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Get a $10,000 loan

Whether you have good or bad credit, get fast funding from these online lenders offering a $10,000 personal loan in Canada.

1 - 6 of 10
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Fora Line of Credit
Finder Score:
19.90% - 46.90%
$1,000 - $10,000
Requirements: Steady source of income
Spring Financial Personal Loan
Finder Score:
Customer Survey:
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
Customer Survey:
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
Customer Survey:
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
Mogo Personal Loan
Finder Score:
Customer Survey:
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fat Cat Loans Personal Loan
Finder Score:
4.84% - 35.99%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300

If you need to take out a $10,000 loan in Canada, there are plenty of lender options, including banks, credit unions and online lenders. Those with good to excellent credit (a credit score of 660 or higher) will get access to lower interest rates and better loan terms. Borrowers with fair or bad credit (a credit score below 660) will need to shop competitively to find the best personal loan terms and rates.

Where to get a $10,000 loan in Canada

You can take out a $10,000 personal loan in Canada from four types of lenders: banks, credit unions, online lenders and peer-to-peer platforms.

Types of personal loans

Personal loans come in a variety of forms, from unsecured loans to secured loans, bad credit loans, and cosigned loans. Here’s a look at your options to help you decide which type of $10,000 personal loan best suits your needs:

Can I get bad credit personal loans with guaranteed approval for $10,000 in Canada?

Be very careful if you encounter a lender advertising bad credit personal loans with guaranteed approval for $10,000. These loans are either scams or predatory and the fine print will prove that these loans are not guaranteed.

In Canada, legitimate lenders do not guarantee approval. They evaluate a borrower’s financial situation first before approving any form of financing, and legitimate lenders clearly define their eligibility requirements.

If you want to increase your chances of approval on a $10,000 loan with bad credit, consider legitimate online lenders, like Spring Financial, that often work with borrowers with bad credit. Online broker LoanConnect, for example, has a minimum credit score of 300. With these lenders, you submit one application and they match you with a list of lenders that are best suited to providing you with a bad credit personal loan.

Get a $10,000 personal loan with bad credit

Below are loan providers that specialize in working with borrowers with bad credit. Compared to banks and credit unions, these lenders are more likely to approve bad credit loans for $10,000.

Personal loan providerKey featuresEligibility requirements
Spring Fiancial
  • Interest rates: 10.8% - 46.99%
  • Loan terms: 6 - 60 months
Min. income of $2,000, min. credit score of 550, 3+ months employed
  • Interest rates: 8.99% - 46.96%.
  • Loan terms: 3 - 120 months
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Loans Canada
  • Interest rates: 6.99% - 46.96%
  • Loan terms: 3 - 60 months
Canadian resident, age of majority in your province of residence

Can I get instant approval on a $10,000 loan with bad credit?

Online lenders are a solid option if you have bad credit and you’re looking for the fastest way to get approved for a $10,000 personal loan. Many online lenders offer instant pre-approval and approval within 24 hours.

What is instant pre-approval?

When you submit an application, online lenders use technology to rapidly evaluate your information and determine whether you are pre-approved or denied for a $10,000 loan. You can usually find out their decision within minutes. If you’re pre-approved for a personal loan, it simply means the lender wants to proceed with your application and can even provide you with a quote.

Next step: Approval

If you want to proceed, then the next stage is official approval. The lender will examine your finances in more detail and conduct a hard credit check. If everything checks out, the lender will approve the loan. Online lenders are fast, with some offering approval of a $10,000 loan on the same day.

Questions to ask yourself when getting a $10,000 loan with bad credit

Below are some factors to consider before you apply or sign for a loan:

What is the annual percentage rate (APR)?

The APR is the annual interest rate plus fees you must pay to get the loan. While the interest rate tells you what the lender will charge to borrow the money, the APR provides a more accurate overall cost for taking out the loan. People with bad credit will end up paying higher APRs, so before signing a contract, be sure to compare your options. Always confirm exactly how much a $10,000 bad credit loan will cost you overall.

Is there room in my budget for more debt payments?

Before approving you for a $10,000 loan with bad credit, a lender will analyze your current monthly income and debts. To get approved, your debts cannot exceed your income, and your budget should demonstrate that you can manage additional loan payments.

Can I improve my credit score first?

This may not be an option if your financing need is immediate, but if you can wait six months, then it pays to improve your credit score first. Start by consistently paying your bills and existing loan payments on time; avoid any non-sufficient funds (NSF) fees in your bank account, and don’t add to your debt.

How much is going towards the principal?

Before signing a contract, understand exactly how much of your loan payments are going toward the interest vs the principal. You might find that your payments will go towards paying the interest rather than reducing the principal and this will add to the overall cost of borrowing money.

Do I meet the eligibility criteria?

