirely towards paying off the capital.

Personal loan payment calculator

Calculate the potential monthly payments on any $7,000 personal loan you’re interested in using our loan calculator below.

Personal loan monthly payment calculator

Calculate how much you could expect to pay each month on a $7,000 loan.
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Fill out the form and click on “Calculate” to see your estimated monthly payment.

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What credit score do you need to get a $7,000 loan?

To qualify for the most competitive personal loan interest rates, you’ll need an excellent credit score. If your credit score is below par, you may be offered a higher interest rate or be turned away completely.

Before applying for a loan, it’s worth using a free online service to check your credit score so that you won’t be in for any nasty surprises. If your score isn’t as good as it could be, take steps to improve it such as paying bills on time and correcting any errors on your credit report. Spacing out any credit applications by between 3 and 6 months will also help.

Could I get a cheaper loan with a guarantor?

If your credit score is preventing you from getting accepted for a personal loan of $7,000, another option to consider is a guarantor loan.

With this option, you’ll need to find a family member who is willing to step in to cover the loan repayments if you are unable to. Both you and your guarantor will be legally responsible for repaying the loan so it’s important that your guarantor understands the risks. Your guarantor will usually need to have a good credit rating and be over the age of the majority in your province or territory.

Keep in mind that while having a guarantor can increase your chances of getting approved for a loan, it also means their credit score may be damaged if you default on the loan. So make sure they fully understand the responsibility before you both sign.

What can the $7,000 loan be used for?

When applying for a loan, you’ll usually be asked to specify what you plan to use the funds for. You can use a $7,000 personal loan for a wide range of purposes, including to help pay for:

  • Home improvements
  • A wedding
  • A dream holiday
  • A new car

You can also use your loan to consolidate existing debt into one manageable, and hopefully cheaper, monthly payment.

Bottom line

In order to get low rates before applying for a $7,000 loan it helps to get your credit report in good shape and show lenders you’ll be able to repay the loan with a stable income. Even if you have bad credit, there are still loan options available to you. Compare loan products and interest rates to help you decide which lender is the best fit for you. And always remember to ask about any any extra fees before agreeing to the loan so you know exactly how much you have to repay.

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