$3,500 Loans for April 2024

Get a $3,500 loan at one of the lenders verified by our specialists. On 12.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 3
Best Quick Loan Today 12.04.2024*
Mr. Payday
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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
up to $10.000
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Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Royal Bank of Canada
Great service and quick processing of my loan request.
Royal Bank of Canada
I found the process of getting a loan with RBC to be quite slow and confusing.
Royal Bank of Canada
RBC provided me with a loan at a very low interest rate, helping me save on loan payments.

What are $3,500 Loans?

$3,500 loans in Canada refer to a specific loan amount that individuals can borrow to meet various financial needs. These loans fall under the category of personal loans, which are unsecured loans typically offered by lenders to borrowers for personal use. Unsecured personal loans do not require collateral, providing borrowers with the flexibility to use the funds for a variety of purposes, such as debt consolidation, unexpected expenses, or other financial needs.


  1. Loan Amount. $3,500 loans specifically offer borrowers access to this fixed amount of funds, providing a moderate sum for various financial needs.

  2. Credit Check. Lenders may perform a credit check as part of the application process. This is to assess the borrower's creditworthiness and determine the interest rate and loan terms.

  3. Interest Rates. The interest rates on $3,500 loans can vary. They may be fixed or variable, depending on the lender. A fixed interest rate means that the interest remains constant throughout the loan term, providing predictability for borrowers.

  4. Origination Fee. Some lenders may charge origination fees, which are upfront fees associated with processing the loan. Borrowers should be aware of these fees and factor them into their overall loan cost.

  5. Monthly Payments. Borrowers are required to make monthly payments to repay the loan. The monthly payment amount is determined based on factors such as the loan amount, interest rate, and loan term.

Pros and Cons


Flexible Use. $3,500 loans provide borrowers with the flexibility to use the funds for various purposes, such as unexpected expenses, debt consolidation, or other personal financial needs.

Quick Access to Funds. Some lenders offer same-day funding, ensuring that approved borrowers receive the loan amount promptly, often within one business day.

Accessible to Various Credit Scores. While lenders may have minimum credit score requirements, there are options available for individuals with lower credit scores, including those with bad credit.

Builds or Improves Credit History. Successfully repaying a $3,500 loan can positively impact a borrower's credit history. Timely payments may contribute to an improved credit score over time, providing better opportunities for future borrowing at favorable terms.


Higher Interest Rates. Unsecured personal loans, including $3,500 loans, may come with higher interest rates compared to secured loans. Borrowers should be mindful of the potential cost of borrowing.

Origination Fees. Some lenders charge origination fees, which can add to the overall cost of the loan. Borrowers should be aware of any upfront fees associated with processing the loan.

Credit Check. Lenders often conduct a soft inquiry during the application process. Individuals with lower credit scores may face challenges in qualifying for the loan or may be offered higher interest rates.

Limited Loan Amount. $3,500 may be insufficient for individuals with larger financial needs. In such cases, borrowers may need to explore alternative loan options for a more substantial amount.

How to Get a $3,500 Loan?

Apply for a Loan

  1. Check Your Credit Score. Before applying, check your credit score. Lenders often have minimum credit score requirements. Knowing your score helps you understand the type of loans you may qualify for.

  2. Research Lenders. Explore various lenders, including traditional banks, credit unions, online lenders, and other financial companies. Compare interest rates, fees, and terms to find the best option for your financial situation.

  3. Prepare Necessary Documents. Gather documents such as proof of income, bank statements, and personal identification. Having these ready expedites the application process.

  4. Submit Online Application. Apply online through the chosen lender's website. Provide accurate information and details about your financial situation. Some lenders may offer pre-qualification to check your eligibility.

  5. Review Loan Terms and Acceptance. Once approved, carefully review the loan terms, including interest rates, repayment schedule, and any fees. If satisfied, accept the offer, and the funds may be deposited into your bank account, often within one business day.

Requirements and Conditions


  1. Age. To be eligible for a $3,500 loan, you must be the age of majority in your province or territory.

  2. Residency. You must be a Canadian citizen or a permanent resident to qualify for a $3,500 loan.

  3. Active Bank Account. It's essential to have an active bank account. This account will be used for the deposit of funds and the repayment of the loan.

