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Get a $4,000 loan

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

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 $4k loan options available to you as long as you can show lenders you can manage the loan payments.

Get a $4,000 loan in Canada

1 - 9 of 9
Name Product CAFPL Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Cashco Financial Flex Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
20.00% - 48.99%
$500 - $7,000
6 - 60 months
Requirements: min. credit score 300, must earn employment income.
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$300 - $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
Fora Line of Credit
Finder Score:
★★★★★
19.90% - 46.90%
$1,000 - $10,000
Open
Requirements: Steady source of income
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $60,000
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
Fig Personal Loan
Finder Score:
★★★★★
12.99% - 24.99%
$2,000 - $35,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
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
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
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Types of $4k personal loans available in Canada

  • 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 approval process is quick, which means in some cases you could get your personal loan within the same day of applying.
  • 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 stop making loan payments, your lender can repossess your asset. With a loan of $4,000, you may not need to opt for a secured loan, especially if you have good credit.
  • 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.
  • Variable-rate loans. As the name suggests, variable-rate loans have fluctuating interest rates throughout the term of your loan depending on market conditions.

    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.

    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.

    Can you get a $4,000 loan with no credit check?

    You may be able to get a $4,000 loan with no credit check if you secure your loan with collateral, such as your car. No credit check loans without collateral typically max out at around $1,500 or $2,000. Learn more about no credit check 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 should be smooth sailing for you. Lenders are likely to 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 direct lender at a more competitive interest rate than you’d get from providers who lend to people with bad credit.

    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.

    How to compare $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.

    The top 3 most important factors for Canadians

    According to our January 2024 consumer insights survey, Canadian selected the following as the most important factors when applying for a personal loan:

    1. Interest rate (65%)
    2. Monthly payment (48%)
    3. Fees (43%)

    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. Lenders require at least three months of employment.
    • Credit score. Along the way in the loans process, your lender may need to pull your credit report to evaluate how risky you are as a borrower.
    • 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 most instances, you will have to set up direct withdrawals from your bank account.

    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 report late or missing payments to the two credit bureaus in Canada – Equifax and TransUnion – and your credit score will go down. You’ll also be charged late payment fees. Applying for credit in the future will become more difficult.

    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.

    or

    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. 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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Written by

Writer

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 bio

Leanne Escobal's headshot
Co-written by

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 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

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