Lenders often list their eligibility requirements, such as minimum income and credit score. Another factor to consider is whether or not a lender offers loans in the province where you reside.

Can I get a cosigner?

Having a cosigner increases your chances of approval on a $10,000 loan and may also lower your interest rate. But make sure your cosigner understands what they’re committing to when signing the loan documentation.

What are my loan options if I have good credit?

If you’re looking for a $10,000 personal loan and you have good credit (above 660), then you have many options and many offer funding with low interest rates.

Traditional lenders such as banks or credit unions will want your business. For reference, ATB’s current APRs range around 7.20% - 14.20%, and the Laurentian Bank personal loan offers a variable base rate of 9.45%.

Variable-rate personal loans generally offer lower interest rates, but these rates can rise and fall with market fluctuations. To learn more, read the Bank of CanadaForecast Report.

Online brokers as an alternative

To find the best $10,000 loan for you, broaden your search to online brokers like Loans Canada or LoanConnect so you can compare interest rates and terms. Both have access to a large network of lenders, and you only need to fill out one application to get multiple lender offers before picking the best one.

If you need to borrow $10,000 fast, applying with an online lender can give you the quickest access to funds (usually within 24 to 48 hours).

Plans to get a personal loan in 2023

Recent data from the Finder: Consumer Sentiment Survey Q2 (CSTQ2), shows that 20% of respondents plan to take out a personal loan in the next three months.

How much Canadians plan to borrow

How much do you plan to borrow? Turns out the majority of Canadians looking for financing will typically borrow less than $15,000. According to data from CSTQ2, between April and June 2023:

  • 21% — Will borrow between $1,000 and $4,999
  • 24% — Will borrow between $5,000 and $9,999
  • 22% — Will borrow between $10,000 and $14,999

$10,000 personal loan calculator

Find out your potential monthly payments on a $10,000 personal loan using the Finder’s online personal loan calculator.

For reference, the most recent average interest rate for personal loan plans, according to Statistics Canada, is currently 9.22%, and loan terms usually last up to 60 months, although some can be longer.

Based on that, let’s say you get approved for a $10,000 loan at the average personal loan rate of 9.22% on a 60-month loan term. Your monthly payment would then be $208.65, and by the end of the 5-year term, you would have paid a total of $2,519.17 towards interest charges alone.

Personal loan monthly payment calculator

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Am I eligible for a $10,000 personal loan?

Every lender has its own unique criteria, but generally, you’ll need to meet the following:

  • Be at least 18 years old
  • Be a Canadian citizen or resident
  • Have an active bank account
  • Meet the minimum credit score
  • Meet the minimum income

How to get a $10,000 personal loan

  1. Compare your options. Determine what type of personal loan best suits your needs. Compare each lender’s loan amounts, loan terms, interest rates, fees and reputation. Check that you meet the lender’s eligibility requirements.
  2. Fill out the application with your top choices. This allows you to get pre-approval and compare offers. You’ll need to provide your personal details, such as your name, address, employment, income and debts.
  3. Pick your best offer. Complete the rest of the application by providing any documents the lender may require, such as government-issued ID, recent pay stubs and bank statements.
  4. Get verified. The lender will verify your identity and finances and give approval. Review and sign the contract.
  5. Get funded. You’ll get your money via direct deposit or e-Transfer.

How to compare $10,000 loans in Canada

  • Interest rates. Getting pre-approved will give you an idea of the interest rate you will be eligible for if you take out the loan. Some lenders can give pre-approval loan quotes without impacting your credit score. You can also avoid a credit check by quickly comparing personal loan rates in Canada (see our guide).
  • Loan term. You’ll need to find a loan term that works for you. Loan terms typically range from 3 - 60 months. A longer loan term will give you lower monthly payments, but you’ll pay more interest over the life of the loan.
  • Fees. Ask about NSF fees, late payment fees, prepayment penalties and origination fees (fee to process your loan).
  • Loan insurance. Lenders may offer you insurance to cover your loan repayments in the event of a death, job loss or illness. This is allowed, but the lender should never require you take take loan insurance or push you into taking it. Loan insurance adds to the cost of your loan and, by law, should be optional.
  • Upfront fees. Legitimate lenders will not ask you to pay any fees upfront, so be sure to avoid lenders that ask you to pay an upfront fee.
  • No pressure. Avoid lenders that pressure you into signing a contract. Even if a lender doesn’t pressure you, never rush into a loan agreement without first understanding the terms of your loan, including the APR, the repayment schedule and how much interest and fees you will pay overall.
  • Turnaround time. The time it takes to get your loan approved and for it to arrive in your bank account will differ among lenders. Online lenders can fund loans on the same day or the next day, while traditional lenders can take between one and three weeks. If your need for a $10,000 loan is urgent, consider emergency loans.