  4. Income. Your income should be sufficient to support the monthly payments on the $3,500 loan, in addition to covering your existing bills. Lenders will likely assess your income to ensure you can manage the repayment.

  5. Employment. Most lenders prefer borrowers to have a stable job and a history of working at the same place for a certain period. However, some lenders may consider alternative forms of income, such as government benefits, in lieu of traditional employment verification.

  6. Credit Score. Credit score requirements can vary among lenders. While some may require a good credit score for loan approval, others may accept borrowers with bad credit or a limited credit history.


  1. Loan Amount. Borrowers can access a fixed amount of $3,500 to meet various personal financial needs.

  2. Credit Check. Lenders may conduct a credit check to assess the borrower's creditworthiness.

  3. Interest Rates. Interest rates can vary, and loans may come with fixed or variable rates.

  4. Repayment Terms. Borrowers are required to make monthly payments based on the loan amount, interest rate, and terms.

  5. Origination Fees. Some lenders may charge origination fees, affecting the overall cost of the loan.

Best Places to Get a $3,500 Loan

  1. Mogo is an online financial platform that provides a variety of financial products, including personal loans. They offer a convenient online application process, quick approval, and may cater to borrowers with different credit profiles.

  2. Easyfinancial is known for providing loans to individuals with varying credit histories, including those with less-than-perfect credit. They offer installment loans with flexible repayment options, making it accessible for a broader range of borrowers.

  3. Fairstone is a well-established lender in Canada offering personal loans with fixed interest rates. They provide loans for various purposes, including debt consolidation and unexpected expenses. Fairstone is known for transparent terms and personalized loan solutions.

  4. SkyCap Financial specializes in providing loans to borrowers with lower credit scores. They offer installment loans with straightforward terms. SkyCap may be a suitable option for those who face challenges getting approved by traditional lenders due to credit history.

Ways to Receive the Money

  1. Direct Deposit. The most common method is direct deposit into the borrower's bank account. Once the loan is approved, the lender initiates a transfer of the loan amount directly into the borrower's active bank account. This method is efficient and allows for quick access to funds.

  2. Bank Transfer. Some lenders may transfer funds using a standard bank transfer. This involves sending the loan amount electronically from the lender's account to the borrower's bank account.

  3. ACH (Automated Clearing House) Transfers. ACH transfers are electronic transfers between banks that are commonly used for various financial transactions, including loan disbursements. Lenders may use the ACH network to transfer funds securely and efficiently.

  4. Interac e-Transfers. Some lenders may utilize Interac e-Transfers for loan disbursement. This electronic transfer service allows for secure and rapid transfer of funds between financial institutions, providing an additional option for borrowers to receive their loan amount promptly.

Things to Pay Attention to

  1. Interest Rates. Examine the interest rates associated with the loan. Different lenders offer varying rates, so understanding the cost of borrowing is crucial to avoid unnecessary financial strain.

  2. Credit Score Requirements. Be aware of the minimum credit score requirements. Some lenders may cater to individuals with lower credit scores, while others may require a higher credit standing for approval.

  3. Fees and Origination Charges. Understand any fees associated with the loan, including origination fees. Reviewing these fees helps calculate the overall cost of the loan and ensures transparency in the borrowing process.

  4. Repayment Terms. Carefully review the repayment terms, including the monthly payment amount and the duration of the loan. Ensure that the terms align with your financial capability to avoid late fees or financial strain.

  5. Approval Odds and Qualification Requirements. Evaluate the likelihood of approval by understanding the lender's qualification requirements. Some lenders specialize in catering to borrowers with specific credit profiles, so choose one that aligns with your financial situation.

  6. Flexible Terms and Payment Options. Look for lenders that offer flexible terms and payment options. Having the ability to adjust payment schedules or explore different terms can be beneficial, especially if your financial situation changes.

How to Repay a $3,500 Loan?

  1. Understand Repayment Terms. Familiarize yourself with the repayment terms outlined in your loan agreement. This includes the monthly payment amount, interest rate, and the total duration of the loan.

  2. Set Up Automatic Payments. Whenever possible, set up automatic payments through your bank account to ensure timely and consistent repayment. This reduces the risk of missing payments and incurring late fees.

