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How to get a $300 loan
Compare options to find a fast, affordable $300 loan when you need it.
You don’t necessarily have to turn to a payday loan if you need a $300 loan. There are several cheaper options out there — though some might take a little more time. If you do go with a payday loan lender, make sure you’re working with a company you trust.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. 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). Consider alternatives instead of a payday loan:
- Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
Compare $300 loans
Maximum borrowing costs 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||$17 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
Where to get a $300 loan in Canada
Consider these options before you decide on a lender:
- Paycheque advance apps. A pay advance app — also known as a cash advance app or paycheque advance app — may be able to advance you up to 50% of your paycheque. You’re usually only charged a small monthly membership fee to use the app, and can get your money in less than three business days.
- 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 at 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. You’ll pay a fee of around $20 to $30 and a rate of around 19% to 24% APR.
- Payday loans. As a last resort, you can look into getting a $300 payday loan. You can apply for one online and often get it within the same day, typically for a fee of around $30 to $45. You generally need a source of income to qualify.
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.
5 questions to ask yourself before choosing a loan
Before taking out a $300 loan or advance, 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 option. You can learn more about how to ask, what to potentially expect 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, most lenders won’t require a credit check, so you won’t likely have to worry about your credit score being a factor in qualifying.
- How much does it cost? Most $300 loans come with a flat fee. Consider 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.
Pros of getting a $300 loan
- There are multiple $300 loan options available
- 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 payday loans
- Risk getting caught in a cycle of debt
You have several options when you need $300 by tomorrow, from pay advance apps to short-term loans from credit unions. Payday loans are generally the most expensive, but they might be your only option if you don’t have a bank account or aren’t employed.
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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