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Get a $4,000 loan

Get fast approval and funding from these online lenders offering a $4k loan in Canada.

Employed and need a loan? Compare personal loans
Unemployed and need a loan? Compare installment loans

If you need to borrow $4,000, there are a number of lenders you can consider, such as banks, credit unions and online lenders. If you have good to excellent credit (660 or higher), you can negotiate for lower interest rates and better terms. If you have fair or bad credit, you still have many $4k loan options available to you as long as you can manage the repayments.

Get a $4,000 loan in Canada

1 - 9 of 9
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
Customer Survey:
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
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
easyfinancial Personal Loan
Finder Score:
Customer Survey:
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month Vehicle Title Loan
Finder Score:
9.95% - 29.00%
$1,000 - $50,000
12 - 72 months
Requirements: Vehicle must be 10 years old or newer, and must not be financed or leased.
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:
6.99% - 46.96%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300
SkyCap Financial Personal Loan
Finder Score:
Customer Survey:
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Finder Score:
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $35,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%)

Types of $4k personal loans available in Canada

If you’re looking for a $4,000 loan, you have several different options available to you in Canada. In a recent survey, we found that 65.33% of Canadians have taken out a personal loan to use towards a car, debt consolidation, home renovations, education or other types of expenses. Here’s a rundown of what’s on offer and how each type of $4k loan operates:

  • Unsecured personal loans. Unsecured loans don’t require you to put up collateral to protect your loan. Instead, lenders rely heavily on your credit score to determine your eligibility. These loans typically come with higher interest rates, especially if you don’t have a solid credit score. Unsecured loans are commonplace for online lenders – the application and approvals process is quick, which means in some cases you could get your personal loan within the same day of applying. Compare unsecured personal loans.
  • Secured personal loans. If you choose a secured personal loan, you’ll be able to take advantage of lower interest rates because these loans require collateral. That means if you default on your loan or can’t keep up with repayments, your lender can repossess your asset. With a small loan of $4,000, you may not need to opt for a secured loan, especially if you have good credit. Compare secured personal loans.
  • Fixed-rate loans. With fixed-rate personal loans, you will lock in an interest rate at the beginning of your loan term so your repayments stay the same throughout the duration of your loan. Fixed-rate personal loans usually last from 6 months to 5 years. Having a set repayment plan for the life of your loan is a big benefit, but fixed-rate loans have their share of drawbacks. In some cases, you can’t make additional repayments or pay off your loan early without incurring fees.
  • Variable-rate loans. Variable rate personal loans tend to come with lower starting annual percentage rates (APRs) compared to fixed-rate counterparts. The catch? As the name suggests, variable-rate loans have fluctuating interest rates throughout the term of your loan depending on market conditions.
  • Installment loans. Installment loans, which are offered by online lenders, have more lenient eligibility requirements than traditional personal loans, but the price is higher rates.

Compare installment loans

1 - 2 of 2
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Loans Canada Installment Loan
Finder Score:
Customer Survey:
8.00% - 46.96%
$500 - $50,000
4 - 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 Installment Loan
Finder Score:
Customer Survey:
$500 - $2,500
3 - 6 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

How to get a $4k loan with bad credit

If you’re looking for a $4k loan with bad credit, alternative lenders are the quickest and most viable loan option. But keep in mind that personal loans for bad credit often come with higher interest rates because lenders see borrowers with bad credit as higher risk.

There are online lenders that can offer personal loans of up to $10,000 for people with bad credit or no credit history at all. In order to approve you for a $4,000 loan even with bad credit, lenders will need to see whether you can manage your loan repayments. Factors they will look at include your source of income, employment history and monthly debts.

Can I get a $4,000 loan with bad credit and no guarantor?

If you have bad credit and you don’t have or want to get a guarantor, bad credit loans from online lenders are still your best $4k loan option. In this case, online lenders will focus your eligibility on your income and how stable it is.