What are the monthly payments on a $10,000 loan?

Payments will depend on your loan term and interest rate. Longer loan terms will give you lower monthly repayments, but you’ll end up paying more in interest over the life of your loan.

Example: $10,000 loan over 3 and 5 years at 6.99%, 9.99%, 13.99% and 17.99% APR

Loan amountAPRLoan termMonthly payment amountTotal cost of loanExtra cost compared to cheapest option
$10,0006.99%3 years$308.73$11,114.11
$10,0006.99%5 years$197.96$11,877.89$763.78
$10,0009.99%3 years$322.62$11,614.50$500.39
$10,0009.99%5 years$212.42$12,745.27$1,631.16
$10,00013.99%3 years$341.73$12,302.20$1,188.09
$10,00013.99%5 years$232.63$13,957.84$2,843.73
$10,00017.99%3 years$361.47$13,013.06$1,898.95
$10,00017.99%5 years$253.88$15,232.79$4,118.68

Your goal is to commit to a repayment plan that fits your budget. You don’t want to overstretch your monthly budget by dedicating too much of your income to loan payments. At the same time, you don’t want to choose repayments that are so low that it takes longer for you to get out of debt.

Can I get a $10,000 with no credit check in Canada?

There are lenders in Canada that offer $10,000 loans with no credit check but expect to pay much higher interest rates or provide collateral such as your car. Plus, always check to make sure you are working with a legitimate lender.

Instead of assessing your credit score, no-credit-check lenders examine your income and bank statements to make sure you can afford the loan. To get approved, your income must be stable, and your bank account activity should have little to no NSF payments in the last three months (minimum).

What credit score do I need for a $10,000 loan?

To get approved for a $10,000 loan, you typically need a good credit score (above 660) or a fair credit score that’s close to 660. If you have bad credit (below 560), it may be possible to get a $10,000 loan if you apply to an online lender, but you’ll need to show the lender there’s room in your budget for additional loan payments.

You’ll need to provide the lender details about your current income and debts. To increase your chances of approval, your bank account shouldn’t have recent NSF transactions, and you may need to put up collateral.

If you don’t qualify to borrow $10,000, an online lender may approve you for a smaller amount.

Can you get a $10,000 loan with no credit history?

It’s possible to get a $10,000 loan with no credit if you apply to a lender that doesn’t do credit checks or if you apply to a lender that provides personal loans specifically to people with no credit history.

QuadFi is an example. This lender offers loans to people without a credit history in Canada, such as new immigrants. To approve you for a loan, it’ll look at other factors such as your foreign credit history, education and income.

Can I get a $10,000 personal loan if I’m unemployed?

Lenders want to make sure you can repay your personal loan, so if you’re unemployed, they will want to know that you’re receiving some other kind of income that will allow you to pay back your loan.

While it depends on the lender, some accept alternative forms of income such as Employment Insurance (EI), government benefits, private pensions, CPP and OAS, investment earnings, along with other forms of non-employment income.

At the end of the day, you’ll need to prove that you can afford to make your loan repayments.

What can I use a $10,000 personal loan for?

Lenders don’t generally put restrictions on how to use your loan. That flexibility is one of the reasons why personal loans are such a popular financing option.

According to Finder data, 36% of Canadians plan to take out a loan in 2022 to cover bills for essential fixed costs, 24% to consolidate debt, 19% to cover bills due to a job loss, 15% to buy a car and 14% to cover education. Additional reasons people take out a personal loan include:

  • Home improvement
  • Invest in property
  • Vacation
  • Buy a recreational vehicle
  • Wedding
  • Pet care
  • Medical emergency
  • Dental bills
  • Going green

Should you get a $10,000 debt consolidation loan?

This depends on your personal finances. If you have good to excellent credit and currently have high-interest debts such as credit cards, it might make sense to get a debt consolidation loan since you could get approved for a lower interest rate.

Consolidating debt and getting a lower interest rate have several advantages, including simplifying your monthly payments, reducing your interest and helping you get out of debt faster. Learn more about the best debt consolidation loans in Canada.

If you have bad credit, you won’t get approved for a competitive rate. Since a debt consolidation loan is about reducing the cost of your debt — and freeing up money to pay off your debts — be sure to examine your options carefully and only proceed if you are offered a debt consolidation loan with better terms at a better rate.

Bottom line

Put your best financial foot forward before you apply for a $10,000 personal loan. It’s a large sum to ask to borrow. Get your credit in great shape, stay on top of your bills and show lenders you have a stable income source to make your repayments. To help, be sure to compare loan products and interest rates before decicing which lender is best for you, and remember to check for extra fees or charges before agreeing to a loan.

Frequently asked questions about $10,000 loans

Written by

Carmen Chai

Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full profile

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