How to Get Loans 1000 Dollar & How to Compare Lender
Everyone knows that payday loans can be helpful for various purposes, such as unexpected bills, car repairs, or even small business ventures. Whatever your reason for needing a personal loan may be, it’s important to do your research. You must compare lenders and find the best deals, but how?
We know that looking for such a specific loan amount can be challenging in Canada, especially if you don’t know where to start. But do not fret, as we’ve got you covered! In this article, we’ll guide you through finding the best loans 1000 CAD or more, how to get them, and even how to compare your available options.
Best Lenders Of $1000 Loans in Canada
Whenever we write about personal loans in Canada, we always do detailed research to identify the best options. As each of the many online lenders has different requirements and terms, we compare them by:
- Their interest rates;
- The minimal and maximal amount you can borrow;
- Required minimum credit score;
- General repayment terms.
We have picked Canada’s leading payday loan platforms using these essential criteria. Thanks to that, you can browse and choose one of the most suitable online lenders based on your needs.
Remember, whenever you plan to borrow money, you must know what you’ll do with them. Because of that, we prepared a brief over each of our picks.
Loanz is a California-based payday loan service that entered the Canadian market in 2016. The company offers its clients a quick and easy process of acquiring same-day personal loans, no matter their good or bad credit score.
The loan amount, terms of repayment, and interest depend on the prospective borrower’s credit history.
Here is a breakdown of their loan terms, so read carefully:
- Interest rate: APR varies between 29.90% – 46.90%;
- Fees: Loanz does not have any hidden fees. You can see all prepayments, late and other ones, in your loan agreement before signing;
- Loan amount: Range from 1,000 to 15,000 CAD;
- Repayment period: From one to five years, based on the agreement;
- Minimum credit score: You need a minimum of 570.
Note that to use this platform, you must have a stable income of $1,200 monthly and have been working for at least three to four months.
|Can get a payday loan even with a bad score;||Their APR is high compared to other platforms.|
|Funds come almost immediately (15-20 mins);|
Talking about personal loans in Canada, we cannot miss Mogo, one of the leading platforms based in the country.
It has been operating in Vancouver since 2003. It offers services like installment loans, credit score monitoring, prepaid cards, and much more to its vast customer base (over a million users).
Without further ado, let’s review its terms:
- Interest rate: Range from 9.99% – 47.42%; it bases on your needs, credit history, and cash amount;
- Fees: There are standard but not unspecified fees; you must check them in your contract, as they differ from one user to another;
- Loan amount: From 500 – 35,000 CAD;
- Repayment term: Anywhere from Six – 60 months;
- Minimum credit score: 540.
Note that the above can change and will differ based on your needs.
|Fast approvals, you can get the cash within days;||APR can be high based on your credit score.|
|Well-established and with a good reputation;|
|You can get a free credit report and fraud protection.|
Fairstone is a fantastic service that has been providing payday loans in Canada since 1923. They have an average for the industry APRs, generally good terms, and can get you secured and unsecured personal loans and even a mortgage.
- Interest rate: Range from 13.99% – 39.99% based on the type. The secured loans have a lower percentage of 13.99%.
- Fees: The unsecured loans have no fees; the rest have standard ones – late, prepayment, etc.;
- Loan amount: From $500 – $500,000 based on the type;
- Repayment terms: 6 – 120 months, based on your loan terms and goals;
- Minimum credit score: Fair – Good score requirement, ranging from 580 – 739.
If you are looking for a well-established platform with many on-site-based locations (over 200), then Fairstone is for you.
|Straightforward online application process;||APR on the higher average end;|
|Applying for a personal loan won’t hit hard your credit score;||Some clients report hard dealing with customer support.|
|Many options; you can pick a loan based on your goal.|
If the previous pick was one of the oldest, SkyCap is one of the newest payday lenders, operating since 2013!
This platform is based in Kingston, Ontario, and is a great online lender, supplying Canadian users with favourable to them conditions for small loans of up to 15,000 CAD.
