How To Get A $75,000 Loan In Canada

How To Get A $75,000 Loan In Canada

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated September 7, 2022

Whether you need to make significant renovations on your home, pay for major car repairs or cover an expensive medical procedure, a $75,000 loan might help. The question is, what is the eligibility criteria to get approved for a loan amount this big? And are you qualified?

In this article, we’ll go into more detail about the requirements needed to secure a $75,000 personal loan and how to boost your odds of loan approval. 

Can I Get A $75,000 Loan In Canada?

Your ability to secure a $75,000 loan in Canada depends on a few factors, including your financial profile and the lender. A $75,000 loan is a hefty amount to take out, so you’ll typically need strong financials to get approved. 

A loan amount as high as $75,000 may also require more comprehensive documentation to help the lender confirm your creditworthiness and your ability to afford the loan.  

If your financial and credit profile isn’t as strong as it could be, you may have better luck applying with an alternative online lender instead of a bank or credit union. Online lenders typically have less stringent requirements, and they typically fund loans relatively quickly following loan approval. 

Where Can You Get A Large Personal Loan?

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

Best Personal Loan Lenders


Loans Canada

Up to $50,000
2.00% to 46.96%
3-60 months


$1,000 - $15,000
29.9% - 46.9% APR
12 - 60 months

Symple Loans

$5,000 - $50,000
6.99% - 22.99%
Up to 84 Months

Spring Financial

Up to $15,000
14.99% to 46.96%
6 - 12 Months


$1,000 - $25,000
7.5% - 31.5%
36 - 60 months

Cash Money

$1,500 – $10,000
Varies by province
Varies by product (up to 60 months)


$5,000 - $35,000
Starting at 9.99%
6 - 60 Months

Loan Away

Up to $5,000
19.9% to 45.9%
6 - 36 Months


$500 - $1000+
28 to 32%
3 Months

Consumer Capital Canada

$500 - $12,500
19.99% to 34.99%
No minimum term

Mogo Finance

$300 – $35,000
9.9% - 47.72%
3 - 60 Months

Fairstone Financial

Up to $50,000
19.99% - 39.99%
6 - 120 Months

What Are The Requirements Of A $75,000 Loan? 

Your ability to qualify for a $75,000 loan depends on the lender you apply with as each lender has their own unique requirements. In general, you’ll need to meet the following criteria to be eligible for a $75,000 loan. 

  • Be A Canadian Citizen Or Permanent Resident – Personal loans in Canada are typically only offered to those who are classified as Canadian citizens or permanent residents. Non-residents are only able to qualify for mortgages and auto loans. 
  • Be The Age Of Majority In Your Province Or Territory – The age of majority varies across Canada, and is typically either 18 or 19, depending on where you live. You’ll need to meet this threshold in order to qualify for a personal loan. 
  • Have Good Credit Your credit score plays a key role in your ability to get approved for a $75,000 personal loan. More specifically, you’ll need a credit score of at least 660 to qualify.
  • Have A Low Debt-To-Income (DTI) Ratio – Your DTI ratio refers to the percentage of your gross monthly income that is dedicated to covering your monthly debt. Lenders use this number to assess your borrowing risk. The higher your DTI, the more of a risk you’re considered to be. Generally speaking, a DTI of 43% or higher is considered too high for approval for a $75,000 personal loan.
  • Earn Sufficient Income Your income level must be high enough to accommodate the loan payments toward paying down your $75,000 loan, in addition to all the other bills you’re already responsible for paying. 
  • Have A Steady Job – Employment stability is an important factor when it comes to getting approved for a $75,000 loan. Lenders prefer to work with borrowers who have long and steady jobs. 

Documents Required For A $75,000 Personal Loan

The lender will require certain documents to help assess your creditworthiness and ability to carry a $75,000 loan, as well as to verify your identity. These documents can include the following:

  • Government-issued IDs 
  • Social Insurance Number (SIN)
  • Letter of employment 
  • Paystubs
  • Bank statements
  • Tax receipts

Step On How To Get A $75,000 Loan

Once you’re ready to apply for a $75,000 loan, follow these steps:

Step 1: Calculate What You Can Afford 

Before applying for $75,000, crunch the numbers to get a sense of how much your monthly payments will be and how much you can afford. This can help you budget before taking on the loan. 

To do this, add up your monthly debt. Then, subtract your debt total from your monthly income to find out how much is left over. 

For instance, if you earn $4,000 per month and have monthly bills that total $2,000, you would have $2,000 left over to pay other debt, including a personal loan. Just make sure that you still have enough left to cover all other expenses, as well as savings contributions and entertainment. 

Step 2: Shop Around

Do some homework on the lenders and their loan options. You can use an online loan aggregator to make compare lenders and their offers quickly. Simply plug in certain pieces of information — like your income, debt, credit score, and loan amount desired — and a list of lenders and rates will populate according to your financials.

When comparing lenders, be sure to look into other details with each lender, such as payment schedules, terms, prepayment options, and fees to help you narrow down your list of prospective lenders. 

Step 3: Verify Eligibility Criteria

Before taking steps to apply for a loan with a specific lender, verify the loan eligibility criteria to make sure you qualify. More specifically, look at the required income level, credit score, and DTI and compare them to your profile. 

Step 4: Apply For A Pre-Approval

Getting pre-approved for a loan can give you an idea of the loan terms you can get approved for. Most lenders offer pre-approvals, all you have to do is fill out a quick form. 

