Summary
Yes, you can borrow $1,000 with bad credit. Through CashGo you apply once and get matched with lenders in our network, which typically lend $300 to $3,000 over 90 to 120 days at 22% to 32% APR. At 32% APR, a $1,000 loan repaid every two weeks over 98 days works out to 7 payments of about $149.96, or about $49.72 in total cost of borrowing. The same $1,000 as a payday loan in most provinces can cost $140, with the whole $1,140 due in about two weeks. Lenders also verify your bank account online to check that the payments fit your budget, so your credit score isn't the only factor. A lender may approve less than $1,000 if the full amount wouldn't be affordable.
What are the payments on a $1,000 loan?
Estimated payments for $1,000 repaid every two weeks, at the top and bottom of the typical APR range. Use the calculator above for weekly, twice-monthly or monthly payments.
| Repaid over | At 32% APR | At 22% APR |
|---|---|---|
| 90 days | 6 payments of $173.90 $43.40 cost | 6 payments of $171.62 $29.72 cost |
| 98 days | 7 payments of $149.96 $49.72 cost | 7 payments of $147.72 $34.04 cost |
| 120 days | 9 payments of $118.04 $62.36 cost | 9 payments of $115.85 $42.65 cost |
Equal payments every two weeks; cost of borrowing is total repaid minus $1,000. Estimates before any membership fees, which some lenders charge and must include in the total cost they show you before you sign. Your lender sets the actual rate, term and schedule.
If you're paid monthly, a $1,000 loan over 120 days at 32% APR is about 4 payments of $266.89. A longer term means smaller payments but a slightly higher total cost.
$1,000 installment loan vs $1,000 payday loan
| Payday loan | Installment loan at 32% APR | |
|---|---|---|
| How you repay | All at once, about 2 weeks later | 7 payments every 2 weeks over 98 days |
| Each payment | $1,140.00 | About $149.96 |
| Cost of borrowing | $140.00 | About $49.72 |
| Total repaid | $1,140.00 | About $1,049.72 |
Payday loan at the $14 per $100 maximum that applies in provinces with payday loan rules, including Ontario.
A $1,000 payday loan is also hard to get: in Ontario, a single payday loan can't be more than half of your net pay, so you'd need take-home pay of at least $2,000 per pay period. And if paying back $1,140 at once leaves you short, it's easy to end up borrowing again. Read more in our guide to payday loan alternatives.
Who can get a $1,000 loan with bad credit
Often, yes. Lenders in our network work with people who have bad credit. They look mainly at your income and recent banking to decide whether the payments are affordable. To apply you need to:
- Be 18 or older
- Have a full-time job or steady self-employed income
- Not be in bankruptcy
- Be a Canadian citizen
- Have an online bank account you can verify
If your income can't comfortably cover the payments on $1,000, a lender may offer a smaller amount.
How fast can I get $1,000?
The application takes a few minutes. If a lender can help, it contacts you, asks you to verify your bank online and sends its contract. Funds are deposited once you sign, often the same day, though it can take up to 24 hours to show in your account.
What do people use a $1,000 loan for?
A $1,000 loan often covers one urgent cost: a car repair to keep getting to work, a rent shortfall, a dental or medical bill, a replacement appliance, or catching up on a utility bill before it's disconnected. You don't have to tell the lender why you're borrowing.
Before you borrow $1,000
Check whether a cheaper option covers it: more time from the company you owe, a pay advance from your employer, or a line of credit from your bank or credit union. If you need $1,000 to keep up with other debts, a non-profit credit counsellor can help; find one through Credit Counselling Canada. By law, lenders can't charge more than 35% a year including fees.
Apply for a $1,000 loan
One application, matched with lenders in our network. No documents to upload; the only check is an online bank verification.
CashGo is not a lender. Each lender sets its own rate and fees and shows you the full cost before you sign.
Sources
- Typical network terms ($300 to $3,000, 90 to 120 days, 22% to 32% APR), last reviewed November 2026. Payments calculated with equal installments, interest per period = APR × days in period ÷ 365.
- Financial Consumer Agency of Canada, Payday loans: the $14 per $100 maximum in provinces with payday loan rules.
- Government of Ontario, Payday loan: your rights: the 50% of net pay limit.
- Financial Consumer Agency of Canada, Personal loans: the 35% annual limit including fees.
This page is general information, not financial or legal advice. Lenders set their own terms; check your contract before you sign.