Your job is to prove to lenders that you have a stable source of income every month and that you can dedicate a portion of this income to paying them back. Borrowers with steady employment income can apply for personal loans, while borrowers with non-employment income can apply for installment loans.

Getting a $4,000 loan is feasible with bad credit and no guarantor, but expect to encounter higher interest rates to help lenders offset the risk they’re taking on.

How to increase your chances of getting a $4k loan with bad credit and no guarantor

If you have bad credit and no guarantor, consider the following actions to increase your chances of approval for $4,000 loans.

Where to find $4k loans if you have good credit

If you have a solid credit score of 660 or higher, taking out a $4,000 personal loan will be smooth sailing for you. Lenders will trust your years-long history of making your debt repayments on time.

For starters, you could be eligible for a loan from a bank, credit union or a standalone lender at a more competitive interest rate than you’d get from providers who lend to people with bad credit. You may be able to borrow up to a limit of $10,000 without providing collateral such as your car or house.

Traditional lenders like a bank or a credit union usually offer the best rates, but also consider using the free services of online brokers such as Loans Canada so you can shop around and compare interest rates and loan terms.

What to consider when comparing $4,000 personal loans

Once you’ve decided on the best type of $4k loan for your financial situation, the next step is to compare your loan options from different lenders. Here are some things to keep in mind when comparing different loans and lenders.

What can I use my $4k loan for?

Most lenders don’t put restrictions on how you can use your $4k loan. That flexibility is one of the reasons why a personal loan is such an appealing financing option. That being said, some lenders may not be willing to lend you money for certain use cases.

When we surveyed Canadians, we found that 41.3% of them took out personal loans to buy a car, 19.5% to finance a mortgage, 15.8% to consolidate debt and 13.2% to finance home renovations. Here are some common ways people tend to use personal loans:

  • Home improvement
  • Dental bills
  • Vacation
  • Debt consolidation
  • Buying a car
  • Wedding
  • Pet care
  • Education
  • Boat or jet ski
  • Going green

What are the basic eligibility requirements for a $4,000 loan?

While lenders’ requirements may vary depending on the specific $4k loan you’re applying for, you can generally get a loan as long as you meet the following criteria:

  • Age. You must be at least 18 years of age, or the age of majority in your province or territory.
  • Employment. Some lenders require you to be employed, but you may find a lender that will consider you if you are unemployed. Part-time and seasonal workers may also be eligible for loans, as well as those on welfare or government benefits.
  • Residency status. You will need to be a Canadian citizen or a permanent resident with a valid Canadian address.
  • Proof of income. You need to be earning some sort of income to be eligible for a loan. Some lenders may have a minimum of how much you need to earn, while others will just need to see the history of your pay over the previous 3 months.
  • Credit history. You can still get a loan with bad credit, even if you’ve filed for bankruptcy. Lenders are more concerned about your ability to repay the loan, instead of your credit score. Having a good credit history could qualify you for more competitive, low-cost loans and will open up your options more.
  • Consenting to a credit check. Along the way in the loans process, your lender may need to pull your credit report. In the application process, you will be asked to categorize your credit score too.
  • A Canadian bank account. Your lender will need your banking information to deposit your funds and to set up a repayment plan.

Can I afford the repayments on a $4k loan?

It’s important to consider if you can afford a $4,000 loan before moving forward. In some instances, you will have to set up direct debits from your bank account or directly from your paycheque. Other repayment methods some lenders offer may include online transfers and personal cheques.

Let’s say you’re repaying a $4,000 loan over the course of 2 years with an interest rate of 5%, you can expect to pay $175.49 per month. At the end of your 2-year term, you’ll have spent $211.65 in interest charges.

Now stretch the repayment plan over the course of 4 years instead. In this case, you’ll pay $92.12 per month, but at the end of your 4-year term, you’ll have spent $421.62 in interest charges.

Your goal is to make sure you’re not overstretching your monthly budget too much to repay a $4k loan. At the same time, you don’t want to choose repayments so low that it will take longer than necessary to get out of debt.

