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, taking out a loan is also pricey. It may be safer if you start by borrowing a more manageable amount. For example, here’s how you can get a $1,000 loan in Canada.
Where Can You Get A $1,000 Loan In Canada?
Depending on where you live and what your financial profile looks like, like your credit score, 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.
$1,000 Personal Loan Lenders
Almost every bank, credit union, and private lender offers some sort of installment loan, also 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:
Bad credit may be accepted – Some lenders approve borrowers with bad credit, as long as they meet their other requirements such as income level, debt level and employment stability. They may also approve those with bad credit if they offer additional security such as cosigner or collateral.
Zero prepayment penalties – If you want to pay off your $1,000 personal loan early to save on interest, some lenders won’t charge any prepayment penalty fees.
Set payment plans – Personal loan lenders offer fixed payments so you’ll know exactly how much your $1,000 loan costs beforehand. You may be able to adjust your payment frequency too (monthly, weekly, etc.).
Flexible terms – Personal loanlenders may also offer longer repayment terms, often ranging from 6 months to 5 years. This will allow you to spread your $1,000 loan into affordable payments. That said, a shorter term means less interest overall.
Adjustable interest rates – Lenders calculate interest rates based on factors like income and credit but personal loan rates usually vary between 8% and 35% APR.
$1,000 Payday Loan Lenders
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:
High-interest rates – Payday lenders can charge rates of $14 per $100 borrowed (about 365% APR), depending on the province or territory.
Extremely short terms – Generally, payday loans are meant to be paid off within 2 – 4 weeks of funding (i.e. by your next payday), which makes repayment difficult.
Credit may not be checked – Payday lenders usually don’t require a credit check, as suchapplicants with bad or no credit can still qualify so long as they meet the income requirements.
Fast approval – Certain lenders will deposit payday loans on the same day you apply, which can make them a risky but viable solution for financial emergencies.
Rollovers – Due to the payday rules and regulations in Canada, rollovers are prohibited in most provinces. But some lenders allow you to take out another payday loan before your first is paid, which can lead to a cycle of debt.
Find Out If You Qualify
Cost Of A $1,000 Loan In Canada
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.
Cost Of A $1,000 Payday Loan
Province/Territory
Max Cost Per $100 Borrowed
14 Day Term
Total Paid
Total Cost
All province (except Quebec)
$14
547.50% APR
$210
$1,140
Quebec
35% AIR
35% AIR (1 month term)
$29.17
$1,029.17
Northwest Territories, Nunavut & Yukon
35% AIR
35% AIR (1 month term)
$29.17
$1,029.17
Cost Of A $1,000 Personal Loan
6 Month Loan
1 Year Loan
Loan Amount
$1,000
$1,000
Interest Rate
10% APR
8% APR
Monthly Payment
$171.56
$86.99
Total Paid
$1,029.37
$1,043.86%
Total Interest Paid
$29.37
$43.86
How To Qualify For A $1,000 Loan In Canada
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.
General Requirements
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:
Age – You have to be at least the age of majority in your province or territory (18 or 19+) in order to take out a loan.
Employment Status – For the most part, it’s easier to qualify for a loan if you’ve held a full-time job at the same location for at least three to six months, but it may be possible to find a lender who does not check for proof of employment.
Income – A steady paycheck is best but some lenders accept other incomes from government benefits, part-time work or self-employment (a minimum may apply).
Documents Lenders Might Request
To complete the loan application process for your $1,000 loan, your lender will generally require copies of the following documents:
Identification – To confirm your age, identity and residency status, a piece of government photo ID may be necessary, like your passport or driver’s license.
Personal Information – You’ll probably have to provide your other personal details such as your phone number, email and Social Insurance Number (SIN).
Banking Details – Lenders may also request your bank statements (from the last 90 days) and online banking info (for funding purposes).
Financial Details – Most lenders will ask for your latest paystubs to verify your income, as well as details about your assets and existing debts.