- Interest rate: You can see their rates varying from 19.99% – 39.99%;
- Fees: There are no fees except a standard $50 NFS one;
- Loan amount: Range from $500 – $15,000;
- Repayment term: Start from nine months and span to five years;
- Min. credit score: 575.
Note that, like with every other personal loan provider, SkyCap has other minimal requirements, excluding the credit check. Such as a minimum income of 1,666 CAD monthly and being full-time employed.
|Fast approval – you can get approved and receive the loan within 24 hours;||Not available everywhere – you can’t use this platform if you are in Quebec or Nova Scotia.|
|Early repayment has no fees, meaning you can pay your payday loan anytime without worries;|
|They offer unsecured loans; you do not have to worry about collateral.|
Do you need to get 1,000 CAD fast? iCASH is your solution, one of the best direct lender providers on the Canadian market.
They are based in Ontario, but the procedure happens quickly and securely online. iCASH operates 24/7, 365 days a year, and provides small payday loan solutions to many people.
- Interest rate: It varies for the provinces, but it’s in the range of $15 – $19 per each $100 you borrow;
- Fees: iCash can charge you NSF and late fees upon defaulting on the loan;
- Loan amount: Range from 100 – 1,500 Canadian dollars;
- Repayment term: You can repay the personal loan in one or three installments within 7 – 62 days.
- Min. credit score: There are no specified credit score requirements; however, you must have an income of at least 800 CAD.
It’s important to note that iCASH payday loans are available only in these provinces: NB, ON, PEI, AB, MB, BC, and NS.
|Available 24/7 online applications;||Very high interest rates;|
|Fast approval and funds transfer;||Low repayment period.|
|No early repayment fees;|
|Five days a grace period.|
Loans Canada is a non-direct lending platform founded in 2012 that provides online personal loans. Its purpose is to match any Canadian with their prospective lender without losing any side’s time.
You can make use of the platform no matter your credit history; they accept people with bad credit, fair credit, and even excellent ones.
Additionally, one of their best perks is that you can improve your score in front of the credit bureaus by using any of their installment loan services.
- Interest rate: APR can vary from 3% – 46.96% based on the type of loan;
- Fees: All fees depend on the lender they match you with and their loan term. There can be early repayment and late and default fees.
- Loan amount: From $500 payday loans to $300,000 mortgages ones and above;
- Repayment term: Ranges from three to 60 months, varies for different lenders and types of loans;
- Minimum credit score: There are no specific requirements.
|Many loan types;||Based on the lender, there may be many fees.|
|Available to people with fair or bad credit;|
|Fast access to funds.|
If you are tired of waiting in the bank or you can’t get a personal loan from there, Spring is your alternative.
It is a helpful online lender that provides many Canadians with installment loans on favourable conditions. In addition, this financial platform offers fast loan approval and funding with a straightforward online application.
- Interest rate: Range from 9.99% – 46.69%; it varies based on your loan terms and type;
- Fees: There are no hidden or specified penalty fees;
- Loan amount: From $500 – $35,000;
- Repayment term: The loan terms range anywhere from six – 60 months;
- Min. credit score: Spring requires a minimum of 500, which allows people with bad credit score to get short-term loans.
An additional requirement is to have a monthly income of 1,800 CAD and to have been working for at least three months.
|You can get a loan with fair credit;||The interest rates can be quite high for some loans.|
|Available in all ten provinces;|
|Easy online application.|
Borrowell is one of the best financial lending platforms in Canada. It offers money fast due to its technology and allows Canadians to make use of payday loans from the comfort of their homes.
The company was founded in 2014 and had many innovative features, including the free FICO credit score check. Additionally, it provides people with emergency loans against good terms.
- Interest rate: Relatively high, it starts from 19.99% – 46.96%;
- Fees: There are NFS ($25 – $54) and an origination fee (1% – 5%) for every loan with bad credit or good one;
- Loan amount: From $500 – $35,000;
- Repayment term: Can range from 35 – 60 months;
- Minimal credit score: The minimum credit score requirement is 660 points.
