- Factoring in your repayments. It’s important to have a good idea of what your repayments will look like before you apply for your $100 loan. Once you know how much you have to repay, take into account your existing salary and expenses and then determine if you can afford the loan.
Get a $100 loan until your next payday
Looking for some cash to see you through until your next payday? Apply for a small short term loan of $100.
In our guide, we explain how to get a $100 payday loan, the pros and cons of these types of loans and what you need to know before committing to a payday loan.
⚠️ Warning: be cautious with short-term loans
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Credit Counselling Canada on 1800 007 007. It is open from 8:00am to 5pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged.
Alternatives to short-term loans
Consider these alternatives before applying for a payday loan:
- Use online Government resources. The Financial Consumer Agency of Canada website demonstrates how small amount loans work – and suggests alternative options that may help you.
- Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
- Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
- Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.
Cash Money Payday Loan
- Minimum loan amount: $100
- Maximum loan amount: $1,500
- APR: Varies by Province
- Fees: Up to $17 per $100 borrowed (rounded to nearest dollar)
- Loan term: 12-14 days. Varies by Province
- Turnaround time: Within 2 hours with INTERAC e-Transfer® if approved
- Key requirements: Be 18+ years old, provide proof of recurring income
Compare $100 loan options
Check the websites of any lenders you’re interested in to confirm they operate in your province of residence.
How to get a $100 loan
- Find a lender. Since most payday loans are for small amounts of money, usually around $100 to $500, there are plenty of different lenders to choose from. You can choose to work directly with a lender or use a loan broker.
- Review the eligibility criteria. Most lenders will require you to have a functioning bank account and a regular source of income before approving your application. You will also need to be 18 years of age or the age of majority in your province or territory, as well as a Canadian citizen or permanent resident. Go through the list of eligibility requirements before you apply for the loan to save yourself time. Each time you apply for a loan, your credit score will take a small hit, so do your research and only apply for the loans that you are eligible for.
- Visit the lender’s website. Click through to the lender’s site once you’ve decided which loan to apply for. There, you can review the final fees and loan terms on the official website before submitting your application. You’ll need your personal, employment and banking details on hand to verify your identity and income.
- Wait for approval. Some lenders can take up to one business day to process your application. This approval process can vary from just minutes to a day or two. This usually depends on whether you apply in person at a store or online. Applying in person at a store can have you walking out with cash within the hour.
- Get financed. Once you’ve been approved for your loan, your money should be deposited into your account in as little as one business day. If you need money sooner than that, visit a store in person and apply for a loan.
How much does a $100 loan cost?
The actual amount you’ll pay for a payday loan will depend on how much you borrow and the province or territory you live in. By law, most lenders in Canada charge anywhere from $15 to $25 per $100 borrowed – however the costs will likely be higher in the three territories.
While all 10 provinces have legislation at the provincial level, the three territories – Yukon, Northwest Territories and Nunavut – are still patiently waiting, and instead have federal regulations.
|British Columbia||$15 per $100||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Only one loan per borrower at a time is allowed. Cooling off period of two business days. Borrowing limit of 50% of recipient’s paycheque. Lender is restricted from accessing the borrower’s bank account or wages. Payday loans cannot be rolled over or extended.|
|Alberta||$15 per $100||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Cooling off period of two business days. Lender is restricted from accessing the borrower’s bank account or wages. Payday loans cannot be rolled over or extended.|
|Saskatchewan||$17 per $100||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Cooling off period of next business day. Borrowing limit of 50% of recipient’s paycheque. Lender is restricted from accessing the borrower’s bank account or wages. Payday loans cannot be rolled over or extended.|
|Manitoba||$17 per $100||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Cooling off period of 48 hours, excluding Sundays and holidays. Borrowing limit of 30% of recipient’s paycheque. Lender is restricted from accessing the borrower’s bank account or wages. Loans can be extended or rolled over.|
|Ontario||$15 per $100||Maximum borrowing amount of $1,500. Borrowing limit of 50% of recipient’s net income. Cooling off period of two business days. Lender is restricted from accessing the borrower’s bank account or wages. Payday loans cannot be rolled over or extended. Lender must offer ‘Extended payment plan’ if borrower takes out three loans within a 63 day period.|
|Quebec||Limit of 35% annual interest rate (AIR)||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Payday loans cannot be rolled over or extended.|
|Newfoundland and Labrador||$21 per $100||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Cooling off period of two business days.|
|New Brunswick||$15 per $100||Maximum borrowing amount of $1,500. Lender is restricted from accessing the borrower’s bank account or wages. Cooling off period of 48 hours, excluding Sundays and holidays. Payday loans cannot be rolled over or extended. The loan amount is limited to 30% of the recipient’s net pay.|
|Nova Scotia||$19 per $100||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Cooling off period of next business day. Lender is restricted from accessing the borrower’s bank account or wages. Payday loans cannot be rolled over or extended.|
|Prince Edward Island||$25 per $100||Maximum borrowing amount of $1,500. Term of loan cannot exceed 62 days. Cooling off period of two business days.|
|Northwest Territories, Nunavut & the Yukon||$60 per $100||Term of loan cannot exceed 62 days. Maximum borrowing amount of $1,500.|
Are you eligible for a $100 loan?