  3. Budget for Monthly Payments. Incorporate the loan repayment into your monthly budget. Ensure that you allocate enough funds to cover the monthly payment without compromising your other financial obligations.

  4. Explore Early Repayment Options. Check if your lender allows early repayment without penalties. If feasible, consider paying off the loan before the scheduled term to save on interest and complete the repayment sooner.

  5. Monitor Your Bank Statements. Regularly monitor your bank statements to confirm that the automatic payments are being deducted correctly. Address any discrepancies promptly and communicate with your lender if needed.

Reasons for Getting Rejected for a $3,500 Loan

  1. Low Credit Score. If an applicant has a lower credit score than the minimum credit score requirement set by the lender for personal loans, they may face rejection.

  2. Unstable Credit History. Lenders specializing in unsecured personal loans often assess an applicant's credit report. An unfavorable credit report, including late payments or defaults on previous loans, may lead to rejection.

  3. Inadequate Income. Borrowers with insufficient income to support the monthly payments on a $3,500 loan might face rejection, as lenders want to ensure the ability to repay.

  4. Outstanding Payday Loans. Individuals with outstanding payday loans or a history of relying on payday loans may be considered higher risk by lenders, impacting their approval odds.

  5. Limited Employment Stability. Lenders may prefer applicants with stable employment history, and those who haven't worked at the same place for a certain duration might face rejection.

  6. Failure to Pre-Qualify. Individuals who do not pre-qualify based on the lender's criteria may face rejection during the final approval process.


  1. No-Credit-Check Loans. Individuals who may have lower credit scores or want to avoid a traditional credit check process can explore no-credit-check personal loans. These loans often consider other factors for approval, such as income and employment history.

  2. Secured Personal Loan. Instead of an unsecured personal loan, individuals can consider a secured personal loan. This involves providing collateral, such as an asset, which can potentially lead to more favorable terms.

  3. Auto Title Loan. Borrowers who own a vehicle can explore auto title loans. These loans use the vehicle's title as collateral, allowing individuals to borrow based on the vehicle's value.

  4. Credit Cards. Using a credit card can be an alternative to a loan. Individuals can charge expenses up to their credit limit and repay the balance over time. Credit cards may offer flexibility, especially for smaller amounts.

Editorial Opinion

The availability of $3,500 loans in Canada presents both opportunities and considerations for borrowers. Unsecured and secured loan options cater to diverse financial needs, accommodating individuals with varying credit profiles, including bad credit borrowers. However, potential borrowers should be mindful of aspects such as origination fees, late fees, and the annual percentage rate associated with the loans. The presence of many lenders, including credit unions, and auto title lenders, provides a range of choices. Prospective borrowers are advised to carefully assess interest rates, loan amounts, and annual percentage rates to secure competitive rates, considering their financial circumstances. Furthermore, the option to borrow money in one business day and the flexibility to repay the loan early are notable features, and a soft credit check may offer added convenience for those concerned about their credit score. Ultimately, the decision to opt for a $3,500 loan should align with an individual's specific financial goals and requirements.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


What credit score is needed for a 3,500 unsecured loan?

The credit score needed for a $3,500 loan in Canada can vary depending on the lender and the type of loan. Lenders typically have different credit score requirements, and some financial institutions may be more lenient than other lenders. For unsecured personal loans or loans without collateral, lenders may consider individuals with lower credit scores, including those with bad credit.

What is the monthly payment for a $3,500 loan?

For a $3,500 loan with an APR of 30% over a 9-month period, the monthly payment would be approximately $439.10. This calculation is based on the total cost of borrowing, including the interest charged over the loan term.

Can individuals with bad credit apply for $3,500 loans in Canada?

Yes, individuals with bad credit may still have options for securing a $3,500 loan in Canada. Some lenders specialize in providing loans to borrowers with lower credit scores, offering secured personal loans or alternative credit check options. However, it's important to note that bad credit may result in higher interest rates or additional fees. Prospective borrowers with less-than-perfect credit should explore lenders who cater to bad credit borrowers and carefully review the terms to make informed borrowing decisions.

Loan Terms