How To Get A $2,500 Loan In Canada

How To Get A $2,500 Loan In Canada

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated August 24, 2022

Do you have a big bill to pay that requires a few extra thousand dollars to cover, but your bank account is a bit short? If so, a small $2,500 personal loan might help, no matter what you need the extra money for.

Read on to find out how to get a $2,500 loan in Canada, and all the loan options you have to choose from to customize your loan.

Where Can You Get A $2,500 Loan In Canada?

Loan AmountInterest RateTermProvince Availability
Loans Canada LogoUp to $50,0002.00% - 46.96%3 - 60 monthsBC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More
Loanz$1,000 - $15,00029.9% - 46.9%12 - 60 monthsBC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More
Mogo$300 - $35,0009.9% - 47.72%24 - 60 monthsBC, AB, ON, NB, NS, PEI, NLLearn More
Spring-FinancialUp to $15,00029.99% - 46.96%9 - 60 monthsBC, AB, SK, MB, ON, NB, NS, PEI, NLLearn More
FairstoneUp to $25,00026.99% - 39.99%6 - 60 monthsBC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More
$1,000 - $35,0005.99% - 29.19%36 - 60 monthsBC, AB, MB, ON, NB, NS, PEI, NLLearn More
easy financial$500 - $20,00029.99% - 46.96%9 - 84 monthsBC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More
Lend DirectUp to $15,000Started at 19.99%Open-endBC, AB, SK, ON, NS, PEI, NLLearn More
Loan AwayUp to $5,00019.9% - 45.9%6 - 36 monthsBC, AB, ON, NLLearn More
Consumer Capital Canada$500 - $12,50019.99% - 34.99%12 to 60 monthsBC, AB, SK, MB, ON, NB, NS, PEI, NLLearn More
SkyCap Financial$500 - $10,00012.99% - 39.99%9 - 36 monthsBC, AB, SK, MB, ON, NB, PEI, NLLearn More

Can You Get A $2,500 Loan With A Bank?

If you’re in need of a $2,500 loan, your first thought may be to look to your bank. But while these traditional financial institutions offer personal loans, they usually don’t deal with smaller loan amounts. Instead, banks generally loan out loan amounts no less than $3,000 to $5,000. 

Further, banks typically deal with borrowers with good to excellent credit, which means you’d need a credit score of at least 660 or more to get approved. If you have poor credit, you’ll likely be turned down for a loan with a bank.  

Can You Get A $2,500 Loan With An Online Lender?

If you have bad credit, an alternative online lender may be a better option for a $2,500 loan. 

Online lenders also have more lax lending criteria and can provide funding in a much shorter time frame, which is a big advantage if you are in need of fast cash to cover a pressing expense. 

Having said that, these lenders typically charge high-interest rates and fees, which makes them a more expensive option. 

How To Get A $2,500 Loan?

To get your hands on a $2,500 loan, follow these steps:

Step 1: Review Your Finances And Credit Health

Before applying with a lender, it’s best to review your finances and credit to see where you stand as a borrower. If your score is high and your finances are stable, you should have little issue getting approved for a loan, no matter where you apply. 

But if your score is low or your finances are shaky, you’ll probably need to apply directly with an online lender rather than a traditional financial institution. Reviewing your finances can also help you apply with lenders whose eligibility requirements you meet. 

Step 2: Compare Lenders

Use an online loan aggregator to compare different lenders and what they offer. More specifically, compare things such as interest rates, fees, and terms to find out where the best deal lies. As mentioned, you should also verify each lender’s eligibility requirements to help you decide which lender you’ll have the most luck getting approved with.

Step 3: Fill Out Your Application

Once you’ve narrowed down your choices, complete the loan application and submit the required documents for the lenders to review. Then wait for your lender’s approval on your $2,500 personal loan. 

Step 4: Get Funded 

If approved, go over the final loan agreement carefully to make sure you understand all the terms and conditions. If all looks good, sign it and wait for your funds to be deposited into your account

Requirements For A $2,500 Loan

In order to be eligible for a $2,500 loan, you may need to meet the following requirements:

  • Be of the age of majority in your province or territory 
  • Be a Canadian citizen or permanent resident
  • Have an active bank account 
  • Have a reliable source of income and steady employment
  • Have the minimum credit score as per the lender’s criteria

Types of Loans You Can Get 

The type of $2,500 loan you can get depends on a few factors, including your income, credit score, and whether or not you have a bank account, among other things. 

Can I Get A $2,500 Loan With No Credit Check? 

Some lenders do not require a credit check before approving a borrower’s application for a $2,500 loan. If you have bad credit, a “no credit check” loan may be ideal for you. Instead of relying on your credit score, lenders will place more weight on other factors to determine your ability to repay the loan, including your income and debts. 

That said, a no credit check loan will likely come with much higher interest rates.  