Step 5: Apply For The Loan

When you’re ready to formally apply for a $75,000 loan, you’ll need to complete the lender’s loan application and submit all required documents. If you apply with an online lender, you could receive an answer about your approval in as little as 24 to 48 hours and funding shortly after. Traditional lenders, like banks and credit unions, usually take much longer. 

How To Increase Your Odds Of Qualifying For A $75,000 Loan?

Put your best foot forward when applying for a $75,000 loan. To increase your chances of loan approval, follow these tips:

Collateralize Your Loan

Backing your personal loan with an asset of value will reduce the lender’s risk. In turn, you may be able to increase your odds of approval and secure a lower interest rate. Similarly, you can add a co-signer to your loan if you’re unable to get approved for a loan on your own. A co-signer is a person who has strong finances and a high credit score. 

Get Pre-Approved

 Before formally applying for $75,000, you can get pre-qualified first to see if you’d be eligible for this loan amount. This will help you avoid lenders whose requirements you don’t meet as well as unnecessary credit checks which could hurt your credit. 

Consider A Variable-Rate Loan

A variable-rate loan often comes with a lower rate during the introductory period compared to fixed-rate loans. And if rates are expected to decrease in the near future, you could potentially take advantage of these lower rates. However, keep in mind that rates fluctuate with the market. There’s always a risk that rates could go higher. 

Boost Your Credit Score

Having excellent credit will not only boost your odds of getting approved for a higher loan amount, but it can also reduce your interest rate, which will make the loan more affordable. If your score is less than 660, consider taking some time to increase it before applying for a loan. 

Costs To Consider When Getting A $75,000 Loan

The overall cost of a $75,000 loan depends on two key factors: 

  • APR. Your APR includes the interest rate and all fees and is expressed as a percentage of the loan amount you would pay in one year.
  • Loan term. The loan term is the amount of time you have to repay the loan amount. Given the size of $75,000, you may need a longer loan term to pay it all off. A longer loan term means you’ll pay less every month, but you’ll pay more in interest over the life of the loan. 

The following chart illustrates a few scenarios with different rates and loan terms on a $75,000 loan:

Loan Term3 Years4 Years5 Years
Monthly Payment$2,247$1,901$2,200
Total Interest Paid$5,909$16,288$57,054
Total Paid Overall$80,909$91,288$132,054

What Kind Of $75,000 Loan Can You Get?

There are a few variations of $75,000 loans for you to choose from. The loan type you decide on will depend on your needs, your finances, and your credit score:

Unsecured And Secured Loans

A loan amount of $75,000 is typically secured, which means the loan is backed with collateral. This reduces the risk for the lender. You can use your home, vehicle, or another valuable asset to collateralize the loan. However, if you have very strong finances, you may be able to get an unsecured loan, which means you won’t have to provide any collateral.

Variable And Fixed Rate Loans

As mentioned, a variable-rate loan comes with a rate that fluctuates with the market. Generally speaking, the introductory rate is often lower than the current fixed rate. Unlike variable-rate loans, the interest rate on a fixed-rate loan remains unchanged throughout the entire loan term. If rates are expected to increase in the near future, locking in at today’s rate will help you avoid rate hikes. 

Best Tips To Manage A $75,000 Loan

Taking out a personal loan is a big financial commitment. Failing to make payments can come with significant repercussions. Plus, $75,000 will likely cost quite a bit in interest over the life of the loan.

That said, there are ways to effectively manage your loan to keep costs down and ensure you meet payment deadlines:

  • Make bi-weekly payments. Making loan payments every two weeks instead of once a month can reduce the overall interest amount and help you pay off your loan a little faster.
  • Put your tax refund toward your payments. If you’re entitled to a tax refund, put these funds toward your loan payments. Most lenders allow at least one extra lump sum payment each year that goes entirely toward the principal portion of your loan. 
  • Sign up for automatic payments. Instead of making manual payments, you can set up autopay, which means your payments will automatically be credited from your account. This will help ensure that your payments are made on time every billing cycle so you can avoid late payments and the penalties that come with them.  

$75,000 Loan FAQs

Can I get a $75,000 loan with bad credit? 

Generally speaking, a $75,000 loan will require good to excellent credit. But if you have bad credit, you may be able to qualify for a personal loan with an alternative lender, though you may only be able to qualify for a lower amount. If you need $75,000, you may have to take steps to improve your credit score before applying. 

Can I get a $75,000 loan with low income?

That depends on your exact income level. A strong income is typically required to be eligible for a $75,000 loan. But if your income is a little on the lower end, you may be able to stretch out the loan term to give you more time to pay off the loan with lower monthly payments.  Ultimately, your ability to get approved for $75,000 depends on your credit score, your current debt load, and other financial obligations you have. 

Do personal loans have prepayment penalties?

This depends on the lender. Some lenders charge early prepayment penalty fees if you pay off your loan early, but others do not. Make sure you find out whether or not such fees apply for early loan repayment. 

Can I really borrow $75,000?

When you apply for a $75,000, you may not get the whole loan amount, though you’ll have to pay the entire amount plus interest. This is because loan fees such as origination fees (which can range from 1% to 5% of the principal amount) are deducted from your funds and added. 

Final Thoughts

A $75,000 loan typically requires a healthy income, manageable debt levels, and good credit to qualify. That said, it’s possible for you to qualify for a $75,000 loan with bad credit with certain alternative lenders, however, you may need to provide collateral to be approved. Otherwise, consider taking some time to improve your financial and credit profile, if required, to increase your chances of success.

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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