$6,000 Loans With Fast Funding

Getting a $6,000 loan can be easier than borrowing larger amounts. Many lenders offer smaller loans with flexible requirements, though interest rates may be higher to cover administrative costs. But with manageable monthly payments, you can still pay off a $6,000 loan relatively quickly.

Compare $6,000 personal loans

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Personal Loan	Finder score 8.5 Great	9.99% - 35%	$500 - $35,000	6 - 84 months	Key features: Fast online personal loans	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Personal Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $60,000	3 - 120 months	Note: 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.	Key features: Loan search platform for all credit scores	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Personal Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform with the largest lender network	Go to site More info Compare product selection Compare	loading
Finder score 8.5 Great Fat Cat Loans Personal Loan	Finder score 8.5 Great	6.99% - 35.99%	$300 - $50,000	3 - 84 months	Note: Fat Cat is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform for all credit	Go to site More info Compare product selection Compare	loading
Finder score 7.8 Great Fig Personal Loan	Finder score 7.8 Great	8.99% - 29.49%	$2,000 - $35,000	24 - 84 months	Key features: Competitive online personal loans for good credit only	Go to site More info Compare product selection Compare	loading

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Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Tips on how to get $6,000 fast

If you need a $6,000 loan quickly, here are some tips to improve your chances of fast approval and funding:

• Consider online lenders. Online lenders often provide faster approval and same-day funding compared with banks or credit unions. Providers like LoanConnect, Loans Canada and Spring Financial allow you to apply 100% online, and you may see funds in your account within 24 hours.
• Apply through bank verification. In the past, applicants would need to send in multiple documents, such as government-issued ID, T4s, bank statements and letters of employment. Now, lenders can offer fast approval through instant bank verification, which lets you log in to a secure portal and share access to your bank statements.
• Use a loan comparison platform. Use a loan comparison platform like Loans Canada to compare interest rates, fees and repayment terms from multiple lenders. You only need to fill out one application and most platforms provide pre-approval with soft credit pulls.
• Explore alternative funding options. If you can’t get approved for a $6,000 loan, there are other ways you can make money quickly. Consider selling valuable items you have lying around or taking on a side hustle like completing online surveys to earn money and not have to worry about interest.

Can I get an instant $6,000 loan?

It’ll be difficult to borrow $6,000 immediately. Instant loans tend to be less than $1,000. The higher the loan amount, the more time a lender needs to assess risk. However, it is possible to get a $6,000 loan on the same day.

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

If you have bad credit or no credit history, you can still get a $6,000 loan by following these steps.

1. Check your credit and budget. Start by checking your credit score so you know what types of loans you might qualify for. Then, calculate how much you can realistically repay each month without being in financial trouble.
2. Explore loan options for bad credit. Most traditional lenders require you to have a good credit score, but online lenders typically accept any credit. Try to avoid applying for loans you’re unlikely to qualify for, as the hard credit checks lenders perform during the application process can lower your score, and too many applications may signal financial distress to lenders.
3. Apply online or in person. Some bad credit lenders offer in-person services but most have fully digital applications. Complete the application form, upload the necessary documents and review your information carefully.
4. Review terms. If approved, you’ll receive a loan agreement outlining details like your interest rate, fees and repayment schedule. Make sure the monthly payments are manageable and that there are no penalties for paying off the loan early.
5. Repay on time. You should receive your funds directly in your bank account within one to two business days. Make sure you pay on time every month so your credit score doesn’t dip any lower. Consider setting up automatic payments to avoid late or missed payments.

What are the eligibility requirements 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 40%)

• How to calculate your debt-to-income (DTI) ratio

  Your debt-to-income ratio is the total cost of your monthly bills divided by your monthly income. You can figure out your DTI ratio using these steps:

  1. Add up all of your monthly bills including rent, credit cards, student loans, alimony, child support, car loans, utilities and other expenses.
  2. Divide the sum of your bills by your monthly take-home pay.
  3. Convert that number into a percentage and that is your DTI ratio.

Can I get a $6,000 loan with no credit check?

You may be able to get a no credit check loan if you secure your payments with an asset, such as your vehicle. That said, most reputable lenders will perform a credit check to determine your loan eligibility. For this reason, you should be wary of lenders offering no credit check $6,000 loans since they may be running a fraud or scam.

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

• Best for: Good to excellent credit

Bank loans usually come with mid-level interest rates, but 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 and National Bank.

Credit union loans

• 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, Kindred, Innovation, First West, Steinbach, Alterna Savings and Coast Capital Savings.

Online lenders

• 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, easyfinancial, Fairstone and SkyCap Financial.

Peer-to-peer lenders

• 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. goPeer.

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.

