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How to borrow money fast

Here are four ways to get a loan fast when you're in urgent need of funds.

Do you need money urgently to pay a bill or an unexpected expense? Our guide for how to borrow money fast covers the different ways you can borrow money online so that you don’t have to worry about running out of cash between paycheques.

How to borrow money fast

Type of financingTurnaround timeInterest ratesFeesLoan amountsRepayment period
Online personal loansUsually within 24 hours8% to 47% (depends on credit score and other factors)VariesOften between $500 and $50,000Between 3 months and 5 yearsCompare personal loans
Credit card cash advanceInstant if withdrawing from an ATM23.99%VariesUsually a percentage of your credit limitVaries
Payday loansUsually within a few hoursFees may work out to an annual interest rate of 300% or more$15 – $25 for every $100 borrowedUp to $1,500Usually by next paychequeCompare payday loans
Bank or credit union loansA few days to a few weeks6% to 36% (depends on credit score and other factors)VariesOften between $3,000 and $50,000, sometimes moreBetween 1 and 10 years

1. Online personal loans

You may be able to get a loan fast when you borrow money online with a private lender. You just need to search for personal loans online and compare lenders to find the best deal. These lenders tend to make it easier for you to get a loan fast because they often have less strict eligibility criteria. You may even be able to borrow money online with a bad credit loan or a no credit check loan if your credit score is in rough shape.

Features

  • Turnaround time. Usually within 24 hours.
  • Interest rates. 8% to 47% (depends on credit score and other factors).
  • Fees. Varies by online lender.
  • Loan amount. Often between $500 and $50,000.
  • Repayment period. Between 3 months and 5 years.

Tips to speed up the process

  • Check the eligibility requirements before applying.
  • Apply with lenders who can pre-approve your personal loan within minutes.
  • Prepare your documents in advance, such as your government-issued ID and pay stubs.
  • Prepare your banking information in advance, such as a void cheque or your transit (branch) number, financial institution number and account number.

Compare online personal loans

The lenders below aim to approve your application and send funds within 24 hours.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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More Info
An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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More Info
An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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More Info
An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 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.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Cash Money Line of Credit
46.93%
$100 (in store), $500 (online) - $10,000
No end dates
No min. income or employment requirements
Min. credit score: 560
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More Info
Cash Money offers line of credit loans up to $10,000 for AB, BC, NS, ON and SK residents. (Residents of MB or NB can apply in-store only.)
LendDirect Line of Credit
19.99% - 46.93%
$100 - $15,000
No end dates
Min. income of $1,500 /month
Min. credit score: 560
Go to site
More Info
Borrow up to $15,000, based on your income and credit history, with a line of credit from LendDirect.
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Compare up to 4 providers

Top pick for borrowing money fast: FlexMoney

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Why FlexMoney: It has an automated system so it can give you pre-approval instantly, plus official approval and funding within Receive funds within as little as 24 hours.

You will need to provide copies of your bank statements through a secure online banking verification portal so FlexMoney can confirm your application details. This eliminates the need for extra documents. The portal is encrypted, and FlexMoney will never be able to see your banking credentials or access your account.

2. Credit card cash advances

Credit card cash advances let you borrow money fast using your credit card at a bank or ATM. These transactions come with relatively steep interest rates (around 23.99%), but may be a good solution if you need money urgently and don’t want to take out a loan. The total amount you can borrow from a credit card advance is usually a percentage of your credit limit.

Features

  • Turnaround time. Instant if withdrawing cash from an ATM.
  • Interest rates. 23.99%.
  • Fees. You could pay a small fee to withdraw money (usually as a percentage of your transaction).
  • Loan amount. Usually a percentage of your credit limit.
  • Repayment period. Varies based on how much you borrow, and whether or not you’re making more than the minimum monthly payment.

Getting a credit card cash advance

3. Payday loans

Payday loans let you borrow up to $1,500 over the course of two weeks (or one pay period). These loans come with extremely high interest rates and should be avoided wherever other options to get a loan fast exist. You can usually access these loans without a credit check and you should only borrow what you absolutely need. Borrowing a smaller amount of money and paying it back quickly will help you avoid getting stuck in a vicious cycle of debt.

Features

  • Turnaround time. Usually within a few hours, from application submission to funding.
  • Interest rates. Fees may work out to an annual interest rate of 300% or more.
  • Fees. $15 – $25 for every $100 borrowed.
  • Loan amount. Up to $1,500.
  • Repayment period. Usually by your next paycheque.

Tips to speed up the process

  • Check that the lender operates in the province you live in.
  • Prepare your documents in advance, such as government-issued ID and pay stubs, or be prepared to verify your online banking.
  • Prepare your banking information in advance, such as a void cheque or your transit (branch) number, financial institution number and account number.
⚠️ Warning: Be cautious with payday loans
Payday 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 payday loans

Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a 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.

To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by Province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI, SK
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
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Compare up to 4 providers

Maximum borrowing costs per province
Always 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)

4. Banks or credit union loans

You may be able to get a bank personal loan or credit union personal loan if you’ve been a long-time customer. Eligibility criteria is typically more stringent for getting these types of loans, which means this may not be a suitable option if you have a low credit score or you’re currently unemployed. Just be aware that you may not be able to get a same-day loan with this option.

