$60,000 Loans for April 2024

Get a $60,000 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
Need a Quick Loan Now?
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
Get Your FREE Quote Today!
Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

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 $60,000 Loans?

$60,000 loans in Canada refer to a specific financial arrangement where individuals can borrow a lump sum amount of $60,000 from various financial institutions, including credit unions, online lenders, and traditional banks. These loans fall under the category of personal loans, offering borrowers the flexibility to use the funds for various purposes, such as consolidating debt, making major purchases, or addressing other financial needs.


  1. Loan Amount and Purpose. Borrowers can access a lump sum amount of $60,000, which can be used for a variety of purposes such as debt consolidation, major purchases, or addressing financial needs.

  2. Interest Rates. Interest rates play a crucial role in determining the cost of the loan. Borrowers may encounter both fixed and variable rate options. Fixed rates remain constant throughout the loan term, providing predictability, while variable rates may fluctuate based on market conditions.

  3. Loan Terms. The loan term refers to the duration over which the borrower is expected to repay the $60,000 loan. Loan terms can vary, typically ranging from a few months to several years.

  4. Monthly Payments. Borrowers are required to make regular monthly payments to repay the loan. The monthly payment amount is influenced by factors such as the interest rate, loan term, and any additional fees.

  5. Secured and Unsecured Options. Personal loans can be either secured or unsecured. Secured loans may require collateral, such as an asset, to secure the loan, while unsecured loans do not require collateral but may have higher interest rates.

Pros and Cons


Flexible Use of Funds. Borrowers can use the $60,000 for various purposes, including debt consolidation, major purchases, or addressing financial needs, providing flexibility in managing their finances.

Credit History Improvement. Successfully repaying a $60,000 personal loan can positively impact credit history, especially for those with responsible repayment habits, potentially improving credit scores over time.

Streamlined Application Process. Online lenders often offer a straightforward and convenient application process for $60,000 loans, allowing borrowers to apply from the comfort of their homes and receive quick decisions.

Immediate Access to Funds. Upon approval, borrowers can gain immediate access to the $60,000, providing a timely solution for pressing financial needs or opportunities.


Interest Costs. One of the main drawbacks is the potential for high-interest costs, especially for borrowers with lower credit scores. Interest rates can significantly impact the total repayment amount.

Origination Fees and Charges. Lenders may charge origination fees or other associated costs, impacting the overall expense of the loan. Borrowers should carefully review and understand all fees before committing to a $60,000 loan.

Risk of Debt Accumulation. Without proper financial responsibility, taking out a $60,000 loan can lead to an accumulation of debt, especially if the funds are not used wisely or if the borrower struggles with timely repayments.

Secured Loan Risks. Opting for a secured personal loan, where collateral is required, poses the risk of losing the pledged asset if repayments are not made as agreed, adding a layer of risk to the borrowing process.

How to Get a $60,000 Loan?

Apply for a Loan

  1. Check Your Credit Score and History. Begin by reviewing your credit score and history. Lenders often consider creditworthiness when approving loans. A good credit score increases the chances of approval and may lead to more favorable terms.

  2. Research Lenders and Loan Options. Explore various lenders, including traditional banks, credit unions, and online lenders. Compare interest rates, terms, and fees associated with $60,000 personal loans. Consider factors such as competitive rates, online convenience, and customer reviews.

  3. Gather Necessary Documentation. Prepare the required documents, including proof of income, employment information, and details about existing debts. Lenders may request this information to assess your financial stability and ability to repay the $60,000 loan.

  4. Apply for Prequalification. Many lenders offer prequalification processes that provide an estimate of the loan amount and interest rate you may qualify for without affecting your credit score. This step helps you understand your eligibility before submitting a formal loan application.

  5. Complete the Loan Application Process. Once you've selected a lender, complete the formal application process. Provide accurate information and follow the lender's requirements. Be prepared for a credit check and, upon approval, carefully review the terms and conditions before accepting the $60,000 loan offer.

