Get a $500 loan in Canada

If you need a $500 loan in Canada, there are 2 main types of loans available: installment loans and payday loans. Installment loans are a type of personal loan offered by alternative lenders. They have higher rates but easier eligibility requirements than traditional personal loans. Payday loans are small loans of up to $1,500 that you can get in an hour, but they’re also extremely expensive, so be sure to consider alternatives before you get one.

• Browse payday loans
• Browse installment loans

Get a $500 payday loan in Canada

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Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
Cash Money Payday Loan Cash Money Payday Loan		$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, NL, NS, ON, SK	Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).	Instant decision and e-Transfer funding. Income of at least $1,000/month required.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...

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Features of $500 payday loans in Canada

• Quick approval and funding. Many payday lenders can fund you within an hour of applying.
• Bad credit is okay. It’s possible to get a $500 payday loan with bad credit under 560.
• Regulated by each province. Each province has its own rules for payday loans, such as how much you can borrow and how much you can be charged. Choose a licensed lender that follows all of them.
• Expensive. Depending on your province or territory, payday loans cost $14 to $17 for every $100 borrowed.
• Loan term. You typically repay in full by your next payday, up to 62 days. In Alberta, however, you have a minimum of 42 days, and you repay in at least 2 installments.

Can I get a $500 loan with no credit check in Canada?

Yes, you can get a $500 loan with no credit check in Canada, but watch out for steep interest rates because lenders will assume you have a bad credit history. Also, be sure to apply to a legitimate no credit check lender. Legitimate no credit check lenders will check that you can afford to repay the $500 loan by looking at your recent bank statements and pay stubs. They’ll also be transparent about their rates and fees.

Money Mart is an example of a legitimate lender that does not do credit checks for its payday loans.

Am I eligible for $500 payday loans?

Payday loans have lenient eligibility requirements. You’ll need to meet the following:

• Be 18 years old, or the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have an active bank account
• Have a recurring income, whether that’s from employment, government assistance, private disability and others

How to apply for a $500 payday loan

The application process for payday loans is straightforward. Follow these steps to get your $500 loan:

1. Fill out the application. Provide your name, address, housing situation, job title, income and payment frequency. You may be asked to provide one or two references with some payday lenders.
2. Get a decision. Get instant approval if you’re eligible.
3. Review the contract. Read your contract carefully, taking into account the repayment schedule and costs. Sign when you’re ready.
4. Get funded. You’ll get your money within minutes via Interac e-Transfer. If you choose direct deposit, you’ll get your money within a business day.

Get a $500 installment loan

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Name	Product	Interest Rate	Loan Amount	Loan Term	Requirements
Spring Financial Installment Loan Spring Financial Installment Loan		9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
Loans Canada Installment Loan Loans Canada Installment Loan		8.00% - 46.96%	$500 - $50,000	4 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
SkyCap Installment Loan SkyCap Installment Loan		19.99% - 39.99%	$500 - $15,000	9 - 60 months	Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy	Go to site View details	Compare	loading Fetching your data...
LoanConnect Installment Loan LoanConnect Installment Loan		32.00%	$500 - $2,500	3 - 6 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Mogo Installment Loan Mogo Installment Loan		9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.	Go to site View details	Compare	loading Fetching your data...

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Features of $500 installment loans in Canada

• Fast approval and funding. Installment loans are not as fast as payday loans, but you can get one within 24 to 48 hours.
• Bad credit is considered. You could still be eligible for a $500 installment loan if you have bad credit.
• Interest rates. Interest rates typically range from 18% to 46.96%. Be prepared for high interest rates if you have bad credit.
• Loan amounts. This varies among lenders, but it’s usually $500 to $10,000.
• Loan terms. Term lengths usually last between 6 - 60 months.
• Equal payments. You’ll make equal payments on your $500 loan.
• No prepayment penalties. You can save on interest by paying off your $500 installment loan early without facing any fees. If a lender is charging you prepayment penalties, you might want to go with a different one.

Am I eligible for a $500 installment loan?

