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Get an $8,000 loan for bad or good credit
Find out how and where you can apply for an $8,000 loan if you have good or bad credit.
You can apply for an $8,000 loan in a couple of easy steps, even if you have bad credit. It’s often easier to qualify for $8,000 since this is a small amount for lenders and carries less risk. Just be prepared to pay higher interest rates to compensate for borrowing less.
Compare $8,000 loans
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Where can I get an $8,000 loan?
There are a number of lenders in Canada that will give you an $8,000 loan. These include banks, credit unions, private lenders and peer-to-peer lending services.
Banks loans for $8,000
Bank loans usually come with mid-level interest rates and tend to require a credit score above 650 to qualify. It will be difficult to apply for an $8,000 loan with the bank if you have bad credit unless you get a secured or cosigned loan.
- Sample lenders. BMO, TD Bank, RBC, CIBC, Scotiabank, Canadian Western Bank and National Bank.
Credit union loans for $8,000
Credit union loans may be a good fit if you want a flexible $8,000 loan with lower interest rates than the banks. You’ll usually need to be a member to apply, and there may be options for bad credit as well, such as credit builder loans, secured loans or cosigned loans.
- Sample lenders. Providers include Meridian, Servus, Vancity, connectFirst, Conexus, First West, Steinbach, Alterna Savings and Coast Capital Savings.
Online lenders offering $8,000
There are many legitimate, private lenders operating online that often have less strict eligibility criteria. Borrowers with bad credit or low income can often qualify. Online lenders typically have higher interest rates than banks or credit unions, but the loan funds are usually deposited very quickly – typically in less than 24 hours.
- Sample lenders. LoanConnect, Spring Financial, Loans Canada, Mogo, Fairstone, SkyCap Financial and FlexMoney.
Peer-to-peer lenders offering $8,000
Peer-to-peer loans can be found online through a verified P2P platform. These types of loans are provided by other Canadians and the interest rate you get will be determined by the platform. In some cases you may be able to apply with bad credit or low income.
- Sample lenders. Providers include goPeer and the r/borrow subreddit (but be aware that r/borrow is not regulated in Canada).
Types of $8,000 loans
There are generally two types of $8,000 loans available, unsecured and secured loans. You then may have the choice between getting a variable rate or a fixed rate loan. The most popular loan type for $8,000 loan is typically an unsecured fixed rate loan.
How to choose an $8,000 loan
Think about the following features when choosing the best $8,000 loan for you:
- Interest rates. Rates depend on factors such as your credit score, income and debts. Compare multiple lenders to make sure you get the best deal. For reference, the average personal loan rate in Canada is currently 9.32%.
- Loan terms. Loan terms can vary from 6 months to 5 years (can be more if you use your house as collateral). Look for the shortest term that will still give you affordable payments to avoid paying too much in interest.
- Turnaround time. Think about how fast you need the money. For a quick turnaround time, you may want to consider fast personal loans.
- Fees. Some lenders charge origination fees, NSF fees, late fees and early repayment fees on your loan. Read the fine print to make sure you don’t end up with hidden charges.
- Eligibility criteria. Check which eligibility criteria are required to apply. You may need to meet specific credit score and income requirements to qualify.
- Lender reputation. Look for a lender that has many customer reviews, a reputation for good customer service and readily available contact information.
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Can I get an $8,000 loan with bad credit?
Yes, it is possible to get an $8,000 loan with bad credit if you take the time to compare lenders and get the right type of loan. You’ll likely end up paying much higher interest rates (typically between 18% and 47%) if your credit score is low, which can significantly increase the total cost of your loan.
Here are a few things you can do to help increase your chances of approval for an $8,000 loan with bad credit:
- Apply for pre-approval. Check your eligibility and apply for pre-approval with numerous bad credit lenders to make sure you lock in the best interest rates.
- Apply for a credit builder loan. Ask your local credit union if it offers credit builder loans, which will let you build up your credit score. You won’t receive the funds until after you finish making your repayments.
- Get a secured or cosigned loan. As with low interest loans, ask someone to cosign or use an asset to secure your payments to get an $8,000 loan for bad credit. Your cosigner should know what they’re committing to, and only get a secured loan if you’re certain you can manage the repayments.
Where to get an $8,000 loan with good credit
If you’re looking for an $8,000 loan with good credit (above 660), you have lower interest options. You can also usually qualify with more traditional lenders such as banks or credit unions. As an example of the types of interest rates you can expect on personal loans from banks, ATB’s interest rate for a personal loan when we last checked was around 7.20% - 14.20%.