Requirements and Conditions


  1. Age. Applicants must be the age of majority in their province or territory to be eligible for loan approval.

  2. Residency. Eligibility requires you to be a Canadian citizen or permanent resident to borrow money.

  3. Active Bank Account. A valid and active bank account is necessary for the processing of funds and repayment.

  4. Income. Applicants should have a sufficient and stable income to support both the monthly loan payments and existing financial obligations. Lenders assess income to ensure borrowers can meet their repayment obligations.

  5. Employment. Most lenders prefer applicants with stable employment, often requiring a certain tenure at the same job. However, some lenders may consider alternative sources of income, such as government benefits, in lieu of employment verification.

  6. Credit Score. While some lenders may insist on a good credit score for loan approval, others may be more lenient, accepting applications from individuals with a bad credit score or limited credit history. A credit score is often used by lenders to gauge the borrower's creditworthiness and assess the risk associated with the loan.


  1. Loan Amount. The loan amount is typically fixed at $60,000, and borrowers should consider whether this amount meets their specific financial needs.

  2. Interest Rates. Interest rates can be fixed or variable. Fixed rates remain constant throughout the loan term, providing predictability. Variable rates may change based on market conditions.

  3. Loan Terms. Loan terms represent the duration over which borrowers are expected to repay the $60,000 loan. Loan terms can vary, ranging from several months to several years.

  4. Repayment Schedule. Lenders provide a repayment schedule outlining the monthly payment amounts and due dates. Borrowers should carefully review their loan agreement to understand their minimum payment obligations.

  5. Fees and Charges. Lenders charge fees such as origination fees, late payment fees, or prepayment penalties. Borrowers should be aware of all fees associated with the loan and factor them into their financial planning.

Best Places to Get a $60,000 Loan

  1. CIBC is one of the major banks in Canada, offering a range of financial products, including personal loans. They provide personalized loan options with competitive interest rates. Potential borrowers may benefit from the convenience of having a personal loan with an established banking institution.

  2. Fusion Credit Union is a member-owned financial institution that may offer competitive rates and personalized service to its members. Credit unions often prioritize customer satisfaction and community support.

  3. RBC (Royal Bank of Canada) is one of the largest banks in Canada and offers a wide range of financial products, including personal loans. Borrowers may benefit from the convenience and reliability of banking with a well-established institution.

  4. HSBC is a global bank that operates in Canada, offering personal loans with competitive rates and flexible terms. Borrowers may appreciate the international presence and diverse financial services provided by HSBC.

Ways to Receive the Money

  1. Direct Deposit. The most common method is direct deposit, where the loan amount is transferred directly into the borrower's bank account. This allows for a quick and secure transfer of funds.

  2. Wire Transfer. In some cases, especially for larger loan amounts, lenders may use wire transfers to send the money directly to the borrower's bank account. Wire transfers are secure and enable the swift movement of funds.

  3. Cheque Issuance. Some lenders may provide the loan amount through a physical cheque, which the borrower can deposit into their bank account. However, this method is less common and may take longer for the borrower to access the funds.

  4. Interac e-Transfer. Interac e-Transfer is another electronic method where lenders can send funds directly to the borrower's email address or mobile phone number. The borrower receives a notification and can deposit the funds into their bank account through online banking.

Things to Pay Attention to

  1. Credit Score Requirements. Lenders often set minimum credit score requirements for $60,000 personal loans. A higher credit score can lead to more favorable terms, including competitive interest rates and better loan offers.

  2. Interest Rates and APR. Explore lenders offering competitive interest rates for the $60,000 personal loan. Understanding the Annual Percentage Rate (APR), which includes additional fees, provides a comprehensive view of the overall cost of the loan.

  3. Repayment Terms and Payment Schedule. Carefully review the repayment terms, including the payment schedule. A clear understanding of the monthly payments and any flexibility in making extra payments can help borrowers manage their financial obligations.

  4. Fees and Origination Fee. Be aware of any fees associated with the $60,000 loan. Lenders may charge origination fees or other costs that impact the total amount to be repaid. Compare these fees to find the most cost-effective loan.

  5. Credit Union Membership and Online Lender Options. Consider exploring credit union membership, as credit unions may offer personalized service and competitive interest rates. Additionally, online lenders provide convenience and accessibility, allowing borrowers to apply for $60,000 loans from the comfort of their homes.

