$70,000 Loans for April 2024

Get a $70,000 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
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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 $70,000 Loans?

A $70,000 personal loan in Canada is a financial arrangement where an individual borrows a sum of $70,000 from a lender, such as a bank or credit union, or online lender. Most personal loans, including those of $70,000, are typically unsecured, meaning they don't require collateral. These loans are versatile and can be used for various purposes, such as debt consolidation, home improvements, or major purchases.


  1. Loan Types. Personal loans can be both secured and unsecured, depending on the lender and borrower's qualifications.

  2. Lenders. Borrowers can obtain these loans from various sources, including banks, credit unions, and online lenders.

  3. Interest Rates. Interest rates vary based on factors like credit history. With lower rates often available to those with excellent credit, borrowers will make lower monthly payment.

  4. Loan Terms. Typically range from one to seven years, providing flexibility in choosing a suitable repayment period.

  5. Monthly Payments. Borrowers can use a personal loan calculator to estimate monthly payments and choose a plan with affordable installments.

Pros and Cons


Flexibility in Use. A $70,000 loan provides borrowers with flexibility in using the funds for various purposes, including debt consolidation, home improvements, or major purchases.

Accessible from Various Lenders. Borrowers have the option to obtain a $70,000 personal loan from a variety of sources, including banks, credit unions, and online lenders.

Predictable Monthly Payments. With fixed interest rates and predetermined loan terms, borrowers can enjoy the predictability of monthly payments, making budgeting more manageable.

Debt Consolidation Opportunity. For those with multiple debts, a $70,000 loan can be used to consolidate debts into a single, more manageable payment, potentially at a lower interest rate.


Interest Costs. One of the primary drawbacks is the potential for high-interest costs, especially for borrowers with lower credit scores. It's crucial to carefully consider the loan's interest rate and the total interest paid over the loan term.

Risk of Unsecured Loans. If opting for an unsecured personal loan, borrowers with less-than-perfect credit might face higher interest rates due to the increased risk for lenders.

Origination Fees. Some lenders may charge origination fees, impacting the overall cost of the loan. Borrowers should be aware of any additional fees associated with the loan.

Debt to Income Ratio Impact. For borrowers with existing debts, taking on a $70,000 loan can affect their debt-to-income ratio, potentially impacting their ability to qualify for future credit.

How to Get a $70,000 Loan?

Apply for a Loan

  1. Assess Your Finances. Review your financial situation, including your credit score, debt-to-income ratio, and overall financial health.

  2. Compare Lenders. Explore options from banks, credit unions, and online lenders. Compare loan offers, interest rates, terms, and fees to find the most suitable lender.

  3. Gather Documentation. Prepare necessary documents such as pay stubs, bank statements, and proof of employment. A strong financial profile can enhance your loan approval chances.

  4. Apply Online or In-Person. Submit your loan application through the chosen lender's online platform or in-person, providing accurate and complete information.

  5. Review and Accept Terms. Once approved, carefully review the loan offer, including interest rates, repayment terms, and any associated fees. Accept the terms if they align with your financial goals.

Requirements and Conditions


  1. Age. Applicants must be the age of majority in their province or territory to be eligible for a $70,000 personal loan.

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

  3. Active Bank Account. A valid and active bank account is necessary for the processing of loan funds and repayment of the $70,000 loan.

  4. Income. Applicants should have a sufficient and stable income to support both the monthly loan payments of $70,000 and their existing financial 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 traditional employment verification.

  6. Credit Score. While some lenders may insist on a good credit score for $70,000 loan approval, others may be more lenient, accepting applications from individuals with a bad credit score or limited credit history.


  1. Interest Rate. The interest rate on a $70,000 loan will be a crucial factor. It can be fixed or variable, and the rate offered often depends on the borrower's creditworthiness.

  2. Loan Term. The loan term refers to the duration over which the borrower is expected to repay the $70,000. It can range from a few months to several years, and the choice may impact the monthly payment amount.

  3. Repayment Terms. The repayment terms outline how the borrower is expected to make payments. This includes the frequency of payments (monthly, bi-monthly, etc.) and the acceptable payment methods.

  4. Fees and Charges. Lenders may impose various fees, including origination fees, application fees, or prepayment penalties. It's crucial for borrowers to be aware of these charges to accurately assess the total loan cost.

Best Places to Get a $70,000 Loan

  1. HSBC is an international bank with a presence in Canada. They may offer personal loans with competitive interest rates. Consider checking their eligibility criteria, interest rates, and terms to see if they align with your financial needs.

  2. Scotiabank is one of the major banks in Canada. They provide a variety of financial products, including personal loans. Explore their loan offerings, interest rates, and terms to determine if they are suitable for your requirements.

  3. CIBC (Canadian Imperial Bank of Commerce) is another prominent Canadian bank offering a range of financial products. Their personal loans may come with different terms and conditions. Review their offerings to assess if they meet your needs.

  4. The National Bank of Canada is one of the largest banks in the country. They provide various financial services, including personal loans. Check their loan options, interest rates, and terms to make an informed decision.

Ways to Receive the Money

  1. Direct Deposit. The lender can transfer the loan amount directly into the borrower's bank account. This is a secure and efficient method, allowing borrowers quick access to the funds.