What is the monthly payment on an $8,000 loan?
The amount you’ll pay for your $8,000 loan will depend o n factors such as your interest rates and term length. You’ll usually pay less with a secured loan. You can use the loan calculator below to calculate the monthly payment on an $8,000 loan you’re considering.
Personal loan monthly payment calculator
Calculate how much you could expect to pay each month on an $8,000 loan|
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Monthly payment on an $8,000 loan based on interest rate
The table below shows how much you’ll pay on an $8,000 loan over 5 years based on different interest rates. It shows how you’ll pay thousands of dollars in interest on an $8,000 loan over 5 years. The higher your interest rates, the more you’ll have to repay for your loan.
| Interest rates | Monthly payment | Total interest | Total repayment |
|---|---|---|---|
| 9.5% | $168.01 | $2,080.89 | $10,080.89 |
| 15.3% | $191.58 | $3,494.89 | $11,494.89 |
| 21.9% | $220.50 | $5,229.80 | $13,229.80 |
Monthly payment on an $8,000 loan based on term length
This example shows how your payments will fluctuate based on different terms with the same interest rate of 9.5%. You can see how your monthly payments will increase if you choose a shorter term, but you’ll pay much less interest over time.
| Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|
| 5 years | $168.01 | $2,080.89 | $10,080.89 |
| 3 years | $256.26 | $1,225.49 | $9,225.49 |
| 1 year | $701.47 | $417.62 | $8,417.62 |
Am I eligible for an $8,000 loan?
You may need to meet the following criteria to qualify for an $8,000 loan.
- 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%)
Steps to apply for an $8,000 loan online
Follow these steps to apply for an $8,000 loan in Canada:
1. Figure out a budget
You know you need to take out an $8,000 loan but how much can you afford to repay each month? Use a personal loan payment calculator to figure out how your monthly payments will fluctuate based on different terms. Choose the shortest term with an affordable monthly payment.
2. Compare lenders
Compare multiple lenders to find the lowest possible interest rate based on your credit score. Do this by sourcing multiple quotes through a personal loan broker or request quotes individually from the lenders you’re interested in.
3. Prequalify when possible
Try to prequalify with several lenders in advance so you can compare rates that are customized for your personal financial situation. Getting preapproved for a loan won’t affect your credit score and can help you compare the actual rates you’ll get so you’re sure to lock in the best deal.
4. Finish the application
Fill out an application once you’ve decided on the lender that will give you the best rates and conditions for your loan. You’ll usually need to submit personal information to apply as well as submit to a credit check. Make sure you meet eligibility requirements before you get started.
How to evaluate an $8,000 loan offer
You can ask yourself the following questions to help decide if an $8,000 loan offer is right for you:
- Am I getting the best rate?
You’ll want to compare multiple lenders to make sure you’re getting the best interest rate for your financial situation. Rates can be fixed or variable and usually range between 6.99% and 46.96%. - How fast do I need the loan?
Think about how quickly you need the money. Consider online $8,000 loans providers if you need the money within the day. If you have the time, it’s worth comparing your options with different types of lenders. - What will my monthly payments be?
To cut down on how much interest you pay over time, look for the shortest loan term with monthly payments you can afford. - What is the payment breakdown?
Before signing anything, examine the payment breakdown. Know how much of your repayments is going towards paying the interest and how much actually reduces the principal. - What’s the overall cost?
Some lenders charge fees in addition to the interest (also known as your APR). Read the fine print so you know exactly how much you’ll end up paying in total. - Can I get lower interest rates?
Consider securing your $8,000 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 may be better to avoid paying interest by saving up first and paying out of pocket instead of taking out a loan.
What are the signs of a reputable $8,000 loan lender?
Before moving forward with any lender offering you an $8,000 loan, look for the following signs to make sure they are a legitimate, reputable company:
- Online presence. A solid company will have a solid online presence, including a well-designed website and obvious contact details like an email, phone number and office address.
- Positive reviews. Go with companies that have many positive reviews on Google or sites and forums like Trustpilot and Reddit.
- Plain language contract. Loan contracts should give you all the information you need upfront and be relatively easy to understand.
- Business licence. A lender’s business licence should be displayed somewhere on the lender’s website, but you can always ask the lender for it if you’re unsure about its legitimacy.
- No unsolicited contact. Be cautious of any lenders that reach out to you first, and never do business with unknown callers over the phone.
- No pressure. If a lender pressures or rushes you into signing a contract, it’s a red flag. Try to avoid those types of lenders.
Frequently asked questions about $8,000 loans
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