  6. Prequalification Process and Multiple Lenders. Take advantage of the prequalification process offered by many lenders. This allows borrowers to assess potential loan offers without impacting their credit score. Additionally, considering multiple lenders ensures a thorough comparison to find the best loan for individual financial needs and circumstances.

How to Repay a $60,000 Loan?

  1. Understand Loan Terms. Familiarize yourself with the loan terms, including the interest rate, repayment schedule, and any fees. This understanding will help you plan your repayment strategy.

  2. Create a Budget. Develop a comprehensive budget that accounts for your monthly expenses and the required loan payments. Ensure that you allocate enough funds to cover your financial obligations, including the $60,000 loan.

  3. Set Up Automatic Payments. Opt for automatic payments to ensure timely repayment. Many lenders offer this option, helping you avoid late fees and ensuring consistency in meeting your monthly obligations.

  4. Make Extra Payments When Possible. Consider making extra payments whenever you have additional funds. This can help you pay down the principal amount faster, potentially reducing the total interest paid over the life of the loan.

  5. Monitor Your Credit Score. Regularly check your credit score and credit report. Timely payments positively impact your credit history, and maintaining a good credit score can open up opportunities for better financial products in the future.

Reasons for Getting Rejected for a $60,000 Loan

  1. Credit Profile. A low credit score, a history of missed payments, or a high level of existing credit card debt can negatively impact the credit profile, leading to rejection.

  2. Eligibility Criteria. Failing to meet the lender's eligibility criteria, such as insufficient income to support loan payments or not meeting minimum credit score requirements, can result in rejection.

  3. Debt Consolidation Needs. If the purpose of the loan is to consolidate debt but the borrower's financial history suggests an inability to manage existing debts, lenders may be hesitant to approve the application.

  4. Financial Situation. Lenders assess the borrower's overall financial situation, including income stability and the ability to cover monthly payments. A precarious financial situation may lead to rejection.

  5. Insufficient Documentation. Failure to provide accurate and complete documentation, such as proof of income or details about existing debts, can result in a rejected application.


  1. Home Equity Line of Credit (HELOC). A HELOC allows homeowners to borrow against the equity in their homes. It provides a revolving line of credit that can be drawn upon as needed, making it a flexible option for various financial needs.

  2. Secured Loan. Similar to a $60,000 loan, a secured loan involves pledging collateral to secure the loan. This collateral could be a valuable asset, such as a car or savings account. Secured loans may offer lower interest rates due to the reduced risk for the lender.

  3. Home Equity Loan. Unlike a HELOC, a home equity loan provides a lump sum amount borrowed against the equity in a home. The loan is repaid in fixed monthly installments, making it suitable for one-time expenses or projects.

Editorial Opinion

In navigating the landscape of $60,000 loans in Canada, individuals encounter a range of financial options. Unsecured personal loans, often accessible to those with excellent credit, provide flexibility without requiring collateral. The availability of variable-rate personal loan options adds a layer of choice, allowing borrowers to align their financing with prevailing market conditions. It is crucial, however, to scrutinize lenders' fee structures and prepayment penalties, as these elements can significantly impact the overall cost of borrowing. Utilizing a personal loan calculator and exploring options from multiple lenders remains a prudent approach, enabling borrowers to make informed decisions tailored to their financial situation. As with any financial endeavor, responsible borrowing practices, such as making timely payments and strategically addressing debt, are paramount for optimizing the benefits of a $60,000 loan while minimizing associated risks.


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.


How much is the monthly payment on a $60,000 dollar loan?

The monthly payment on a $60,000 loan over 3 years (36 months) at an 8% interest rate would be approximately $1,880.18.

Can you get a personal loan for $60,000?

Yes, it is possible to get a personal loan for $60,000. However, credit approval depends on various factors such as credit score, income, and debt-to-income ratio.

What credit score do you need to get a $60,000 loan?

The credit score needed to secure a $60,000 loan can vary among lenders. Generally, a good to excellent credit score, typically above 700, improves the chances of approval and may result in more favorable terms and lower interest rates.

Loan Terms