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.
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 of 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.
Find Out How Much You Qualify For
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
Where Can You Get A $2,500 Loan In Canada?
| Loan Amount | Interest Rate | Term | Province Availability | ||
 | Up to $50,000 | Prime to 46.96% | 3 - 60 months | Across Canada | 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% - 47.42% | 24 - 60 months | BC, AB, ON, NB, NS, PEI, NL | Learn More |
 | $500 - $35,000 | 9.99% - 46.96% | 6 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | $500 -$25,000 | 26.99% - 39.99%† | 6 - 60 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | $500 - $20,000 (unsecured) | Starting at 29.99% | 9 - 84 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | $5,000 - $50,000 | 5.75% - 22.99% | Up to 84 months | BC, AB, MB, ON, NB, PEI, NL | Learn More |
 | $5,000 - $35,000 | Starting at 9.9% | 6 - 60 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | Up to $15,000 | Starting 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 |
 | $500 - $12,500 | 19.99% - 34.99% | 12 to 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | $500 - $10,000 | 12.99% - 39.99% | 9 - 60 months | BC, AB, SK, MB, ON, NB, PEI, NL | Learn More |
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.
Learn How To Qualify For Other Loan Amounts
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
| 10% | 25% | 46% | |
| 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
| 10% | 25% | 46% | |
| 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?
Can I get a no refusal loan?
How fast can I get a $2,500 loan?
Can I get a $2,500 loan with a payday lender?
Can I repay my loan early?
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.