Borrowell is a great platform that provides money to people in need till their next payday. It has many features and is perfect for debt consolidation or unexpected expenses.
|Approval can take as fast as two days;||Not suitable for people with poor credit.|
|Perfect financing option for people with good scores;|
|Free credit check.|
Summing Up Best $1000 Loans
Now, let’s take a look and compare all eight of these $1000 personal loan lenders.
|Lender||Interest Rate||Loan Amount||Repayment Terms||Credit Score|
|Loanz||29.90% – 46.90%||1,000 – 15,000 CAD||One – five years||570|
|Mogo||9.99% – 47.42%||500 – 35,000 CAD||Six – 60 months||540|
|Fairstone||13.99% – 39.99%||$500 – $500,000||Six – 120 months||580 – 739|
|SkyCap||19.99% – 39.99%||$500 – $15,000||Nine months – five years||575|
|iCash||$15- $19 per each $100||100 – 1,500 Canadian dollars||7 – 62 days||Not specified|
|Loans Canada||3% – 46.96%||$500 – $300,000||three – 60 months||Not specified|
|Spring||9.99% – 46.69%||$500 – $35,000||six – 60 months||500|
|Borrowell||19.99% – 46.96%||500 – 35,000 CAD||35 – 60 months||660|
We hope our table has helped you to understand the terms of these great payday lenders. Please remember always to borrow money responsibly and make your monthly payments to avoid getting a poor credit score.
Example of Calculating The Cost Of a $1000 Loan
Now that you’ve seen the best online lenders in Canada, it’s time to learn how to calculate personal loan costs.
Let’s say you are considering an unsecured personal loan of $1000 with an interest rate of 12% and a term of 12 months. To calculate its costs and the average monthly payment, you would first multiply the loan amount by the interest rate ($1000×12%) to get the annual interest charge ($120).
Then, you have to divide the APR ($120) by the number of monthly payments (12) to get the interest charge for each installment ($10). Finally, you need to add this interest charge ($10) to the monthly payment amount to get the total amount for this small personal loan ($93.33).
That means over the course of the repayment of this installment loan, you would pay a total of 1120 CAD. That includes loan requests where you get 1,000 Canadian dollars plus the $120 in interest charges.
Remember that the actual APR and the total costs of most personal loans vary based on good or bad credit score, income, location, and other factors.
Types Of $1000 Loans in Canada
If you are a Canadian and need cash, you should know there are many ways to get a 1,000-payday loan. Whether you are looking for a long or short loan term, you can easily find one. It can be to consolidate debt, or personal loan for unexpected expenses, or even emergency loans.
There’s a provider for anything; because of the diversity, we have decided to show you the most common installment loan types below.
Personal loans allow every Canadian to borrow a fixed amount of cash for many purposes like debt consolidation, making a fancy purchase, or covering unexpected expenses. These are often unsecured and are given against no collateral.
Often people use them as emergency loans to cover expenses that cannot be delayed. You must know that every company can offer personal loans, but whether you get it or not is based on your creditworthiness.
Note that the interest, terms, and all monthly payments depend on your income and good credit score. Credit unions, banks, or any third-party financial institution can also obtain such loans.
When to Choose a Personal Loan
Choosing a personal loan can be a great option if you need to get 1,000 CAD for some immediate expenses.
These short-term loans can have many purposes but are not great for immense expenses like mortgages. However, given the interest and their fixed low monthly payment, they are perfect for those who want to consolidate debt.
Tip: While these loans are convenient, having an immaculate credit report is crucial. The better your score is, the better conditions and APRs you’ll get!
These types of loans offer a smaller amount of money, ranging from a few hundred to a few thousand Canadian dollars. Many take them when they need money fast to cover their monthly expenses until their next salary.
You must know that most payday lenders have high interest, fees, and shorter repayment periods. Given the small amount of cash, you can easily qualify for such a loan even with poor credit.
There are no strict requirements, and the credit check they perform is not as strict as a credit union one. Still, if you do not pay back on time, you will damage your score and may get bad credit.
