60-Month Loans in Canada

What Is a 60-Month Loan Term?

A 60-month term is the longest repayment period offered across our network, exclusively for our largest loan amounts. Five years of repayment produces the lowest possible monthly payment, but also the highest total interest cost of any term we offer — this is the term to choose only after comparing it carefully against shorter options. It's one of several repayment terms we cover, from 3 to 60 months.

60-Month Payment Examples

APRs across our lender network range from 5.99% to 34.99%, depending on the lender, your credit profile, and provincial regulations. Here's an illustrative example at a representative rate:

Illustrative example only — your actual rate, term, and payment depend on the lender and your credit profile.

Who a 60-Month Term Is For

• Our maximum $5,000 loan amount specifically
• Borrowers who need the lowest possible monthly payment above all else
• Larger debt consolidation where minimizing monthly outflow is critical
• A five-year commitment you've fully weighed against the total cost

Things to Consider

• Total interest over 60 months is significant — for the same $5,000 loan, a 60-month term will cost meaningfully more in total than a 24 or 36-month term.
• Not all lenders in our network offer 60-month terms, and availability depends on a stronger credit and income profile.
• Before choosing this term, compare the total repayable amount against shorter terms — the payment difference may be smaller than expected relative to the added interest cost.

Eligibility Requirements

• 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
• Canadian citizen or permanent resident
• Valid Social Insurance Number (SIN)
• Active bank account in your name
• A regular source of income