  2. Wire Transfer. In some cases, lenders may opt for a wire transfer to send the loan amount to the borrower's bank account. This method ensures a swift and direct transfer of funds.

  3. Electronic Funds Transfer (EFT). Electronic Funds Transfer is a secure method used by lenders to transfer funds directly to the borrower's bank account. It is commonly employed for loan disbursements.

  4. Interac e-Transfers. Some lenders may offer Interac e-Transfers as a convenient way to send funds directly to the borrower. This method allows for quick and secure transactions between the lender and the borrower.

Things to Pay Attention to

  1. Credit Report. Check your credit report to understand your credit history. Lenders often consider this when offering loan terms.

  2. Interest Rates. Compare interest rates from multiple lenders to ensure you secure the most favorable rate on your $70,000 personal loan.

  3. Loan Terms. Examine the repayment term offered by lenders. Choose a term that aligns with your financial goals and ensures affordable monthly payments.

  4. Origination Fee. Be aware of any origination fees charged by lenders. These fees impact the overall cost of the loan.

  5. Repayment Cost. Understand the total repayment cost, including interest and any associated fees. This gives a clear picture of the financial commitment.

  6. Lenders' Requirements. Different lenders may have varying requirements. Pay attention to what lenders require for approval, such as income, employment history, and credit score.

How to Repay a $70,000 Loan?

  1. Understand Repayment Terms. Familiarize yourself with the loan's repayment terms, including the interest rate, monthly payments, and total repayment period.

  2. Set Up Automatic Payments. Opt for automatic payments from your bank account to ensure timely and consistent repayment of the $70,000 loan.

  3. Budget Wisely. Plan your budget to accommodate monthly loan payments. Prioritize your finances to meet repayment obligations without straining your overall financial stability.

  4. Consider Extra Payments. If possible, make additional payments or pay more than the minimum monthly requirement to reduce the total interest and pay off the $70,000 loan faster.

  5. Monitor Loan Progress. Regularly check your loan statements, monitor the outstanding balance, and keep track of payments to stay informed about your progress in repaying the $70,000 loan.

Reasons for Getting Rejected for a $70,000 Loan

  1. Low Credit Score. Having a low credit score can be a significant factor in rejection. Lenders often prefer borrowers with a good credit history.

  2. High Debt-to-Income Ratio. If your existing debts are high compared to your income, it may raise concerns about your ability to manage additional debt, leading to rejection.

  3. Unstable Employment. Lenders may prefer applicants with stable employment history. Unstable job tenure or frequent changes can impact the approval process.

  4. Incomplete Documentation. Failing to provide necessary documents, such as proof of income or employment verification, can result in rejection.

  5. Poor Repayment History. A history of late payments, defaults, or other negative marks on your credit report can lead to rejection for a $70,000 loan.


  1. Secured Personal Loan. A secured personal loan involves providing collateral, such as an asset, to secure the loan. This can often result in lower interest rates compared to unsecured loans.

  2. HELOC (Home Equity Line of Credit). A Home Equity Line of Credit (HELOC) allows homeowners to borrow against the equity in their homes. It provides a revolving credit line, and borrowers can withdraw funds as needed.

  3. Home Equity Loan. Similar to a HELOC, a home equity loan allows borrowers to use the equity in their homes as collateral. However, it provides a lump sum amount rather than a revolving line of credit.

  4. Personal Line of Credit. A personal line of credit is a flexible borrowing option where the lender approves a maximum credit limit. Borrowers can draw funds as needed and only pay interest on the amount borrowed.

Editorial Opinion

$70,000 loans in Canada present a substantial financial opportunity for individuals seeking sizable funding. With a multitude of financial institutions, both traditional banks and credit unions, offering such loans, borrowers can leverage competitive loan offers by comparing terms, including interest rates, loan costs, and repayment structures. The availability of unsecured personal loans provides flexibility, although potential borrowers should be cautious of prepayment penalties. The application and approval process, often involving a meticulous review of credit history and income, signifies the responsibility both lenders and borrowers share in ensuring a transparent and mutually beneficial loan agreement. While the accessibility of such a large loan is advantageous for various financial endeavors, prudent consideration of total repayment costs, loan principal, and associated terms is essential to making informed borrowing decisions.


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 is the monthly payment on a $70,000 loan?

The monthly payment on a $70,000 loan depends on factors such as the interest rate, loan term, and any additional fees. Using a personal loan payment calculator can help estimate the monthly payment based on the specific terms of the loan. Using the formula for monthly loan payments (PMT), the monthly payment on a $70,000 loan with an 8% interest rate over 3 years would be approximately $2,193.55.

Can I get a personal loan for $70,000?

Yes, it is possible to get a personal loan for $70,000. However, approval depends on various factors, including your credit score, income, and the lender's specific criteria. Different financial institutions, including banks, credit unions, and online lenders, may offer such loans, and comparing offers is crucial to securing favorable terms.

Can I get a $70,000 personal loan in Canada with a low credit score?

While a low credit score may impact your eligibility for some lenders, there are still options available. Certain lenders offer personal loans to individuals with less-than-perfect credit histories. However, it's essential to be aware that a lower credit score might result in higher interest rates. Exploring various lenders and understanding their credit score requirements can help you find a suitable option for a $70,000 personal loan.

Loan Terms