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Canada is an expensive place to live and when financial emergencies occur, there are a number of alternatives you can look into, such as personal loans. However, since taking out a loan is often pricey too, it may be safer if you start by borrowing a somewhat manageable amount. For example, here’s how you can get a $1,000 loan in Canada.
Depending on where you live and what your financial profile looks like, you may have a couple of options for finding a $1,000 loan in your region. Be sure to compare lenders and choose a legitimate company with good customer reviews, interest rates, and fees.
|Loan Amount||Interest Rate||Term||Province Availability|
|Up to $50,000||2.00% - 46.96%||3 - 60 months||BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL||Learn More|
|$1,000 - $15,000||29.9% - 46.9%||12 - 60 months||BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL||Learn More|
|$300 - $35,000||9.9% - 47.72%||24 - 60 months||BC, AB, ON, NB, NS, PEI, NL||Learn More|
|Up to $35,000||9.99% - 46.96%||9 - 60 months||BC, AB, SK, MB, ON, NB, NS, PEI, NL||Learn More|
|Up to $25,000||26.99% - 39.99%||6 - 60 months||BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL||Learn More|
|$1,000 - $35,000||5.99% - 29.19%||36 - 60 months||BC, AB, MB, ON, NB, NS, PEI, NL||Learn More|
|$500 - $20,000||29.99% - 46.96%||9 - 84 months||BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL||Learn More|
|Up to $15,000||Started at 19.99%||Open-end||BC, AB, SK, ON, NS, PEI, NL||Learn More|
|Up to $5,000||19.9% - 45.9%||6 - 36 months||BC, AB, ON, NL||Learn More|
|Up to $1,000||Max 32%||Max 90 days||All of Canada||Learn More|
|$500 - $10,000||12.99% - 39.99%||9 - 36 months||BC, AB, SK, MB, ON, NB, PEI, NL||Learn More|
|$500 - $12,500||19.99% - 34.99%||12 to 60 months||BC, AB, SK, MB, ON, NB, NS, PEI, NL||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, MB, ON, NB, NS, PEI||Learn More|
|$120 - $1,500||Varies by province*||Max 62 days||BC, AB, SK, MB, ON, NS||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, SK, MB, ON, NB, NS, PEI||Learn More|
|Up to $1,500||Varies by province*||Up to 62 days||BC, AB, ON||Learn More|
|Up to $1,500||Varies by province*||Up to 31 days||BC, ON, NS||Learn More|
Almost every bank, credit union, and private lender offers some sort of installment-based loan, otherwise known as a personal loan. Depending on the lender you can get loans as low as $500 up to $35,000 or more. A personal loan can be a good option for a $1,000 loan as it comes with features like:
You can also get a $1,000 loan from a payday lender in Canada. However, payday loans generally have a higher cost of borrowing than a personal loan. Here’s what you can expect if you get a $1,000 payday loan:
Before you apply for any type of loan, remember that the amount you borrow isn’t the only cost you also have to consider the interest, fees and term length, all of which affect the total cost of the loan. So, to get a better idea of what you’ll pay for a $1,000 in Canada, make sure to compare sources, as you’ll see in the tables below.
|Province/Territory||Max Cost Per $100 Borrowed||14 Day Term||Total Paid||Total Cost|
|British Columbia||$15||391.07% APR||$150||$1,150|
|New Brunswick||$15||391.07% APR||$150||$1,150|
|Prince Edward Island||$15||391.07% APR||$150||$1,150|
|Nova Scotia||$19||495.36% APR||$190||$1,190|
|Newfoundland & Labrador||$21||547.50% APR||$210||$1,210|
|Quebec||35% AIR||35% AIR (1 month term)||$29.17||1,029.17|
|Northwest Territories, Nunavut & Yukon||$60||1,303.57% APR||$500||$1,500|
|6 Month Loan||1 Year Loan|
|Interest Rate||10% APR||8% APR|
|Total Interest Paid||$29.37||$43.86|
The approval requirements for a $1,000 loan in Canada can vary from lender to lender. Luckily, a $1,000 loan is a fairly small sum for most lenders, so getting approved for it is generally easier than applying for a $10,000 loan.
There are a few personal and financial details that all lenders must confirm before they can legally let you borrow money from them, including but not restricted to:
To complete the loan application process for your $1,000 loan, your lender will generally require copies of the following documents:
Once you’ve provided all the necessary documentation, your lender will assess your application. If all goes well, the lender will deposit the loan funds directly into your bank account within 1 or 2 business days.
Before you take out a loan, it’s essential to understand the responsibility involved. Not only could you end up in serious debt by missing payments, but your credit may also be harmed in the process if you miss any payments. So, don’t forget to weigh the pros and cons of each lender you consider.
Remember, payday loans are a risky option because of the debt and financial harm they can cause, so ask yourself these important questions prior to applying:
While personal loans can be safer than payday loans in various ways, you should still consider these kinds of factors before you give away any personal or financial details:
If you have bad credit, you may be looking for a no refusal loan to avoid any credit checks. With no credit check, you have a higher chance of getting approved for a $1,000 loan with bad credit. Lenders who offer no refusal loans will put more emphasis on your overall financial health which may include your income level, debt level, and employment stability.
It’s important to note that while no refusal loans may be easy to qualify for, it often comes with short terms and higher interest rates.
When it comes to applying for a $1,000 personal loan, it’s important to understand that this type of loan can be expensive. Always choose a reputable lender, read the fine print, and have a full understanding of the total cost of the loan.
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