Emergencies happen. If you need a $300 loan fast, you can apply for a payday loan and get your money within the hour. However, watch out for high interest rates.
Compare your options here for $300 loans in Canada.
⚠️ Warning: Be cautious with payday loansHigh-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
Compare $300 payday loans
Maximum borrowing costs of payday loans per provinceAlways refer to your contract for exact repayment amounts and costs as they may vary from our results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island||$15 per $100 borrowed|
|Manitoba, Saskatchewan & Nova Scotia||$17 per $100 borrowed|
|Newfoundland and Labrador||$14 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
$300 payday loan eligibility requirements
Basic requirements to get a $300 payday loan include the following:
- Age. You must be the age of majority in your province or territory, which is 18 or 19 years old.
- Income. You need recurring income, whether that’s from employment, benefits or pension.
- Residency. You need to be a Canadian citizen or resident.
- Bank account. You need an active bank account.
Can I get a $300 payday loan with bad credit?
Yes, you can get a $300 payday loan with bad credit. Payday loans have lenient eligibility requirements. Instead of focusing on your credit score, lenders will look at your income. If you can demonstrate that you have steady income, payday lenders can approve you for a $300 loan.
Can I get a $300 loan with no credit check?
Yes, it’s possible to get a $300 loan with no credit check from a selection of payday lenders in Canada who do no do credit checks, such as Money Mart. If a payday lender does not check your credit, it’ll focus on your income. You’ll need to provide copies of your bank statements and/or pay stubs to show the lender you have the means to repay your $300 loan.
How much does a $300 payday loan cost?
The amount you’ll pay for a $300 payday loan will depend on how much you borrow and the province or territory you live in. Lenders in Canada charge anywhere from $15 to $25 per $100 borrowed.
Let’s say you got a $300 payday loan in Ontario for 2 weeks before your next pay. Since payday loan providers in Ontario can charge a maximum of $15 per $100 borrowed, you would be charged a $45 fee. That means the total amount you would have to pay back is $345 – which translates to a whopping 391% APR.
|Payday loan example|
|Loan term||14 days|
|Borrowing fee||$15 for every $100 borrowed = $45 (391% APR)|
|Repayment||1 full payment of $345 within 14 days|
What to watch out for with $300 payday loans
The steep interest rate and short repayment term are the main drawbacks with payday loans. You typically repay payday loans by your next payday, so before you sign up for a $300 payday loan, check that you’ll have enough income left for other expenses once you repay your loan. Otherwise, you may find yourself needing another loan.
Also make sure that the lender is licensed and follows the payday loan regulations of your province. Learn more about payday loan regulations.
Can I get a loan for $300 on social assistance?
Yes, there are several $300 loan options for people receiving social assistance. One of the easiest and most expensive options is to get a $300 payday loan from lenders, like iCASH and Cash Money, that accept social assistance as income. Alternatively, you can get a $300 credit cash card cash advance, or go into your bank account overdraft for $300. Either of those $300 loan options are not dependent on your social assistance.
You can read our full guide to loans while on social assistance to learn more.
Alternatives to a $300 loan in Canada
Consider these options before you decide to take out a $300 payday loan lender:
- Short-term installment loan. Short-term installment loans have loan terms less than 1 year, usually between 2 and 7 months. You’ll pay as much interest or more than payday loans, but your payments will be broken up into smaller amounts over a longer period of time, which could give your finances more time to recover.
- Your employer. Some employers also offer pay advances. It often doesn’t hurt to ask if your employer is willing to give you a portion of your pay prior to payday.
- Bank account overdraft. Overdraft fees are typically fixed around $5, making it an inexpensive option. But you might have to pay an additional $5 per day, week, month or item charged until you recover your balance.
- Credit card cash advance. If you already have a credit card, you can take out a cash advance from an ATM. On a $300 cash advance, you’ll pay a fee of around $6 and a rate of around 19% to 24% APR.
- Paycheque advance apps. A pay advance app will advance you a portion of your paycheque within a certain amount of time before you get payed. Paycheque advance apps, however, are rare in Canada.
How to get a $300 loan
Follow these steps to find the right provider:
- Compare types of advances. Read up on your different borrowing options before deciding what type of lender you want to work with.
- Compare providers. Rule out any providers you can’t qualify with before comparing factors like cost, turnaround time and how repayment works. We’ve made it easier to compare $300 payday loan providers in the table above.
- Prequalify. If possible, fill out a quick prequalification form to make sure you’re eligible and find out what rates, fees and terms you might get with that provider.
- Apply. After deciding on a lender, complete the application and submit it along with any required documents, such as pay stubs and bank statements.
- Get your funds. You’ll likely get your money deposited directly into your bank account, often within the same business day – or even within the same hour – of getting approved. Some payday lenders also offer cash, cheque, money orders or prepaid debit cards.
6 questions to ask yourself before choosing a $300 loan
Before taking out a $300 payday loan or other type of financing, ask yourself a few questions first:
- Can I ask friends or family instead? This might put your relationship on the line, but it’s typically cheaper and more forgiving than any other $300 loan option. You can learn more about how to ask, the kinds of questions to ask and more by reading our guide to family lending.
- Can I qualify? Make sure you meet the lender’s other eligibility criteria, such as employment and bank account requirements. For a loan of this size, some lenders may not even require a credit check, so you may not have to worry about your credit score factoring in to qualifying.
- How much does it cost? Most $300 payday loans come with a flat fee. Make sure to budget for that, as well as additional costs that you might have to pay like late fees.
- How long do I have to repay? Breaking your loan into installments can give you more forgiving repayments, but it often costs more.
- When do I need the money? Faster options tend to be more expensive. If you have some time, a paycheque advance app might offer the best deal.
- Is this lender legit? Check out customer reviews on sites like Trustpilot and the Better Business Bureau to make sure you’re working with a reputable company. You can also read our reviews of payday loan companies in Canada to help you decide between lenders.
Pros of getting a $300 loan
- From $300 payday loans to bank overdraft, there are multiple $300 loan options available
- You could potentially get funds the same day
- Same fixed fee for most borrowers
Cons of getting a $300 loan
- Not all options are available in all provinces and territories
- You’ll pay the equivalent of a 120% to 390% APR on $300 payday loans
- It’s easy to get caught in a cycle of debt
You have several options when you need a small amount of to tide you over. Whether you take out a $300 payday loan, credit card cash advance or go into overdraft, there are many ways to get a $300 loan. Payday loans are generally the most expensive, but they might be your only option if you don’t have a bank account or are unemployed.
You can learn more about your short-term loan options by reading our guide to payday loans.
Frequently asked questions about $300 loans
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