How To Get A $35,000 Loan In Canada

How To Get A $35,000 Loan In Canada

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated September 21, 2022

A $35,000 loan is a hefty amount, but sometimes it’s needed to cover a pressing expense. You may need a few extra thousand dollars to pay for home renovations, a car, or your college tuition.

Whatever your needs may be, a $35,000 loan can come in handy. The question is, what do you need to get approved for a loan amount this big?

Let’s dig a little deeper into the requirements to secure a $35,000 loan and where you can get one. 

Where Can You Get A $35,000 Loan In Canada?

Loan AmountInterest RateTermProvince Availability
Loans CanadaUp to $50,0002.00% – 46.96%3 – 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
Borrowell$1,000 – $35,0005.99% – 29.19%36 – 60 monthsBC, AB, MB, ON, NB, NS, PEI, NLLearn More
Symple Loans$5,000 – $50,0006.99% – 22.99%Up to 84BC, AB, MB, ON, NB, PEI, NLLearn More
Lendful$5,000 – $35,000Starting at 9.9%6 – 60BC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More

What Are The Requirements Of A $35,000 Loan?

In order to qualify for a $35,000 loan, you’ll generally need to meet the following criteria:

  • Be A Canadian Citizen Or Permanent Resident Personal loans are only available to those who are citizens of Canada or permanent residents. Only mortgages and car loans may be available to those who are non-residents.
  • Be The Age Of Majority In Your Province Or Territory – To legally apply for a loan you must be the age of majority in your province of residence. If you are a resident of Alberta, Saskatchewan, Manitoba, Ontario, Quebec, or PEI, the age of majority is 18. If you’re a resident of British Columbia, New Brunswick, Nova Scotia, Newfoundland and Labrador, Nunavut, Yukon, or the Northwest Territories, the age of majority is 19.
  • Have A Good Credit Score To qualify for a personal loan as high as $35,000, you’ll typically need a minimum credit score of 660 (preferably higher). However, you may be able to qualify for a $35,000 loan with bad credit with an alternative lender, if you meet their other criteria. 
  • Have A Low Debt-To-Income (Dti) Ratio – Your DTI ratio is a measurement of how much of your monthly income is dedicated to covering your current debts, and how much you have left over after all your bills are paid. Most lenders require a DTI of no more than 43%, though some lenders may require DTI ratios much less than that for approval of a $35,000 personal loan.
  • Have Steady Employment Not only does your income level matter, but so does your job stability. Lenders prefer to deal with borrowers who work full-time and are not on a temporary or contract basis. 

Steps On How To Get A $35,000 Loan In Canada 

To apply for a $35,000 loan, follow these steps:

Step #1: Determine How Much You Can Afford 

Add up all your monthly debt, then subtract it from your total monthly income to find out how much you have left over. For example, if you have a net monthly income of $3,000, and a monthly debt of $1,200, you’d have $1,800 left to put towards other expenses. To ensure you can afford a $35,000 loan, be sure to also put aside money for savings, groceries and other miscellaneous expenses. 

If you put aside an additional $1,000, then you’ll be left with 800, which you could put towards your $35,000 loan. Once you know how much you can afford, find out what rates and terms are available that will fit within your monthly budget

For instance, you’ll pay more with a 12% interest rate than an 8% rate. Likewise, a longer term will lower your payments, as the full loan amount you must repay will be stretched out over a longer period of time.   

Below, we’ve provided various $35,000 loan terms you could afford with very similar monthly payments. 

Interest RateLoan TermMonthly Payment
4.5%4 Years$798.12
13%5 years$796.36
21%7 Years$798.43

Step #2: Comparison Shop

Find out what options are available to you by comparing different lenders and the loan terms and rates they offer. You can use an online loan aggregator to help you quickly pull up a list of lenders and the loans they offer based on your income, debt, and credit score. Then, compare each product to see what’s most affordable and suitable for you.

In addition to rates and terms, look at other factors, such as payment schedules and early repayment options.

Step #3: Make Sure You’re Eligible

Before you choose a specific lender and apply for a $35,000 loan, make sure you meet the lender’s eligibility requirements. That includes your income level, DTI, and credit score. 

Also, ensure you have all the required documentation to apply for a $35,000 personal loan. Generally, you’ll need to provide documents that prove your identity and income. 

Typical Required Documents
Personal Loan– Name, date of birth, contact information
– 1 or 2 government-issued IDs (1 photo)
Social Insurance Number (SIN)
– Proof of employment (income, employers name, job title)
– Loan purpose- 3 months’ worth of bank statements
– Bank account details (for direct deposit and withdrawal of payments)

Step #4: Get Pre-Approved

You can get a more accurate idea of what type of interest rate you can secure by getting pre-approved. This involves the lender conducting a soft credit check to verify your credit score and providing the lender with a few more pieces of information about your financial profile. 

