Get a $3,500 loan from one of the lenders verified by our specialists. Increase your chances of approval — submit an application with a free credit score check.
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Fact Checked
Update date 24.04.2025
A $3,500 loan in Canada is a type of unsecured personal loan you can use for things like debt consolidation, emergency expenses, or other personal costs. Most lenders will run a credit check to decide on your interest rate and terms, which can be fixed or variable. Some also charge an origination fee, so your total loan cost might be higher than just the borrowed amount. Monthly payments are based on your rate, term, and loan size. Even if your credit isn’t perfect, there are lenders who’ll still consider your application, and if approved, you might get the funds as soon as the next business day.
Requirements and Conditions
Requirements
You must be the age of majority in your province or territory, typically 18 or 19 years old.
You must be a Canadian citizen or permanent resident.
An active Canadian bank account is required for depositing the funds and managing repayments.
Your income must be sufficient to cover the monthly loan payments in addition to your existing financial obligations.
Steady employment is usually preferred, though some lenders may consider government benefits or self-employment as valid income sources.
Your credit score may be reviewed as part of the approval process. While a good score improves your chances of better terms, some lenders may still approve applicants with bad credit.
Conditions
The loan amount is fixed at $3,500 and can be used for a range of personal expenses.
Lenders may perform a credit check to evaluate your credit history and determine loan eligibility.
Interest rates vary by lender and may be fixed or variable depending on your credit profile and loan agreement.
Repayment terms typically involve fixed monthly payments. The exact schedule depends on the interest rate and loan term offered.
Some lenders charge origination fees that are either deducted from the loan amount or added to the total cost of borrowing. Review the fee details before accepting the loan offer.
A $3,500 loan in Canada can help cover a range of financial needs, with both secured and unsecured options available. These loans are offered by banks, credit unions, online lenders, and auto title lenders, with some options open to bad credit borrowers. Loan terms vary, including interest rates, origination and late fees, and repayment flexibility. Some lenders offer same-day funding and soft credit checks. Comparing offers helps find terms that match your financial situation and goals.
FAQ
What credit score is needed for a 3,500 unsecured loan?
To qualify for a $3,500 personal loan in Canada, most banks and credit unions look for a credit score of at least 650, which typically unlocks better rates and terms. If your score falls in the fair or bad credit range — around 590 to 640 — you may still get approved through online or alternative lenders, though you’ll likely face higher interest rates and stricter terms. Some bad credit lenders accept scores below 610, but these loans often come with steep fees. Regardless of your score, lenders will also assess your income and debt-to-income ratio to determine your ability to repay the loan.
Can I apply for a $3,500 loan with bad credit in Canada?
Yes, people 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.