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.
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Wagepay is an online financial services platform that provides early payday advances, allowing consumers to access some of their upcoming paycheques before payday. The sign-up process takes just a few minutes, with up to $1,500 made available shortly after approval. No credit check is required, making it a great option for bad credit borrowers in need of cash but can't wait for their next paycheque to come in.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
GoDay is an online payday loan lender that offers small, short-term loans up to $1,500. The application process is very quick and can be completed in as little as 5 minutes. You'll receive an instant decision once you submit your application, and funding can be accessible in as little as 1 hour. Their goal is to help Canadians in need of short-term financing access quick funds to cover last-minute expenses without the hurdles that typically come with traditional lending.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
Pay2Day is an online payday lender in Canada that offers small, short-term payday loans for up to $1,500. The company has over 30 locations across Canada, giving borrowers the option to apply either in-person or online. Loan applications and approvals are available 24/7, with funding available in as little as 1 to 2 hours via e-transfer. No credit checks are required, making payday loans from Pay2Day accessible to bad credit borrowers. Pay2Day aims to make financial solutions more accessible, quick, and convenient for Canadians in need of fast cash but who don't have the credentials to secure a traditional loan.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
Instant Payday Canada is an online payday lender in Canada that provides small, short-term loans for up to $1,500. Funds can be made available in as little as 15 minutes after approval, which is ideal in cases where fast cash is required to cover a pressing expense.
Should You Get A $1,000 Loan From A Payday Lender Or A Personal Loan Lender?
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.
When Should You Choose A $1,000 Payday Loan?
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:
If you can pay it back on your next payday. You will have to pay back the $1,000, plus interest and fees (which are more costly than with personal loans)
If it’s an emergency? Payday lenders often provide same-day funding if you apply at specific times. Some also offer e-Transfers, which can have faster funding times of 15 minutes to an hour under the right circumstances.
If it won’t cause other financial issues? If you’re unable to pay off your first payday loan without causing other financial issues, then it’s in your best interest to avoid payday loans altogether.
When Should You Choose A $1,000 Personal Loan?
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:
When your finances are strong enough to get approved. Personal loan lenders often have stricter requirements than payday lenders. You may need a higher income, good credit and collateral to qualify for reasonable interest rates and loan conditions.
When you need more time to pay off the loan. Personal loans come with installment payments which means you’ll have more time to pay back the loan.
If you have a large planned expense. If you have a large planned purchase to make a personal loan is a better option. You’ll have the time to compare options and research the right lender.
Do $1,000 No Refusal Loans Exist In Canada?
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.
$1,000 Loan FAQs
Can I get a $1,000 loan with no credit check in Canada?
It’s possible, depending on where you apply. For example, most payday lenders won’t check your credit and will base their loan approval process mainly on your income. The same can be said about many alternative/private personal loan lenders in Canada.
How will I receive my funds?
This also depends on how your lender operates. These days, most funds lenders will request your banking information so they can deposit the $1,000 loan directly into your account but other options may be available, like Interac e-Transfer, cash, or cheque.
Can I qualify for a $1,000 loan if I’m unemployed?
Some payday and personal loan lenders will approve you for a $1,000 loan without a job if you have another source of income to cover your full debt. Non-traditional (but acceptable) incomes may include payments from government-approved financial programs, such as RRSPs, social assistance, and the Canada Child Benefit (CCB).
Can I get instant approval on a $1,000 loan?
Yes, many payday lenders and personal loan lenders provide instant approvals when you apply for a loan. These approvals are usually conditional. The lender still has the right to reject you if they’re unable to verify information or if any information you provided is inaccurate.
Can I get a $1,000 with no bank verification?
When you apply for a $1,000 loan, many lenders will use instant bank verification to assess your bank statements. However, not all lenders require this to approve you for a loan. There are many no bank verification lenders who offer $1,000 loans. However, these lenders usually have shorter terms and higher costs, making them more expensive.
Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.
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