Installment loans are harder to get than payday loans, but they have easier requirements than traditional personal loans:

• Be 18 years old, or the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have a bank account
• Have a steady income (employment income preferred)
• Meet the minimum credit score

How to apply for a $500 loan

The application process is also straightforward with installment loans:

1. Fill out the application. Provide your name, address, housing situation and employment information.
2. Get pre-approved. Find out whether the lender wants to proceed with your application. Get your offer.
3. Get verified. Provide access to your bank statements via instant bank verification, and submit to a credit check.
4. Receive your contract. Review the payment schedule and make sure you can afford the monthly payments. Be aware of any extra charges you might encounter.
5. Get funded. Get your money via Interac e-Transfer or direct deposit.

The cost of $500 payday loans vs $500 installment loans

For illustrative purposes, let’s take a look at how much a $500 payday loan would cost in Ontario and Nova Scotia and how much a $500 installment loan at 46.93% would cost at 3 vs 6 months.

In this example, the $500 loan with the 3-month term at 46.93% APR is the cheapest option.

The $500 installment loan with the 6-month loan term is nearly as expensive as the $500 Ontario payday loan. The key difference is the loan term. An installment loan spreads out your repayments for a longer period of time. If paying $95.10 for 6 months is more manageable than paying back $575 or $595 within 14 days, then an installment loan is the better choice.

If you choose a payday loan, make sure you’ll have enough income left to pay for other debts and expenses once you repay your $500 loan. Otherwise, you may find yourself needing another payday loan.

How to get the best $500 loan in Canada

Consider these features as you search for $500 loans to apply for:

• APR. This is the interest plus fees you must pay to get the loan. If you’re looking for an installment loan, watch out for loans that have a low interest rate–but they have fees you must pay. This will drive up the APR. Focusing on the APR from the start will help you compare the costs of different loans.
• Fees. Fees to watch out for include NSF fees, late payment fees, administration fees and membership fees.
• Repayment flexibility. The loan repayment schedule should work with your monthly budget, and as mentioned before, be sure to get a loan that you can pay off early without penalty.
• Lender reputation. Not all lenders of $500 loans are the same. You’ll want to work with a lender that is clear about the terms of the loan and doesn’t use high-pressure sales tactics to get you to sign. Visit independent review sites to see what people have to say about the lender, and if you notice a recent pattern of complaints, you might want to apply somewhere else.

Summary: Pros and cons of $500 loans

Alternatives to get $500 in Canada

Consider these other options to get fast access to $500 cash:

• Consider a credit card cash advance. Because of its high APR, a credit card cash advance isn’t the cheapest payday loan alternative. But it’s still cheaper than a payday loan as long as you pay off the balance fast.
• Ask a family member or friend. It’s an uncomfortable conversation, but borrowing from a friend or family member could be one of the most affordable alternatives to payday loans since you likely won’t be charged interest. But you should focus on repaying your friend or relative as soon as possible.
• Sell your things. If you take a close look around your house, you’ll probably find a lot of things that you haven’t used in a while, making them perfect candidates for selling on sites like Kijiji and Facebook Marketplace. Whether it’s an old bookcase, lamp, or toaster oven, someone out there will probably be willing to pay you for it. A few of these sales could easily get you the $500 cash you need.
• Cash out vacation time. If your employer allows it, see if you can get your vacation time paid out to you instead of actually taking the days off of work. The extra money may be added to your next paycheque.
• Pick up a side hustle. See if there are any odd jobs you can do on the side. You may have a friend who runs their own business, who may be open to hiring you for some small jobs. The internet is also a great place to look for extra work.
• Get a line of credit. If you have a good credit score, getting a line of credit from a bank or credit union will be much cheaper than getting a payday loan or installment loan from an alternative lender.

Frequently asked questions about $500 loans

• Can you get a $500 loan from a bank?

  No. Bank personal loans start at $3,000 to $5,000. However, you can apply for an overdraft.

• How much would a $500 payday loan cost?

  It depends on where you live because each province has its own rules about maximum borrowing costs. For example, in Ontario the cost is $15 for every $100 borrowed, while in Newfoundland the cost is $14 for every $100 borrowed.

• What credit score do I need to get a $500 loan?

  It depends on the lender. Lenders that provide $500 payday loans are lenient with credit scores and can approve those with a bad credit score under 560. If you’re looking for a $500 installment loan, minimum credit scores vary among lenders.

• Can I get a $500 loan with guaranteed approval?

  No. Legitimate lenders will review your finances before approving, even for a small $500 loan. Be wary of lenders promising guaranteed approval. This could be a scam, predatory or it has fine print that actually doesn’t make it guaranteed.