• Unsecured loans

  Unsecured loans come with higher interest rates than secured loans. Because lenders take a greater risk by loaning you $6,000 without any collateral to fall back on, they’ll charge you a higher interest rate.

  Unsecured loans are commonplace for online lenders — the application and approval process is usually pretty quick, which means you could secure a $6,000 personal loan within the same day of applying. Interest rates on unsecured loans can typically range from 9.75% to as high as 35%.

• Secured loans

  Secured loans generally come with lower interest rates —usually as low as 6.99% —because they involve collateral. The collateral is an asset you own, like a house or investments. Your lender has the right to repossess the asset if you default on your $6,000 loan or can’t keep up with repayments. It may be easier to get approved for secured loan since you are reducing the risk for the lender.

• Fixed-rate loans

  A fixed-rate loan has an interest rate that stays the same throughout the entire loan term. This gives you predictable monthly payments so you can easily budget for your loan repayments. Check banks, credit unions, online lenders and P2P lenders for fixed-rate loans.

• Variable-rate loans

  Variable-rate personal loans have interest rates that fluctuate in line with the Bank of Canada’s prime rate. So you’ll pay off more of your principal each month if the rates go down, but end up paying more in interest if rates go up. Generally, variable rates have lower starting rates than fixed. Banks and credit unions offer variable-rate personal loans.

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.

How much is a monthly payment on a $6,000 loan?

Your monthly payments on a $6,000 loan can easily land between $120 and $500 depending on your interest rate and term length. As a general rule, higher interest rates and shorter loan terms will result in more costly monthly payments.

You can use the loan calculator below to calculate the monthly payment on any $6,000 loan offer you’re considering.

• How to use this calculator

  1. Enter $6,000 under Loan amount.
  2. Write the loan term in years (not months) under Loan terms.
  3. Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
  4. Hit Calculate.
  5. Review your results.

How much the monthly payment on a $6,000 loan is based on interest rates

This example shows how much a monthly payment will cost on a $6,000 loan over 5 years based on 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.

How much the monthly payment on a $6,000 loan is based on 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.

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. For reference, low interest rates on a personal loan will fall beneath the national average of 9.32%.
• 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 evaluate a $6,000 loan offer

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

• Am I getting the best rate?
  Personal loan rates can be fixed or variable and usually range from 6.99% to 35%. 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 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

Almost 3 in 4 Canadian borrowers are looking for loans under $10K

According to data collected in the Finder: Consumer Sentiment Survey August 2023, 17% of respondents who stated they were planning to take out a loan in the next three months were looking to borrow between $5000 and $9999.

Bottom line

Online lenders, credit unions, banks and peer-to-peer lending platforms all offer $6,000 loans. You can even get approved if you have bad credit, you just may have to pay more interest, get a cosigner or provide an asset to secure the loan. Compare multiple lenders to get the best deal and ensure you make payments on time to avoid additional fees or negative impacts on your credit score.

Frequently asked questions

• Where can I 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 options, especially from banks or credit unions. For example, ATB Financial's interest rates range from 7.2% to 14.2%.

• What credit score is needed for a $6,000 loan?

  Most online lenders will require a minimum credit score of 600 or higher. However, if your credit score is lower, you may still be able to get approval from select lenders. Consider loan search platforms like Loans Canada or LoanConnect if your credit is lower than the standard cutoff.

• How much interest will I pay on a $6,000 loan?

  The interest rates you'll pay on a $6,000 loan will vary depending on factors such as your credit score, income and DTI ratio. You can use a personal loan calculator to figure out how much interest you'll pay for the duration of your loan once you're quoted a rate.

• Can I get a $6,000 loan if I have bad credit?

  You may be able to get a $6,000 loan even if you have bad credit if you shop around for the right lender. Just be prepared to pay very high interest rates. You can bring those rates down by getting a cosigner with a high credit score or by securing your loan with an asset.

• What's considered a low interest rate on a $6,000 loan?

  Low interest personal loans come with rates that fall anywhere below the national average rate of 9.32%. The lowest personal loan rates will only be available to excellent credit borrowers. Personal loan rates for bad credit could start at 18%.

• How hard is it to get a $6k loan?

  It depends on your financial situation. Generally, a $6,000 loan should be attainable for someone with a credit score over 660, stable employment income and a debt-to-income ratio under 40%.

• What's the difference between interest rates and APR?

  Interest rates are a standalone percentage that gets added to your loan amount based on factors such as your credit score. APR is the cost of your interest rates plus the fees you'll have to pay for your loan (such as origination fees and closing costs).

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Claire Horwood

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

Claire's expertise

Claire has written 360 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans
• Credit Cards

Co-written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio