If you’re looking for a fast $250 loan in Canada, you have a few options to choose from. Payday lenders and pay advance apps offer small short-term loans, while some credit unions also offer access to $250 installment loans.
But loans can be expensive to repay, particularly if you want $250 loans for bad credit, so be sure to compare a range of lenders and loans before you apply.
Compare $250 loans in Canada
What are the types of $250 loans online?
There are three options to choose from:
$250 payday loans
Payday lenders offer fast access to short-term loans of up to $1,500. You can apply within minutes online, get funded in as little as an hour in some cases, and some lenders accept and approve applications 24/7. Loan terms of up to 62 days are available, but these loans are generally designed to be repaid by your next payday. They’re also very expensive to repay, so consider other options before applying for a payday loan.
$250 pay advances
Pay advance apps allow you to access a small portion of your paycheque ahead of schedule, usually up to a maximum of $200 to $300. There are no credit checks and no interest charges to worry about, but you’ll typically need to pay a monthly fee to register for a pay advance service. A fee may also apply if you want an instant $250 loan, and your repayment is deducted from your bank account on your next payday.
$250 installment loans
Though small installment loans aren’t commonly available, some lenders offer small installment loans designed for borrowers with less than perfect credit. Loans range from $100 or $200 up to around $2,500, with terms from 2 weeks to 2 years. Eligibility is determined based on your income rather than your credit score.
What is the cost of a $250 loan?
There are several factors that impact how much it costs to repay a $250 loan, including:
- The interest rate
- Any fees that apply
- The term of the loan and your repayment schedule
When comparing $250 loans, be sure to check each loan’s annual percentage rate (APR). The APR combines the interest rate and fees to give you a better idea of how much a loan will cost to repay, so check it carefully.
$250 payday loan vs $250 early pay vs $250 installment loan
|Loan type||Interest rate||Loan term||Total cost|
|$250 payday loan||$15 for every $100 borrowed||14 days||$287.50|
|$250 pay advance||0% interest rate, $7.99 monthly subscription fee||2 months||$265.98|
|$250 installment loan (from a credit union)||19% interest rate||2 months||$255.96|
Where can I get $250 loans for bad credit?
Payday lenders and pay advance apps both offer bad credit loans. You won’t need to undergo a credit check to take out a payday loan or sign up to a pay advance app. And rather than looking at your credit score, lenders will assess your income to work out whether you can afford to repay a loan.
Another option, though much less common, is to check whether you can get a $250 loan with no credit check from a credit union. Some credit unions offer small loans as a payday loan alternative for borrowers with bad credit. Examples include the Vancity Fair and Fast Loan and the Fast Forward Small Loan from Servus. But while $250 loans for bad credit may be available, keep in mind that credit unions generally have stricter eligibility requirements than payday lenders and pay advance apps.
Can I get a $250 same day loan?
Yes. Some payday lenders can approve and fund loans in as little as an hour, while same-day funding is available in-store and online through a wide range of loan companies.
It’s also possible to get quick access to a small loan through a pay advance app. But you’ll commonly need to pay an extra fee to get an instant loan, with typical processing times of up to three business days.
Finally, some credit unions offer small loans that can be funded within an hour. But as mentioned, these loans are much less widely available than other options.
What apps let me borrow $250 now?
You have several options if you’re searching for a $250 loan app:
- Nyble. Nyble is a pay advance app that doesn’t offer $250 loans, but does offer small lines of credit of $30 to $150. There are no credit checks, no interest charges and no late fees, but there’s a monthly subscription fee and you’ll need to pay an additional fee if you want an instant loan.
- Bree. Bree is another pay advance app that lets you access interest-free cash advances of up to $200. It’s quick to apply through the app with no credit checks, but there’s a monthly subscription fee as well as a small fee if you want your money fast.
- iCASH. Online payday lender iCASH lets you access loans of up to $1,500 within minutes. You can apply through the iCASH Android or iOS app, with a wide range of income types accepted and loans funded 24/7. Just be aware of the high cost of borrowing with a payday loan.
- Money Mart. Money Mart offers payday and installment loans for borrowers with good or bad credit. It’s easy to apply via the Money Mart Mobile app, and the loan amount is deposited into your account within 24 hours. The maximum loan cost varies depending on where you live across Canada.
- Cash Money. Cash Money payday loans allow you to access loans of up to $1,500 within an hour. You can apply through the Android or iOS app and get your loan via Interac e-Transfer. Just remember that payday loans come with very high APRs.
Can I get a $250 loan with no credit check?
Yes, payday loans, pay advance apps and some credit union installment loans are available with no credit checks. Lenders will consider your income rather than focusing on your credit score to decide if you can afford to repay what you borrow.
But a word of warning: make sure you’re dealing with a legit lender before you apply. A $250 loan with no credit check may sound too good to be true, and in some cases it is. Scammers sometimes target borrowers with bad credit, so make sure you know how to spot a loan scam.
Watch out for scam warning signs like:
- Having no office address or contact details
- Pressuring you to sign a loan contract
- Failing to be upfront about the full cost of a loan
And if you’re applying with a payday lender, make sure they’re licensed to operate in your province.
Can I get a $250 loan with guaranteed approval?
Smaller loans like $250 loans are easier to qualify for than large loan amounts because there’s reduced risk for the lender. But be wary of any lender that promises guaranteed approval, as this could be a sign of a loan scam.
Even though $250 is a relatively small amount, legitimate lenders will still need to verify your income and financial situation before approving your application. This will allow them to get a better idea of whether you can afford to pay back your loan.
Tips to get approved for a $250 loan online
There are a few simple things you can do to boost your chances of getting approved for a $250 loan:
- No NSF transactions. In the eyes of a lender, repeated NSF transactions on your bank account will cast doubt on your ability to make on-time loan payments. It’s best to have no NSF transactions on your account for at least three months before applying.
- Recurring income. Make sure your income is easily verifiable and directly deposited into your bank account. It doesn’t necessarily need to be employment income either, as many lenders will also accept employment insurance, child tax, disability benefits, CPP and more.
- Online bank verification. Instead of requiring you to upload bank statements to prove your income, many lenders now offer online bank verification. This allows them to check your income online and speeds up the approval process.
There are multiple options to choose from if you need a $250 loan now. However, short-term loans and payday loans in particular can be very expensive, so make sure you know the full cost of borrowing before you apply. Compare $250 loans from a range of lenders to find the best loan for your needs.
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