Step #5: Apply

After you’ve been pre-approved, complete the lender’s loan application and submit all required documents. Depending on the lender, you may be able to get an answer about whether or not you’re approved within 24 hours. Then, funding should follow shortly after via direct deposit

Types Of Lenders You Can Get A $35,000 Loan In Canada

Types Of LendersDefinitionApproximate  Interest RatesLender Examples
BanksMajor financial institutions like Canada’s Big Five banks offer personal loans. They generally offer the best rates but have strict requirements. 0.5% - 15%- TD
- Scotiabank 
- Laurentian Bank of Canada
Credit UnionsCredit unions are non-profit organizations that are owned by their members. They offer smaller loans than banks but rates are still affordable. Requirements are also more flexible than banks, but you must be a member (of the credit union) to get a loan. 3% or more - Fusion Credit Union
- First West Credit Union
- PACE Credit Union
- DUCA Credit Union
- Meridian Credit Union
- Vancity Credit Union
- Ganaraska Financial Credit Union
Private LendersPrivate lenders are easier to qualify for than banks due to their flexible lending standards. Even those with poor credit may qualify, however, they often charge much higher rates than banks, making them a more expensive option. 8% - 46%- Loanz
- Spring Financial
- LendDirect
- LoanMeNow 
- Consumer Capital Canada
- Mogo

How To Increase Your Odds of Approval For A $35,000 Loan

To boost your chances of getting approved for a $35,000 loan with a low rate and favourable terms, consider the following tips:

Offer Collateral To Secure The Loan  

A $35,000 secured loan may be a little easier to get approved for because the lender can repossess an asset of value in case you fail to repay the loan. These loans may also come with lower rates because of the reduced risk for the lender. 

As such, consider backing your $35,000 loan with collateral to get a better deal. Just keep in mind that if you don’t keep up with your payments, your collateral will be at risk. 

Give Your Credit Score A Boost 

Your credit score plays an important role in your ability to get approved for a loan and secure the lowest possible interest rate. Given this, it would be best if you had a good to excellent credit score when applying for a loan, especially for a sizable amount, like $35,000. 

If your score is a little low, take some time to improve it. Some of the best ways that can help improve your score are by paying your bills on time, spending less than 30% of your credit limit and avoiding too many loan applications in a short period of time.  

Borrow A Lower Amount

Determine whether or not it’s absolutely necessary to apply for a personal loan amount of $35,000. If you can get away with a lower amount, consider applying for less. Lower loan amounts pose less risk for the lender which can translate to better loan terms. Moreover, a lower loan amount means you’ll owe less money, both in principal and interest.  

Consider Applying For A Variable-Rate Loan

If rates are on the lower side when you are applying for a loan or expected to dip at some point in the near future, consider a variable-rate loan. And if you think you can pay off the loan within a short period of time, you may be able to take advantage of today’s lower rates before they increase.

Find A Co-signer

If you’re unable to get approved for $35,000 on your own merit, find a co-signer with good credit and healthy income to co-sign on the loan. This will help you get approved for the loan and secure a lower rate as a cosigner lowers the lender’s risk. 

Include All Forms of Income

Not only should you include your employment earnings, but also investments, government benefits, inheritance money, and anything else that can boost your overall income. The higher your income, the less risk you’ll seem as a borrower. 

How To Calculate The Cost Of A $35,000 Personal Loan

There are two major components of your $35,000 loan that will determine how much it will cost you overall: Annual Percentage Rate (APR) and loan term.

Annual Percentage Rate (APR). The APR represents the interest rate of your loan, plus all other fees involved and is expressed as a percentage of the loan balance over a year. The APR provides a more accurate picture of how much your loan will cost you compared to just looking at the interest rate.  

Loan term. The term represents the length of time you have to fully repay the loan amount, plus all interest and fees. A $35,000 loan will typically come with longer loan terms given the size of the loan. The longer the term, the smaller the monthly payments will be, but you’ll pay more in interest overall. 

Calculate Your $35,000 Loan Payment

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How Much Will A $35,000 Loan Payment  Cost?

As mentioned, a longer loan term and higher interest rate means you’ll be paying a lot more overall compared to a shorter term at a lower rate. However, your monthly payments could be lower on a longer term, despite a much higher interest rate.

The following chart to get an idea of how much you could pay overall for a $35,000 loan based on different loan terms and APRs: 

Loan Term2 Years3 Years5 Years
Monthly Payment$1,535$1,391 $1,498
Total Interest Paid$1,851$15,097$54,910
Total Amount Paid$36,851$50,097$89,910

$35,000 Loan FAQs

Can I get a $35,00 loan with bad credit? 

Yes, you can still get approved for a $35,000 loan with a low credit score, but you’ll likely have to work with an alternative lender that deals specifically with bad credit borrowers. While getting approved for a loan this size with an alternative lender is easier, you’ll be paying higher interest rates.

Can I get a $35,000 loan with a low income?

Yes, but you’ll probably need to apply for a longer loan term to be eligible. Further, other factors will play a role in your ability to get approved despite a low income, such as your credit score and current debt load.

Do personal loans have prepayment penalties?

That depends on the lender. Some may charge early prepayment penalty fees, in which case it may not be worth it to pay your loan off early. Other lenders do not charge such fees. You’ll need to check the fine print on your loan contract or ask about such fees upfront before you sign anything. 

Can I really borrow $35,000?

Yes, you can borrow $35,000, but you’ll be paying back a lot more than just this original loan amount. You’ll also need to factor in your interest rate charges and other fees that may come with your loan.  Also note, when a lender charges a loan processing fee, they often deduct it from your loan amount, which means you’ll receive the 35,000 minus the fees.

Final Thoughts

For a $35,000 loan, you’ll typically need a good credit score and healthy income to qualify. You may be able to get away with less stringent lending criteria for smaller loan amounts, but a loan this big will require a healthy financial and credit profile. But if you don’t have a strong credit score or significant income, you may be able to get your hands on a $35,000 loan from an alternative lender.

Rating of 5/5 based on 1 vote.

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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