Features

  • Turnaround time. A few days to a few weeks.
  • Interest rates. 6% to 36% (depends on credit score and other factors).
  • Fees. Varies by bank or credit union.
  • Loan amount. Often between $3,000 and $50,000, sometimes more.
  • Repayment period. Between 1 and 10 years.

Tips to speed up the process

  • Choose a bank you already have a relationship with. Since it will be more familiar with your finances, it may be able to speed up the process.
  • Confirm you meet the eligibility requirements before applying.
  • Prepare your documents in advance, such as your government-issued ID and pay stubs.

Steps to borrow money fast

Follow these steps to borrow money as fast as possible online – without paying big later.

  1. Check your bank or credit union. Look on your bank’s website to see if it offers fast personal loans that you can qualify for. You can also speak to a bank representative to find out how long it might take to get approved.
  2. Check your credit score. Find out your credit score before you start applying for loans. This will help you determine which ones you might be eligible for so you don’t waste your time with unnecessary applications.
  3. Compare all options available to you. Look into all options available to people with your credit score and income. You may want to use a broker to compare multiple loan providers at one time.
  4. Get your documents ready. Have PDFs of bank statements, pay stubs and government-issued ID ready to go before you apply. This will speed up the process and make it easier for you to prove that you meet eligibility requirements.
  5. Apply. Apply online or in-person by filling in your personal details and information about your income, debts and personal finances. This information will be used to determine your eligibility and interest rates.
  6. Review and sign the contract. Make sure you understand the cost of your loan and when your payments are due. Also look out for any information about late or prepayment penalties.

Eligibility requirements

While it may vary between different lenders, you’ll usually need to meet the following requirements to get a loan fast.

  • Be 18 years of age, or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Have a bank account
  • Meet any credit score requirements
  • Meet any income requirements and have proof of income

Required documents

You will usually need to provide the following to borrow money online:

  • Your personal details. This includes your full name, date of birth, address, email address, phone number and Social Insurance Number (SIN).
  • Your employment details. You may need to provide your employer’s name and contact information.
  • Proof of income. You could be required to submit pay stubs or bank statements to provide proof of your income.
  • Your banking details. You will need to provide the name of your bank, the branch address and transit number, and your own personal bank account number.

Benefits and drawbacks when you borrow money fast

Benefits

  • Less paperwork required. You’ll fill out less paperwork when you borrow money fast since there’s a shorter window to get you approved. This is especially true if you borrow money online.
  • Faster turnaround time. Fast financing options often process on the same-day that you apply. This can save you time and is especially helpful in an emergency when you need cash in hand as soon as possible.
  • Many options. There are several options that you can choose from when you need money urgently. These range from from credit card advances and payday loans to personal loans and payday apps.

Drawbacks

  • Very high fees. You’ll often pay very high interest rates when you get a loan fast. This is because you may need to resort to options such as credit card cash advances and payday loans (which can cost you double or triple what you would pay for other types of financing).
  • Untrustworthy lenders. You may encounter predatory lenders when you borrow money online. This is because these lenders often target customers who need money urgently since they are less likely to check reviews and make sure a lender is legitimate before applying.
  • Short repayment terms. Most lenders that allow you to borrow money fast will usually expect you to repay it in a short time frame. If you don’t have the money to repay your loan on time, you could end up getting trapped in a cycle of debt that’s very difficult to get out of.

Alternatives to borrowing from a lender

You can look into the following options if you want to borrow money fast but you don’t want to apply for financing.

AlternativeWhat you can do
Ask for more timeIf you have a bill that you know you’re just not going to be able to pay on time, give the company a call and ask for an extension. You would be surprised how many companies will work with you to come up with a new repayment time frame. You may also be able to ask it to waive late fees if it’s not a regular occurrence.
Ask your family or a friendAsk your family or a good friend to lend you some money. They may be willing to offer you a cash loan with no interest. Just make sure you agree to repayment terms in advance to avoid misunderstandings and hurt feelings in the future.
Ask your employerSome employers may give you an advance on your wages and you may even be able to tap into an employee loan assistance program. You can also speak to your manager about working some overtime or taking on a special project to make ends meet.
Sell somethingPerhaps you have some things in your house that you no longer need and could sell. Some examples are: baseball cards, stamps, rare coins, an old cell phone or an old stereo or tv. Look around your house and try and to find something you don’t use but has value. You could quickly put it on Kijiji, Facebook Marketplace or a local reselling app to get some quick cash.
Do some side gigsCheck online for some quick cash jobs. Sites like Craigslist and Kijiji have jobs sections which generally include part time gigs like writing, manual labour, event coordination, creative or design work, database work, pet sitting or even housesitting. You can also look for jobs through online freelancer sites such as Upwork.

Bottom line

There are many different types of financing that let you borrow money fast. You’ll want to make sure you compare multiple options to find the one that best suits your needs and budget. Learn more about how you can borrow money online, through an app or with your bank when you need money urgently.

Frequently asked questions

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