What happens if I miss a payment or can no longer afford to repay my $4k loan?

If you can’t make your repayments, some lenders might choose to report late or missing payments to the two credit bureaus in Canada – Equifax and TransUnion – and your credit score may go down. You’ll also be charged late payment fees. Keep in mind too, the longer you take to repay the loan, the more you’ll pay in interest, which increases the loan’s overall cost.

Calculate your monthly payments on a $4,000 loan

A simple way of establishing what your repayments will look like is to use a loan repayment calculator. Start by entering details such as the loan amount, loan term and interest rate to determine your monthly payment. Compare your expenses and income to the loan repayments and make sure you are able to budget them in.

Personal loan monthly payment calculator

Calculate how much you could expect to pay each month on a $4k 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.


Compare personal loans
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

Pros of getting a $4k loan

If you’re thinking of taking out a $4k personal loan, here’s a look at some of the pros:

  • They offer varied loan terms. With loan terms ranging from a couple of weeks to as long as several years, you can choose one that best suits your financial needs and situation.
    Apply online with ease.
  • The online presence of most lenders helps simplify the entire process. You can start by applying online, and then you can keep track of the loan online as well. If you prefer to apply in person at a store, find a lender that has a physical branch location near you.
  • Some lenders offer bad credit loans or loans without credit checks. People who can’t get traditional loans from lenders like banks or credit unions because of poor credit can find lenders that don’t require credit checks or specifically provide bad credit loans.
  • Repayment flexibility. A number of lenders allow you to make repayments according to how frequently you get paid. If you can repay your loan ahead of time without being subject to an early payout penalty, you can save on fees and interest.
    Account access.
  • Account access. Most lenders allow you to access your account online, while others also offer phone account access. You can stay on top of repayments and calculate outstanding debts easily online.
  • Rebuild your credit. If you have less-than-perfect credit, a $4,000 personal loan may be a great opportunity to rebuild your credit score, as long as you stay committed to making your repayments on time.

Cons of $4k loans

On the other hand, adding another $4,000 of debt to your name has some disadvantages to be wary of:

  • Higher interest rates and fees. Certain loan types, like bad credit loans, tend to come with higher interest rates when compared to other types of loans. Unsecured loans traditionally charge higher interest rates as well when compared to the secured counterparts.
  • Higher repayments. When you combine higher interest rates with shorter loan terms, you will have higher repayment amounts. Consider whether you can afford the repayments before applying for the $4k loan. If you don’t think you can make the repayments, you should probably avoid taking out the loan altogether.
  • Untrustworthy lenders. The lending industry isn’t without its share of disreputable companies. Some lenders prey on people with poor credit and financial problems through charging extremely high fees and interest rates. Make sure the lender is reputable before you apply by reading customer reviews.

How to take out a $4,000 personal loan

Follow these steps to learn how to apply for a $4,000 loan:
  1. Compare lenders. Compare loan amounts, interest rates, charges and fees, 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. Upload required documents. Typically, lenders ask to see proof of income, bank statements and a valid photo ID when you apply for a $4k loan.
  5. Get approval. Most lenders will email you once your application has been processed to let you know whether your loan has been approved or denied. If you’ve been approved, you’ll be instructed on how to proceed by the lender.
  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 a the next business day after approval.
  8. Make room for your debt repayments in your budget. Set up an auto pay system to make sure you don’t miss any payments. If you have bad credit, staying on top of this loan could be a great way to rebuild your credit history.

Bottom line

Whether it’s a leaky roof that needs repairing or an emergency car repair, sometimes getting a $4k loan could give you that little injection of cash to help you with unexpected expenses. Thankfully, you have options to secure a $4,000 loan, whether you’re in good standing with your lenders or you have less-than-perfect credit.

As always, when you’re shopping around for a personal loan, remember to consider important factors like the interest rate, loan term and monthly repayment amount.

Frequently asked questions about $4k loans

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