When to Choose a Payday Loan
Payday loans are the perfect option if you need a loan quickly, for a small sum of money, and to cover an urgent expense. This is a perfect option for those Canadians with low credit scores or with an upcoming credit check over their other loans.
You must remember to borrow only the amount you urgently need. You should never fill out a loan request for more money than you can repay. This way, you will avoid default and stay trustworthy in the face of credit bureaus.
Unlike personal loans, auto ones are secured by the automobile you purchase with borrowed money. That means that the lenders do not simply fund you because of your good credit report but because you have collateral that guarantees their investment.
Here it’s important to know that if you default, you will not only damage your FICO credit score but also lose the vehicle.
Auto loans, like many others, have fixed monthly payments and rates. These, together with the loan term, are based on the car price, credit history, income, age, and more.
Installment loans are a type of credit that allows you to get a fixed amount of cash and repay it over time. The repayment happens on regular fixed installments that depend on your credit history.
The loan term, its interest, and all the details are set beforehand and are visible in the loan offer, which you receive from the specific lender.
They are a good option for every Canadian who plans to make large purchases or consolidate debt. Note that these can be mortgages, auto, and even personal loans. You can take them from banks, credit unions, or a private financial institution.
Bad Credit Loans
Bad credit loans are designed for people with bad credit history checks or poor debt-to-income ratio. The said loans can be both secured and unsecured with collateral like a car or even a home.
They have fixed rates and monthly installments designed for bad credit borrowers. That means that the competitive interest rates for these loans are significantly higher than others. It’s crucial to know that a loan with bad credit also has higher fees.
Keeping that in mind, you must know that such a loan can further damage the record of people with a poor credit history score.
Advantages And Disadvantages Of $1000 Loans
When reaching out to financial institutions like banks, private lenders, or credit unions to get 1,000 emergency loans, you must consider many pros and cons.
- You can get money fast and easily when you are dealing with expenses, and your bank account is empty;
- It’s easy to qualify for a $1000 loan;
- Perfect for those with good income and credit scores.
- The biggest con is that $1000 loans can come with high interest and fees, especially if you have a bad credit score;
- A credit check can damage your overall score;
The loan approval will depend on your credit history. If it’s poor, know that every loan with bad credit has stricter terms, hefty rates, and fees. These can further damage your credit.
If you have a good income, a high score, and can maintain your expenses, you can easily use them. They can be emergency loans when you are in need, and once you cover your payment, you can repay the entire loan at once with a direct deposit.
Can I Get A $1000 Loan With No Credit Check In Canada?
Yes, it is possible to get a 1,000 CAD loan with no credit check in Canada. However, many private lenders, who advertise with no credit check loans, may target bad credit borrowers and charge them extremely high interest.
They may have a huge origination fee, NFS ones, and even hidden costs over their personal loan offer. If you decide to use such a lender, make sure to do your research.
Note that multiple lenders do have bad reviews online, and you can always view them. Additionally, whenever you are to sign a loan offer, check its terms multiple times!
Eligibility Requirements For a $1000 Loan
Before you fly a loan application, you must consider and understand all eligibility requirements.
Most lenders have a set of criteria that the borrower must meet to qualify. Once you meet them, you will get loan approval for a specific amount of cash against set terms.
These requirements are almost identical for most lenders, as they all look at things like debt-to-income ratio, employment history, and if you have bad credit. It is crucial to provide them with factual information during your loan request, or your loan application may be cancelled and your credibility damaged.
Speaking about general requirements, we can say that they are the same for most payday lenders.
The foremost one will be to be at least 18 years of age and a legal resident of Canada. The next will relate to your income status; you may have to provide bank account information, proof of employment, or that you don’t have bad credit.
It’s crucial to know that providing fake details will not do you any good because lenders check the factual information with the three credit bureaus. They can communicate information with other financial institutions like banks and can easily verify your information.
Whenever you are applying for a personal loan or any other type of installment credit, there are several document requirements that most lenders will ask for. These, however, can vary from one lender to another but generally relate to proof of income, employment, bank account statements, ID verification, driver’s license, or a passport.
Note: The said will be handled securely but used to verify whether you are eligible for a loan with bad credit.