You can generally get a loan if you meet the following criteria:
- Age. You must be at least 18 years old, or the age of majority in your province or territory.
- Employment. Some lenders will require you to be employed and have a steady income, but you may find a lender who will consider you if you’re unemployed. Casual and part-time workers may also be eligible for loans.
- Income. You’ll need to be earning some sort of income to be eligible for a loan. Some lenders may have a minimum of how much you need to earn, or proof that you can pay back the amount you’ll borrow plus interest and fees, while others will only need to see proof of a steady income from the last three months.
- Welfare. You can still get a loan if you receive welfare payments. Keep in mind there may be other eligibility requirements that you’ll need to meet, such as your loan repayments not exceeding more than 50% of your welfare income.
- Credit history. Even if you have bad credit or have filed for bankruptcy, you can still get a loan. Your interest rates and other terms and conditions will likely vary for loans that people with good to excellent credit receive.
How to decide what to apply for
In Canada, there many different lenders offering $100 loans, both online and at physical store locations. Asking yourself the following questions can help you determine which provider is best to apply with:
- What do you need the loan for? Identifying why you need the extra money will help you narrow down your search. If you’re looking to borrow money for a car, whether new or used, you can look for a secured loan. If you need the money to cover an emergency, like a bill that is due, find a lender who can get you the money as soon as possible.
- What repayments can you afford? The interest rate and fees you’re paying will affect your repayments, as will the terms you select for your loan.
- Do you have bad credit? Your credit score will determine what options you have available to you. If you have a good credit rating, you can consider a traditional bank or credit union for a low limit credit card, overdraft or small personal loan. If you have bad credit, you’re likely to have very limited options, compared to people who have good to excellent credit scores.
Pros and cons of $100 loans
- Quick turnaround time. These loans can be processed within a couple of hours and can be ready to use and in your bank account in as little as one business day. You can also receive a loan the same day if you apply in person at a physical location.
- Easy approval. Short term loan providers are known for the leniency of their approval process, so whether you have good or bad credit, you can likely expect some lenders to approve you.
- Apply with bad credit. Having bad credit doesn’t mean you can’t get a loan. Most payday lenders will consider you for a loan, even if you have a poor credit score.
- High interest rates. Interest rates for short term loans are typically much higher than most other loan types, so you may want to explore other options first before you choose a payday or short term loan.
- Disreputable lenders. If any offer seems too good to be true, it probably is. Ensure the lender that you’re applying with has a good reputation by reading independent reviews from other customers. You can also check with the Better Business Bureau to make sure the company is reputable and trustworthy, and is following any applicable laws or regulations.
What you need to know when comparing your options
There are some important factors that you should take into account before taking out a loan.
- When do you have to pay the loan back? Provincial or territorial laws may dictate when you have to pay the loan back. Other factors that can influence this is your income and current financial situation. You will typically have two to four weeks to pay back a payday loan.
- What are the fees and charges? Lenders may charge financing fees or monthly fees in addition to the interest rate. They can charge you late/missed payment fees and fees if you go into default. If you think you’ll have any problems repaying your loan, you may want to reconsider applying for it.
- What is the interest rate? Interest rates for short term loans vary significantly between lenders. It’s always best to compare different lenders in order to know that the interest rate on offer is competitive.
- Is there repayment flexibility? Lenders may offer different repayment methods, including direct debit payments or in-store payments. Some lenders will charge you more money if you choose to repay your loan early, so make sure you understand the terms and conditions of the loan.
- What is the reputation of the lender? The Internet has given rise to a number of online lenders, so find out if the lender is legitimate and trustworthy before you apply for and accept the loan.
How to increase your chances of being approved for a loan
While there is no guaranteed way to make sure a lender approves your application, it could help if you keep the following in mind:
- Establish eligibility criteria. Eligibility criteria will likely vary between different providers, so you’ll need to meet the specific criteria in order to be approved for the loan. If you have any questions or doubts about any of the requirements, you can always contact the lender.
- Go through your credit report. It’s a good idea to get a free copy of your credit report online before you apply. Understanding your credit history will put you in a better position to know what loans you can and can’t apply for.
- Limit your applications. Every time you apply for a loan, it counts as an inquiry on your credit report, which means you are causing a negative hit to your score each time you apply for a loan. Submitting too many applications can really affect your credit score. If you want to compare your options without going through the hassle of applying to multiple lenders, try a lender-matching service instead.
Mistakes to avoid
When you look for a $100 loan, keep in mind that it can come with risks.
- Avoid taking on more debt than you can handle and exercise caution throughout the loan process.
- A short repayment period and high fees translate into high repayments.
- You can avoid high interest rates by comparing multiple lenders. Remember to consider all costs, including financing fees if applicable, to understand just how much your loan is going to cost you.
Are payday loans available in your province or territory?
Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.
At the time of writing in January 2019, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.