Can You Get A $2,500 Loan With Bad Credit?

Getting approved for a $2,500 loan with bad credit may be extremely difficult with a bank, but not with alternative online lenders. The latter often have loans that are designed specifically for bad credit borrowers. If your credit score is on the lower end of the spectrum, you may be able to get a $2,500 loan with an online lender. 

Again, a bad credit loan will likely mean you’ll be paying a higher interest rate, which means your loan will be more expensive. 

Can You Get A $2,500 No Bank Verification Loan?

Most lenders require borrowers to have an active bank account. This helps lenders assess a borrower’s financial strength while providing the lender with a resource from which to withdraw funds for loan repayment.

If you don’t have a bank account, your options for $2,500 loan approval will be limited. However, some lenders might not require an active bank account, and won’t take steps to verify your account information or status. Instead, these lenders may provide funds via cheque or cash, and may allow you to repay the loan in the same way. However, these types of loans are not always easy to come by.

Can I Get Instant Approval On A $2,500 Loan?

Banks usually take days or weeks to approve a loan application, which is not ideal if you’re looking to get approved for a quick loan to cover an urgent expense. Online lenders usually approve loan applications within 24 hours, and some may even offer instant loan pre-approval

Payday lenders, in particular, often approve borrowers right away with little delay. But personal loan lenders might take a little longer, even if it’s only a few hours.  

Cost Of A $2,500 Loan

In addition to the initial $2,500 loan amount you’ll need to pay back, what are all the extra costs associated with the loan going to be? 

The following charts outline the different costs associated with different loan terms and rates to help you understand how much your $2,500 loan will cost you overall.

Cost Of A $2,500 Loan Over 12 Months

Monthly Payment$219.79$237.61$263.81
Total Paid$2,637.48$2,851.33$3,165.73
Total Interest Paid$137.48$351.33$665.73

Cost Of A $2,500 Loan Over 24 Months

Monthly Payment$115.36$133.43$161.18
Total Paid$2,768.70$3,202.29$3,868.35
Total Interest Paid$268.70$702.29$1,368.35

Tips On Getting A $2,500 Loan

To maximize your chances of getting approved for a $2,500 loan with the best rate and terms that are most suitable for you, consider the following tips:

  • Verify The APR  – Lenders typically display “interest rates” with their loan products. However, as important as this is, you’ll want to find out what the “APR” is, which stands for “annual percentage rate.” It’s the APR that will tell you the true cost of the loan, because it includes both the interest rate as well as all other fees the lender charges, such as loan origination fees, late payment fees, early repayment fees, and others. 
  • Watch Out For Long Terms – Longer loan terms give you more time to repay the loan, which means each loan payment will be smaller. However, longer loan terms mean you’ll be paying more in interest overall. In general, it’s best to choose a term that you can comfortably afford, rather than one that gives you the lowest payment option. 
  • Find Out How Quickly You Can Get Your Funds – Depending on your situation, you may need the borrowed funds sooner rather than later. Find out how long the lender will take to extend the funds after loan approval, and make sure it’s within an acceptable time frame according to your needs. 
  • Find Out About Eligibility Criteria – While there are certain requirements that are universal among most lenders, each lender may have specific loan criteria. Before you apply for a loan with a specific lender, find out what the exact eligibility requirements are, in order to avoid any unnecessary credit inquiries.

2500 Loan FAQs

What kind of term will I get for a $2,500 loan?

Because a $2,500 loan is considered a small amount, it may be a little easier to qualify for compared to larger loan amounts and will likely come with shorter loan terms, usually around a few months to a year or two.

Can I get a no refusal loan?

A “no refusal” loan means the lender will not turn down your loan application because of your bad credit score. With this type of loan, you can qualify without a credit check. Lenders will look at other factors of your financial profile instead, such as your income, assets, debt, and employment stability.  However, these loan types are usually much more expensive, so be sure to carefully review the loan terms before you apply.

How fast can I get a $2,500 loan?

You can secure a small $2,500 loan from an alternative online lender much faster than from a bank or credit union. Online lenders offer streamlined loan applications that can be completed and submitted entirely online, and approval decisions are made within 24 to 48 hours, and often sooner. 

Can I get a $2,500 loan with a payday lender?

No, payday lenders don’t usually provide loan amounts any higher than $1,500. Plus, depending on the province, they only allow you to borrow no more than 30% to 50% of your gross pay.

Can I repay my loan early?

Some lenders may allow you to pay off the loan in its entirety earlier than the original due date. However, you may be subject to early repayment penalty fees if you do. That said, some lenders may not charge such fees and may allow early loan repayment.

Final Thoughts

If you need a little financial assistance to cover a big expense, a $2,500 loan may help. Depending on your financial and credit situation, you may find it a lot easier and faster to apply with an online lender. Assess your financial health and the loan options available to you before you apply.

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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