How To Apply For a $1000 Loan
Applying for a $1000 personal loan can be tiring, but with some guidance, the process is straightforward. Here are the steps you must follow:
- Search and pick a lender: Above, we’ve shown you all the leading ones in Canada;
- Prepare your papers: You do not want to waste time and fail by missing a single piece of documentation;
- Fill in your loan application: Once you’ve picked an online lender, you can fill it out on their platform;
- Await the results: Every lending institution will review and reply to your application. Note that this process can take from a few minutes to a few days;
- Receive your money in your checking account: If your loan proceeds as planned, you will get your cash as soon as you’re approved.
And that’s it; all that you’ll have to do afterward is to make your monthly payments on time. Do not risk default and stay away from getting bad credit.
How To Compare $1000 Loans
You must carefully compare all alternatives when looking for financing options like a $1000 loan. Doing so lets you find a loan quickly in favourable conditions that will suit your goal.
It’s an important thing to do, as you will love to see lower interest on your offer. Here are some things to look out for:
- Loan amounts: Can show how trustworthy or dependable a lender is;
- Interest rates: Look for a loan with low rates;
- Loan Terms: The overall terms can tell you easily which is the best option for your goal;
- Fees: Always check your contract for any additional costs;
- Repayment period: You need an offer with a suitable repayment time; otherwise, you will get bad credit;
Considering these factors, you can make an informed decision based on your situation.
That is a crucial factor to compare in the different lending platforms. Doing so will make the personal loan suitable for your goals, as the maximum loan amounts are often limiting.
Remember that the total amount you get can influence the interest, fees, and period you have to repay it. Often bigger sums are available only to people with an active checking account, good equity, and proper credit scores. That’s because they are labelled as safe investments.
Whenever you are comparing loans, firstly, you should look into all listed interest rates of the said financial institution. That’s because these rates can save you lots of cash throughout repayment, as the higher they are, the more you will pay in total loan amounts.
Because of that, reading the fine print in every loan term is crucial, as there may be additional percentage conditions you haven’t seen. For example, a variable interest rate, unspecified origination fee, etc.
Loan terms are the general conditions you agree to upon receiving and accepting a loan offer. It is important to examine them and compare them to the competitors of the specific lender. That’s because you need to get the most favourable conditions that suit your needs
Additionally, when looking at these terms, you would also like to check the lender’s reputation. By doing so, you will know whether they are trustworthy and, like that, make an informed decision about your loan.
Regarding loans, fees are among the most crucial factors to consider. Any hidden or additional costs can pose an unnecessary expense on your tab. You would like to compare each lender’s offers and check if they have hidden, prepayment, late or default fees.
Note that there are plenty of reputable lenders who do not charge much. Overall, the lower they are, the better, especially if you plan to use same-day loans.
The repayment term of any $1000 loan is vital because it dictates all interests. These terms also set a standard frequency for your monthly payments. Additionally, interest and fees will change the sum you must repay.
Contrary to that, shorter terms indicate higher interests. Therefore, when comparing loans, you must look at their repayment term based on your goal. If it’s debt consolidation, you will prefer the shorter term; if it’s a mortgage, the opposite.
With this, we are sure you understand everything about lending platforms and loans in Canada. Hopefully, you can make an informed decision and pick a platform based on your goal.
Still here? What are you waiting for? Go get your perfect loan today, seize financial freedom, and complete your goals!
How quickly do I need to repay my loan?
Repaying any loan depends on the terms agreed upon taking it. If you are late with the payments, you risk getting a bad credit score or a default, which results in fees.
Can I qualify for a $1000 loan if I’m unemployed?
It will be hard to qualify for such a loan in Canada if you are unemployed. However, some lenders consider people with other incomes or equity in a savings account.
When should I get a $1000 loan?
The best time is when you need emergency loans ranging from $1000. That’s for covering urgent expenses or debt consolidation.
Are $1000 loans expensive in Canada?
No, they are not; however, that depends strictly on your lender. Some offer same-day loans with high interests and many fees, making them expensive.