Get a $1,000 loan

How do I get $1,000 now?

If speed is your top priority, you can get $1,000 now by:

• Applying for an installment loan online. While you won’t get $1,000 right away, it’s possible to get same-day funding.
• Applying for a payday loan. You can get a $1,000 loan in as little as 30 minutes, but it’s best not to get a payday loan of this size since it’s extremely expensive.

Can I get a $1,000 loan with no credit check in Canada?

It’s possible to get a $1,000 loan with no credit check from certain lenders, such as Thunderloan and Captain Cash. Rather than focusing on your credit score, these lenders will focus on your cash flow.

Watch out for extra fees that come with no credit check installment loans, such as surety or broker fees, which can be in the hundreds.

Can I get a $1,000 loan with bad credit?

Yes, there are plenty of alternative lenders in Canada that offer $1,000 loans to people with bad credit, such as Spring Financial and Loans Canada. This amount is attainable with that credit rating.

Are there bad credit loans with guaranteed approval for $1,000?

There are no legitimate bad credit loans with guaranteed approval for $1,000. Reputable lenders will always evaluate an applicant’s financial situation before approving them for a $1,000 loan. If you encounter a lender advertising guaranteed approval, it’s either a scam, predatory or it has fine print that actually doesn’t make it guaranteed. Be sure to apply to a legitimate lender so you don’t put your personal information and finances at risk.

If you’re looking for a $1,000 loan with bad credit, apply to legitimate lenders with flexible requirements, such as the lenders above.

How to increase your chances of approval with bad credit

• Apply to a loan search platform like Loans Canada or LoanConnect.
• Ensure you have no NSF transactions in your bank account in the last 60-90 days.
• Show the lender proof of stable income (full-time employment preferred).
• Show the lender you have more money coming in than going out of your bank account through your bank statements.

How to apply and get your money fast

1. Fill out an online application. Provide details such as your name, contact information and employment information.
2. Get a decision. Many online lenders are fast, and you can find out if you’re approved or denied instantly.
3. Review your contract. Read it thoroughly so you know what rates and terms to expect, and submit when ready.
4. Get your $1,000 loan. If there’s an option for e-Transfer, choose that since it’s faster than direct deposit.

Features of installment loans

Here’s what to expect if you choose to get an installment loan:

• Interest rates. Interest rates range between 18% - 35% based on your credit score, lender and other personal factors.
• Loan terms. Term lengths often last between 3 - 60 months. A longer loan term gives you smaller monthly payments, but you could pay more interest overall.
• No prepayment penalties. Many lenders allow you to pay off your $1,000 loan early without facing any fees.
• Fast. Same-day loans are available online.
• Bad credit is considered. It is possible to get a $1,000 loan with bad credit below 560. However, you’ll be charged high interest rates.

Your other option: Payday loans

If you think payday loans are a better option for your situation, here are their key features:

• Very fast. You can get a payday loan in as little as 30 minutes. Learn more about instant loans.
• Lenient eligibility requirements. Payday loans are fast and easy to get because lenders have flexible eligibility requirements. You can get a payday loan with bad credit and low income.
• Very high rates. Payday loans are easy to get, but expect to pay $14 for every $100 borrowed. The fee depends on your province.
• Very short loan term. Payday loans are typically repaid by your next payday, up to 62 days.

Should I get a $1,000 payday loan or installment loan?

Payday lenders may approve you for a $1,000 payday loan if they think there’s enough room in your budget to repay it. Keep in mind though that getting a payday loan, especially one of this size, could trap you in a cycle of debt. This is because you’re required to repay the amount in full on your next payday, and if your leftover income is not enough to cover your other debts and expenses until your next payday, you could be forced to take out another payday loan.

How much will a $1,000 loan cost?

The actual amount you will pay for your $1,000 loan will depend on the type of loan you apply for, your loan term and your interest rate.

For example, if you live in Ontario, a $1,000 payday loan will have a borrowing fee of $140 for a total loan cost of $1,140.

A $1,000 installment loan with an interest rate of 35% and a 6-month term will cost $184.09 every month for 6 months for a total loan cost of $1,104.53.

How to compare $1,000 loans

Below, we’ve broken down some factors you’ll need to take into account before you apply for and accept a loan.

• What’s the interest rate? Interest rates for payday and installment loans can vary significantly from one lender to another. It’s always best to compare different lenders in order to know if the rate is competitive.
• Can you repay based on the loan term? Will you have the funds to repay a payday loan by your next payday? If you’re unsure, avoid taking it out in the first place. If you get an installment loan, how much of a monthly repayment can you afford?
• What are the fees and charges? Lenders may charge fees in addition to the interest rate. Both payday loan lenders and installment loan lenders may charge you late/missed payment fees and fees if you go into default.
• Is there repayment flexibility? You can repay payday loans and installment loans early without paying penalties. Some installment loan lenders let you choose the frequency of your payments, whether that’s weekly, biweekly or monthly.
• What is the reputation of the lender? Given that the internet has given rise to a number of online lenders, it can be difficult to navigate between legit lenders and scammers. Always choose a reputable and trustworthy lender by thoroughly researching companies online and ensuring they comply with any provincial regulations.

Pros and cons of $1,000 online loans in Canada

What are the eligibility requirements for a $1,000 loan?

If you’re looking to get approved for a $1,000 loan, basic requirements for lenders include the following:

• Age. You must be at least 18 years old, or the age of majority in your province or territory.
• Residency. You must be a Canadian citizen or permanent resident.
• Income. You need to be earning some sort of income, whether it’s from employment, government benefits or pension. Some lenders may have a minimum of how much you need to earn.

How would Canadians pay for a $1,000 emergency expense?

According to data from the Finder: Consumer Sentiment Survey January 2025, when faced with a sudden $1,000 expense, dipping into the emergency fund was Canadians’ first choice (28%), followed by using disposable income (25%) and then a credit card (15%). Personal loans and payday loans ranked as the sixth and seventh most preferred options.

Frequently asked questions

• How do I borrow $1,000 for free?

  It's not possible to borrow $1,000 for free unless you're purchasing a specific item with 0% financing. However, it is possible to get a small loan without interest via cash advance apps.

• Do I need to fax documents in order to apply for a $1,000 loan?

  Most payday lenders operate solely online and have dedicated loan approval systems that make it easy for you to apply. This means not many lenders require you to fax any forms to them – your finances and identity are usually verified online.

• How do I make a repayment on my $1,000 loan?

  Most lenders will automatically direct debit the specified loan amount on the repayment due date. This direct debit will be from your selected bank account.

• What are the interest rates and fees charged on my $1,000 loan?

  Fees vary by the type of $1,000 loan and lender you choose and on the loan's term length. In general, payday lenders come with a fee of $14 for every $100 borrowed, while installment loans come with interest rates between 18% and 35%. There may be additional fees for late payments and defaulting on payments.

• I'm having trouble repaying my $1,000 loan—what do I do?

  It's important to get in contact with your lender as soon as possible before the loan repayment is due. If you do this, you may be able to avoid late payment fees. Many lenders will be able to reschedule payments in order to help you through this difficult financial time. In any situation, speaking to your lender is a good place to start. Always try to keep an open line of communication between yourself and the lender.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 184 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online